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JPMorgan Chase’s chief data and analytics officer sits within its operating committee to keep up with ongoing AI investment and implementation bankwide. Appointed in June 2023, Chief Data and Analytics Officer Teresa Heitsenrether serves on the $3.7 trillion bank’s operating committee and reports directly to Chief Executive Jamie Dimon and Chief Operating Officer Daniel […]
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Whitney McDonald
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JPMorgan continues its cloud migration efforts as it works to move its applications and data to the cloud this year. “Getting our tech to the cloud. … It’s essential,” Chief Executive Jamie Dimon said today in his 2023 letter to shareholders. The $3.7 billion bank plans to move 70% of its applications and 75% of […]
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Whitney McDonald
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Fortune Recommends™ has partnered with CardRatings for our coverage of credit card products. Fortune Recommends™ and CardRatings may receive a commission from card issuers.
Chase announced new welcome bonuses for its IHG One Rewards Premier Business Credit Card. New cardholders can earn 175,000 Bonus Points. Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening. Plus, earn 35,000 Bonus Points after spending a total of $7,000 in the first 6 months from account opening. for a limited time.
Here’s what you need to know about the limited-time offer and other card features to determine whether you should apply.
Starting today, new cardholders who apply for the IHG One Rewards Premier Business Credit Card can earn an elevated welcome bonus when they meet a minimum spending threshold: 175,000 Bonus Points. Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening. Plus, earn 35,000 Bonus Points after spending a total of $7,000 in the first 6 months from account opening.
For context, the card previously offered 140,000 bonus points. Free nights with IHG start at 10,000 points—or 5,000 points if you book with a mix of rewards and cash—but more upscale hotels and resorts can cost up to 70,000 points per night.
While a welcome offer can be a good incentive to apply for a card you’ve had your eye on, it’s crucial to consider the card’s potential long-term value to determine whether it’s the right fit for you. Here’s what else you can expect from the card.
Limited time offer! Earn up to 175,000 Bonus Points. Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening. Plus, earn 35,000 Bonus Points after spending a total of $7,000 in the first 6 months from account opening.
| Annual fee | $99 |
| Regular APR | 21.49%–28.49% variable |
For more details, check out our IHG One Rewards Premier Business Card review.
The limited-time offer from Chase and IHG is impressive, but the tiered spending requirement to get the bonus is higher. If you prefer IHG hotels when you travel, or you’re looking to get a hotel credit card with a wide range of hotels and resorts—IHG has more than 6,000 properties, ranging from budget to luxury brands, around the world—then it could make sense to apply for an IHG One Rewards credit card while the welcome bonus is elevated. The fourth night free benefit alone could make the cards worth it if you have an award stay coming up.
Consider both your spending and travel habits and evaluate the card’s benefits and annual fees to determine if it will give you value over time. Also make sure the card makes sense for your business. If a personal card is a better fit, consider the IHG One Rewards Premier Card instead. Or if you want your business rewards to be more general purpose, check out our list of the best business cards to find something that might be a better fit.
Fortune Recommends™ has partnered with CardRatings for our coverage of credit card products. Fortune Recommends™ and CardRatings may receive a commission from card issuers.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
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Ben Luthi
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Swindon, U.K.-based Nationwide Group has offered to acquire U.K.-based financial institution Virgin Money for 2.9 billion pounds ($3.7 billion) in cash, according to a March 21 Nationwide release. The acquisition, which must be approved by the Financial Conduct Authority, would help Nationwide grow its customer base, deposits and operations organically, the release stated. The acquisition of […]
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Vaidik Trivedi
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Financial institutions must prioritize multifactor authentication as hackers take advantage of a lack of identity protection. In 2023, cyberattacks using valid credentials to gain access to user accounts increased 71% from 2022, according to IBM’s 2024 X-Force Threat Intelligence Index. Rather than hacking, the attackers are able to just log in, Leah Generao, partner at […]
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Whitney McDonald
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The finance behemoth created by Capital One’s pending merger with Discover would immediately surpass credit card leader JP Morgan Chase, but CEO Jamie Dimon isn’t worried about the competition—he relishes it.
“Let them compete, let them try,” he said in a Monday interview with CNBC.
Regulators should allow the merger to go through and let the market hash out the rest, he said. Despite the deal’s threat to his own company, the long-time finance industry veteran said he was “not worried about it really.”
