2020 Was An Exciting Year for JPMorgan Chase
The iconic investment bank JPMorgan Chase & Co is aiming to hike bonuses for some traders, to the threshold of 20%, as per the newest reports. The company however is going to hold salaries for the employees who are at the positions of VP and above. The 2021 budget can be uncertain and the pandemic induced stress on the economy is quite evident.
The trading revenue has surged and loan loss cost is there too. Wall Street firms offer traders higher compensation when the market condition is good. JP Morgan is planning to unveil its digital consumer platform for the UK market. Refer to Payspace Magazine for more JPMorgan Chase bank news and announcements .
In a new development that has made headlines, JP Morgan has signed up for collaboration with Taulia. The latter is known for offering capital technology solutions. The tie-up is seen as a beneficial move for both entities. It will enhance the position of Taulia as a leading agency offering supply chain finance solutions. JP Morgan will be able to offer its clients better value. Its clients will be able to switch between self-funded and bank-funded early payments henceforth. Taulia’s clients will be able to boost their supply chain by injecting liquidity.
As per the latest yearly Global Bank Ranking published by the S&P Global Market Intelligence, it is the Chinese banking entities that are occupying the top positions. The report shows, 20% of the top 100 banks have their headquarters located in China. The 4 largest banks in 2020 are Bank of China, Agricultural Bank of China, China Construction Bank and Industrial & Commercial Bank of China. Their combined asset is a whopping $14.82 trillion.
The US banks are not far behind with 11 banks having combined asset of 13.04 trillion. JPMorgan Chase & Co is still the leader in US banking sector though it is now at the 7th rank. Bank of America remains at the 8th spot and UK based HSBC Holdings is at the 6th spot.
Catalyst Fund is getting a huge £12 million commitment from J.P. Morgan and UK aid. The development is taking place as per the norms of UK-Africa Investment Summit. It is meant to promote investment opportunities and business growth in Africa. Owing to this investment, 30 new fintech solutions will get support of Catalyst Fund. This will benefit almost 1 million people in countries like Mexico, India, Kenya, and Nigeria. Catalyst Fund will offer venture building support and it will ensure the start-ups get access to the funds easily. The endeavour will ensure people in these countries get better access to health care, loans and pensions.