According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n
In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n
As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n
According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n
In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n
As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n
Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n
According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n
In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n
As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n
Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n
Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n
According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n
In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n
As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n
Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n
Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n
According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n
In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n
As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
It's been over a year since the shocking collapse of Silicon Valley Bank (<\/a>SVB) and Signature Bank, but the fallout continues to reverberate through the U.S. regional banking sector. As these smaller lenders prepare to report first-quarter earnings from April 16 onward, industry watchers anticipate they'll be forced to set aside more money to cover potential losses on commercial real estate (CRE) loans and offload more property debt from their books.<\/p>\n\n\n\n The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Some economic analysts said that the U.S. central bank became too focused on inputs after misreading inflation in 2021 and they warned that the Fed risk a recession if it cut rates later than June. Simultaneously, the increase in geopolitical uncertainties presents an extra hurdle and amplifies the possibility of unexpected risks in both markets and economic outcomes and the recommendation for investors is to take a defensive approach in the weeks ahead.<\/p>\n","post_title":"U.S. Central Bank May Need To Keep Interest Rates Higher For Longer. What To Expect In The Upcoming Days?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-central-bank-may-need-to-keep-interest-rates-higher-for-longer-what-to-expect-in-the-upcoming-days","to_ping":"","pinged":"","post_modified":"2024-04-19 23:53:23","post_modified_gmt":"2024-04-19 13:53:23","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16452","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16441,"post_author":"18","post_date":"2024-04-19 06:31:31","post_date_gmt":"2024-04-18 20:31:31","post_content":"\n It's been over a year since the shocking collapse of Silicon Valley Bank (<\/a>SVB) and Signature Bank, but the fallout continues to reverberate through the U.S. regional banking sector. As these smaller lenders prepare to report first-quarter earnings from April 16 onward, industry watchers anticipate they'll be forced to set aside more money to cover potential losses on commercial real estate (CRE) loans and offload more property debt from their books.<\/p>\n\n\n\n The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
James St. Aubin, chief investment officer at Sierra Mutual Funds in California said that market participants are currently trying to balance this two-sided narrative: U.S. economic growth, which looks good, and at the same time the inflation picture, and interest rates, which will eventually be problematic for the stock market.<\/p>\n\n\n\n Some economic analysts said that the U.S. central bank became too focused on inputs after misreading inflation in 2021 and they warned that the Fed risk a recession if it cut rates later than June. Simultaneously, the increase in geopolitical uncertainties presents an extra hurdle and amplifies the possibility of unexpected risks in both markets and economic outcomes and the recommendation for investors is to take a defensive approach in the weeks ahead.<\/p>\n","post_title":"U.S. Central Bank May Need To Keep Interest Rates Higher For Longer. What To Expect In The Upcoming Days?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-central-bank-may-need-to-keep-interest-rates-higher-for-longer-what-to-expect-in-the-upcoming-days","to_ping":"","pinged":"","post_modified":"2024-04-19 23:53:23","post_modified_gmt":"2024-04-19 13:53:23","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16452","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16441,"post_author":"18","post_date":"2024-04-19 06:31:31","post_date_gmt":"2024-04-18 20:31:31","post_content":"\n It's been over a year since the shocking collapse of Silicon Valley Bank (<\/a>SVB) and Signature Bank, but the fallout continues to reverberate through the U.S. regional banking sector. As these smaller lenders prepare to report first-quarter earnings from April 16 onward, industry watchers anticipate they'll be forced to set aside more money to cover potential losses on commercial real estate (CRE) loans and offload more property debt from their books.<\/p>\n\n\n\n The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, a report released on Monday showed that retail sales expanded beyond expectations in March, signaling the resilience of the U.S. economy, which contributed to driving benchmark U.S. 10-year Treasury yields to their highest levels in five months on Tuesday.<\/p>\n\n\n\n James St. Aubin, chief investment officer at Sierra Mutual Funds in California said that market participants are currently trying to balance this two-sided narrative: U.S. economic growth, which looks good, and at the same time the inflation picture, and interest rates, which will eventually be problematic for the stock market.<\/p>\n\n\n\n Some economic analysts said that the U.S. central bank became too focused on inputs after misreading inflation in 2021 and they warned that the Fed risk a recession if it cut rates later than June. Simultaneously, the increase in geopolitical uncertainties presents an extra hurdle and amplifies the possibility of unexpected risks in both markets and economic outcomes and the recommendation for investors is to take a defensive approach in the weeks ahead.