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The bank attempted to quell customers鈥� fears over the weekend, explaining it had $70 billion in liquidity after receiving aid from JPMorgan and the Fed鈥攂ut that wasn鈥檛 enough. Early Thursday morning, the bank was reported to be considering a potential sale or a fresh capital raise.

JPMorgan. Its solid Q4 blew analysts鈥� estimates out of the water. The bank increased profits by 6% and enjoyed revenues of $35.57 billion, compared to an estimate of $34.3 billion. Loan loss provisions totaled $2.3 billion for the quarter, reflecting a 49% increase from Q3 2022. Economists at the bank are predicting a mild recession to hit the US in Q4 2023.

The initial surge of deposits to giants like JPMorgan Chase and Bank of America slowed at the end of March, but consumers remain wary. The latter reported continued customer growth in Q2 2023, with 157,000 new accounts. And Citibank saw a 21% quarter-over-quarter increase in new account acquisitions in the same period. This comes at the expense of other midsize and regional traditional banks.

Close to 30% of nearly 4,500 professionals from companies like Google, Amazon, Meta, Twitter, Bank of America, and JPMorgan have said they鈥檙e using ChatGPT or another AI program in their work, according to a Fishbowl survey, per Mint. A slew of startups are getting VC funding: Scenario landed $6 million for a generative AI gaming asset creator that can avoid copyright violations.

Concerns about accuracy and digital privacy have prompted groups like JPMorgan Chase, Amazon, Stack Overflow, and several universities to restrict use of ChatGPT. Then there are the disturbing responses, including Bing threatening to destroy the professional reputation of University of Munich student Marvin von Hagen.

The 鈥嬧�媔n-store digital advertising company has worked with brands such as AT&T, The Hershey Co., PepsiCo, and JPMorgan Chase, and developed partnerships with grocers like Schnucks, Smart & Final, and Coborn鈥檚. The company notes its growth has helped it enter major markets like Los Angeles and St. Louis, as well as expand its reach among Hispanic consumers.

JPMorgan spokesperson Jerry Dubrowksi says,  鈥淎ccounts are closed only after appropriate review and consideration of the facts,鈥� and that the bank 鈥渁cts in accordance with our compliance program, consistent with our regulatory obligations.鈥�. However, the Bank Policy Institute found that only 5% of SARs warranted followup from law enforcement.

JPMorgan debuted Instacart and DoorDash cards, Venmo is building out its card program, and American Express moved into the space. The right partner could offer a considerable opportunity to build an industry-leading product that helps drive innovation in the co-brand space this year.

In 2023 alone, Block-owned Square, Fiserv-owned Clover, PayPal, Stripe, and JPMorgan all expanded their Tap to Pay acceptance capabilities. This casts a net far wider than the smallest businesses, tempting larger ones to adopt the technology for use cases such as on-demand delivery and in-aisle solutions. What does it mean for payment providers?

JPMorgan and Jane Street acted quickly to become authorized users of these ETFs, which would allow them to redeem their shares and manage their assets. Goldman Sachs is allegedly in talks with BlackRock to become an authorized user of its ETF as well.

Omnicom and Microsoft (or Google): These deals have been teased by Omnicom鈥檚 CEO John Wren, who told JPMorgan Chase analysts that the company was working with AI from both Microsoft and Google. 鈥淲e are partnering with them, and we will service them in ways too,鈥� said Wren. BBDO and skepticism: BBDO has a differing AI philosophy.

AI solutions can cost banks anywhere from a few thousand dollars to JPMorgan Chase鈥檚 鈥渉undreds of millions of dollars per year.鈥� Cost depends on the complexity of the solution and size of the organization. Generative AI solutions require a large amount of data, a hidden but significant cost when integrating this technology.

That鈥檚 why JPMorgan Chase, for example, will move 80% of its data to the cloud by the end of 2024. Persistent uncertainties could throw a wrench in ad spend growth, but FIs should stay the course. The so-far resilient economic recovery may suffer a death by a thousand cuts. Oil prices are returning to highs last seen after Russia invaded Ukraine, threatening to reheat inflation.

