tybs
Jamie Dimon says JPMorgan is hoarding cash because ‘very good chance’ inflation is here to stay
Jamie Dimon believes cash is king – at least for the time being.
JPMorgan Chase has been “effectively stockpiling” cash rather than using it to buy Treasuries or other investments because of the possibility higher inflation will force the Federal Reserve to boost interest rates, Dimon said Monday during a conference. The biggest U.S. bank by assets has positioned itself to benefit from rising interest rates, which will let it buy higher-yielding assets, he said.
“We have a lot of cash and capability and we’re going to be very patient, because I think you have a very good chance inflation will be more than transitory,” said Dimon, the longtime JPMorgan CEO.
“If you look at our balance sheet, we have $500 billion in cash, we’ve actually been effectively stockpiling more and more cash waiting for opportunities to invest at higher rates,” Dimon said. “I do expect to see higher rates and more inflation, and we’re prepared for that.”
Dimon waded into the ongoing debate on whether higher inflation is a result of temporary aspects of the reopening, like raw-material shortages or supply chain issues, or if it could be more lasting. Fed officials have called the current spike in inflation transitory, meaning temporary and short-lived. But there are increasingly voices, including Deutsche Bank economists and hedge fund billionaires, who warn of consequences should the Fed ignore inflation.
The bank’s move to accumulate cash accounts for about half of the decrease in anticipated net interest income this year, Dimon said. The other half comes from lower credit-card balances, he said. The bank now expects $52.5 billion in net interest income in 2021, down from the $55 billion it disclosed in February.
In the wide-ranging discussion, Dimon struck on several familiar themes. He warned that banks were under threat from fintech and Big Tech players including PayPal, which has a larger market capitalization than nearly all U.S. banks.
Dimon disclosed that the bank’s automated investing service You Invest has garnered about $50 billion in assets, despite the fact that “we don’t even think it’s a very good product yet.”
The bank’s second-quarter revenue from trading will be “a little north of $6 billion,” which is lower from the “exceptional” period a year ago, Dimon said. Investment banking revenue is headed about 20% higher than a year ago and could be one of the bank’s best quarters on strength in mergers advice and equity and debt issuance, he said.
https://www.cnbc.com/2021/06/14/jamie-dimon-jpmorgan-is-hoarding-cash-because-very-good-chance-inflation-here-to-stay.html
https://www.newyorkfed.org/markets/primarydealers
Jamie is such a disingenuous piece of shit.
The Morgue is a Primary Delaer and has been participating in the reverse repo's so his 'cash balance' comment is likely completely FOS.
I don't think peeps , overall, can eben conceptualize it much less understand it.
>>62866 pb
SPIT79 USAFSOC C-32B departed JBA nw after a ground stop at JBA-started at McGuire AFB, NJ earlier
SAM620 USAF G5 that departed JBA sw is frozen over Port St. Lucie area, FL and likely waiting for some weather to clear
They will move tomorrow late or early Weds to Geneva for Puin
That should be fuggen hilarious
Also still have the other 747 tail # 92-9000 continuing to be MIA and they took a C-32A (757) instead of that as the backup.
The other missing tail # is 98-0001 which was used as primary AF2 for long time
So eben though the AF1 has been utilized those two planes, which was explained in the write-up at pf101 thread, are still posing some questions as in where are dey?
>The "inbox" looks empty
FB Financial Corp. sold by founder and Vice Chairman: $102.10m-June 10
founder cashing out via a secondary offering
FB Financial : Announces Closing of Public Offering of Common Stock by Selling Shareholder (Form 8-K)
https://www.marketscreener.com/quote/stock/FB-FINANCIAL-CORPORATION-31342202/news/FB-Financial-nbsp-Announces-Closing-of-Public-Offering-of-Common-Stock-by-Selling-Shareholder-For-35574311/
FB Financial Corporation is the holding company for FirstBank (the Bank). The Company and the Bank are engaged in the business of banking and provide a full range of financial services. The Bank provides a suite of commercial and consumer banking services to clients in select markets in Tennessee, North Alabama and North Georgia. The Company operates approximately 40 full-service bank branches serving the Tennessee metropolitan markets of Nashville, Chattanooga, Knoxville, Memphis, Jackson and Huntsville (AL), in addition to over 10 community markets. The Company's segments include Banking and Mortgage. The Banking segment provides a range of deposit and lending products and services to corporate, commercial and consumer customers. The Company offers full-service conforming residential mortgage products, including conforming residential loans and services through the Mortgage segment utilizing mortgage offices outside of the geographic footprint of the Banking operations. Number of employees : 1 852 people.
https://www.marketscreener.com/quote/stock/FB-FINANCIAL-CORPORATION-31342202/company/
James W. Ayers-
After building successful health care and real estate ventures, Ayers and a business partner in 1984 bought Farmers State Bank in Scotts Hill. They moved the home office to Lexington, Tenn., in 1986 after acquiring First National Bank of Lexington, and changed the bank’s name to FirstBank. Ayers shortly thereafter became the bank’s sole stockholder. In September 2016, FB Financial Corporation (NYSE: FBK) had an Initial Public Offering. Today, Ayers remains the largest shareholder and is the Vice Chairman of the Board and Founder. In 1999, he established The Ayers Foundation, which supports a wide range of programs and institutions with an emphasis on education and operates a highly respected scholarship program for high school graduates. He and his wife, Janet Ayers, also established and funded the Ayers Institute at the Vanderbilt-Ingram Cancer Center, which conducts advanced cancer research at Vanderbilt University, the Ayers Children’s Hospital in Jackson, Tenn., and the Ayers Institute for Teacher Learning and Innovation at Lipscomb University. In 2016, the Ayers Foundation donated $15 million to Belmont University in Nashville for a need-based student scholarship fund. In addition to his business interests, he is active in a number of civic, educational and charitable organizations. He is the recipient of the Association of Fundraising Professionals’ 2007 Philanthropist of the Year Award, the Silver Beaver Award from the Boy Scouts of America, the Joe Kraft Humanitarian Award from The Community Foundation of Middle Tennessee, and the 2007 Distinguished Alumni Award from the University of Memphis.
https://www.firstbankonline.com/bio/james-w-ayers/
https://finviz.com/insidertrading.ashx?oc=1684400&tc=7&b=2