JPMorgan

JPMorgan could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2 percent of the […]

J.P. Morgan Chase plans to launch what is considered to be the first cryptocurrency backed by a major bank, a move that could legitimize blockchain as a vehicle for fiat […]

Since Bitcoin was founded, the cryptocurrency has been bashed to hell and back. Yet, the technology behind it has been extolled, especially by financial & political incumbents who wish to […]

Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of U.S. bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB, Reuters reported.

The case adds to the political storm that has raged for more than two years over the scandal at 1Malaysia Development Berhad (1MDB), the focus of money-laundering investigations in at least six countries including Singapore, Switzerland and the United States.

Bitcoin has had an exciting year. It has split in two, become more accepted as a form of payment, and soared in value, now resting above $8,000. There’s also that small matter of the Chicago Mercantile Exchange (CME), the world’s leading derivatives marketplace, announcing plans to introduce bitcoin futures in 2017 – an announcement that some credit with pushing the cryptocurrency above the $8,000 threshold.

Banks and financial institutions of particularly intrinsic importance to the global financial ecosystem are sometimes blithely referred to as "too big to fail".
A more sober term is ‘global systemically important banks’, or G-SIBs for short. In the aftermath of the financial crisis, at the 2009 G20 summit, an international body called the Financial Stability Board (FSB) was set up, its aim being to monitor the global financial system and make recommendations, when it deemed appropriate. The 2017 list was published on Tuesday and it makes for interesting reading.

JPMorgan CEO Jamie Dimon says bitcoin is worse than the most infamous asset bubble in history. Speaking at a banking conference in New York, Dimon said he would fire “in a second” anyone at the investment bank found to be trading in bitcoin. “For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.”

He added: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.

JP Morgan’s corporate investment banking division CEO Daniel Pinto announced Tuesday that one of the bank’s clients used their cell phone to make a $100 million trade. One of the most respected senior executives in the industry highlights the changes that are coming to institutional FX trading at a time when his company invested $9.5 billion in new technology. Pinto’s announcement Tuesday may be proof the investments were worth the risk.