Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Dimon’

Mistrust in America could sink the economy

Posted by hkarner - 12. August 2017

Date: 10-08-2017
Source: The Economist: Schumpeter

Part of the problem is a lack of competition in some industries

AMERICA is a grumpy and confused place. For an overarching explanation of what has gone wrong, a decline in trust is a good place to start. Trust can be defined as the expectation that other people, or organisations, will act in ways that are fair to you. In the White House and beyond there is precious little of it about. People increasingly view institutions as corrupt, strangers as suspicious, rivals as illegitimate and facts as negotiable.

The share of Americans who say “most people can be trusted” fell from 44% in 1976 to 32% in 2016, according to a survey from the University of Chicago. In a new book, “The Retreat of Western Liberalism”, Edward Luce, a commentator for the Financial Times in Washington, argues that distrust will contribute to America’s decline and eventually, even, to autocracy. Lack of faith is chewed over in boardrooms, too. In his latest letter to shareholders, Jamie Dimon, JPMorgan Chase’s boss, describes trust as America’s “secret sauce” and worries that the bottle is running dry. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Studie: Computer übernehmen bis zu 30 Prozent der Banker-Arbeit

Posted by hkarner - 25. Juli 2017

Experten sind sich aber nicht einig, wie sich die Technologisierung im Bankenbereich auf die Mitarbeiterzahlenauswirken werde.

Neue Technologien dürften bei den Investmentbanken Einzug halten und vielen der traditionellen Angestellten rund ein Drittel ihrer derzeitigen Arbeit abnehmen. Das geht aus einer Studie von McKinsey & Co. hervor. Der Wandel, der an der Wall Street bereits zu Sorgen über einen Verlust von Stellen führt, wird demnach möglicherweise nur ein paar Jahre benötigen.

Kognitive Technologien – also Programme oder Maschinen, die Aufgaben ausüben, bei denen einst das menschliche Gehirn unerlässlich war – sind inzwischen billig genug, damit Banken sie breit in Bereichen wie etwa dem Handel einsetzen können. Automatisierte Prozesse werden laut McKinsey „Kapazitäten freisetzen“ und es Mitarbeitern ermöglichen, sich auf Aufgaben mit höherem Wert zu konzentrieren. Dadurch würden unter anderem neue Ideen entstehen.  Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Wie Trump die nächste Finanzkrise heraufbeschwört

Posted by hkarner - 13. Februar 2017

Indem der US-Präsident die Bankenregulierung seines Vorgängers Obama demontiert, setzt er das globale Finanzsystem neuen Risken aus. Dabei hatte die rasche Aufstockung der Kapitalbasis die US-Banken strategisch gestärkt. Sie jetzt von der Leine zu lassen, könnte rasch eine gefährliche Kreditblase aufblähen.

Die Stimmung war bestens, beim Treffen im Dining Room des Weißen Hauses. Donald Trump hatte ein Beratergremium aus Unternehmern und Bankchefs geladen, um über einen weiteren Schlag gegen eine Reform seines Vorgängers zu informieren: den Dodd-Frank Act, mit dem die Regierung Obama die Banken bändigen und die Gefahr einer globalen Finanzkrise wie 2008 eindämmen wollte. Was der neue US-Präsident davon zu halten hat, hatte er sich von einem der Anwesenden einflüstern lassen: „Niemand kann mir so viel über Dodd-Frank erzählen wie Jamie“. Das Kompliment galt Jamie Dimon, dem Herrn über JP Morgan, der größten Bank der USA. Den Auftrag, das Gesetzespaket zu demontieren, gab Trump aber Gary D. Cohn. Dieser oberste Wirtschaftsberater kommt von Goldman Sachs. Ebenso wie der nominierte Finanzminister, sein wichtigster Geldbeschaffer im Wahlkampf. Das Wall-Street-Trio hat sein Ziel erreicht: Seit Freitag, dem 3. Februar, sind die Tage des für sie so lästigen Regelwerks gezählt. 

