It is the 21st of September 2019

News

American Express CEO Ken Chenault Is Retiring

Despite credit card giant American Express reporting another round of solid quarterly earnings, with revenue of $8.40bn beating expectations of $8.19bn, and generating EPS of $1.50, also above the $1.48 expected, and boosting its profit guidance for good measure, now projecting full year EPS of $5.80 to $5.90, up from $5.60 to $5.80 (above the consensus estimate of $5.75), AXP stock initially spiked, then immediately slumped back to  unchanged, following news that the company's CEO since 2001, Ken Chenault, is retiring effective February 1, 2018.

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American Express CEO Ken Chenault Is Retiring

Despite credit card giant American Express reporting another round of solid quarterly earnings, with revenue of $8.40bn beating expectations of $8.19bn, and generating EPS of $1.50, also above the $1.48 expected, and boosting its profit guidance for good measure, now projecting full year EPS of $5.80 to $5.90, up from $5.60 to $5.80 (above the consensus estimate of $5.75), AXP stock initially spiked, then immediately slumped back to  unchanged, following news that the company's CEO since 2001, Ken Chenault, is retiring effective February 1, 2018.

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Fed "Stress Test" Results Are Out: Everyone Passes Even As VIX Hits 70

Moments ago the Fed released the first phase of its annual stress test which, once again, found that all thirty-four of the US largest banks "passed", exceeding minimum projected capital and leverage ratios under severely adverse scenarios, based on their projected ability to withstand economic shocks, which  as Bloomberg notes, shows that "firms are getting the hang of the once-dreaded reviews." The result marks the third straight year all firms cleared the minimum requirements in the exams’ first phase, begging the question just how "stressful" this test truly is.

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Jamie Dimon Warns "Someone Will Get Hurt In Auto Lending" As Citi Sees No Rebound From Abysmal First Quarter

Yesterday JPMorgan's chief executive for corporate and investment banking, Daniel Pinto, sparked hope that the collapse in investment banking revenue and profits plaguing the banking industry in the first quarter had ended, when he said that JPM is on track for a mid-teens percentage increase in markets revenue in Q2 compared with a weak period a year earlier (he also added that compensation in fixed-income is down 25% over the past five years and headcount is down 10%). This guidance however was quickly dashed by Jamie Dimon today when the CEO said during a Bernstein investor conference not to project a 15% increase in trading revenue.

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A Brief Rumination on the Coming Cashless Society

Today, I hired an independent researcher to do some legal consulting for me.  We agreed on a $100 "detainer".  Since I began checking out of the system in 2009, and mainly to avoid any more contact with the IRS, I stopped doing business with all banks.  I don't have any bank accounts of any kind, no credit cards, and I don't even have a debit card through services like PayPal because they're all tied in to the same corrupt banking system, and the IRS can (and most likely will) find you or at least your money by data mining your banking records.  So to eliminate this attack vector I primarily operate with United States Notes (better known to the sheep as Federal Reserve Notes), i.e. cash.  So to pay the detainer should have been a simple matter of running over and depositing a $100 note into my researcher's account at my local Chase Bank branch.  Nope.

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