iShares U.S. Financial Services ETF (ARCA: IYG)

Ultime notizie per iShares U.S. Financial Services ETF (ARCA:IYG)

iShares U.S. Financial Services ETF

Financial Services

Technology

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The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of the financial services sector of the U.S. equity market. The fund is non-diversified.

Berkshire Hathaway, Inc.

Jpmorgan Chase & Co.

Visa Inc

Mastercard Inc

Bank Of America Corp.

Wells Fargo & Co.

Goldman Sachs Group Inc.

S&P Global Inc

American Express Co.

Morgan Stanley

iShares US Financial Services ETF

Analysts expressed views on Mastercard Incorporated&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) following its <a target="_blank" href="https://www.benzinga.com/quote/ma/analyst-ratings" rel="noreferrer noopener">investor day event this week</a>.
The company anticipates a compound annual growth rate (CAGR) in the mid-teens for EPS over the next three years, down from its prior expectation of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">low-20s growth for 2022-2024</a>.
BMO Capital Markets analyst Rufus Hone raised the price target to $565 from $550 and reaffirmed the Outperform rating.
The analyst writes that Mastercard outlined its 2025-2027E financial targets, addressing concerns about consumer payment growth potential, commercial payment acceleration, and the sustainability of VAS growth, with its market share in VAS under 7%.
The analyst views the targets as conservative, suggesting a 2-3 percentage point deceleration in payment network revenue growth by 2027E, down from ~10% year-over year growth this year.
Hence, the analyst revised the EPS estimates downward by -2% for 2025E and -1% for 2026E, reflecting slightly higher investment spending.
Goldman Sachs analyst Will Nance says that they believe Mastercard&#8217;s message will be well-received, as the company reaffirmed its commitment to mid-teens EPS growth over time and double-digit net revenue growth.
From a stock performance perspective, the modest underperformance appears to be a result of strong year-to-date performance and the realization of some tax-related headwinds for 2025, as discussed during earnings, adds the analyst.
However, looking past these factors, the analyst continues to view Mastercard as a core holding for long-term investors, offering a compelling combination of strong competitive advantages and capital-efficient earnings growth.
The analyst revised the EPS estimates for 2025 and 2026 from $14.49 to $15.82 and $18.29 to $18.23, respectively. Also, the analyst introduced the 2027 EPS estimate of $20.91.
RBC Capital Markets analyst Daniel R. Perlin reiterated the Outperform rating with a price target of $572.
The analyst writes that Mastercard delivered a well-executed investor day, emphasizing that the secular shift in the industry still has substantial room for growth.
The company highlighted the importance of Value-Added Services (VAS) as a key differentiator, playing a pivotal role in driving its virtuous cycle, adds the analyst.
Perlin says that Mastercard also stressed that data assets are crucial in an AI-driven world and pointed out significant commercial opportunities on the horizon.
JP Morgan analyst Tien-tsin Huang maintains an Overweight rating and says that Investment Community Meeting reinforced its position as a core holding in payments, with a focus on capturing a large market through new capabilities and channels, driving transaction growth and share gains.
The medium-term outlook suggests stable premium growth and mid-teens EPS growth, adds the analyst.
The analyst writes that if execution remains strong, Mastercard is well-positioned to deliver double-digit growth with 55%+ margins.
Investors can gain exposure to the stock via iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action: MA shares are down 0.61% at $518.72 at the last check Thursday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/41977961/mastercards-vision-no-more-passwords-or-card-numbers-by-2030" target="_blank" rel="noreferrer noopener">Mastercard&#8217;s 2030 Vision: A Future Without Passwords, Card Numbers</a></li>
</ul>

Analyst Color

Equities

Large Cap

News

Price Target

Reiteration

Analyst Ratings

Trading Ideas

BELT

iShares Trust Dow Jones US Financial Services Index Fund

Mastercard's Path To Mid-Teens Growth: Analysts Weigh In After Investor Day

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are trading higher on Thursday after the company unveiled on Wednesday its vision to transform online shopping by 2030, aiming to eliminate the need for physical card numbers, passwords, and one-time codes to <a href="https://www.benzinga.com/pressreleases/24/11/b41952965/mastercard-reinvents-checkout-with-password-and-number-free-payments">streamline the checkout experience.</a>
By 2030, Mastercard plans to eliminate manual card entry and static passwords, using tokenization and biometric authentication for secure, seamless online checkout.
Tokenization, introduced a decade ago to safeguard sensitive data, will be integrated with biometric authentication to ensure that every online transaction across Mastercard&#8217;s network is both tokenized and authenticated, enhancing both convenience and security.
This transformation is already underway in major markets and is expected to become widespread in the near future.
Notably, over 30% of Mastercard transactions globally are currently tokenized through Mastercard Digital Enablement Service (MDES), with markets like India approaching 100% tokenization for e-commerce.
Jorn Lambert, chief product officer at Mastercard, said, &#8220;Just like the transition from signing and swiping to tapping cards, we&#8217;re now moving from manual entry and passwords to seamless and secure payments in just a few clicks. With this shift we are protecting sensitive data through advanced encryption and tokenization technologies,&#8221;
&#8220;As payments continue to be embedded across a range of commerce experiences, we&#8217;re leading the way to a global economy that empowers everyone – providing consumers with greater control, convenience and peace-of-mind while unlocking new sales for merchants, and lowering fraud for issuers,&#8221; he added.
On Wednesday, Mastercard stated that it expects slower net revenue growth, projecting &#8220;low-double-digits&#8221; CAGR for 2025-2027, down <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41948028/mastercard-lowers-financial-forecast-signals-slower-eps-revenue-growth-ahead" target="_blank" rel="noreferrer noopener">from prior high-teens forecast</a>.
The company anticipates mid-teens EPS growth over the next three years, lowering expectations from earlier low-20s guidance.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action: MA shares were down 0.09% at $521.39 at last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/10/41659697/mastercard-q3-earnings-revenue-and-eps-beat-cross-border-transactions-growth-sees-european-consumer" target="_blank" rel="noreferrer noopener">Mastercard Q3 Earnings: Revenue And EPS Beat, Cross Border Transactions Growth, Sees European Consumer Confidence Improvement</a></li>
</ul>
Photo: Shutterstock

