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.
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.
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.
(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
"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
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
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,
"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
One World offices 1,776 3.50 2014
Central Park apartments 1,550 1.28 2020
111 W 57th St apartments 1,428 0.32 2020
JPMorgan Chase offices 1,425 2.42 2024
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
Empire State offices 1,250 2.25 1931
Bank of offices 1,200 2.10 2009
3 World Trade offices 1,079 2.80 2018
(Reporting by David Henry and Herb Lash in New York
Editing by Lauren Tara LaCapra and Nick Zieminski)
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
New York Der Boom an den Finanzmärkten lindert die Folgen der Corona-Krise für die US-Großbanken.
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.
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.
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
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.