Tag: JPMorgan Chase

Jamie Dimon: Bank boss warns US interest rates could rise to 8% | BBC

~ knjohn ~ Leave a comment

The boss of one of the world’s biggest banks has warned US interest rates could climb to 8%.

Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for interest rates to jump because of “persistent inflationary pressures”.

Central banks around the world have been busy raising rates in a bid to dampen rising prices.

But with US inflation gradually easing, the overwhelming expectation is for the Federal Reserve to cut rates this year.

Markets are pricing in two quarter-point rate cuts in 2024.

Read More

Citigroup receives FIFA corruption subpoena | CNN Money

~ knjohn ~ Leave a comment

U.S. banks are now being questioned in the FIFA corruption scandal that has rocked the sports world.

Citigroup (C) said in a recent securities filing that it has been slapped with a subpoena from U.S. officials investigating alleged “bribery, corruption and money laundering” at FIFA.

Anti-money laundering laws require banks to alert authorities about shady transactions like the ones at the heart of the FIFA scandal. Senior FIFA officials used various U.S. banks — including Citi, JPMorgan Chase (JPM) and Bank of America (BAC) — to transfer and receive $150 million in bribes and kickbacks, authorities alleged last year.

Read More