Tech

Mastercard's 2030 Vision: A Future Without Passwords, Card Numbers

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading lower on Thursday. J.P. Morgan Real Estate Income Trust, Inc. disclosed the acquisition of a two-site, three-building logistics and storage portfolio in Tampa and Pinellas Park, Florida, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41808716/j-p-morgan-real-estate-income-trust-inc-acquires-infill-logistics-and-storage-portfolio-in-florida" rel="noreferrer noopener">for $25.8 million, excluding closing costs</a>.
This investment enables JPMREIT to acquire infill logistics facilities in one of the fastest-growing U.S. metro areas.
Related Read: <a target="_blank" href="https://www.benzinga.com//node/41783392" rel="noreferrer noopener">Jamie Dimon Doesn&#8217;t Plan To Join Trump Administration, Affirms Commitment to JPMorgan</a>
The portfolio, totaling 154,490 square feet, located in densely populated regions near major highways, is strategically positioned to meet the rising demand for both business and personal storage.
Doug Schwartz, Co-President of JPMREIT, said,&nbsp;&#8220;With infill industrial assets experiencing healthy fundamentals and long-term demand tailwinds, this sector remains a high-conviction theme for JPMREIT.&#8221;
&#8221;This acquisition not only strengthens our portfolio but also aligns with our strategy to invest in high-growth regions.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/11/41685913/jpmorgan-to-pay-investors-151-million-after-sec-flags-various-law-violations" rel="noreferrer noopener">JPMorgan To Lay Out $151 Million In Penalties, Investor Payments After SEC Flags &#8216;Various Law Violations&#8217;</a>
Last month, JPMorgan reported third-quarter revenue of $42.65 billion, up 7%, beating estimates and a net income of <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41289783/jpmorgan-chase-q3-earnings-investment-banking-revenue-soars-29-raises-fy24-net-interest-income-outl" rel="noreferrer noopener">$12.9 billion and EPS of $4.37</a>.
Also, the bank recently launched a new initiative called&nbsp;J.P. Morgan Private Client <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/10/41388106/jpmorgan-launches-private-client-tier-to-attract-affluent-customers" rel="noreferrer noopener">to attract and&nbsp;serve affluent clients</a>.&nbsp;&nbsp;
The&nbsp;new offering&nbsp;sits between the existing&nbsp;Chase Private Client&nbsp;tier for customers with more than $150,000 and&nbsp;J.P. Morgan Private Bank&nbsp;for clients with more than $5 million in assets.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 3.79% at $237.70 at the last check Thursday.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41810728/jpmorgan-predicts-strong-performance-for-bitcoin-and-gold-under-trump-presidency" target="_blank" rel="noreferrer noopener">JPMorgan Predicts Strong Performance For Bitcoin And Gold Under Trump Presidency</a></li>
</ul>

Movers

JP Morgan's Real Estate Arm Targets High-Demand Florida Market With $25.8M Acquisition

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading higher on Wednesday thanks to strong fourth-quarter results reported yesterday. Also, the company disclosed a partnership with Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).
This collaboration will offer Coinbase users in the U.S. and EU enhanced convenience and services, including secure, real-time fund transfers. Eligible Visa debit cardholders can now make instant deposits into their <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41614193/coinbase-to-integrate-visa-direct-to-deliver-real-time-account-funding-for-customers" rel="noreferrer noopener">Coinbase accounts through Visa Direct integration.</a>
Notably, Visa Direct provides fast and secure transactions, helping to bridge traditional finance with blockchain by reducing wait times for fund availability.
Yanilsa Gonzalez Ore, Head of Visa Direct, North America for Visa, stated, &#8220;Providing real-time account funding using Visa Direct and an eligible Visa debit card means that those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.&#8221;
Akash Shah, Senior Director, Product Management at Coinbase, stated, &#8220;The integration with Visa Direct gives our eligible customers real-time1&nbsp;access to their funds for trading. By enabling them to move money seamlessly and control their finances, we are delivering the trust, security, and flexibility they expect.&#8221;
On Tuesday, Visa reported an adjusted EPS&nbsp;of $2.71, which beat the analyst consensus estimate of&nbsp;$2.58, and a revenue of $9.6 billion, which <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41611709/visa-reports-better-than-expected-q4-results-details" rel="noreferrer noopener">exceeded the forecast of&nbsp;$9.49 billion</a>.
The results was driven by the year-over-year growth in payments volume, cross-border volume, and processed transactions.
Visa projects high single-digit net revenue growth for the first quarter of 2025 and high single to <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">low double-digit growth for FY25</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 3.41% at $291.48 at the last check Wednesday.
Image from Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41525832/visa-teams-up-with-usaid-to-boost-digital-government-platforms-in-sub-saharan-africa-and-beyond" target="_blank" rel="noreferrer noopener">Visa Teams Up With USAID To Boost Digital Government Platforms In Sub-Saharan Africa And Beyond</a></li>
</ul>

COIN

Visa & Coinbase Partner For Real-Time Transfers, Boosting Speed And Flexibility For Traders

