Global Market developments include Jamie Dimon’s succession plans and JPMorgan’s upgraded guidance, are being discussed.
Gold surges, cryptocurrencies surge, JPMorgan CEO Jamie Dimon discusses succession plans, and Washington Federal Bank plans to sell commercial real estate loans to Bank of America.
Gold at record high
Gold reached a record high due to cautious Federal Reserve officials’ comments on inflation control, while gold and silver reached their highest all-time peaks, with officials expressing the need for more time to determine price stability.
Bitcoin rally
Bitcoin surged above $70,200 and Ether surpassed $3500, marking an 82.3 percent increase from its yearly low of $38,505, driven by increased SEC approval for spot ether ETFs.
JPMorgan CEO retired
JPMorgan Chase & Co. CEO Jamie Dimon announced his five-year term as CEO will end in 2021, indicating the bank’s progress in succession planning, including grooming potential successors and transferring key executives to senior positions.
JPMorgan outlook boost
JPMorgan raised net interest income forecast to $91 billion due to fewer Fed interest rate cuts and fewer customers switching to higher-yielding accounts. Q1 net income was $23.1 billion, breaking seven record-setting quarters.
Washington Federal Bank Bofa deal
Washington Federal Bank is set to sell a portfolio of commercial multi-family real estate loans to Bank of America for $2.9 billion, aiming to reduce its exposure to the troubled commercial real estate sector. Bank of America plans to engage in a structured transaction.
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