Latest news with #NupurAnand
Yahoo
15-05-2025
- Business
- Yahoo
U.S. finance CEOs challenged for leaving climate pacts by Democratic lawmakers
By Simon Jessop, Nupur Anand and Saeed Azhar NEW YORK/LONDON (Reuters) -Democratic lawmakers harshly criticized the chief executives of BlackRock, JPMorgan and other top finance companies for leaving several global coalitions devoted to combating climate change, urging them to uphold their previous commitments and policy targets designed to reduce greenhouse gas emissions. Against a backdrop of worsening extreme weather events and rising financial risks, the members of Congress said the bosses had "actively decided to cede leadership on combating climate change," a letter to the executives seen by Reuters showed. The letter, sent Thursday, also asks for records of their communications with the Trump administration regarding any plans to cut their work on environmental and social causes. "We are disappointed that your organization appears to be disregarding science and what's good for business, and instead yielding to political pressure for short-term political favor," it said. The chief executives of Morgan Stanley, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Northern Trust, Franklin Templeton, State Street, Invesco and Pimco, part of insurer Allianz, also received the letter, which was led by California Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee. Pimco, Wells Fargo, Bank of America, Goldman Sachs, Citi and JPMorgan have declined to comment, while the other companies and banks did not immediately return a request for comment. Each institution left either the Net Zero Banking Alliance, the Net Zero Asset Managers Initiative or Climate Action 100+, members of which had either committed to cutting emissions linked to the institution's activities or to engaging with investee companies over climate. When they left the groups, most of the institutions said they still pledged to reduce emissions but made no reference to the political pressure from some Republican politicians, who accused the companies of unfairly seeking to limit financing to the fossil fuel industry. Industry emissions from the burning of coal, gas and oil are the leading cause of man-made global warming and countries have agreed to try and reduce them, although the administration of President Donald Trump has recently pulled the U.S. out of the deal. As well as asking the CEOs to explain their decision to leave the groups, the letter asked them to confirm their intention to achieve their previously stated emissions-reduction goals and explain how they intended to do it. The letter also asked whether they would continue publishing their progress or explain why not; to detail existing targets and policies to cut emissions in line with the Paris Agreement on climate; and to commit not to weaken them. For the banks specifically, it asked them whether they still intend to set targets and policies on so-called "facilitated" greenhouse gas emissions, such as those linked to companies issuing bonds a bank underwrites. The letter also asked whether the banks would stick with the same timetable for emission reduction goals. And for all the companies, it asked them to detail communications with the Trump administration regarding cutting environmental, social and governance activities since Jan. 20, including any directives to freeze funds for climate-related federal programmes such as the Greenhouse Gas Reduction Fund. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
JPMorgan investors look for clarity on tariff impact, succession plan
By Nupur Anand NEW YORK (Reuters) - JPMorgan Chase investors will be keen to learn how the largest U.S. lender and the world's biggest economy are likely to be impacted by U.S. tariffs on its trading partners at the bank's investor day on Monday as economic uncertainty remains. Financial markets have been volatile in the initial few months of the Trump administration as its move to increase tariffs on trading partners prompted some investors to move away from American assets. The White House has since made progress on tariff deals. Chief Executive Jamie Dimon and his team will showcase bank's strategies, focus areas and provide insights on business and consumer sentiment on Monday at JPMorgan's investor day in New York. Dimon had warned of "considerable turbulence" in the economy at a time when clients were becoming cautious and pulling back on deals. Since a lot was still very unclear last month, the information void left investors feeling like there might still be risk to investment banking, lending outlooks and asset quality, Scott Siefers, analyst at Piper Sandler said in a report, adding that investors will look for more clarity. While investors are not expecting a surprise succession announcement, they do expect that the company will showcase potential successors to Dimon. "We expect all eyes to be on the next generation of leadership. CEO succession timing has historically been a question at this event," said Jason Goldberg, analyst at Barclays. Dimon, 69, has run JPMorgan for more than 19 years, outlasting many other CEOs and had said at last investor day that the succession timeline was "not five years anymore." Troy Rohrbaugh and Doug Petno, the co-CEOs of its commercial and investment bank, are candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running. Lake is viewed as the frontrunner, according to analysts at Morgan Stanley, who added that clues on when Dimon may step down were possible on investor day. Analysts don't expect any significant changes in its earnings outlook. The bank had revised its net interest income outlook in April. While earnings from trading are expected to look strong due to market volatility, investment banking fees may see tepid growth at a time when deal activity had slowed down. There are also concerns over how much the largest bank can continue to grow at a time when other banks seem more front-footed and willing to compete, said Mike Mayo, analyst at Wells Fargo, in a report. "The chance that this 'Goliath of Goliaths' wins more and faster seems to increase. Helped by its ability to invest for growth but while still maintaining top-tier efficiency," Mayo added. Investors will also be keen to hear how the bank deploys excess capital, including if it buys back more stock, and will also be eager to hear more about JPMorgan's use of artificial intelligence with the bank's $18 billion tech budget.