Visa Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) disclosed a collaboration with the United States Agency for International Development (USAID) to enhance global access to open, secure, and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41516907/visa-and-usaid-are-working-together-to-drive-inclusive-digital-government-ecosystems-and-payment-d" rel="noreferrer noopener">inclusive digital government systems</a>.
Visa and USAID have committed to a five-year collaboration to help governments develop and adopt digital platforms that connect citizens to local government services.
This partnership aims to foster economic development by leveraging expertise in digital payments and government systems, while supporting constituents and small-to-medium enterprises in select markets.
Visa and USAID collaborate to develop and implement digital government systems that enable secure and convenient access to government services and digital payments.
The initial focus will be on Sub-Saharan Africa, Latin America and the Caribbean, and the Caucasus, with potential expansion to other regions over time.
Their joint efforts include collaborating with Ukraine&#8217;s Ministry of Digital Transformation on the Diia app, connecting 19 million citizens with 120+ government services.
Visa Foundation also co-founded the Climate Gender Equity Fund (CGEF) with USAID, supporting 1.4 million gender-equitable, climate-smart businesses globally.
Chris Newkirk, Global Head of New Flows – Commercial &amp; Money Movement Solutions, said, &#8220;Digital government systems can help enhance transparency and efficiency between communities and governments, fostering a more favorable environment for entrepreneurs and economic development.&#8221;
&#8220;Through shared interests and goals, Visa and USAID will empower communities with digital and financial literacy and support access to digital systems that will help drive financial inclusion for everyone, everywhere.&#8221;
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are down 0.24% at $283.07 at the last check Thursday.
Photo via Shutterstock
Read Next:
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</ul>

Contracts

Visa Teams Up With USAID To Boost Digital Government Platforms In Sub-Saharan Africa And Beyond

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) launched Mastercard Move Commercial Payments, a solution designed to enable banks to offer near real-time, transparent, and predictable <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41419664/mastercard-transforms-cross-border-payments-for-banks-with-industry-first-innovation" rel="noreferrer noopener">commercial cross-border payments</a>.
Unveiled at the Sibos conference in Beijing, the product aims to simplify operations, optimize liquidity, and reduce counterparty risk for banks and their clients.
With cross-border payments growing rapidly, Mastercard Move addresses key challenges such as slow transactions and lack of pricing transparency, offering an innovative approach to enhance the commercial payments landscape.
In a U.K. pilot with Lloyds Banking Group and UBS, using Fnality as the settlement venue, Mastercard Move Commercial Payments is facilitating near real-time, 24/7 cross-border transfers.
This solution is part of the broader Mastercard Move portfolio, which offers fast and secure money transfer services for individuals and businesses, both domestically and internationally.
Alan Marquard, Head of Transfer Solutions at Mastercard, said,&nbsp;&#8220;By powering fast, predictable and transparent payments, Mastercard Move Commercial Payments will bring what is already the norm in domestic payments to the commercial cross-border payment space.&#8221;
&#8220;Our latest product innovation aims to directly address the pain points that are currently affecting the commercial cross-border payments market. By shifting to this new model, they will be empowered to generate new revenue streams while reducing risk and enhancing the offering for their corporate customers.&#8221;
This month, Mastercard launched same-day card payments in South Africa, boosting <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41254052/mastercard-brings-same-day-payouts-to-south-african-merchants-details" rel="noreferrer noopener">merchant cash flow and liquidity</a>.
Investors can gain exposure to the stock via iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action:  MA shares are up 0.03% at $516.52 premarket at the last check Monday.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40943971/safaricom-mastercard-team-up-to-supercharge-cross-border-payments-and-merchant-growth-in-kenya" target="_blank" rel="noreferrer noopener">Safaricom, Mastercard Team Up To Supercharge Cross-Border Payments And Merchant Growth In Kenya</a></li>
</ul>

Legal

Mastercard Pushes Boundaries With Move Commercial Payments: Details

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading higher on Thursday. On Wednesday, the company partnered with Analytic Partners to help merchants and brands optimize advertising returns <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41354729/visa-and-analytic-partners-announce-multi-year-deal-to-transform-commercial-analytics-for-merchant" rel="noreferrer noopener">using AI-driven data analytics</a>.
The collaboration combines Visa&#8217;s consumer spending insights with Analytic Partners&#8217; platform to provide actionable, real-time marketing optimization, addressing the challenge of fragmented data and enhancing business decision-making.
The partnership will initially focus on the U.S., with plans for global expansion. Visa and Analytic Partners have made exclusivity commitments for marketing spend optimization services.
They also aim to develop enhanced analytics solutions to help merchants and brands turn insights into measurable business growth.
Jeni Mundy, Global Head of Merchant Sales &amp; Acquiring, Visa, said, &#8220;The volume of data available to merchants can be overwhelming, and if they don&#8217;t get it just right, it&#8217;s a missed opportunity for growth.&#8221;
&#8220;Bringing together our scale and insights with Analytic Partners&#8217; deep expertise in Commercial Analytics, we&#8217;ll enable our clients to achieve greater success in their lines of business.&#8221;
&#8220;Commercial Analytics helps merchants and brands understand which consumer and commercial levers to pull, so they can drive more actionable opportunities for growth. This can ultimately improve their ability to deepen customer loyalty and attract new customers,&#8221; said Nancy Smith, CEO of Analytic Partners.
&#8220;Visa&#8217;s global footprint, deep understanding of consumer spending and commitment to responsible innovation make them a great partner in revolutionizing commercial intelligence for merchants and brands around the world.&#8221;
Last month, Visa acquired AI fraud detection firm Featurespace for an undisclosed amount, boosting real-time<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/41048142/visa-takes-on-financial-crime-acquires-ai-fraud-specialist-featurespace-strengthening-payment-se" rel="noreferrer noopener"> payments protection capabilities</a>.
The deal, expected to close in FY 2025, strengthens Visa&#8217;s commitment to enhancing network security through AI.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 0.67% at $289.47 at the last check Thursday.
Image: Shutterstock/ Tony Stock
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</ul>

