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David Henry

Biden tax increase might not be so bad for big banks

4:04pm IST

NEW YORK Democratic presidential candidate Joe Biden's plan to raise corporate taxes would have a modest impact on profits of big U.S. banks and probably not before 2022, analysts said.

Big U.S. banks offer muddled outlook on how bad coronavirus losses might get

15 Oct 2020

NEW YORK Will loan losses from the coronavirus recession get worse, much worse or extremely worse over the next six-to-12 months? All of the above, bank executives said this week.

JPMorgan sticks with plan to build giant New York headquarters

14 Oct 2020

NEW YORK JPMorgan Chase & Co is forging ahead with plans to build a mammoth new headquarters in New York, Chief Executive Jamie Dimon said on Tuesday, despite the coronavirus pandemic casting serious doubt on the future of office buildings.

REFILE-JPMorgan sticks with plan to build giant New York headquarters

14 Oct 2020

(Corrects height comparison with Bank of America Tower in fourth paragraph to 225 feet, not 400 feet) By David Henry and Herbert Lash NEW YORK, Oct 13 JPMorgan Chase & Co is forging ahead with plans to build a mammoth new headquarters in New York, Chief Executive Jamie Dimon said on Tuesday, despite the coronavirus pandemic casting serious doubt on the future of office buildings. "We're building that headquarters for 50 years! It is not a short-term decision," Dimon said during a call with reporters after posting quarterly results. Slated to open in 2024, for a price tag of as much as $3 billion, the building at 270 Park Avenue is to house about 14,000 employees. At 1,425 feet, it would be the second-tallest office building in Manhattan behind One World Trade Center, nearly 200 feet higher than the Empire State Building and 225 feet above the nearby Bank of America Tower, according to the Council on Tall Buildings and Urban Habitat. An illustration by Lewis Garrison, a 3-D architectural illustrator who likes to make video flyovers of skylines, https://www.youtube.com/channel/UCydmhyt2iXAMmpNNVFG_EUg?view_as=subscriber envisions JPMorgan's new headquarters towering over Midtown Manhattan, a T-Rex in what might seem like a field of dinosaurs. But since pandemic lockdowns happened in March, far fewer workers have been going into offices, making it unclear why such a big skyscraper is necessary. JPMorgan has been showcasing new safety protocol and prodding white-collar employees to return, but New York's financial centers are nothing like they were before the pandemic. Major thoroughfares are more populated than when virus fears ran high, but the Midtown lunch crowd remains sparse. The longer it goes on, the less temporary it seems. Companies will need 10% to 20% less office space in a post-pandemic world, several real-estate brokerages predict. Nearly three-quarters of respondents to a Piper Sandler & Co survey in mid-September said they expect to work from home more often, up from 59% in its June tally. Only one-in-five JPMorgan employees are going to offices in New York now, Chief Financial Officer Jennifer Piepszak said. The company does not expect that to change for the foreseeable future. JPMorgan will have a lasting shift toward working from home, Dimon said, but he doesn't know how big the change will be. The bank has as many people assigned to other New York buildings as it plans to have in the skyscraper and can adjust if necessary, he said. "We have plenty of leeway in how we manage our real estate over time," Dimon said. JPMorgan likely will adopt new floor plans that are less dense with larger conference rooms and perhaps more private offices, said Dennis Donovan, principal at Wadley Donovan Gutshaw Consulting. The bank will be able to do that from scratch instead of retrofitting. It may also be part of Dimon’s legacy, a building to last beyond the time anyone is talking about his expense ratios or return on equity. "It really is something that will endure well beyond COVID," said Jesse Keenan, a real-estate professor at Tulane University. Building Use Height(fee Floor Completion t) area(milli on sq feet) One World offices 1,776 3.50 2014 Trade Center Central Park apartments 1,550 1.28 2020 Tower 111 W 57th St apartments 1,428 0.32 2020 JPMorgan Chase offices 1,425 2.42 2024 World Headquarters One Vanderbilt offices 1,401 1.75 2020 432 Park Ave apartments 1,397 0.82 2015 30 Hudson offices 1,270 2.60 2019 Yards Empire State offices 1,250 2.25 1931 Building Bank of offices 1,200 2.10 2009 America Tower 3 World Trade offices 1,079 2.80 2018 Center Source: http://www.skyscrapercenter.com/city/new-york-city Council on Tall Buildings and Urban Habitat, owner disclosures (Reporting by David Henry and Herb Lash in New York Editing by Lauren Tara LaCapra and Nick Zieminski)

JPMorgan executives offer slightly brighter view on pandemic recession

13 Oct 2020

JPMorgan Chase & Co executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin, and feel confident enough in the bank’s financial position to start repurchasing shares again soon if regulators allow. | Video

JP Morgan trotzt Corona-Krise - Citi leidet weiter

13 Oct 2020

New York Der Boom an den Finanzmärkten lindert die Folgen der Corona-Krise für die US-Großbanken.

UPDATE 3-Citigroup pays $400 mln U.S. fine, agrees to fix long-term lapses

08 Oct 2020

WASHINGTON, Oct 7 Citigroup Inc has agreed to pay a $400 million fine and draw up a sweeping plan to fix persistent risk management and operational problems that have led to multiple violations and penalties over the years, U.S. regulators said on Wednesday.

Big U.S. banks to report profit plunge as pandemic recession takes hold

01 Oct 2020

NEW YORK As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates.

Big U.S. banks to report profit plunge as pandemic recession takes hold

01 Oct 2020

NEW YORK, Oct. 1 As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates.

JPMorgan pushes payment fraud protection for small business customers

28 Sep 2020

NEW YORK JPMorgan Chase & Co. , the country's largest lender, is stepping up payment fraud protections for its small and mid-sized business customers, which continue to be targeted by scammers - particularly amid the COVID-19 pandemic.

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