<\/p>\n","post_title":"U.S. Central Bank May Need To Keep Interest Rates Higher For Longer. What To Expect In The Upcoming Days?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-central-bank-may-need-to-keep-interest-rates-higher-for-longer-what-to-expect-in-the-upcoming-days","to_ping":"","pinged":"","post_modified":"2024-04-19 23:53:23","post_modified_gmt":"2024-04-19 13:53:23","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16452","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16441,"post_author":"18","post_date":"2024-04-19 06:31:31","post_date_gmt":"2024-04-18 20:31:31","post_content":"\n It's been over a year since the shocking collapse of Silicon Valley Bank (<\/a>SVB) and Signature Bank, but the fallout continues to reverberate through the U.S. regional banking sector. As these smaller lenders prepare to report first-quarter earnings from April 16 onward, industry watchers anticipate they'll be forced to set aside more money to cover potential losses on commercial real estate (CRE) loans and offload more property debt from their books.<\/p>\n\n\n\n The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, a report released on Monday showed that retail sales expanded beyond expectations in March, signaling the resilience of the U.S. economy, which contributed to driving benchmark U.S. 10-year Treasury yields to their highest levels in five months on Tuesday.<\/p>\n\n\n\n James St. Aubin, chief investment officer at Sierra Mutual Funds in California said that market participants are currently trying to balance this two-sided narrative: U.S. economic growth, which looks good, and at the same time the inflation picture, and interest rates, which will eventually be problematic for the stock market.<\/p>\n\n\n\n Some economic analysts said that the U.S. central bank became too focused on inputs after misreading inflation in 2021 and they warned that the Fed risk a recession if it cut rates later than June. Simultaneously, the increase in geopolitical uncertainties presents an extra hurdle and amplifies the possibility of unexpected risks in both markets and economic outcomes and the recommendation for investors is to take a defensive approach in the weeks ahead.<\/p>\n","post_title":"U.S. Central Bank May Need To Keep Interest Rates Higher For Longer. What To Expect In The Upcoming Days?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-central-bank-may-need-to-keep-interest-rates-higher-for-longer-what-to-expect-in-the-upcoming-days","to_ping":"","pinged":"","post_modified":"2024-04-19 23:53:23","post_modified_gmt":"2024-04-19 13:53:23","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16452","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16441,"post_author":"18","post_date":"2024-04-19 06:31:31","post_date_gmt":"2024-04-18 20:31:31","post_content":"\n It's been over a year since the shocking collapse of Silicon Valley Bank (<\/a>SVB) and Signature Bank, but the fallout continues to reverberate through the U.S. regional banking sector. As these smaller lenders prepare to report first-quarter earnings from April 16 onward, industry watchers anticipate they'll be forced to set aside more money to cover potential losses on commercial real estate (CRE) loans and offload more property debt from their books.<\/p>\n\n\n\n The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\n Succession planning is not unique to JPMorgan Chase<\/a>. It\u2019s a hot topic across Wall Street. For instance, Morgan Stanley recently saw Ted Pick taking over as CEO from James Gorman, who had a 14-year tenure. Similarly, Peter Orszag assumed leadership at Lazard in October. Other banks have also been rotating executives across divisions to provide them with a well-rounded experience.<\/p>\n\n\n\n The dialogue around succession at JPMorgan Chase has been gradually intensifying since Dimon\u2019s emergency surgery in March 2020. However, as Chris Marinac, director of research at financial adviser Janney Montgomery Scott, points out, this doesn\u2019t necessarily mean that Dimon will be stepping down immediately.<\/p>\n\n\n\n See Related:<\/em><\/strong> In A Strategic Financial Shakeup, Citigroup Appoints JPMorgan's Raghavan As Head of Banking<\/a><\/p>\n\n\n\n The board at JPMorgan Chase is investing significant time in developing operating committee members who are well-known to shareholders as strong potential CEO candidates. These include Jennifer Piepszak and Troy Rohrbaugh, the recently appointed co-CEOs of JPMorgan\u2019s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.<\/p>\n\n\n\n Meanwhile, Daniel Pinto, the President, and Chief Operating Officer, is seen as the executive who could step in for the CEO in the near term, as he did in 2020 when Dimon had an emergency heart surgery.<\/p>\n\n\n\n Dimon hailed U.S. leadership and economic power in his annual letter to shareholders, invoking \u201cliberty and justice for all.\u201d Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.<\/p>\n\n\n\n According to a recent report by Reuters, Dimon\u2019s compensation climbed about 4.3% to $36 million in 2023. Pinto\u2019s total compensation came in at $30 million, while Erdoes was paid $27 million. Piepszak and Lake each earned $18.5 million in 2023, while Chief Financial Officer Jeremy Barnum earned $15 million.<\/p>\n\n\n\n In a recent announcement, the lender also shared that two directors on its board - Timothy Flynn and Michael Neal - have decided to retire when their terms expire on the eve of its 2024 annual meeting of shareholders in May.<\/p>\n\n\n\n As the finance world keenly watches these developments, JPMorgan\u2019s shares were marginally higher in premarket trading. The bank is set to report its first-quarter results on Friday.<\/p>\n","post_title":"The Succession Plan At JPMorgan Chase: What\u2019s Next?