Visa Partners With Analytic Partners To Unlock Smarter Marketing For US Merchants

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher premarket after it reported&nbsp;<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/66269bb6-ecc5-4172-b461-6b7e7cd47aab.pdf" rel="noreferrer noopener">third-quarter FY24 results</a>.
Reported revenue&nbsp;rose 7%&nbsp;year-on-year to&nbsp;$42.654 billion, beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41288439/jpmorganchase-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">consensus of&nbsp;$41.649 billion</a>. Net revenue (managed) stood at&nbsp;$43.3 billion (+6% Y/Y) in the quarter.
Consumer &amp; Community Banking (CCB) revenue declined 3% Y/Y to&nbsp;$17.791 billion, and Commercial &amp; Investment Banking was&nbsp;$17.015 billion (+8%&nbsp;Y/Y) in the quarter.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41278311/jpmorgan-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call" rel="noreferrer noopener">JPMorgan Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>
Investment Banking revenue was&nbsp;$2.4 billion, up&nbsp;29%. Investment Banking fees rose 31% year over year, led by higher fees across all products.
Asset and Wealth Management (AWM) revenue was&nbsp;$5.4 billion (+9% Y/Y), and Corporate revenue stood at&nbsp;$3.07 billion (+97% Y/Y) in the quarter.
In AWM,&nbsp;Assets under management (AUM) stood at&nbsp;$3.9 trillion, and, client assets stood at&nbsp;$5.7 trillion (up 23%), driven by higher market levels and continued net inflows.
Net interest income increased by 3% Y/Y to $23.5 billion and&nbsp;+1% Y/Y, excluding Markets. Noninterest revenue was&nbsp;$19.8 billion, up&nbsp;11% Y/Y, in the quarter.
Noninterest revenue, excluding Markets, rose 17% to $12.7 billion, fueled by lower net investment securities losses, higher asset management fees in AWM and CCB, and increased investment banking fees.
Noninterest expense increased 4% to $22.6 billion, mainly due to higher compensation and employee growth. Average loans rose&nbsp;1% Y/Y and Q/Q; average deposits were up 1% Y/Y and Q/Q.
In CCB, Debit and credit card sales volume increased by&nbsp;6% year over year, and active mobile customers were up&nbsp;7% year over year.&nbsp;In CIB, Market revenue rose&nbsp;8%&nbsp;year over year, with Fixed Income Markets flat year over year and Equity Markets up&nbsp;27%&nbsp;year over year in the quarter.
JPM's provision for credit losses was&nbsp;$3.11 billion (+125% Y/Y), including net charge-offs of&nbsp;$2.1 billion and a net reserve build of $1.0 billion.&nbsp;
Net income fell 2%&nbsp;Y/Y to&nbsp;$12.90 billion in the quarter. EPS of&nbsp;$4.37, exceeding&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$4.00</a>.
The CET1 capital ratio stood at&nbsp;15.3%, and the advanced CET1 capital ratio was&nbsp;15.5%. The bank disclosed a dividend per share of $1.25 and a share repurchase of $6.0 billion.
<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/af682bd9-14a5-406e-94d4-a7b4c5bed345.pdf" rel="noreferrer noopener">Outlook</a>: JPMorgan now expects FY24 net interest income,&nbsp;excluding Markets, of ~$92.5 billion <a target="_blank" href="https://www.benzinga.com//node/39747860" rel="noreferrer noopener">(up from ~$91 billion earlier)</a>. The bank continues to project card&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">services NCO rate of ~3.40%.</a>
Jamie Dimon, Chairman and CEO, said, "We await our regulators' new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR&#8230;Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion."
"On share repurchases, given that market levels are at least slightly inflated, we maintain our modest pace of buybacks, although we reserve the right to adjust this at any time."
"We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse."
"Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world."
Investors can gain exposure to the stock via&nbsp;IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 1.39% at $215.79 premarket at the last check Friday.
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</ul>
Photo by Katherine Welles on Shutterstock

Earnings

Guidance

Dividends

Buybacks

JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%, Largest Bank Raises Net Interest Income Outlook

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are trading slightly higher today. On Tuesday, the company announced that South Africa will be the first market globally to benefit from<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41234894/mastercard-accelerates-the-path-toward-real-time-card-payments" rel="noreferrer noopener"> immediate Mastercard card payments</a>.
The company will introduce new standards and solutions to accelerate card transaction processing, enabling same-day payouts for South African merchants through real-time clearing and more frequent settlements.
This initiative supports economic growth and will extend to global banks, allowing real-time card payments for consumers, improving transaction speed and fund visibility.
Also, this move will support the South African Reserve Bank&#8217;s National Payments System Strategy Vision 2025, focusing on financial inclusion.
Gabriel Swanepoel, Southern Africa Country Manager, Mastercard, said, &nbsp;&#8220;By enhancing processing standards and delivering faster clearing and settlement, we aim to support small businesses with better cash flow and enable acquirers to manage liquidity more effectively.&#8221;
Mastercard is partnering with global payments technology provider ACI Worldwide to realize its vision of real-time card payments. Through this collaboration, Mastercard will enable acquirers in South Africa to swiftly and seamlessly adopt real-time transaction processing standards.
&#8220;We share Mastercard&#8217;s commitment to leveraging technology to empower the South African market with an advanced and inclusive payments system. This initiative will ultimately improve liquidity and enable faster access to funds, delivering more seamless payments experiences for local customers and businesses,&#8221; stated Bill Farris, Head of Issuing &amp; Acquiring, ACI Worldwide.
In another development, Cantaloupe, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTLP#NASDAQ">CTLP</a>) revealed the launch of&nbsp;its Advantage program. This program allows brands to engage with consumers through digital advertising on Cantaloupe&#8217;s point-of-sale (POS) touchscreen devices across the U.S. and Canada. The program&#8217;s <a target="_blank" href="https://www.benzinga.com//node/41248663" rel="noreferrer noopener">first collaborative campaign is with&nbsp;Mastercard</a><a target="_blank" href="https://www.benzinga.com//node/41248663" rel="noreferrer noopener">.</a>
Investors can gain exposure to the stock via iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action: MA shares are up 0.36% at $498.83 at the last check Wednesday.
Photo via Shutterstock
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</ul>

