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  4. JPMorgan stockpiling cash, waiting for interest rates to rise -CEO
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JPMorgan stockpiling cash, waiting for interest rates to rise -CEO

NEW YORK (Reuters) -JPMorgan Chase & Co Chief Executive Jamie Dimon said on Monday the bank is holding around $500 billion in cash, putting it in a position to benefit from higher...
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JPMorgan stockpiling cash, waiting for interest rates to rise -CEO © Reuters. FILE PHOTO: JPMorgan Chase CEO Jamie Dimon speaks at the North America's Building Trades Unions (NABTU) 2019 legislative conference in Washington, U.S., April 9, 2019. REUTERS/Jeenah Moon

NEW YORK (Reuters) -JPMorgan Chase & Co Chief Executive Jamie Dimon said on Monday the bank is holding around $500 billion in cash, putting it in a position to benefit from higher interest rates.

"We've actually been effectively stockpiling more and more cash, waiting for opportunities to invest at higher rates," Dimon said during a virtual conference held by Morgan Stanley (NYSE:MS). "So our balance sheet is positioned (to) benefit from rising rates."

Dimon, who heads the largest U.S. bank by assets, said he expects rising inflation to result in higher interest rates over the next 9 months.

"I think you're also going to have a very, very strong economy," which will also benefit the retail bank, he said. "We try to take all that in consideration (when) we manage the balance sheet."

The Federal Reserve is expected to make a statement on Wednesday that will indicate when the U.S. central bank is likely to begin paring back its unprecedented monetary stimulus.

The Fed's preferred inflation gauge, the core personal consumption expenditures price index, jumped in April to 3.1%, its highest annual rate since July 1992.

Dimon also forecast that the bank's bond and equity trading division will make $6 billion in revenues this quarter, and its investment bank may report one of its best-ever quarters.

"I would just use a number like up 20% from both prior year and prior quarter. It could be 15% to 20%," Dimon said.

Dimon said the investment bank is benefiting from several big deals that "may or may not close" this quarter, as well as strong client activity in equities and debt capital markets and mergers and acquisitions.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

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Silver Futures

26.677

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4.5305

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85.62

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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GBP30.873,5232.211,36
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KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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