J.P. Morgan is rolling out the first US cryptocurrency backed by a bank. Engineers at the lender have created the "JPM Coin," a digital token that will be used to instantly settle transactions between clients of its wholesale payments business. While J.P. Morgan's Jamie Dimon has bashed bitcoin as a "fraud," the bank chief and his managers have consistently said blockchain and regulated digital currencies held promise.
J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trillion the bank lends to corporations will happen over something called 'JPM Coin.' The digital token created by engineers at the New York-based bank to instantly settle payments between clients. CNBC banking reporter Hugh Son breaks it down.
J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trillion the bank lends to corporations will happen over something called 'JPM Coin.' The digital token created by engineers at the New York-based bank to instantly settle payments between clients. The "Squawk Box" crew discusses the possible implications of this roll out for crypto investors.
Engineers at the lender have created the "JPM Coin," a digital token that will be used to instantly settle transactions in its wholesale payments business.
Moynihan is the latest bank CEO to disclose a pay raise for 2018. Bank of America benefited last year from the corporate tax cut, rising interest rates and Moynihan's efforts to cut costs.
"We are committed to continue these talks," Mnuchin tells CNBC. "We're putting in an enormous amount of effort to hit this deadline and get a deal. That's our objective."
Railing against inequality is a pertinent message, but scholars also warn that the gap between the rich and poor can lead to bigger issues.
Despite Waters' reputation as a firebrand, Republican lawmakers credit her as a trustworthy colleague with a practical streak that can, at times, produce bipartisan cooperation. A wary business community hopes it can work with her in the same way.
CNBC's Wilfred Frost reports on comments from J.P. Morgan CEO Jamie Dimon on income tax levels.
"The conference call was dysfunctional. They didn't know what to do," CNBC's Jim Cramer says.
Sen. Kamala Harris, the latest candidate to join the 2020 race, has a history of prosecuting the banking industry. But she has also been criticized for not going far enough.
While Trump administration officials say unpaid federal workers can get loans and local assistance, others raise pressure to resolve the government shutdown.
"There's still massive productivity being introduced in every industry, and a lot of it is driven by technology," says Robert Smith, founder, chairman and CEO of Vista Equity Partners.
Dimon and Solomon gave Waters their perspectives on a wide range of topics, including where they stand on the economy.
The world's business elite agree that economic growth is slowing. But when it comes to a possible recession, that's where the consensus ends.
Health care giant UnitedHealth Group is suing one of its former executives for stealing trade secrets and taking them to a firm they consider a direct competitor — Amazon's new health venture with Berkshire Hathaway and J.P. Morgan Chase.
While it may be a case of famous last words, the bank's experts in fact say the U.S. economy is less prone to recession than it has been in the past.
Dimon last year teamed up with Berkshire Hathaway CEO Warren Buffett and Amazon CEO Jeff Bezos to form a joint venture aimed at tackling costs and hopefully providing better services for their employees.
The bitcoin price bubble has burst but JP Morgan Chase's Jamie Dimon isn't taking a victory lap.
J.P Morgan CEO Jamie Dimon joins 'Squawk Box' at the World Economic Forum to discuss the health care industry and the health care venture Berkshire Hathaway, J.P. Morgan and Amazon are working on.
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