CTLP

Mastercard Brings Same-Day Payouts To South African Merchants: Details

JPMorgan Chase &amp; Co.&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) J.P. Morgan Asset Management penned a deal to enhance its Morgan Money offering through a strategic partnership with GLMX,<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41229723/j-p-morgan-asset-management-enhances-morgan-money-with-expanded-access-to-diverse-asset-classes" rel="noreferrer noopener"> a global money market trading platform</a>.
Morgan Money is a global trading platform that provides effective short-term investment management solutions tailored for institutional investors.
With $313 billion in assets under management as of June 30, 2024, the platform facilitates efficient liquidity and cash investment management, allowing clients to maximize outcomes with fewer resources.
This collaboration allows clients to access GLMX&#8217;s advanced trading technology directly, broadening their short-term investment options.
The integration offers a comprehensive suite of money market instruments, including money market funds, repurchase agreements, time deposits, CDs, commercial paper, and government securities.
Glenn Havlicek, CEO and Co-founder of GLMX, said, &#8220;This collaboration with J.P. Morgan Asset Management is a result of investors&#8217; desire to access the entire investable universe of short-term instruments with a seamless experience.&#8221;
&#8220;We bring GLMX&#8217;s&nbsp;$3 trillion&nbsp;ecosystem to J.P. Morgan&#8217;s client base as we seek to collaborate with industry leaders to provide innovative and easily accessible solutions for our collective clients.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41185532/jp-morgan-takes-stake-in-australian-casino-operator-star-entertainment-details" rel="noreferrer noopener">JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details</a>
Last week, J.P. Morgan expanded its Canadian business with the launch of two active ETFs <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41144035/j-p-morgan-launches-new-etfs-plans-to-add-jobs-in-canada" rel="noreferrer noopener">on the Toronto Stock Exchange</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 0.07% at $210.78 at the last check Tuesday.
Image via Shutterstock
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</ul>

J.P. Morgan Teams Up With GLMX To Supercharge Short-Term Investment Options

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher on Friday. On October 1, 2024, the company became a substantial shareholder in The Star Entertainment Group Limited, acquiring <a target="_blank" href="https://www.starentertainmentgroup.com.au/wp-content/uploads/2024/10/03-OCT-2024-ASX-Announcement-Notification-of-Substantial-Shareholding.pdf" rel="noreferrer noopener">156.99 million </a>ordinary shares, representing 5.47% voting power.
Star Entertainment is an Australian casino operator. The company has been in troubled waters due to liquidity issues, and shares dipped by 66% in 2023, reported Reuters.
Star Entertainment owns and operates The Star Sydney, The Star Gold Coast and Treasury Brisbane. It also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government.
This week, JP Morgan expanded its Canadian business by launching two active ETFs on the Toronto Stock Exchange. The new ETFs target income-focused Canadian investors, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41144035/j-p-morgan-launches-new-etfs-plans-to-add-jobs-in-canada" rel="noreferrer noopener">offering capital appreciation and steady income</a>.
Along with this, JP Morgan planned to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 1.73% at $208.78 at the last check Friday.
Photo by Katherine Welles on Shutterstock
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</ul>

Media

JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading marginally higher on Wednesday. On Tuesday, J.P. Morgan Asset Management disclosed the expansion of its <a target="_blank" href="https://www.newswire.ca/news-releases/j-p-morgan-asset-management-launches-first-etfs-in-canada-828827983.html" rel="noreferrer noopener">Canadian </a>business with the launch of two active ETFs.
This launch strengthens JPMAM&#8217;s presence in Canada and provides increased access to global investment strategies through financial advisors.
Starting October 1, 2024, Canadian investors can access the JPMorgan US Equity Premium Income Active ETF (TSX:<a class="ticker" href="https://www.benzinga.com/stock/JEPI#TSX">JEPI</a>) and the JPMorgan Nasdaq Equity Premium Income Active ETF (TSX:<a class="ticker" href="https://www.benzinga.com/stock/JEPQ#TSX">JEPQ</a>) on the Toronto Stock Exchange.
In line with JPMAM&#8217;s strategy, the two ETFs target equities for potential capital appreciation and steady income, appealing to income-focused Canadian investors.
Travis Hughes, Head of&nbsp;Canada, J.P. Morgan Asset Management, said, &#8220;The introduction of the J.P. Morgan ETFs in&nbsp;Canada&nbsp;is an important advancement of our&nbsp;Canada&nbsp;market strategy, with these offerings representing the first of a broad suite of active ETF solutions we plan to deliver over time.&#8221;
&#8220;As home to the first ETF,&nbsp;Canada&nbsp;is an ideal market for these offerings. The listing of JEPI and JEPQ is a significant milestone for JPMAM as it brings focus to both the firm&#8217;s success as an active manager and the breadth and depth of its global products.&#8221;
Along with this launch, JP Morgan plans to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months, reported Reuters.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40962425/jp-morgan-targets-uk-with-fresh-credit-card-offering-report" rel="noreferrer noopener">JP Morgan Targets UK With Fresh Credit Card Offering: Report</a>
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 0.14% at $207.33 at the last check Wednesday.
Photo by Katherine Welles on Shutterstock
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</ul>

