Jamie Dimon dedicated a portion of his annual letter to talk about regulations on mortgage lending; states that regulations have led to a slow recovery, reducing mortgage lending by about $300 billion annually; provides his perspective on FHA lending where non-banks have taken a significant market share; on servicing mortgages, Dimon wrote, "new mortgage rules and regulations total more than 14,000 pages and stand about six feet tall."; this has made it expensive to service troubled mortgages. Source
JPMorgan Chase has been active in fintech partnerships with firms like Truecar, OnDeck and Roostify; they are now partnering with Bill.com in an effort to eliminate paper checks; JPMorgan spent $600 mn last year building fintech solutions and partnering with firms according to a letter CEO Jamie Dimon sent to shareholders in April. Source
JPMorgan Co-President Daniel Pinto told Business Insider that the bank is working on a massive process of cleaning of data...
Kristin Lemkau, chief marketing officer at JPMorgan, says the bank has limited its web ads to 5,000 from 400,000 in an effort to improve the quality of ad displays; marketers have taken a programmatic advertising approach which features ads across the web based on browsing habits versus investment in individual sites; the new limitations for JPMorgan use a more customized white listing approach and are also the result of fewer ads on YouTube following recent issues. Source
We reported earlier this week on JPMorgan’s secret digital banking project underway in London; this news comes soon after the...
Danny Masters ran JPMorgan’s commodities trading business in the 1990s; he is a strong believer in ICOs as a better mousetrap compared to IPOs stating, “I’ve raised for companies — angel, friends and family, series A, series B stuff — and it's a real pain in the arse. It's slow, it's time-consuming, it's duplicative. It's a really heavy duty process. I know some great companies who've raised £5 million, £10 million and they've spent thousands of man hours doing it.”; he also notes that there is a lack of quality ICOs and they have funded only a dozen; Masters setup a fund called Global Advisors which pivoted to crypto in 2014. Source
JPMorgan has come to understand how important cloud computing is to the future of the bank; they recently created a...
The Chinese government is looking to approve global banks for majority ownership in local security ventures; the China Securities Regulatory Commission...
The Center for Financial Services Innovation (CFSI) and JPMorgan Chase have announced the launch of their third annual Financial Solutions Lab (FinLab); the FinLab challenge provides support for fintech companies developing innovative solutions targeting the financial health of overlooked populations; the FinLab is currently taking applications and will announce its winners at the EMERGE Forum 2017; FinLab winners receive $250,000 and support from FinLab advisers and partners. Source
Some banks have recently started automatically increasing credit card limits for customers; the credit card companies hope that doing so...