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JPMorgan CEO Dimon: Buybacks are for times when stock is cheap

“Jamie Dimon, CEO of JPMorgan Chase, attends the launching of the Advancing Cities Challenge in Patin Thomson Reuters NEW YORK (Reuters) – Jamie Dimon, chief executive of JPMorgan Chase & Co, on Tuesday said he favors using the bank’s excess capital to reinvest in its business instead of buying back stock” reports businessinsider.com. “Stock buyback, in my opinion, is a very good thing to do when your stock is cheap,” he said at an investor conference. Dimon also said fourth-quarter trading revenue so far is “roughly equivalent” to last year. Source:…

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U.S. banking sector reports $62 billion profit in third quarter: FDIC

“The number of problem banks also fell from 81 in the second quarter to 71 in the third quarter, the lowest number since the third quarter of 2007” reports businessinsider.com. Only 3.5 percent of banks reported net losses, down from 4 percent a year ago.The regulator said in a statement that profits were boosted by a lower effective tax rate and higher operating revenues. “The competition to attract loan customers has been strong, and it will remain important for banks to maintain their underwriting discipline and credit standards.”. “Attention to…

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U.S. investigators approach Deutsche Bank, BofA, JPM in Danske probe: Bloomberg

“The Securities and Exchange Commission and the U.S. Treasury Department are also investigating the Danske Bank transactions through the global banks, Bloomberg said” writes Midwest Communications Inc for 95kqds.com. The Bloomberg report said that there were no signs that Deutsche Bank , Bank of America and JPMorgan , which were correspondent banks for Danske’s Estonian branch, were themselves targets for the investigation. Source: 95kqds.com Share This:

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Goldman Sachs says the stock market isn’t buying official growth trends

“Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies” writes Jonathan Kirn for cnbc.com. Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown.Goldman illustrated the anomaly in a note last week that showed the MSCI World index slipping below its usual correlation to global manufacturing data.The J.P.Morgan Global Manufacturing PMI— a composite index produced by J.P.Morgan and IHS Markit — fell to its lowest level in…

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Investing titans Fidelity, Janus Henderson, and JPMorgan loaded up on Apple stock — then it tanked 15%

“Janus Henderson added 3.3 million shares for a total of about 21 million shares” writes Callum Burroughs for businessinsider.com. Then there’s JPMorgan, which added 1.3 million shares during the quarter, taking its holding to about 43 million shares, Reuters said.Mutual fund Fidelity added 7 million shares during the quarter ended in September, Reuters reported, bringing its total holdings to about 111 million shares.Hedge fund Goliaths made some major wrong-way bullish bets on Apple, just before the stock crashed.A broad hedge fund universe tracked by Hedge Fund Research lost 3% in…

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Cutting-edge biotech Sangamo stock dives 13% after JPMorgan cites ‘growing skepticism’ in downgrade

“The biotechnology company Sangamo Therapeutics Inc. is at the cutting edge of the cutting edge” writes Emma Court for marketwatch.com. Early results from a SB-913 trial were released in September to skepticism, causing Sangamo shares to plummet.Company shares dropped 16% in extremely heavy Wednesday morning trade. Source: marketwatch.com Share This:

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Hedge funds just suffered through their worst month in 8 years — here’s why their struggles could just be getting started

“In October, hedge funds had their worst month since 2010” writes Joe Ciolli for businessinsider.com. What occurred instead is a very real shift in sentiment that could continue to hamper hedge funds through 2019, the firm says.Perhaps most ominous of all are the questions this tough stretch of performance has raised for the future of hedge funds.But few parties felt the pain like hedge funds, which turned in a rocky month for the ages. “Similar to 2016, we expect that fundamentally-driven, equity-focused Equity Long/Short and Event Driven hedge funds will…

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GE stock closes at 9-year low after JPMorgan warns worst yet to come

“GE stock is on track for its worst year since 2008, when it fell 56%” writes Ciara Linnane for marketwatch.com. The stock got battered by its latest earnings miss and ratings downgrades from all three main credit-rating firms.Tusa is expecting a deterioration in run rate fundamentals to continue and predicts that by 2020, six of eight segments will be showing “zero” free cash flow. Source: marketwatch.com Share This:

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JPMorgan is poaching developers who work on video games like Fortnite — and they say it’s ‘actually been very easy’ to lure them away

“When I’m moving expense into software developers, AI engineers and so on, they’re all building for the future” writes Alex Morrell for businessinsider.com. That’s a similar pitch to what Bank of America uses in hiring tech talent for its consumer bank.How is the bank luring away techies from sexy jobs working on hit games like Fortnite to work on mobile-banking products?.  Source: businessinsider.com Share This:

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JPMorgan is investing $30 million in Greater Paris over the next 5 years as the first investment of an ambitious $500 million worldwide plan

“JPMorgan Chase announced Monday that starting January it will begin a five-year, $30 million dollar investment in Seine-Saint-Denis, a region of France to the northeast of Paris” writes Finanzen Net Gmbh for businessinsider.com. The money will go toward apprenticeship programs for young people, job retraining programs for older adults, and small business development.JPMorgan partnered with the charity last fall and made a 460,000-euro investment into apprenticeship programs.The investment is a continuation of JPMorgan’s philanthropic commitment to the region and will be the first made from the $500 million AdvancingCities initiative…

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