Category Archives: JP Morgan

US Virgin Islands suing JPMorgan Chase over Jeffrey Epstein’s sex trafficking

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Documents accuse bank of ‘turning a blind eye’ to illegal activities committed by their client

The US Virgin Islands is suing the bank JPMorgan Chase, accusing it of helping Jeffrey Epstein’s sex trafficking of women and girls, according to a lawsuit filed in federal court in New York.

The documents submitted by the US Virgin Islands’ (USVI) attorney general accuse JPMorgan of “turning a blind eye” to illegal activities committed by Epstein – a client of the bank – on his private island, Little St James, which is part of the Caribbean US territory.

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Goldman Sachs bankers brace for hefty cut to bonuses

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Bonus pool could be slashed by up to 40%, in possibly the lender’s largest cut to payouts since the financial crisis

Goldman Sachs bankers are reportedly at risk of having their bonus pool slashed by up to 40%, in what could be the lender’s largest cut to payouts since the 2008 financial crisis.

The bank is still in the process of deciding the size of its bonus pools for 2022, but the prospective cut could mean its 3,000 investment bankers endure the most significant drop in variable pay among their peers, according to the Financial Times, which first reported the news.

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Indigenous leaders urge businesses and banks to stop supporting deforestation

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Amazon ecosystem is on verge of collapse, leaders tell brands such as Apple and Tesla as UN gathers in New York

Indigenous leaders from the Amazon have implored major western brands and banks to stop supporting the ongoing destruction of the vital rainforest through mining, oil drilling and logging, warning that the ecosystem is on the brink of a disastrous collapse.

Representatives of Indigenous peoples from across the Amazon region have descended upon New York this week to press governments and businesses, gathered in the city for climate and United Nations gatherings, to stem the flow of finance to activities that are polluting and deforesting large areas of the rainforest.

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Gibraltar prepares for first auction of a Russian oligarch’s detained superyacht

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Proceeds of the sale of Axioma, valued at £65m, will benefit JP Morgan rather than the Ukrainian people

A £65m superyacht of a Russian oligarch hit by sanctions will be auctioned off by the Gibraltar government on Tuesday, becoming the first of the luxury vessels to be sold off since restrictions were imposed on hundreds of rich Russians after Vladimir Putin’s invasion of Ukraine.

However, the 72.5-metre Axioma is not being sold for the benefit of the Ukrainian people but for a US investment bank, JP Morgan, which claims the yacht’s billionaire owner, Dmitry Pumpyansky, owes it more than $20m (£17m).

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City donations worth £15m raise concerns over influence on UK politics

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Total donated to parties by financial firms and individuals tied to the sector over two years, report says

Concerns have been raised over the City’s influence on Westminster, after a report found financial firms and individuals tied to the sector donated £15m to political parties and gave £2m to MPs during the pandemic.

The campaign group Positive Money tallied the gifts, expenses and donations handed to MPs, peers and their parties, as well as the value of income from politicians’ second jobs, saying it contributed to finance’s “oversized influence” on policymaking.

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JPMorgan sues Tesla for $162m after Musk tweets soured share deal

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Investment bank says it lost millions because of tweets by Elon Musk that he might take electric carmaker private

JPMorgan has sued Tesla for $162.2m, accusing Elon Musk’s electric car company of “flagrantly” breaching a 2014 contract relating to stock trading options that Tesla sold to the bank.

The options, or warrants, give the holder the right to buy a company’s stock at a set “strike” price and date. The suit, filed in a Manhattan federal court, centres on a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk’s notorious 2018 tweet that he was considering taking the carmaker private.

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JP Morgan chief skips quarantine as he jets into Hong Kong

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Jamie Dimon let off 21-day hotel quarantine because he runs a ‘very huge bank’, says Carrie Lam

JP Morgan’s billionaire chief executive Jamie Dimon was allowed to skip Hong Kong’s strict 21-day hotel quarantine rules because he runs “a very huge bank” with “key business in Hong Kong”, the territory’s chief executive, Carrie Lam, said on Tuesday.

Dimon flew into Hong Kong on Monday on JP Morgan’s private jet, becoming the first Wall Street bank boss to visit the territory or mainland China since the pandemic began.

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Protesters call on banks to ‘drop African debt’ in wake of Covid

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World’s poorest nations saddled with ‘imprisoning’ debt, hampering responses to the pandemic, say activists protesting HSBC meeting

Activists at a demonstration outside the annual general meeting of HSBC in London have demanded the bank and other financial giants provide debt relief to African countries hit hard by the coronavirus pandemic.

In an attempt to highlight the role of private creditors in the debt crises of the world’s poorest countries, campaigners with “drop the debt” banners gathered outside HSBC’s AGM at the Southbank Centre.

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European Super League will pour €400m into grassroots football, says new chief

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Anas Laghari claims elite competition will reignite love of game and end ‘madness’ of big money transfers

The Spanish banker who created the controversial new European Super League has promised the new JP Morgan-backed competition will pump €400m (£350m) into the national leagues that the elite clubs plan to leave behind.

Anas Laghari, a partner at the Madrid bank Key Capital and the newly appointed general secretary of the Super League, said the new league would reignite younger people’s love of football and end the “madness” of big money transfers.

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Study: global banks ‘failing miserably’ on climate crisis by funneling trillions into fossil fuels

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Analysis of 35 leading investment banks shows financing of more than $2.66tn for fossil fuel industries since the Paris agreement

The world’s largest investment banks have funnelled more than £2.2tn ($2.66tn) into fossil fuels since the Paris agreement, new figures show, prompting warnings they are failing to respond to the climate crisis.

The US bank JP Morgan Chase, whose economists warned that the climate crisis threatens the survival of humanity last month, has been the largest financier of fossil fuels in the four years since the agreement, providing over £220bn of financial services to extract oil, gas and coal.

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JP Morgan economists warn climate crisis is threat to human race

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Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory

The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.

The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.

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Harry and Meghan attend exclusive JP Morgan event in Miami

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Sussexes appear in one of their first engagements since stepping down as senior royals

The Duke and Duchess of Sussex attended an exclusive JP Morgan event in one of their first engagements since stepping down as senior royals, a palace source has said.

It is unclear whether the couple, who have pledged to become more financially independent, were paid for their roles as speakers at a summit the banking giant hosted in Miami on Thursday.

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