Banking, finance, and taxes
JPMorgan Shares Down 11% So Far in 2016
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JPMorgan Chase & Co.’s (NYSE: JPM) share price is down more than any other Dow Jones Industrial Average (DJIA) component so far this year. It is off 10.8%, and fell 2.2% on Friday alone, to end the period at $58.92. The DJIA has fallen 6.2% year to date to 16,246.45.
A round up of some of the news about the huge bank:
Saudi Arabia’s potential initial public offering of its state oil company could be the largest ever, a juicy target for any ambitious Wall Street bank. In a country traditionally cold to outsiders, only a few have the experience to win it.
JPMorgan Chase & Co. and HSBC Holdings Plc are among international lenders in the best position to win a role if the kingdom goes ahead with an IPO of Saudi Arabian Oil Co., or Aramco, people familiar with the matter said. The two banks — whose presence in the kingdom goes back decades — helped arrange a $10 billion loan for the company last year.
From the Dallas Business Journal:
Financial services firm J.P. Morgan Chase & Co. (NYSE: JPM) could get millions in city incentives, if approved by City Council members on Jan. 25.
The economic incentives would fall in line with those given to Toyota North America, Liberty Mutual Insurance and FedEx Office for new real estate and jobs being brought into Plano’s city limits.
J.P. Morgan Chase could get a 10-year, 50 percent tax abatement on $220 million of real and business personal property in the development of a new multi-building regional hub that will house 6,000 employees, or roughly half of its Dallas-Fort Worth workforce.
A U.S. judge on Thursday dismissed a private antitrust lawsuit in which zinc purchasers accused affiliates of Goldman Sachs Group Inc, JPMorgan Chase & Co and Glencore Plc of conspiring to drive up the metal’s price.
In an 87-page decision, U.S. District Judge Katherine Forrest in Manhattan said purchasers failed to show that the defendants artificially inflated zinc prices by violating the Sherman Act, a federal antitrust law.
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