Yet, Capital One’s $35 billion acquisition of Discover would allow it to supplant JP Morgan Chase as the largest credit card issuer in the country, and give it access to the lucrative fees Discover’s network charges to facilitate transactions with merchants. It would also allow Capital One to cut costs by shifting some debit and credit transactions to Discover’s payments network.
When asked about the implications of JP Morgan being replaced as the top credit card issuer, Dimon said that would only be the case, “for now.”
Still, he added that if the deal went through it would give Capital One an unfair advantage when it comes to debit cards.
Thanks to an exception in the 2010 Dodd-Frank Act created for companies like Discover and American Express that issue credit cards and deal directly with merchants, post-merger, Capital One would be allowed to jack up the fees charged to merchants to use Discover debit cards while banks like JP Morgan are more limited due to the law.
“Of course I have a problem with that,” Dimon said. “Why should they be allowed to price debit different than we price debit just because of a law that was passed?”
Showing no fear of competition, Dimon added that regulators shouldn’t stand in the way of more mergers in the financial sector.
“I think they should allow some of these smaller banks to merge,” he said. “If that’s how they think they can best compete with JP Morgan, you should let them.”
But while JP Morgan’s top boss seems fine with the tie-up of Capital One and Discover, lawmakers are fiercely opposed to the proposal. On Sunday, 13 Democrats led by Sen. Elizabeth Warren (D-Mass.) signed an open letter urging President Biden to block the deal because it would be bad for consumers. On the other side of the aisle, last week Sen. Josh Hawley (R-Mo.) also came out against the deal in a letter to Assistant Attorney General Jonathan Kanter, who leads the antitrust division.
Jamie Dimon’s career
The 67-year-old’s long track record of success at the helm of JP Morgan shows why he’s not worried about the threat of Capital One’s tie-up with Discover.
Dimon is well versed in financial industry acquisitions. His tenure at JP Morgan itself came about as a result of the bank’s merger with Bank One Corporation, where he was chairman and CEO. And before that he helped guide several acquisitions as chief financial officer and later president of Commercial Credit, including its acquisition of Traveler’s Group in 1993. He served as president of Citigroup after the $70 billion merger between Travelers Group and Citicorp. in 1998.
After becoming CEO of JP Morgan in 2006, Dimon helped navigate the bank through the 2008 financial crisis, offloading billions of dollars of subprime mortgages that allowed the company to weather the turmoil better than other competitors.
More recently, Dimon led JP Morgan to its seventh consecutive quarter of record net interest income and clinched the title for the most profitable year on record for a U.S. bank in 2023.
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Marco Quiroz-Gutierrez
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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and his family sold $150 million worth of the bank’s stock, following through on last year’s announcement that he would begin selling shares for the first time since taking the helm 18 years ago.
Dimon and his family sold about 822,000 shares in a series of transactions on Thursday, according to a U.S. Securities and Exchange Commission filing. The stock, which has outperformed the broader market and peers during his tenure, is trading at a record high.
“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” the company said in an October filing about his planned sales. A representative for the firm declined further comment on Friday.
The October announcement said Dimon planned to sell one million shares, subject to terms of a stock-trading plan. Along with his family, he continues to hold about 7.7 million shares after Thursday’s sales.
JPMorgan was a winner among banks last year amid its deal for First Republic Bank, with its stock rallying 27% and the New York-based company posting record net interest income.
When he took over as CEO, the stock was trading for about $40. He sold the shares on Thursday for nearly $183 a piece, as the stock had rallied roughly 30% since the October announcement that he planned to offload shares. Shares gained 0.5% on Friday.
On Wall Street, analysts are decisively bullish on JPMorgan shares’ prospects. Two dozen hold buy-equivalent recommendations, giving it the highest consensus rating among its handful of biggest banking peers. The return potential implied by their price targets is more than 4% over the next twelve months.
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Bre Bradham, Tom Maloney, Bloomberg
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Yuki Iwamura/Photographer: Yuki Iwamura/Bloom
(Bloomberg) —
Delaware Chancery Court Judge Kathaleen St. J. McCormick on Wednesday ruled that
McCormick ruled in May that
She similarly denied Javice’s request that
The judge did grant Javice’s request for an order requiring
Javice had claimed in an October filing that
Alex Spiro, Javice’s lawyer, declined to comment on McCormick’s ruling.
Both have pleaded not guilty in the criminal case. Javice, who is free on a $2 million bond, has claimed
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Whitney McDonald
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In 2021, the chief executive officers at large and regional U.S. banks got a median pay raise of 21.5%. The following year, bank CEO pay
It’s still too early to say what the industrywide trend was last year, when banks navigated
But in recent weeks, five large U.S. banks have said how much money their CEOs were paid last year. Their disclosures shed early light on how the compensation committees of bank boards made pay decisions at the end of a tumultuous year.
