Core Viewpoint - JPMorgan Chase has established a new advisory unit, Private Capital Advisory & Solutions (PCAS), to assist corporate and sponsor clients in raising funds in private markets [1][2] Group 1: Structure and Leadership - PCAS aims to serve as a "centre of excellence" for equity strategies and advisory services in private markets [1] - The unit will be globally led by Keith Canton, who has been with JPMorgan since 2015 and previously headed the Americas Equity Capital Markets team [3] - Tilman Pohlhausen will supervise the private capital advisory business globally and report to Canton [4] Group 2: Strategic Focus and Offerings - PCAS will provide "differentiated, product-agnostic solutions" with capabilities in structuring, pricing, and distribution for private capital transactions [2] - The initiative is a strategic priority for JPMorgan as clients face complex capital needs requiring innovative solutions [2] - Collaboration across various teams, including Coverage, M&A, and ECM, will be essential for the success of PCAS [5]

Core Viewpoint - The Trump administration is shifting focus from the defense and real estate sectors to broader economic areas, increasing regulatory pressure on major U.S. banks, raising concerns among investors about potential restrictions on capital return plans [1][2]. Group 1: Regulatory Pressure on Banks - Major banks may become the next target for regulatory actions following Trump's pressure on defense contractors and homebuilders to limit stock buybacks, leading to heightened concerns about policy risks for bank stocks [1][2]. - The government's direct intervention tools over the banking sector are more pronounced compared to other industries, as banks' dividend payments and stock buyback capabilities are already constrained by regulatory limits and capital adequacy requirements [1][5]. - The potential restriction on buybacks could directly impact investor return expectations, as buybacks are a key reason many investors favor bank stocks due to their ability to return capital and support share prices [1][6]. Group 2: Historical Context and Precedents - The significant scale of stock buybacks by major banks, totaling over $500 billion in the past decade, makes them susceptible to populist policies, with political pressure mounting against such capital return behaviors [3]. - Trump's recent actions demonstrate a willingness and capability to intervene in corporate capital allocation, as seen with his executive order prohibiting defense contractors from paying dividends or repurchasing stock until they meet production standards [4]. - Similar pressures are being applied to the real estate sector, with scrutiny on homebuilders' buyback activities amid record profits, indicating a broader trend of regulatory tightening across industries [4]. Group 3: Federal Reserve's Role and Uncertainty - The Federal Reserve's regulatory authority over major banks provides Trump with a significant leverage point to disrupt capital plans, as banks' ability to pay dividends and conduct buybacks is contingent on regulatory capital rules [5][6]. - Trump's disregard for the independence of the Federal Reserve could enhance his influence over regulatory policies, potentially leading to shifts in the regulatory landscape that could affect banks' capital return strategies [6]. - Historical data shows that banks like Goldman Sachs and Morgan Stanley have achieved annualized returns of 22% from stock buybacks over the past decade, but these past performance metrics are now facing unprecedented policy challenges due to potential regulatory changes [6].

JPMorgan Chase & Co. (NYSE:JPM) is one of the best future stocks to buy for the long term. On January 14, Baird raised the firm’s price target on JPMorgan to $280 from $260 with an Underperform rating on the shares. The firm revised its financial model in response to Q4 2025 results, which highlighted strong Core Pre-Provision Net Revenue/PPNR and healthy credit quality. On the same day, Truist increased its price target for JPMorgan to $334 from $331, while maintaining a Hold rating. Following the compa ...

Group 1 - Morgan Stanley reduced its stake in WuXi AppTec (603259)(02359) by 2,517,805 shares at a price of HKD 119.3249 per share, totaling approximately HKD 300 million [1] - After the reduction, Morgan Stanley's remaining shareholding is approximately 33,644,000 shares, representing a holding percentage of 6.59% [1]

当地时间1月18日，美国总统特朗普发出威胁，称将起诉摩根大通，指控该行在2021年1月6日国会 大厦骚乱后对其账户实施关闭或限制措施。 鲍威尔方面表示，美联储之所以成为攻击目标，根本原因在于其未同意特朗普大幅降息的主张。特 朗普则回应称，在上周末相关调查被媒体披露之前，他并不知情。 上周，戴蒙在接受记者采访时公开警告称，特朗普对鲍威尔的频繁抨击正在威胁美联储的独立性， 可能产生适得其反的效果，最终推高利率和通胀。 摩根大通已明确否认相关指控，称不存在因政治立场而终止客户服务的行为。 摩根大通发言人特里什·韦克斯勒在一份声明中表示："为8000多万美国人提供服务是我们的荣幸。 我们也认同，任何人的账户都不应因政治或宗教信仰被关闭。我们赞赏本届政府已采取行动应对政治 性'去银行化'，并支持这些努力。" 事实上，特朗普与摩根大通之间的紧张关系，正发生在其持续攻击鲍威尔的背景之下。 鲍威尔目前正因美联储华盛顿特区总部翻修项目涉及的所谓"滥用纳税人资金"问题，接受美国司法 部的刑事调查。 在摩根大通首席执行官杰米·戴蒙近期公开支持美联储主席鲍威尔的背景下，特朗普此举被外界视 为针对华尔街和美联储关键支持者的政治性报复。 ...

