The following is an excerpt from today’s Global Newsletter.
With apologies to Rihanna, you have to acknowledge the star quality of JPMorgan Chase chairman and CEO Jamie Dimon after reviewing the investor day details yesterday.
The company reported $84 million in gross profit ON INTEREST ALONE. (Emphasis definitely mine.) They also reported adding 600,000 new checking accounts through April this year.
JPMorgan rolls on despite market volatility, with no hint or whisper of issues or negative trends (outside of the Frank debacle).
After adding First Republic to the top and bottom lines, the giant keeps getting bigger.
Dimon recently said that he’s feeling great, loves his job, and wants to keep working, like most successful billionaires.
From Fintech Nexus
| LatAm Fintechs in Argentina reject government’s ban on crypto|
By David Feliba
The central bank of Argentina surprised fintechs this month with a crypto ban that forbade neobanks from offering trading services.
Also making news
- USA: Venture firm QED raises $925 million for fintech investing QED Investors, the financial technology-focused venture firm that was an early backer of Credit Karma, has raised $925 million for two new funds.
- USA: Mountain of FTX Evidence: Emails, chat logs, code and a notebook Prosecutors investigating Sam Bankman-Fried, the cryptocurrency exchange’s founder, have accumulated more than six million pages of documents and other records.
- LatAm: Visa working with Brazil’s farmers to cultivate uses for CBDC As central banks seek tangible uses for central bank digital currencies, Visa and a group of partners have developed a mechanism that uses a CBDC to connect cash-strapped small businesses with a wider range of funding options.
- USA: Fifth Third targets payments expansion with Rize Money acquisition Fifth Third Bancorp is expanding business management services into the technology sector with the recent acquisition of the embedded payments platform Rize Money.
- Global: First Citizens sues HSBC over poaching of SVB staff First Citizens has filed a lawsuit against HSBC for poaching 40 senior staff from the collapsed Silicon Valley Bank.
- Global: Why SWIFT remains indispensable for cross-border payments SWIFT works with 11,000 member institutions and facilitates $150 trillion in transactions per year. It is unlikely to be dethroned anytime soon.
- USA: Daylight, the LGBTQ+ neobank, calls it quits Daylight had raised a total of $20 million in venture funding and was recently the target of a lawsuit by three former employees.