The big takeaway: Kimbell set off alarm bells when he spoke at a JPMorgan conference鈥攏ot during the company鈥檚 earnings call鈥攁nd so he may have overstated the issue or simply highlighted a company-specific challenge. Ulta faces growing competition from Sephora, which is rapidly expanding its presence in department stores like Kohl鈥檚.

Data-rich companies include retailers (like Walmart), payment companies (like JPMorgan Chase), and media-buying platforms (like The Trade Desk). Data-poor companies need to partner with data-rich companies. Some 49% of advertisers worldwide believe using their own first-party data is the most promising solution post-cookies, according to DoubleVerify.

JPMorgan and Morgan Stanley both offer chatbots that give investment guidance or documentation. What鈥檚 behind the shifts? Ever-evolving regulatory demands and a volatile economic environment have left many companies with insufficient revenue from their primary lines of business. Nasdaq's drive to find alternative revenue sources has intensified after the 84% decline in IPOs in 2022.

There are also signs that some consumers are feeling financially strained, compounding issuer risks: Discover, Bank of America, JPMorgan, and other banks reported a slight increase in delinquencies in January relative to last year (though delinquencies generally remain below pre-pandemic levels). The big takeaway: Rising rewards costs and laggard loan growth could squeeze issuers鈥� margins.

US Bank, Bank of America, and JPMorgan Chase all exited the student loan business more than 10 years ago. Even three major student loan servicers鈥擳he Pennsylvania Higher Education Assistance Agency (PHEAA), Granite State Management and Resources, and Navient鈥攈ave left the market after servicing around 16 million student loans.

JPMorgan Chase鈥檚 combined debit and credit card sales volume grew 10% year over year (YoY) in Q1, down from 29% during the same period last year. Wells Fargo鈥檚 credit card point-of-sale (POS) volume grew 3% YoY, a dramatic contraction from the 33% growth it posted a year ago. Citi鈥檚 branded credit card volume grew 7% YoY, compared with 24% the same period a year ago.

Firms like JPMorgan and Morgan Stanley generally only work with companies that have more than $20 million in the bank, startup and venture capital investor Dylan Itzikowitz told PitchBook. With few options left, startups鈥� choice of a bank will depend on what they value.

SVB鈥檚 collapse also opens up acquisition opportunities for other banking players, like JPMorgan, which is exploring acquiring parts of SVB. Banking upstarts like Brex and Mercury Advisory saw a surge in demand as SVB depositors rushed to withdraw funds.

Even as a reputable FI, Goldman still needed to convince customers of its co-brands鈥� value versus mainstream card giants like JPMorgan Chase and Bank of America. These issuers might have an easier time acquiring cardholders because customers are likely to opt for an issuer they already have a banking relationship with鈥攎any card applicants might already use their checking accounts or other services.

As a result, those growing areas have seen retail establishments open, while larger cities have seen closures, per a JPMorgan Chase Institute report. For example, San Francisco had 6.5% fewer retail establishments at the end of Q4 2021 than it had in Q4 2019, while Phoenix had 4.1% more establishments.

JPMorgan Chase鈥檚 credit card sales volume grew about 12% year over year (YoY) in Q4鈥攕lower than the 29% YoY increase from the same period in 2021. Citi鈥檚 branded credit card volume grew 9% YoY in Q4, down from Q4 2021鈥檚 24% YoY jump. Wells Fargo鈥檚 credit card point-of-sale (POS) volume jumped 17.5% YoY in Q4. Volume surged 28% YoY during the same period in 2021.

A) JPMorgan Chase. B) Bank of America. C) Goldman Sachs. D) Wells Fargo. JPMorgan Chase is the largest US bank by assets, with total assets of $3.503 trillion, according to the March 2024 ranking by the Federal Reserve Board. June 11, 2024. Cozy up: Which in-branch amenity have banks yet to offer their customers? A) Meditation room. B) Cafe. C) Event space. D) Bike repair station.