Noch am selben Abend unterschrieb Trump zwei entsprechende Dekrete. Über die ganze vergangene Woche verteilt hagelte es Warnungen, vor allem aus Europa. Erst langsam wurde Notenbankern, Politikern und Ökonomen bewusst, was diese radikale Kehrtwende bedeutet: ein Ende des globalen Schulterschlusses für schockresistente Banken – und zugleich die Gefahr einer US-Kreditblase als Keimzelle einer neuen Finanzkrise. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , , , , , , | Leave a Comment »

Trump Begins to Chip Away at Banking Regulations

Posted by hkarner - 5. Februar 2017

Justifying his latest executive order, he said that „so many people, friends of mine, with nice businesses” had trouble getting loans.

Gillian B. White, theatlantic.com, Feb 3, 2017

Prior to a meeting with his economic advisory council on Friday morning, President Donald Trump held a briefing to set the agenda for it. “There’s nobody better to tell me about Dodd-Frank than Jamie,” Trump said, referring to 2010’s Dodd-Frank Act, the single most visible legislative consequence of the banking crisis, and also to J.P. Morgan’s CEO, Jamie Dimon, with whom he would later meet to discuss regulation. “We expect to be cutting a lot out of Dodd-Frank,” Trump said. “I have so many people, friends of mine, with nice businesses, they can’t borrow money, because the banks just won’t let them borrow because of the rules and regulations and Dodd-Frank.”

Hours later, as promised, the president issued a memorandum that sets in motion his plan to scale back the provisions of Dodd-Frank and repeal the upcoming fiduciary rule—the latest in his slate of executive orders aimed at decreasing regulations. Named for Senators Barney Frank and Chris Dodd, the bipartisan act—formally, it’s the Dodd–Frank Wall Street Reform and Consumer Protection Act—was responsible for creating more stringent rules regarding bank capitalization (that is, the amount of money that banks must have on hand), increasing compliance and reporting standards for banks, introducing stricter mortgage requirements, creating the Financial Stability Oversight Council (FSOC) and the Consumer Financial Protection Bureau (CFPB), and curbing excessive risk-taking and the existence of too-big-to-fail institutions on Wall Street.

Despite Trump’s calls for “cutting a lot,” Friday’s executive order is actually more of a command to review Dodd-Frank than to dismantle it. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Deutsche Bank wehrt Angriff von Spekulanten vorerst ab

Posted by hkarner - 4. Oktober 2016

Deutsche Wirtschafts Nachrichten | Veröffentlicht: 04.10.16 10:35 Uhr

Die Deutsche Bank hat den massiven Angriff von Spekulanten vorerst abgewehrt. In der Branche scheint sich die Auffassung durchzusetzen, dass alle Großbanken dieselben Probleme haben.

Die Aktien stiegen am Dienstag um 3,5 Prozent auf 11,98 Euro und führten die Gewinnerliste im Dax an. So hoch notierten die Titel zum letzten Mal vor mehr als zwei Wochen. Experten des Bankenkonzerns HSBC betonten in einer Kurzstudie zur Aktie, die Sorgen von Investoren über die Liquiditätsausstattung des Instituts seien übertrieben. Sie bestätigten ihr Rating für die Aktien mit „hold“, senkten aber das Kursziel auf 12,00 von 14,00 Euro. Die Analysten gehen davon aus, dass dem Geldhaus schwierige Zeiten bevorstehen. Möglich seien wegen der jüngsten Nachrichten und einem daraus resultierenden Vertrauensverlust auch Einbußen bei den Einnahmen. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

What Beats Corruption?

Posted by hkarner - 17. Februar 2016

Photo of Lucy P. Marcus

Lucy P. Marcus

Lucy P. Marcus, founder and CEO of Marcus Venture Consulting, Ltd., is Professor of Leadership and Governance at IE Business School and a non-executive board director of Atlantia SpA.

FEB 16, 2016, Project Syndicate

LONDON – Corruption is a global scourge, sometimes becoming so deeply ingrained in countries that combating it seems impossible. In January, Transparency International released its annual Corruption Perceptions Index, noting that the problem “remains a blight around the world.”