Financial Markets And Banking - Wall Street will be closed on January 19 for Martin Luther King Jr. Day, with both the New York Stock Exchange (NYSE) and Nasdaq suspending trading, resuming normal hours on January 20 [2] - The Federal Reserve will also be closed, leading to the closure of most commercial banks, including major institutions like JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Co., although ATMs and mobile banking will remain operational [3] Mail Delivery And Government Offices - The United States Postal Service (USPS) will suspend regular mail deliveries and close retail post office locations nationwide on January 19, while private couriers like UPS will not provide pickup or delivery service [4] - Non-essential federal, state, and local government offices, including the DMV and public courts, will be closed, and most public schools will dismiss classes for the day [5] Retail And Grocery Stores - Major retailers such as Walmart Inc., Target Corp., and Costco Wholesale Corp. are expected to remain open, although hours may vary by location [6] - Grocery chains like Publix and Whole Foods are likely to maintain standard operating hours, with customers advised to confirm specific times with local branches [7] Market Performance - On the last trading day before the holiday, the SPDR S&P 500 ETF Trust closed down 0.084% at $691.66, while the Invesco QQQ Trust ETF declined 0.12% to $621.06 [8] - Year-to-date performance shows the Nasdaq 100 index has advanced by 1.28%, while the S&P 500 and Dow Jones indices have risen by 1.19% and 2.02%, respectively [8]

Core Viewpoint - Investors are optimistic about the upcoming corporate earnings season, hoping strong results will counteract rising political and macroeconomic uncertainties [8]. Group 1: Corporate Earnings - Major companies such as Netflix, Johnson & Johnson, and Intel are scheduled to report earnings this week, following early results from banks and financial institutions [8]. - Earnings for S&P 500 companies are projected to grow by more than 15% in 2026, indicating positive expectations for corporate performance [8]. Group 2: Market Performance - Major U.S. equity indexes have extended gains into the new year, although they experienced a slight decline this week, with the S&P 500 remaining close to record highs [2][8]. - The banking sector faced pressure last week, with shares of major lenders like JPMorgan and Wells Fargo falling despite strong performance in 2024 [8]. Group 3: Geopolitical and Economic Context - Geopolitical tensions, particularly related to Trump's actions and rhetoric regarding Iran, have kept markets on edge, influencing investor sentiment [5][8]. - Demand for traditional safe havens such as gold has increased due to uncertainty, while certain equity segments, including energy stocks, have seen heightened volatility [6][8]. Group 4: Federal Reserve and Policy Concerns - Questions surrounding Federal Reserve independence are prominent, especially with reports of a criminal investigation involving Fed Chair Jerome Powell [7][9]. - Trump's proposal to cap credit card interest rates at 10% and his actions regarding Wall Street firms have added to the uncertainty in the financial sector [8].

| 股份代號: | 03690 | | --- | --- | | 上市法國名稱: | 美國 - W | | 日期 (日 / 月 / 年): | 19/12/2025 - 19/01/2 | | REAL PRODUCTION | 大股東/董事/最高行政人員名 作出披露的 買入 / 要出或涉及的 每般的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | --- | --- | --- | --- | --- | --- | --- | | | 日前的出 | | | (語参閱 上犹* 記 | | 有投票權版(日/月/年) | | | | | | | | GEF | | CS20260115E00512 | JPMorgan Chase & Co. | 1001(L) | 7.466,850(I | HKD 104.3969 | 277,641,328(L) | 5.01(L)12/01/2026 | | | | 1403(S) | 9,197,389(S) | | 107.087.874(S) | 1.93(S) | | | | | | | 141.959.878(P) | ...

Core Viewpoint - JPMorgan Chase CEO Jamie Dimon confirmed he was not offered the position of Federal Reserve chair, contradicting a report that suggested President Trump had made such an offer, which Dimon took as a joke [1][4]. Group 1: Dimon's Statement and Clarification - Dimon stated, "There was no job offer," clarifying the situation regarding the Fed chair nomination [2]. - A JPMorgan spokesperson acknowledged the need for better vigilance in correcting the Wall Street Journal's report before publication [4]. Group 2: Trump's Legal Actions and Political Context - President Trump announced plans to sue JPMorgan for allegedly "debanking" him following the January 6, 2021 attack on the US Capitol [4][7]. - JPMorgan's spokesperson emphasized that no accounts should be closed due to political or religious beliefs, supporting the administration's efforts to address political debanking [5]. Group 3: Dimon's Position on Federal Reserve Independence - Dimon expressed support for the independence of the Federal Reserve amid a criminal investigation into current Fed Chair Jerome Powell [7]. - JPMorgan executives opposed the Trump administration's proposed 10% cap on credit card interest rates, arguing it would limit credit access for millions of households [8].

Core Insights - Goldman Sachs is divesting its $20 billion Apple Card portfolio to JPMorgan Chase, marking a significant retreat from consumer banking after struggling since the program's launch in 2019 [1][4] - The transaction is expected to close in 24 months, allowing Goldman Sachs to continue managing the Apple Card until then [1][8] Goldman Sachs - The company faced unexpected high charge-off rates due to looser lending standards, particularly among consumers with FICO scores below 660, which contributed to its challenges in consumer banking [4] - The struggles in consumer banking have been notable, as the company has not successfully penetrated this market segment [9] JPMorgan Chase - The acquisition provides JPMorgan Chase access to over 12 million Apple Card customers, who are generally more affluent and can be targeted for cross-selling various banking products [6][9] - The bank's CFO expressed optimism about the transaction, indicating it is economically compelling despite the integration challenges [7] - The financial impact of the acquisition on JPMorgan Chase is expected to be minimal, as the Apple Card balances represent only 1.3% of its total loan portfolio of $1.5 trillion [8]