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"the-succession-plan-at-jpmorgan-chase-whats-next","to_ping":"","pinged":"","post_modified":"2024-04-13 22:38:52","post_modified_gmt":"2024-04-13 12:38:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16284","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Bitcoin and Ethereum Price Prediction After Inflation Increased Above Expectations<\/a><\/p>\n\n\n\n Meanwhile, a report released on Monday showed that retail sales expanded beyond expectations in March, signaling the resilience of the U.S. economy, which contributed to driving benchmark U.S. 10-year Treasury yields to their highest levels in five months on Tuesday.<\/p>\n\n\n\n James St. Aubin, chief investment officer at Sierra Mutual Funds in California said that market participants are currently trying to balance this two-sided narrative: U.S. economic growth, which looks good, and at the same time the inflation picture, and interest rates, which will eventually be problematic for the stock market.<\/p>\n\n\n\n Some economic analysts said that the U.S. central bank became too focused on inputs after misreading inflation in 2021 and they warned that the Fed risk a recession if it cut rates later than June. Simultaneously, the increase in geopolitical uncertainties presents an extra hurdle and amplifies the possibility of unexpected risks in both markets and economic outcomes and the recommendation for investors is to take a defensive approach in the weeks ahead.<\/p>\n","post_title":"U.S. Central Bank May Need To Keep Interest Rates Higher For Longer. What To Expect In The Upcoming Days?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-central-bank-may-need-to-keep-interest-rates-higher-for-longer-what-to-expect-in-the-upcoming-days","to_ping":"","pinged":"","post_modified":"2024-04-19 23:53:23","post_modified_gmt":"2024-04-19 13:53:23","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16452","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16441,"post_author":"18","post_date":"2024-04-19 06:31:31","post_date_gmt":"2024-04-18 20:31:31","post_content":"\n It's been over a year since the shocking collapse of Silicon Valley Bank (<\/a>SVB) and Signature Bank, but the fallout continues to reverberate through the U.S. regional banking sector. As these smaller lenders prepare to report first-quarter earnings from April 16 onward, industry watchers anticipate they'll be forced to set aside more money to cover potential losses on commercial real estate (CRE) loans and offload more property debt from their books.<\/p>\n\n\n\n The renewed focus on regional banks' CRE exposure was sparked by New York Community Bank's surprising Q4 loss driven by markdowns on its real estate portfolio, raising fears about other lenders' vulnerabilities. Multifamily properties with over five units are a particular concern given that regional banks originate most such loans.<\/p>\n\n\n\n In a report by Reuters, the office sector's struggles are well-documented as remote work remains prevalent post-pandemic, leaving many buildings plagued by high vacancies that strain borrowers' ability to service debt. But even residential multifamily is facing headwinds, especially in pricey cities like New York and San Francisco where rent hikes were severely restricted pre-COVID based on low interest rates and inflation at the time.<\/p>\n\n\n\n Data from the International Monetary Fund (IMF) shows U.S. banks' non-performing CRE loans as a percentage of their total portfolios doubled from 0.4% to 0.81% over the past year as the sector's health deteriorated. The IMF noted lenders have been steadily increasing provisions for souring CRE debt.<\/p>\n\n\n\n See Related:<\/em><\/strong> Ripple Takes Aim At Dubai Market, CEO Reveals<\/a><\/p>\n\n\n\n In a research note, Morgan Stanley forecast the CRE reserve ratio for regional banks could climb by 10-20 basis points this year.<\/p>\n\n\n\n While delinquency rates on CRE loans held by banks remain relatively low at 1.2% for 30-day past dues, according to S&P Global Ratings, the rating agency has already downgraded its outlook on five U.S. banks including M&T and Valley National due to CRE market stresses that may impair asset quality.<\/p>\n\n\n\n As banks look to shed riskier CRE exposures, some are expected to sell property loans at steep discounts to private equity investors and alternative lenders hungry for higher-yielding debt. Regulatory filings show regional lender PacWest sold construction loans at a $200 million discount last year, while the successor to failed Signature offloaded a 20% equity stake in a $16.8 billion loan portfolio to Blackstone at nearly a 30% markdown.<\/p>\n\n\n\n Looking ahead, while few expect a catastrophic systemic event, the road ahead for regional banks appears bumpy as they navigate the CRE downturn. Cost-cutting, capital raises, and further loan sales could feature prominently as smaller lenders aim to fortify their buffers against escalating real estate risks in an uncertain economic climate shaped by lingering inflation, higher interest rates, and potential recessionary pressures.<\/p>\n\n\n\n The U.S. regional banking sector must steer through carefully to avoid compounding the damage from SVB's 2023 failure.<\/p>\n","post_title":"Regional Banks in the US Brace for More Commercial Property Fallout After SVB Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"regional-banks-in-the-us-brace-for-more-commercial-property-fallout-after-svb-collapse","to_ping":"","pinged":"","post_modified":"2024-04-19 06:31:38","post_modified_gmt":"2024-04-18 20:31:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16441","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":16284,"post_author":"18","post_date":"2024-04-13 22:38:47","post_date_gmt":"2024-04-13 12:38:47","post_content":"\n In the dynamic world of finance, leadership transitions are a critical aspect of a company\u2019s strategic planning. This is particularly true for JPMorgan Chase, the largest U.S. bank, where an orderly CEO transition has become a top priority. This focus on succession planning comes 18 years after Jamie Dimon, a stalwart of the financial industry, took the helm.<\/p>\n\n\n\nOperating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Retail Sales Report<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n
Operating Committee Members<\/h2>\n\n\n\n
Retail Sales Report<\/h2>\n\n\n\n
Morgan Stanley's Forecast<\/h2>\n\n\n\n