The International Monetary Fund, for example, has just warned Ukraine that its $40 billion financial bailout could be cut off, owing to fears that corrupt officials will steal or squander the funds. And, during his recent visit to Mexico, Pope Francis called on the country’s leaders – several of whom (including the president and his wife) are embroiled in conflict-of-interest scandals – to fight endemic corruption. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Why haven’t banking giants got a lot smaller?

Posted by hkarner - 31. Januar 2016

Date: 29-01-2016
Source: The Economist
Subject: Big banks: Chop chop

BOSSES at big banks would once have cringed at releasing the kind of results they have been serving up to investors in recent days. This week, for instance, Deutsche Bank posted a loss of €6.8 billion ($7.4 billion) for 2015. In the third quarter of last year the average return on equity at the biggest banks, those with more than $1 trillion in assets, was a wan 7.9%—far below the returns of 15-20% they were earning before the financial crisis. Exclude Chinese banks from the list, and the figure drops to a miserable 5.7%. Returns have been languishing at that level for several years.

In response, the banks’ top brass are following a similar template: retreats from certain countries or business lines, along with a stiff dose of job cuts. Barclays, which earlier this month said it would eliminate 1,000 jobs at its investment bank and shut up shop altogether in Asia, is typical. More radical measures, such as breaking up their firms into smaller, more focused and less heavily regulated units, do not seem to be on the cards. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

The Quiet Financial Revolution Begins

Posted by hkarner - 9. Juni 2015

Date: 08-06-2015
Source: Project Syndicate

MOHAMED A. EL-ERIANEl-Erian

Mohamed A. El-Erian, Chief Economic Adviser at Allianz and a member of its International Executive Committee, is Chairman of US President Barack Obama’s Global Development Council. He previously served as CEO and co-Chief Investment Officer of PIMCO. He was named one of Foreign Policy’s Top 100 Global Thinkers in 2009, 2010, 2011, and 2012. His book When Markets Collide was the Financial Times/Goldman Sachs Book of the Year and was named a best book of 2008 by The Economist.

LAGUNA BEACH – Steadily and indisputably, the financial services industry – with which we all interact, whether as borrowers, savers, investors, or regulators – has embarked on a multiyear transformation. This process, slow at first, has been driven by the combined impact of two sets of durable forces.

On one hand, top-down factors – regulatory change, unusual pricing, and what Nouriel Roubini has cleverly termed the “liquidity paradox” – are at work. Then there are disruptive influences that percolate up from below: changing customer preferences and, even more important, outside visionaries seeking to transform and modernize the industry. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , , | Leave a Comment »

Global banks: Cocking up all over the world

Posted by hkarner - 6. März 2015

Date: 06-03-2015
Source: The Economist

Badly managed and unrewarding, global banks need a rethink

ROE Global banksBANKS are yet again in trouble—not pure investment banks such as Lehman Brothers, or mortgage specialists such as Northern Rock; but a handful of huge global “network” banks. These lumbering giants are the woolly mammoths of finance, and if they cannot improve their performance they deserve a similarly grievous fate.

The pressure is intense. Last month JPMorgan Chase felt obliged to tell investors why it should not be broken up. Citigroup awaits the results of its annual exam from the Federal Reserve: if it fails, as it did last year, its managers will be for the chop. Deutsche Bank is rethinking its strategy, after years of feeble performance and drift. HSBC, the world’s local bank, has been hammered for both a tax scandal in its Swiss operation and because of its poor profits.

On paper global banks make sense. They provide the plumbing that allows multinationals to move cash, manage risk and finance trade around the world. Since the modern era of globalisation began in the mid-1990s, many banks have found the idea of spanning the world deeply alluring. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare

Posted by stgara - 10. November 2014

FleischmannChase whistle-blower Alayne Fleischmann risked it all.

Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking

She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn’t take it anymore. 

„It was like watching an old lady get mugged on the street,“ she says. „I thought, ‚I can’t sit by any longer.'“

Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She’s had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as „massive criminal securities fraud“ in the bank’s mortgage operations. Den Rest des Beitrags lesen »

Posted in weitere Artikel | Verschlagwortet mit: , , , , | Leave a Comment »