What follows is a look at how much the CEOs of
The CEOs who got the biggest raises are listed first.
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Kevin Wack
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Whitney McDonald
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UBS, a Switzerland-based global financial services firm, is drawing from its art collection to show more than 40 works by British painter Lucian Freud. The pieces will be collectively displayed for the first time in the U.S. in Lucian Freud: Works from the UBS Art Collection, which opened yesterday (Feb. 1) at the firm’s New York gallery.
Known as one of the great portraitists of his era, Freud specialized in figurative art and is the grandson of psychoanalysis founder Sigmund Freud. The UBS show is largely dominated by his late etchings. Created by Freud using an unconventional process that involved propping up etching plates on easels, they range from still lifes and landscapes to portraits and nudes. Two of the artist’s oil paintings, his 1990 Double Portrait and 1999 Head of a Naked Girl, are also included in the exhibition.
“We are pleased to share with the public this exceptional body of work, which defies perceived norms of corporate collecting,” said Mary Rozell, global head of the UBS Art Collection, in a statement. “Like most of Freud’s oeuvre, the artworks on display are uncompromising and challenging to view, and we hope they will spark both conversation and introspection.”
The free exhibition is taking place in the UBS Art Gallery, which is in the lobby of the firm’s New York headquarters on 1285 Avenue of the Americas. Opened in 2019, the gallery is home to permanent installations with work by artists like Frank Stella, Sarah Morris, Fred Eversley and Howard Hodgkin and hosts three to four annual rotating exhibitions.
In addition to its Freud works, the UBS Art Collection contains more than 30,000 contemporary pieces by artists like Jean-Michel Basquiat, Roy Lichtenstein, Ed Ruscha and Cindy Sherman. Having first started collecting contemporary art in the 1960s, the firm now often loans out its work to major institutions including New York’s Museum of Modern Art, the Smithsonian American Art Museum and London’s National Portrait Gallery.
UBS has been managing $5.5 trillion worth of invested assets since its 2023 acquisition of Credit Suisse (CS), which had its own 10,000-piece corporate art collection. In addition to the pieces hanging in its gallery, UBS displays its art holdings across its global offices to both boost morale and impress clients. It is also affiliated with art fair behemoth Art Basel, acting as its global lead partner and co-publishing reports on the art market and collecting activity.
While UBS’s vast collection of contemporary art might come as a surprise, financial service companies have long been some of the most active art patrons. The modern corporate art collection as we know it was pioneered by David Rockefeller. In 1959, while serving as president of Chase Manhattan Bank, he began accumulating artwork under the “Art at Work” program. Now known as JPMorgan Chase (JPM), the company’s collection is among the most well-established of any financial services company and helped create a new way for banks to display their ability to manage wealth.
“What’s most important about our collection is not how much we’ve accumulated, but what, in the process of living with art for the past four decades, we’ve learned,” wrote William B. Harrison, Jr., then Chairman and Chief Executive Officer of JP Morgan Chase, in the forward of Art At Work: Forty Years of the JP Morgan Chase Collection.
From the Royal Bank of Canada to Spain’s CaixaBank, corporate art collections have become a globally accepted cultural phenomenon. One of the more significant holdings includes the 60,000 works owned by Bank of America (BAC), which focuses on contemporary artists and has hosted shared exhibitions with nearly 200 museums worldwide. Deutsche Bank (DB) houses much of its 57,000-piece collection in the Deutsche Bank Towers in Frankfurt, where art is arranged by region and entire floors of the 60-story towers are devoted to singular artists. And that’s not all. According to the International Art Alliance, there are more than a thousand major corporate art collections around the globe.
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Alexandra Tremayne-Pengelly
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Vaidik Trivedi
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The line-up for who may fill the impressive shoes of Jamie Dimon at JPMorgan is becoming clearer. In a statement released this week, the banking giant announced a reshuffle of top executives to “position the firm for the future.”
Dimon, who is approaching his 68th birthday, has had one of the most successful tenures in modern-day banking.
In 2023 JPMorgan Chase confirmed it had raked in the highest revenue figure–$49.6 billion—in U.S. banking history. JPMorgan remains comfortably America’s biggest bank, with $3.7 trillion in assets as of March 2023, and $303 billion in stockholders’ equity.
