{"id":15617,"date":"2022-03-23T15:20:17","date_gmt":"2022-03-23T15:20:17","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/23\/investors-are-calling-for-jpmorgans-dimon\/"},"modified":"2022-03-23T15:20:17","modified_gmt":"2022-03-23T15:20:17","slug":"investors-are-calling-for-jpmorgans-dimon","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/23\/investors-are-calling-for-jpmorgans-dimon\/","title":{"rendered":"Investors are calling for JPMorgan’s Dimon"},"content":{"rendered":"
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JP Morgan Chase CEO Jamie Dimon – known for being financial discipline and one of the most respected Wall Street bankers – is being called up by investors due to his lack of transparency over new project spending, the Financial Times reported on Wednesday (March 23), citing unnamed sources . and participation in a recent event.<\/span><\/p>\n

The largest bank in the US plans to increase spending on new projects by 30% – almost $ 15 billion – with technology getting the biggest slice of the spending pie. <\/span><\/p>\n

Shareholders let Dimon and his management team know that the bank’s aggressive spending plan combined with the lack of candor over where the money is headed is unacceptable, three unnamed sources who attended a meeting in Florida told the FT said.<\/span><\/p>\n

Read more: <\/span>Secret JPMorgan Division Developing Startup Investment Platform<\/strong><\/p>\n

Investors also told Dimon they wanted a thorough explanation of the bank’s move last year into the retail banking sector with a digital bank in the UK, the source said. Not only is the space highly competitive, but the decision is also being questioned as Citigroup reduces its international footprint, according to the report.<\/span><\/p>\n

One of JP Morgan’s biggest shareholders told FT that investors have expressed uncertainty that the digital banking project in the UK has merit because there is no data to support its success at the moment. <\/span><\/p>\n

The bank has so far only indicated that investment spending and cloud capabilities, new hires and marketing would go up, investors said. However, these expenditures can cause the bank to miss a key profitability target – materially common equity. The bank has increased its spending on new investments by more than 50% from 2019 to date, JP Morgan Chase data show. <\/span><\/p>\n

Wells Fargo banking analyst Mike Mayo told the FT that every global investor he talks to agrees that better transparency is needed about where the new project money will go and for what purpose. <\/span><\/p>\n

The lack of transparency and increased spending makes Dimon’s previously dubious reputation for financial discipline very dubious, Mayo said.<\/span><\/p>\n

Coherence: <\/span>JPMorgan: ‘Digital as a Culture’ needs to be more than just a talking point<\/strong><\/span><\/p>\n

Dimon aggressively disrupted the bank in technical spending after expressing frustration that it had lost to tech-savvy newcomers who had gained market share, JP Morgan said.<\/span><\/p>\n

JP Morgan declined to comment, but sources told FT that more information will come from the bank’s next investor day on May 23.<\/span><\/p>\n

<\/p>\n

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<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

JP Morgan Chase CEO Jamie Dimon – known for being financial discipline and one of the most respected Wall Street bankers – is being called up by investors due to his lack of transparency over new project spending, the Financial Times reported on Wednesday (March 23), citing unnamed sources . and participation in a recent […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-15617","post","type-post","status-publish","format-standard","hentry","category-trends"],"yoast_head":"\nInvestors are calling for JPMorgan's Dimon - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/03\/23\/investors-are-calling-for-jpmorgans-dimon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors are calling for JPMorgan's Dimon\" \/>\n<meta property=\"og:description\" content=\"JP Morgan Chase CEO Jamie Dimon – known for being financial discipline and one of the most respected Wall Street bankers – is being called up by investors due to his lack of transparency over new project spending, the Financial Times reported on Wednesday (March 23), citing unnamed sources . and participation in a recent […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tahrir2day.com\/news\/2022\/03\/23\/investors-are-calling-for-jpmorgans-dimon\/\" \/>\n<meta property=\"og:site_name\" content=\"Tahrir News\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-23T15:20:17+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tahrir2day.com\/news\/#website\",\"url\":\"https:\/\/tahrir2day.com\/news\/\",\"name\":\"Tahrir News\",\"description\":\"News all over the world\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tahrir2day.com\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tahrir2day.com\/news\/2022\/03\/23\/investors-are-calling-for-jpmorgans-dimon\/#webpage\",\"url\":\"https:\/\/tahrir2day.com\/news\/2022\/03\/23\/investors-are-calling-for-jpmorgans-dimon\/\",\"name\":\"Investors are calling for JPMorgan's Dimon - 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