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Mayor Mamdani Meets With JPMorgan’s Dimon

The New York City mayor also met with Goldman Sachs’s David Solomon on Monday. Source link

Mayor Mamdani Meets With JPMorgan’s Dimon

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Mamdani says he'll meet JPMorgan's Dimon and different Wall Road titans

Luxurious realtor Margit Brandt discusses whether or not Zohran Mamdani’s victory will ignite a mass exodus from New York Metropolis on ‘Varney & Co Mayor-elect Zohran Mamdani stated Wednesday he’s ready to fulfill with JPMorgan Chase CEO Jamie Dimon and different finance titans as Wall Road braces for a brand new period of progressive management at Metropolis Corridor. Mamdani, elected Tuesday…

Mamdani says he'll meet JPMorgan's Dimon and different Wall Road titans

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QNB Joins JPMorgan’s Blockchain Network to Speed Up Dollar Payments

QNB has joined JPMorgan’s Kinexys Digital Payments platform, becoming the first bank in the country to use blockchain for real-time USD corporate payments. Qatar National Bank (QNB), the country’s largest lender, has adopted JPMorgan’s Kinexys Digital Payments platform to process U.S. dollar corporate transactions. This makes it the first bank in Qatar to extend its network into blockchain for…

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QNB Adopts JPMorgan’s Kinexys Blockchain For Corporate Payments

Qatar National Bank Group (QNB), one of the Middle East’s largest banks, has adopted JPMorgan’s blockchain platform, Kinexys, to process corporate payments in Qatar, according to a Monday Bloomberg report. The switch marks a departure from the constraints of traditional banking infrastructure, where cross-border payments are limited to weekdays and can take days to complete.  In a Bloomberg…

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JPMorgan’s European chief to run enterprise from New York

Unlock the Editor’s Digest without spending a dime Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication. JPMorgan’s European chief is planning to relocate from London to New York, whereas maintaining his function working the financial institution’s Europe, Center East and Africa enterprise. Filippo Gori, who can be JPMorgan’s co-head of worldwide banking, moved…

JPMorgan’s European chief to run enterprise from New York

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JPMorgan's JPM Coin Expands for Euro Transactions

JPMorgan's JPM Coin Expands for Euro Transactions

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Key Takeaways

JPM Coin, launched in 2019, expanded to euro-denominated transactions on June 21, after seeing $300 billion in JPM Coin transactions.

JPM Coin will be available 24/7, with a representative telling Bloomberg that could improve the success of clients’ investments.

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JPMorgan is broadening the scope of its blockchain initiative, JPM Coin, to facilitate euro transactions for its corporate clientele.

On June 21, the American investment banking titan extended its JPM Coin blockchain platform, initially limited to USD transactions, to now include euro payments, according to a Bloomberg report on June 23.

The first euro transaction was performed by German conglomerate Siemens, Basak Toprak, the head of Coin Systems for Europe, Middle East and Africa at JPMorgan, told Bloomberg. This is the same company that issued a 60 million euro bond in February 2023:

“By moving away from paper and toward public blockchains for issuing securities, we can execute transactions significantly faster and more efficiently than when issuing bonds in the past.”

The integration of this feature greatly enhances traditional banking practices, offering wholesale payments for large corporations and allowing them to transfer euros into and out of their JPMorgan accounts swiftly and at any time of the day.

The traditional system only processes transactions during business hours.

Toprak explained the cost-effectiveness of the new system, saying that timely payments could result in increased interest income on deposits for clients, telling Bloomberg, “this could mean they could earn more interest income on their deposits.”

JPM Coin, which debuted in 2019, aims to provide a parallel payment system built on blockchain technology. The bank experiences daily payment volumes up to around $10 trillion, highlighting the potential for scaling up, as the bank has reportedly processed approximately $300 billion in JPM Coin transactions.

Onyx Coin Systems, a blockchain-based platform launched by JPMorgan in 2020, houses the JPM Coin. The platform has reportedly managed nearly $700 billion in short-term loan transactions as of April 2023, aimed at enhancing wholesale payment transactions.

JPMorgan the bank allegedly erased around 47 million emails from its retail banking group, dating from Jan. 1 to April 23, 2018, in violation of U.S. securities regulations that mandate financial institutions retained business records for a minimum of three years. The U.S. Securities and Exchange Commission filed charges against the bank behemoth on June 22, 2023, with a fine of $4 million for improper handling of internal communications, according to Reuters.

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