Yahoo
15-05-2025
- Business
- Yahoo
JPMorgan investors look for clarity on tariff impact, succession plan
By Nupur Anand NEW YORK (Reuters) - JPMorgan Chase investors will be keen to learn how the largest U.S. lender and the world's biggest economy are likely to be impacted by U.S. tariffs on its trading partners at the bank's investor day on Monday as economic uncertainty remains. Financial markets have been volatile in the initial few months of the Trump administration as its move to increase tariffs on trading partners prompted some investors to move away from American assets. The White House has since made progress on tariff deals. Chief Executive Jamie Dimon and his team will showcase bank's strategies, focus areas and provide insights on business and consumer sentiment on Monday at JPMorgan's investor day in New York. Dimon had warned of "considerable turbulence" in the economy at a time when clients were becoming cautious and pulling back on deals. Since a lot was still very unclear last month, the information void left investors feeling like there might still be risk to investment banking, lending outlooks and asset quality, Scott Siefers, analyst at Piper Sandler said in a report, adding that investors will look for more clarity. While investors are not expecting a surprise succession announcement, they do expect that the company will showcase potential successors to Dimon. "We expect all eyes to be on the next generation of leadership. CEO succession timing has historically been a question at this event," said Jason Goldberg, analyst at Barclays. Dimon, 69, has run JPMorgan for more than 19 years, outlasting many other CEOs and had said at last investor day that the succession timeline was "not five years anymore." Troy Rohrbaugh and Doug Petno, the co-CEOs of its commercial and investment bank, are candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running. Lake is viewed as the frontrunner, according to analysts at Morgan Stanley, who added that clues on when Dimon may step down were possible on investor day. Analysts don't expect any significant changes in its earnings outlook. The bank had revised its net interest income outlook in April. While earnings from trading are expected to look strong due to market volatility, investment banking fees may see tepid growth at a time when deal activity had slowed down. There are also concerns over how much the largest bank can continue to grow at a time when other banks seem more front-footed and willing to compete, said Mike Mayo, analyst at Wells Fargo, in a report. "The chance that this 'Goliath of Goliaths' wins more and faster seems to increase. Helped by its ability to invest for growth but while still maintaining top-tier efficiency," Mayo added. Investors will also be keen to hear how the bank deploys excess capital, including if it buys back more stock, and will also be eager to hear more about JPMorgan's use of artificial intelligence with the bank's $18 billion tech budget.
Yahoo
05-05-2025
- Business
- Yahoo
JPMorgan says AI helped boost sales, add clients in market turmoil
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase's artificial intelligence tools enabled it to boost sales to wealthy clients and manage scores of requests from worried customers even during April's market rout, the bank's CEO of asset and wealth management said. The largest U.S. lender, along with its peers has been ramping up its use of AI. Goldman Sachs is rolling out a generative AI assistant to its bankers, traders and asset managers, while Morgan Stanley developed a chatbot for its financial advisers with OpenAI. JPMorgan's AI tools have supercharged the speed at which its bankers could provide research and investment advice to wealthy clients last month at a time when the U.S. tariff announcements erased trillions of dollars from the stock market. "In the last few weeks, there have been several fluctuations in the market which are not in normal bite sizes, making it very complicated to think about all your clients and all the things required to do," Mary Erdoes said. The "powerful" AI tools helped advisors to quickly handle client requests by pulling data on their trading patterns and anticipating queries, she said. In the days surrounding U.S. President Donald Trump's tariff announcement last month, U.S. stock markets set a new record for single-day trading volume, and posted some of the sharpest intraday swings of the past 50 years. The volatility prompted individual investors to call their bankers seeking advice, Erdoes told Reuters. "When you have a tool that pre-populates all the data and the movement in real time, while also remembering clients' old investment preferences and helps in tailoring a plan for them quickly, it also allows advisors to do much more," she added. JPMorgan's so-called Coach AI tool used by private client advisers is quicker at locating content and research to drive conversations with clients. "Our advisors are finding the right information up to 95% faster--which means they spend less time searching and more time engaging in meaningful conversations with clients," said Mike Urciuoli, chief information officer at JPMorgan asset and wealth management. "It's a great example of how of AI isn't replacing human touch, it's enhancing it," Urciuoli added. ADDING CLIENTS The app will help advisers expand their client rosters by 50% in the next three-to-five years by enabling them to take on more clients, with AI handling some of the other research-related work. JPMorgan Asset & Wealth Management also saw a 20% year-over-year increase in gross sales between 2023-2024, with Gen AI-driven tools which has helped teams focus more effectively on high-impact client work, it said. "AI has also been handling a lot of anticipatory work, allowing advisors to be prepared for what could have otherwise been a very stressful moment with market movements," Erdoes said. JPMorgan had a technology budget of $17 billion last year. The bank already has about 450 potential cases for which it could use AI, and CEO Jamie Dimon expects those potential applications to surge to 1,000 by next year, he said earlier this year. Portfolio managers in asset management are also using the AI tools, Erdoes said. The bank's GenAI toolkit which is now deployed on the desktops of more than 200,000 employees, more than half of whom use it several times a day, the bank said. The bank employs almost 320,000 people. "We are trying to democratize AI and put it in the hands of more employees instead of a select group," Erdoes added. Harvard Business School recently published a case study on the potential of generative AI which included the tools being used by the 4,000 advisers serving JPMorgan's high-net-worth private bank clients to study its impact on the bank's business. The initiatives have already saved the bank nearly $1.5 billion through fraud prevention, personalization, trading, operational efficiencies and credit decisions, JPMorgan said.
Yahoo
09-04-2025
- Business
- Yahoo
JPMorgan CEO Dimon expects recession and defaults, urges quick progress on trade talks
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon said on Wednesday that sweeping tariffs imposed by U.S. President Donald Trump will probably lead to a recession and defaults by borrowers, he told Fox Business' Mornings with Maria. "So long as you have rates going up... inflation is sticky and credit spreads are gapping out, which they're going to, I think you'll see more credit problems," Dimon said. Dimon urged fast progress on trade negotiations with U.S. trading partners in order to calm markets, which have been roiled by tariff announcements. Sign in to access your portfolio
