Speaking at an industry conference JPMorgan Chase CEO Jamie Dimon said bitcoin was a fraud and that it will eventually blow up; American Banker reports, “If we had a trader who traded bitcoin, I’d fire them in a second,” Dimon said. Not only would doing so be against company rules, but it would also simply be “stupid.”; he also talked about the bank's future plans in new locations and mobile banking. Source
News Roundup
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Jamie Dimon dedicated a portion of his annual letter to talk about regulations on mortgage lending; states that regulations have led to a slow recovery, reducing mortgage lending by about $300 billion annually; provides his perspective on FHA lending where non-banks have taken a significant market share; on servicing mortgages, Dimon wrote, "new mortgage rules and regulations total more than 14,000 pages and stand about six feet tall."; this has made it expensive to service troubled mortgages. Source
JPMorgan Chase CEO Jamie Dimon says the current crisis is a wake...
Crain's talked with JPMorgan CEO Jamie Dimon this week as he toured the Midwest, meeting with bank employees; Dimon discussed the credit market; also gave his perspective on online lending, noting some of the risks from depending on investor capital versus bank capital. Source
Dimon noted that new customers can open a new deposit account in...
UK bank lending and mortgage approvals increased in January as rates remained low for borrowers; according to data from the British Bankers Association, consumer borrowing doubled from December to an increase of 538 million British pounds ($673 million) with loan growth in personal loans and overdrafts reporting an eight month high of 422 million British pounds ($527.9 million); bank lending to businesses also reported its highest increase since January 2015 at 3.4 billion British pounds ($4.25 billion); mortgage approvals were also significantly higher at 44,657 with total mortgage borrowing at 13.8 billion British pounds ($17.26 billion) and refinancing approvals up 15.7% from January 2016. Source
Mizuho along with 60 other banks are launching a new digital wallet...
The Japan Exchange Group has been approved to use blockchain in trading and will begin testing blockchain on the Tokyo Stock Exchange; its approval follows a previous restriction on blockchain's use in exchange trading; with the approval the Japan Exchange Group may also explore artificial intelligence; other market exchanges working on blockchain developments include Myanmar's Yangon Stock Exchange and the Nasdaq; the Bank of Japan has also reported increased research in the use of fintech. Source
NTT Data, Japan's largest IT services firm, has announced a new blockchain consortium; 13 participating members including three of Japan's megabanks: the Bank of Tokyo-Mitsubishi UFJ, Mizuho and the Sumitomo Mitsui Banking Corporation; other notable participants represent industries such as insurance, logistics, and import and export trade; the consortium's objectives include exploring the lead up to and validation of the feasibility of blockchain applications; the consortium will be officially launched on August 30 and expected to last until March 2018. Source
Ticket Camp, one of Japan's most popular ticket marketplaces, has announced it will accept bitcoin payments starting on August 17; the website's bitcoin payments are processed by one of Japan's largest bitcoin exchanges Coincheck; Japan started to recognize bitcoin as a legal method of payment in April 2017. Source