Jamie Dimon

Extreme Vetting, But Not For Banks

Donald Trump, the man who positioned himself as the common man's shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers...

Trump Signs Executive Orders Rolling Back Dodd-Frank, Fiduciary Rule

As previewed earlier today, moments ago President signed two executive aimed at starting the process of rolling back the regulatory system put in place after the financial crisis. Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading.

Trump Shuns Establishment 'Board Meeting'

President Donald Trump will not attend the annual Alfalfa Club dinner Saturday night that is often referred to as the 'board meeting of America's establishment', Kellyanne Conway confirmed to Politico that Trump will not attend the exclusive black-tie dinner - and White House roast - that every president since Ronald Reagan has attended.

What Is This "Crisis" Of Modernity?

We have an economic crisis - centered on the persistent elusiveness of real growth, rather than just monetized debt masquerading as 'growth'; and a political crisis - in which even ‘Davos man’, it seems, according to their own World Economic Forum polls, is anxiously losing his faith in 'the system' itself.

Why Davos CEOs Think They Have Control Over Trump

While President Trump chose not to attend the elite extravaganza in Davos last week, choosing instead to lambast the great-est and good-est of the world's executives in their crony capitalist safe space, the cognitively dissonant CEOs reassured each other by saying 'ignore the tweets', confident that "if [Trump] knows the facts, he’ll respond according to the facts." It depends whose 'facts' those are, of course.

Frontrunning: January 20

  • How Trump Aims to Broadly Reshape Policy (WSJ)
  • Trump Calls for Unity at Opening Concert as Inaugural Festivities Begin (NYT)
  • Trump Takes the Reins of a Deeply Divided Nation (BBG)
  • Washington braces for anti-Trump protests, New Yorkers march (Reuters)
  • After the Parties, a Protest for the Ages (WSJ)

Global Stocks Dip; Bond Yields, Dollar Rise After Yellen's Rate Guidance; All Eyes On Draghi

European and Asian shares, and S&P futures slipped, while government bond yields jumped to multi-week highs on Thursday after Yellen's hawkish speech. Oil rose after API reported a drop in crude inventories. The euro rebounded as investors look to Mario Draghi to address rising European inflation that make the ECB's stimulative policies look increasingly out of sync.

Jamie Dimon: "The Euro Zone May Not Survive"

Speaking to Bloomberg TV in Davos, JPM CEO Jamie Dimon said “the euro zone may not survive,” and added that "what went wrong is going wrong for everybody, not just going wrong for Britain, but in some ways it looks like they’re kind of doubling down."

JPM Earnings Jump On Slashed Expenses, FICC Trading Beats As Equity, IB Misses; Credit Card Charge-Offs Spike

In a report that was somewhat similar to that of Bank of America,  JPM reported Q4 revenues of $23.4 billion, beating estimates of $23.1 billion, on EPS of $1.71, far higher than the expected $1.42, which however like in the case of BofA was due to a cut in expenses, which came in at $6.87 billion, far below the $7.2 billion, suggesting even greater expense - i.e. compensation - reductions.