JEPI

JEPQ

TSX:JEPI

TSX:JEPQ

J.P. Morgan Launches New ETFs, Plans To Add Jobs In Canada

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading higher on Thursday. The company inked a deal to acquire<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener"> </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener">Featurespace </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener">for an undisclosed amount</a>.
Featurespace is a developer of real-time AI payments protection technology that addresses fraud and financial crime risks.
This acquisition is expected to enhance Visa&#8217;s portfolio of fraud detection and risk-scoring solutions, supporting clients globally in growing and safeguarding their businesses.
The partnership between Visa and Featurespace is projected to empower clients to manage fraud in real-time and strengthen the payments ecosystem through AI-driven solutions.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40996656/visa-reportedly-faces-doj-antitrust-lawsuit-alleging-monopolization-of-us-debit-card-market-amid" rel="noreferrer noopener">Visa Reportedly Faces DOJ Antitrust Lawsuit Alleging Monopolization Of US Debit Card Market Amid Regulatory Crackdown</a>
This investment underscores Visa&#8217;s commitment to ecosystem security, having invested billions in technology over the past five years to reduce fraud and enhance network security.
The transaction, which is subject to standard closing conditions, is expected to close in fiscal year 2025.
Antony Cahill, Global Head of Value-added Services at Visa, stated, &#8220;Providing our clients with solutions that can adapt to and anticipate the changing threat landscape is of the utmost importance. Featurespace&#8217;s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients&#8217; most complex and pressing challenges.&#8221;
As of June 30, Visa&#8217;s cash and cash equivalents <a target="_blank" href="https://s1.q4cdn.com/050606653/files/doc_financials/2024/q3/Q3-2024-Earnings-Release_vF.pdf" rel="noreferrer noopener">stood </a>at $19.7 billion.
This month, Visa planned to launch an account-to-account (A2A) payment service in the U.K. in early 2025, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40728834/whats-going-on-with-visa-stock-premarket-thursday" rel="noreferrer noopener">using open banking technology</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 1.21% at $272.91 at the last check Thursday.
Image from Shutterstock
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</ul>

Visa Takes On Financial Crime: Acquires AI Fraud Specialist Featurespace, Strengthening Payment Security

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher on Friday. The bank reportedly started internal testing of a new credit card product.
The move comes as a part of plans to expand its offerings to U.K. consumers, <a href="https://www.bloomberg.com/news/articles/2024-09-20/jpmorgan-begins-testing-uk-credit-cards-in-latest-overseas-foray?srnd=homepage-Americas&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported </a>Bloomberg. The bank&#8217;s senior executives are said to be testing the credit cards within their mobile apps.
A person familiar with the matter said to Bloomberg that the product has been under development for over a year.
The new credit card will be added alongside investment products from JPMorgan&#8217;s digital wealth manager, Nutmeg, on its U.K. retail app, the report noted.
Notably, Nutmeg is the U.K.&#8217;s first and now largest digital wealth manager and serves over 200,000 <a target="_blank" href="https://www.chase.co.uk/gb/en/product/invest-with-nutmeg/" rel="noreferrer noopener">customers</a>, per the company&#8217;s website.
In July, the bank&nbsp;warned its 86 million customers to prepare for potential <a target="_blank" href="https://www.benzinga.com/government/24/07/39645336/largest-consumer-bank-chase-hints-increased-cost-to-consumers-for-everyday-banking-services" rel="noreferrer noopener">new charges on their bank accounts</a>.
This week, as per a report, JPMorgan is reportedly in talks with Apple about taking over its credit card program. The discussions began earlier this year <a target="_blank" href="https://www.benzinga.com/news/24/09/40907844/jpmorgan-in-talks-to-take-over-apple-credit-card-what-investors-need-to-know" rel="noreferrer noopener">and have advanced in recent weeks</a>.
Notably, Goldman Sachs is the current card issuer, but Apple and Goldman decided to part ways last year in their partnership, which included credit cards and savings accounts.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 0.04% at $210.40 at the last check Friday.
Image via Shutterstock

AAPL

JP Morgan Targets UK With Fresh Credit Card Offering: Report

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> trading lower on Thursday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, MA stock has gained over 19% in the past year. Investors can gain exposure to the stock via iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Safaricom and Mastercard have forged a partnership aimed at boosting the adoption of payment acceptance and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40939900/safaricom-and-mastercard-partner-to-expand-remittances-and-payment-acceptance-to-over-636-000-merc" rel="noreferrer noopener">cross-border remittance services in Kenya.</a>
&#8220;We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,&#8221;&nbsp;said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.
Also Read:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39621550/mastercard-and-ant-group-expand-digital-payment-zones-in-western-chinese-cities-details" rel="noreferrer noopener"> Mastercard and Ant Group Expand Digital Payment Zones In Western Chinese Cities: Details</a>
This collaboration is expected to benefit more than 636,000 merchants utilizing M-PESA, Safaricom&#8217;s premier mobile money service.
By utilizing M-PESA&#8217;s vast merchant network alongside Mastercard&#8217;s global payment infrastructure, this partnership aims to provide merchants with seamless, secure, and scalable payment solutions, allowing them to reach customers in international markets.
Additionally, it will enhance remittance services, facilitating efficient cross-border transactions.
&#8220;By combining our expertise with Mastercard&#8217;s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,&#8221; said&nbsp;Esther Waititu, Chief Financial Services Officer, Safaricom.
Price Action: MA shares were down 0.13% at $494.11 at the last check Thursday.
Photo via Shutterstock
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Markets

