JPMorgan CEO Jamie Dimon says he doesn't currently expect the U.S. economy to tip into recession, but the risks are growing from 'bad policy,' and he lamented the loss of certainty in American global leadership. Spoiler alert: He didn't mention President Donald Trump.
The retirement of Wells Fargo chief executive Tim Sloan could help give the scandal-plagued bank a clean slate after sanctions from regulators, attacks from lawmakers and growing shareholder dismay.
JPMorgan Chase, the biggest U.S. bank, is eliminating hundreds of workers after an annual review of staffing levels in its asset- and wealth-management division.
According to the New York State Comptroller's office, the average bonus paid to securities-industry employees in New York City declined by 17% to $153,700. But Wall Street bankers and traders still make roughly five times more, on average, than workers in other industries.
President Donald Trump's oft-repeated criticisms of Federal Reserve interest-rate hikes have been labeled by some economists as an assault on the central bank's independence. But Joe Lavorgna, chief Americas economist for the French bank Natixis, says that at least one measure of effective interest rates shows that the Fed's recent efforts may have exceeded the mid-2000s cycle of monetary tightening that helped to trigger the 2008 financial crisis.
Wells Fargo CEO Tim Sloan appeared Tuesday before the U.S. House of Representatives' Financial Services Committee for the first time since Democrats, who are typically more critical of big banks than Republicans, took control of the chamber in last November's elections. The panel's leader, Congresswoman Maxine Waters of Southern California, scolded Sloan, but so did Republicans on the committee.
Wells Fargo CEO Tim Sloan is scheduled to appear Tuesday before the U.S. House of Representatives' Financial Services Committee for the first time since Democrats, who are typically more critical of big banks than Republicans, took control of the chamber in last November's elections. The panel is led by Congresswoman Maxine Waters of Southern California, where some of Wells Fargo's recent scandals originated.
Citigroup CEO Michael Corbat got a 4.3% pay raise to $24 million, as the bank's board gave him an overall report card tantamount to a B-minus.
Blackstone CEO Stephen Schwarzman, who sets his own pay, got a 45% cut in total compensation last year to $69.1 million. But compared with JPMorgan Chase CEO Jamie Dimon, considered by most investors to be the reigning dean of Wall Street, Schwarzman still looks vastly overpaid.
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