But like every boss in a major company, Dimon and the board at JPMorgan need to have some options lined up for who may take the reins when he steps down.
Currently the self-professed “red-blooded, patriotic, unwoke, capitalist CEO” is halfway through an agreement to stay with the financial giant until at least 2026, though whether he will leave when that contract ends remains to be seen.
In an update published this week, JPMorgan confirmed a reshuffle of a handful of executives to more senior positions to “further develop the company’s most senior leaders.”
Jennifer Piepszak, co-CEO of consumer and community banking (CCB), and Troy Rohrbaugh, co-head of markets and securities services, have been moved to jointly run the expanded commercial and investment bank division.
This remit will oversee global investment banking, commercial banking, corporate banking as well as markets, securities services and global payments.
Marianne Lake, the second co-CEO of CCB, will become the sole leader of the division overseeing 80 million consumers and six million small businesses.
Elsewhere Doug Petno, CEO of the commercial bank, will lead an expanded commercial banking business, while Viswas Raghavan, co-head of global investment banking will now solely lead the team.
Jason Sippel and Pranav Thakur will become co-heads of the company’s markets trading business, with Mary Erdoes remaining CEO of asset and wealth management.
Meanwhile, Marc Badrichani, co-head of markets and securities services will be leaving the business after assisting the transition process, with JPMorgan adding: “Marc is an exceptional business leader, and the company is immensely grateful for his outstanding efforts.”
Tim Fitzgerald and Takis Georgakopoulos will stay in their current positions, leading securities services and head of global payments respectively, with Mary Erdoes remaining CEO of asset and wealth management.
In the announcement Dimon thanked his “superb” management team and COO Daniel Pinto, adding: “Daniel and his team have built the finest corporate and investment bank in the world, and now we can increasingly take advantage of his extraordinary capabilities across the firm as we continue to jointly manage the company, with his focus on the execution of our lines-of-business priorities.”
JPMorgan Chase did not immediately respond to Fortune’s request for further comment.
The frontrunners to replace Dimon are widely reported to be Piepszak and Lake, though sources told Bloomberg in December the pair would have to widen their remit before being ready to run the whole company.
The January rejig may certainly be a move to answer some of those questions, though the question of when a successor might be named still looms large.
While Bob Iger has earned criticism for his apparent resistance to leave the corner office at Disney—a claim he categorically denies—Dimon’s retirement from the CEO position has become something of an in-joke.
It may be no surprise that the board—which paid him a record salary of $36 million in 2023—is in no rush to see him go.
Announcing Dimon’s salary package in an SEC filing earlier this year, the board wrote: “The annual compensation for 2023 reflects Mr. Dimon’s stewardship of the firm, with growth across all of its market-leading lines of business, record financial results and a fortress balance sheet.”
Dimon also seems in no rush to hurry off, long responding “five more years” if asked when he may move on.
Indeed, during the bank’s investor relations day in May, Dimon said: “I’m not going to change, I’m not going to play golf, I love my country, my company, my family.
“I can’t do this forever, I know that, but my intensity is the same. When I don’t have this kind of intensity, I should leave.”
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Eleanor Pringle
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Venture funding fell in 2023 as investors took uncertain macroeconomic conditions into account and doubled down on due diligence. Global venture funding in 2023 stood at $248.4 billion, down 42% year over year, its lowest point since 2017, according to a Jan. 4 State of Venture 2023 report by business analytics provider CB Insights. Global […]
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Vaidik Trivedi
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Whitney McDonald
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Jan 12, 2024, 1:00 am EST
The Magnificent Seven had an extraordinary year in 2023—one that will be very difficult to repeat. And there will be a new Magnificent Seven in 2024.
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The Federal Reserve tightened monetary policy to rein in inflation, spurring banking mergers and acquisitions throughout the year.
As the industry grappled with the rise of the Federal Funds Rate from 0.25% at the beginning of 2022 to 5.25% at the end of 2023, some banks — including Silicon Valley Bank and Signature Bank — suffered a liquidity crunch and saw regulators step in to broker merger deals.
Meanwhile, some major banks also looked to trim their expansive operations by exiting multiple markets and implementing a strategic refocus for their organizations.
Here are Bank Automation News’ top three stories on M&A in banking this year:
1. RBC to buy HSBC Canada for $10B
Royal Bank of Canada agreed to acquire HSBC Canada for $10 billion, with the deal expected to close in the first quarter of 2024.
HSBC International has been restructuring as it looks to trim operations in certain geographic areas while expanding in others, according to an S&P Global 2021 report.