General

Safaricom, Mastercard Team Up To Supercharge Cross-Border Payments And Merchant Growth In Kenya

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are trading higher today. On Thursday, the company announced that it would acquire Recorded Future for $2.65 billion, enhancing cybersecurity services with <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40832349/mastercard-expands-cyber-defense-with-2-65b-deal-for-recorded-future-whats-on-the-cards" rel="noreferrer noopener">real-time threat intelligence</a>.
This acquisition enhances Mastercard's cybersecurity services, strengthening the insights and intelligence crucial for securing the digital economy, including the payments ecosystem.
J.P.Morgan analyst Tien-tsin Huang writes that they see the acquisition as a positive development and note the price paid is reasonable for a high-quality asset <a target="_blank" href="https://www.benzinga.com/quote/MA/analyst-ratings" rel="noreferrer noopener">advanced in AI for threat intelligence</a>.
The analyst writes that Recorded Future excels in data ingestion and analysis, delivering actionable threat insights to clients.
Huang sees strong synergies with Mastercard, leveraging its extensive consumer and transactional dataset and enhancing growth through Mastercard&#8217;s deep partnerships with financial institutions, merchants, and other partners.
The analyst projects that Recorded Future could boost FY25 revenue by approximately 1ppt, or 3ppts within VAS&amp;S, and is likely to be accretive to VAS&amp;S revenue growth.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40748559/alibaba-and-mastercard-team-up-to-offer-new-perks-for-us-business-owners" rel="noreferrer noopener">Alibaba and Mastercard Team Up To Offer New Perks for US Business Owners</a>
Price Action: MA shares are up 0.54% at $494.75 at the last check Friday.
Image: Unsplash/ CardMapr.nl
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</ul>

Mastercard's Cybersecurity Expansion: Analysts Highlight Synergies And Positive Revenue Impact By 2025

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) aims to expand its Swiss corporate banking business and plans to leverage blockchain services <a href="https://www.benzinga.com/topic/blockchain">to attract new clients</a>.
The company currently has over two dozen active customer relationships and plans to significantly expand in this segment, reported Reuters.
Lutz Karl, who heads the bank&#8217;s business with major corporate clients in Germany, Switzerland and Austria, is also aiming for market share gains in the trade financing business.
He stated, &#8220;We&#8217;re also having a lot of discussions on the subject in Switzerland, and expect to bring the first customers onto the platform in the next few months.&#8221;
Also Read: <a href="https://www.benzinga.com/top-stories/24/09/40804111/jpmorgan-shares-tumble-after-coo-throws-cold-water-on-analyst-outlook" target="_blank" rel="noreferrer noopener">JPMorgan Shares Tumble After COO Throws Cold Water On Analyst Outlook</a>
&#8220;Blockchain technology was presenting opportunities for growth in cash management via payment transactions.&#8221;
Karl said that JPMorgan aims to expand its position within three to five years.
On Wednesday, J.P. Morgan Payments introduced new and enhanced product integrations with the Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) ecosystem, aimed at simplifying and streamlining payments across treasury, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40813449/j-p-morgan-payments-expands-oracle-partnership-to-streamline-payments-across-treasury-trade-and-co" rel="noreferrer noopener">trade, and commerce for clients</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 0.08% at $207.40 premarket at the last check Thursday.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

ORCL

JPMorgan Eyes Market Share Gains In Swiss Corporate Banking: Report

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) disclosed that it will acquire global threat intelligence company Recorded Future <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40829427/mastercard-invests-in-continued-defense-of-global-digital-economy-with-acquisition-of-recorded-fut" rel="noreferrer noopener">from Insight Partners for $2.65 billion</a>.
This acquisition enhances Mastercard&#8217;s cybersecurity services, strengthening the insights and intelligence crucial for securing the digital economy, including the payments ecosystem.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40436363/mastercard-plans-to-eliminate-about-1-000-jobs-report" rel="noreferrer noopener">Mastercard Plans To Eliminate About 1,000 Jobs: Report</a>
Recorded Future, which has more than 1,900 clients, offers real-time threat visibility by analyzing extensive data sources, helping customers mitigate risks.
Recorded Future&#8217;s use of AI and advanced technologies will enhance Mastercard&#8217;s identity, fraud prevention, decision-making, and cybersecurity services, expanding threat intelligence capabilities for merchants and financial institutions.
Mastercard and Recorded Future both expect to use AI to analyze billions of data points to identify potential threats and protect people and businesses.
Craig Vosburg, Chief Services Officer at Mastercard, said, &#8220;Recorded Future adds to how we deliver that greater peace of mind before, during and after the payment transaction. Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond.&#8221;
The transaction is expected to close by first-quarter 2025, subject to regulatory review and other customary closing conditions.
With the introduction and adoption of new technologies, the risk of cyber threats is increasing. Notably, as per Statista, cybercrime is projected to cost $9.2 trillion globally in 2024.
Last week, Mastercard launched Payment Passkey Service globally to boost online security <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/08/40624974/mastercard-launches-new-payment-passkey-service-to-prevent-online-fraud" rel="noreferrer noopener">using tokenized transactions and biometrics</a>.
The service aims to reduce fraud and enhance approval rates, expanding from its initial pilot in India to a global rollout.
As of June 30, 2024, Mastercard&#8217;s cash and cash <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40069076/mastercard-q2-earnings-revenue-and-profit-beat-rise-in-discretionary-consumer-spending-and-travel-b" rel="noreferrer noopener">equivalents stood at $9.13 billion</a>.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action: MA shares are up 0.20% at $489.14 premarket at the last check Thursday.
Photo via Shutterstock
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Mastercard Expands Cyber Defense With $2.65B Deal For Recorded Future - What's On The Cards?

Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)&nbsp;CEO Brian Moynihan <a href="https://www.benzinga.com/markets/equities/24/09/40792082/whats-going-on-with-bank-of-america-stock-on-tuesday">praised Warren Buffett</a> on Tuesday as an investor in the company, but said he has not asked the legendary investor why he has lowered his position in Bank of America.
&#8220;He has been a great investor for our company, stabilized our company,&#8221; Moynihan said about Buffett during an investor conference in New York, Reuters reported. &#8220;I don&#8217;t know what exactly he is doing because frankly we can&#8217;t ask.&#8221;
Buffett&#8217;s Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) the biggest shareholder in BofA,&nbsp;has been reducing its stake in the U.S. bank, making total share sales since mid-July of nearly $7 billion.
Berkshire&#8217;s stake in Bank of America stands at about 11.1%, according to LSEG data.
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Moynihan also discussed the proposed changes in capital rules after the Federal Reserve Chairman Jerome Powell laid out a plan on Tuesday to raise big bank capital by 9%, significantly reducing an earlier proposal after intense Wall Street pushback.
Moynihan said the proposed changes are manageable for Bank of America, and it will keep buying back stock, but warned that higher capital requirements for large banks could reduce lending.
&#8220;If our capital goes up by 10%, it stops us from making $160 billion (in) loans we would otherwise make. Those loans would go to small businesses and middle-market companies at competitive rates,&#8221; he said.
Speaking about performance in the third quarter, he said investment banking revenue could be around $1.2 billion, a slight uptick from $1.18 billion in revenue posted in the same quarter a year earlier.
BAC Price Action: Bank of America fell 0.48% to close at $39.28 on Tuesday.
Exchange-traded funds that hold the stock also trended downward.
<ul>
<li>First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>) fell 1.71%</li>
<li>Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>) slipped 1.83%</li>
<li>IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) declined 1.11%</li>
</ul>
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Photo: Brian Moynihan, Bank of America at World Economic Forum (WEF), Courtesy WEF via <a href="https://www.flickr.com/photos/worldeconomicforum/52095722888/in/photolist-2nnwcqL-RdLSNL-RdLSFm-2nnw5nq-SrPEcd-RgrMo6-7z8ezp-E4BHQD-RdLSMU-RdLSyN-2nnwcc4-SrPEbw-RdLSKE-SrPEd5-2nnV7BY-RgrMka-brGbFG-Svu93D-2nnwcb2-SrPEbb-SrPE9h-2nnNBgZ-SrPEau-RdLSPC-nAFmrs-aZcfDv-R8p38P-2nnV7AL-2bXeSgX-2nnwc1h-brHePm-2nnwbW9-2bXeW4g-2nnxi6n-2bXeZA6-2kwL7x3-2nxZQGK-brKH3j-2nsCzDU-JLFmTp-2jF3WQC-aUGnoR-22CQiXy-6JF8ms-2nsDn2n-E4vGw8-2nWZRuR-bDD5W1-bDD6uo-2nX1NAZ">Flickr</a> Creative Commons

Federal Reserve

ETFs

FTXO

KBWB

Bank Of America CEO On Buffett's Share Retreat: 'I Don't Know What Exactly He Is Doing ... We Can't Ask'

Did one comment just send JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares <a href="https://www.benzinga.com/markets/equities/24/09/40797360/jpmorgan-hires-new-managing-directors-for-mid-cap-investment-banking-division-report">to fall by 7.5%</a>?
It appears so. JPMorgan Chief Operating Officer Daniel Pinto tempered analyst forecasts on next year&#8217;s expenses and net interest income (NII) at an industry event Tuesday.
The current NII consensus of $89.5 billion is &#8220;not very reasonable&#8221; in the light of interest-rate forecasts, he <a href="https://www.bloomberg.com/news/articles/2024-09-10/jpmorgan-shares-slide-as-pinto-says-analysts-are-too-optimistic?srnd=homepage-americas&amp;sref=TBDibEcD">said</a> according to Bloomberg. NII &#8220;will be lower,&#8221; he added.
As a result, the stock took its biggest tumble since June 2020.
But Pinto wasn&#8217;t the only bank executive who sounded pessimistic this week.
Read Also: <a href="https://www.benzinga.com/top-stories/24/09/40691590/m-t-bank-to-outperform-peers-analyst-says-overhang-fears-could-erode-over-next-several-quarters">M&amp;T Bank To Outperform Peers, Analyst Says: &#8216;Overhang Fears Could Erode Over Next Several Quarters&#8217;</a>
Goldman Sach Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) CEO David Solomon said Monday the firm&#8217;s trading revenue is on track to drop 10% in the third quarter. At last check Tuesday, the firm&#8217;s stock is down more than 4.3%.
Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is also down over 17.6% at last check. 
The firm confirmed that auto delinquencies and net charge-offs were higher than forecast, sending the stock to its biggest decline since March 2020 while taking consumer lenders Capital One Financial Corp. and Synchrony Financial down with it. 
The 24-firm KBW Bank Index fell 3.5%, even though the Federal Reserve said that it would cut higher proposed capital requirements for the biggest firms in half after industry pushback.
JPMorgan reported NII that missed analysts' estimates for the second quarter as well as higher-than-expected costs. 
Pinto also said Tuesday that expectations for 2025 costs were too balmy, and that third-quarter investment-banking fees could rise 15% while markets revenue increases just 2% to come in below analyst forecasts.
Price Action: JPMorgan fell 5.25% to $205.40 into Tuesday&#8217;s late-afternoon trading.
<ul>
<li>IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) slipped 1.21%</li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) fell 1.06%</li>
<li>iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) slid 1.13%</li>
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Image: Shutterstock

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