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Tag Archives: jpmorgan

JPMorgan Partners wit Six Indian Banks to Settle Dollar Trades on Blockchain

The goal of this project will be to settle dollar trades in real-time which is significantly faster than the current settlement periods of a few days. Banking giant JPMorgan has partnered with six Indian banks to settle interbank dollar transactions over a blockchain platform in the country’s newest international financial hub of GIFT City. JPMorgan has joined hands with some of the top private-sector Indian lenders such as HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd.,...

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JPMorgan Hikes 2023 Key Revenue Target to $84B Following Its First Republic Acquisition

Banking powerhouse JPMorgan recently increased its 2023 revenue target by $3 billion on improved operational prospects.  JPMorgan Chase (NYSE: JPM) has increased its 2023 key revenue target to $84 billion following its acquisition of First Republic earlier this month. The New York-based banking giant revealed the projected performance at an investor presentation Monday which should last throughout the day. Details of JPMorgan Revenue Target Development The new JPMorgan revenue target is...

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Digital Asset to Start Global Blockchain Network with Goldman Sachs, Deloitte, BNP and Others

The network combines applications designed with Daml, Digital Asset’s smart contract language. Digital Asset, which is a financial technology firm, plans to introduce a global privacy-enabled interoperable blockchain network curated to offer a decentralized infrastructure for institutional clients, the announcement for which was made on Tuesday. Participants of the network, which is also called the Canton Network, include companies like BNP Paribas, Deloitte, Cboe Global Markets, Goldman...

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PacWest Bancorp Mulls Sale of Entire Holding Company amid 80% Stock Drawdown since March

Los Angeles-based PacWest is considering several strategic options, including a sale, amid a banking crisis-induced stock plunge. Bank holding company PacWest Bancorp is reportedly mulling a sale following Wednesday’s 50% stock crash. The regional bank is weighing strategic options amid the US banking crisis, which sank three financial institutions in March. A Bloomberg report said PacWest shelved previous efforts to raise capital to remain afloat and now strongly considers selling all...

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Bitcoin (BTC) Price Jumps Past $29,000 Soon after Fed Rate Hike

Amid the unfolding banking crisis and interest rate hikes, Bitcoin has been showing strong resilience attempting another breakout above $30,000. On Wednesday, May 3, the US Federal Reserve announced another 25 basis points rate hike taking the US funds rate to more than 5% for the first time since 2007. In hours after the Fed announced the rate hike, Bitcoin (BTC) made a quick surge of more than 2% taking the price above $29,000. This Bitcoin price surge amid the recovery in the broader...

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PacWest Leads Crash in Banking Stock Falling 28% as Others Follow Suit

PacWest and Western Alliance banks recorded heavy losses on Tuesday as the market is still reeling from problems caused by recent collapses. Shares of bank holding company PacWest (NASDAQ: PACW) led a heavy crash in bank stocks on Tuesday. The stock tumbled nearly 28% as the general banking clime continues to sour following bank failures plaguing the sector. PacWest stock closed at $6.55 after falling 27.78% on the day. In addition to PacWest, Arizona-based Western Alliance Bancorp...

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Societe Generale Subsidiary SG-Forge Launches Euro-Pegged Stablecoin on Ethereum

SG-Forge CEO stated that the EUR CoinVertible smart contract was audited by the professional services network PwC before launch. Societe Generale-Forge (SG-Forge), a regulated subsidiary of the French banking firm Societe Generale, on April 20 announced the launch of EUR CoinVertible, a euro-pegged stablecoin. The Ethereum-based stablecoin will trade under the ticker EURCV and will be available to qualified institutional investors. Investors will have to go through SG-Forge’s Know Your...

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Stock Futures Advance Ahead of Big Week for Bank, Corporate Earnings

Stock futures in the US climbed as investors brace for a crucial week of quarterly earnings from several large companies across sectors. Wall Street stock futures moved higher amid anticipation of more big bank earnings this week. On Sunday, stock futures tied to the S&P 500 climbed 0.16%, or 6.5 points, with the Nasdaq 100 futures increasing by 0.06%. In addition, futures tied to the Dow Jones Industrial Average (DJIA) also advanced 0.13% or 43 points. The banking sector got off to...

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Former JPMorgan Executive Accused of Conducting Crypto Fraud

As per the Department of Justice, the executive took investors money saying that he would invest in high-yielding altcoins but actually used the money for his personal benefits. On Tuesday, April 11, the US Justice Department announced that a former investment banker who served at JPMorgan and the Deutsche Bank will face up to 20 years of jail term for allegedly committing crypto fraud. The DOJ arrested Rashawn Russell, 27, the registered broker, and shall be arraigned soon in the New...

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First Citizens to Acquire Silicon Valley Bank after Striking Deal with FDIC

First Citizens has acquired failed bank Silicon Valley and will open former SVB branches today as First Citizens Bank and Trust Company. According to the Federal Deposit and Insurance Corporation, First Citizens Bank is set to acquire the embattled state-chartered commercial bank Silicon Valley Bank (SVB). In a recent statement, the FDIC revealed that the bank holding company would acquire all deposits and loans of SVB. According to the deal, 17 former SVB branches will reopen as...

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