In October, HSBC bought Citibank’s consumer wealth portfolios in China for $3.6 billion. The sale, which included Citi’s clients, assets under management and deposits, aligns with the bank’s plan to end its consumer banking business in China as part of a broader restructuring.
2. BMO, Bank of the West conversion update
BMO Financial Group completed its acquisition of Bank of the West in February and started converting customer accounts to the BMO platform on Labor Day.
The Canadian bank completed the conversion of Bank of the West consumer accounts during its fiscal fourth quarter, according to its Q4 earnings supplement.
With Bank of the West accounts onboarded to the BMO platform, the bank has posted increased customer activity in checking accounts sold digitally on the platform, Chief Executive Darryl White said during the bank’s Q4 earnings call on Dec. 1.
3. Integrating First Republic Bank, JPM tech stacks
JPMorgan expected to spend close to $2 billion integrating First Republic Bank into its operations after spending $13 billion on the acquisition in May.
Acquiring First Republic gave JPMorgan $173 billion in First Republic’s loans, $30 billion in securities and $92 billion in deposits, bolstering its fortress of a balance sheet.
The $3.4 trillion JPMorgan started integrating First Republic into its operations in Q2 and expects to complete the merger by mid-2024, Chief Financial Officer Jeffrey Barnum said during the bank’s second-quarter earnings call in July.
Get ready for Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.
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Vaidik Trivedi
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The overall pace of
U.S. banks closed 2,118 branch locations between January and the end of October, according to data from S&P Global Market Intelligence. That was a 19% decrease from the 2,614 branches shut down over the same period in 2022.
Roughly 22% of the closures were carried out by two super-regional banks — PNC Financial Services Group and U.S. Bancorp — both of which shuttered around 10% of their branches.
Across the industry, the total number of branches fell for the 14th straight year in 2023. There were 77,690 active bank branches nationwide at the end of October, according to S&P data, down from 79,000 branches at the end of 2022.
While larger banks top the list of financial institutions that have
The appeal of saving on staff, facilities and other branch-related costs has driven merger and acquisition activity in recent years, especially at banks with plenty of branches. After longer-than-usual deal approval processes for many of those deals, some acquirers have finally managed in 2023 to execute planned branch closures.
Here is a closer look at the five banks that closed the largest shares of their branches this year, through October.
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Orla McCaffrey
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Ting Shen/Bloomberg
Senate Banking Committee Chairman Sherrod Brown is pressuring the nation’s four largest banks to make use of a federal database to determine whether their retail customers qualify for benefits under a law offering financial protections to active-duty service members.
Brown, D-Ohio, sent letters Wednesday to the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, urging them to
That 20-year-old federal law caps the interest rates on loans made prior to military service at 6%, as long as the service member is on active duty.
Brown noted that lenders have the ability to run free checks of a Department of Defense database to determine whether customers are currently on active duty.
“Active duty servicemembers have much on their mind, from deployment, to concerns about leaving their families, to returning home,” Brown wrote. “Banks should not place the burden on servicemembers to request protections they are legally entitled to receive.”
Brown pointed to a December 2022 report by the Consumer Financial Protection Bureau, which found that fewer than 10% of auto loans taken out by Reserve and National Guard members who were on active duty got interest rate reductions.
The CFPB calculated that Reserve and Guard members who are on active duty pay about $9 million per year in interest that they are not legally required to pay.
Under the Servicemembers Civil Relief Act, service members may qualify for interest rate reductions by providing creditors with written notice of their active-duty status.
In an October 2023 report,
Brown’s letters followed a Senate Banking Committee hearing last week where he pressed the CEOs of the country’s biggest banks on whether their companies proactively check the database.
During the hearing, JPMorgan Chase CEO Jamie Dimon said he’s sure that his bank complies with the law. He also touted JPMorgan’s record of hiring military veterans and spouses.
Citigroup CEO Jane Fraser also pointed to her company’s record of employing veterans, before adding: “We make extensive investments in ensuring that we comply with the laws, and we do indeed tap into the database.”
Bank of America CEO Brian Moynihan said that the Charlotte, North Carolina-based bank follows the provisions of the Servicemembers Civil Relief Act. After receiving notification about service members’ active-duty status, BofA sends $180 million back to them annually, he said.
In written testimony, Wells Fargo CEO Charlie Scharf said that the San Francisco-based bank is committed to providing the benefits and protections required by the 2003 law.
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Kevin Wack
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