JPMorgan CEO Jamie Dimon wants to win the war against fintechs, expecting ‘tough, brutal' competition in the next 10 years

Friday, 15 January 2021, 22:54:54
Summary List Placement The decades-long race between big banks and fintechs is coming to a head. No longer scrappy startups, fintechs like Square and Stripe have come of age. As they've grown, banks like JPMorgan have become increasingly wary of the competition. Citing the massive valuations of fintech standouts like PayPal , Stripe , Visa , and Mastercard , Wells Fargo analyst Mike Mayo asked JPMorgan's CEO and chairman Jamie Dimon how he plans to “win” during the bank's fourth-quarter earnings call on Friday. “We've been doing fine in the last 5 years,” Dimon said, adding that he sent a list of company valuations — including PayPal ($280 billion), Mastercard ($322 billion), Alibaba ($658 billion), Facebook ($715 billion), Google ($1.2 trillion), and Apple ($2.1 trillion) — to the bank's operating committee. The companies have surpassed or are catching up to JPMorgan's roughly $422 billion market cap. “Absolutely, we should be scared shitless about that,” Dimon said. To be sure, Dimon isn't backing down. “I expect there to be very tough, brutal competition in the next 10 years,” Dimon said. “I expect to win.
— Business Insider

JPM, Citigroup, Wells Fargo kick off earnings season

Friday, 15 January 2021, 21:39:16
CFRA Research Director Ken Leon joined Yahoo Finance Live to break down the recent earnings of JPM, Citigroup and Wells Fargo and what this means as the banks kick off earnings season.
— Yahoo Finance

Fintechs competing unfairly with banks, Dimon says

Friday, 15 January 2021, 20:21:26
JPMorgan Chase CEO Jamie Dimon fired a warning shot Friday at financial technology upstarts such as Chime and Plaid.
— American Banker

Stock Market Today With Jim Cramer: Buy JPMorgan

Friday, 15 January 2021, 20:10:00
Jim Cramer discusses the latest stock market news including JPMorgan's earnings, Apple's China story and President-elect Biden's stimulus package.
— Yahoo Finance

Bank earnings show a ‘tale of two cities' — three analysts explain what that means for 2021

Friday, 15 January 2021, 20:07:26
Earnings season kicked off Friday with JPMorgan, Citigroup and Wells Fargo reporting earnings. Experts weighed in on the very separate outlooks.
— CNBC