Video Gallery

KIM MORTON:

The COVID-19 pandemic has significantly strengthened and accelerated many megatrends that were around even before that — from healthcare innovation to technology.

We have Anastasia Amoroso here. She’s the head of Cross Asset Thematic Strategy at J.P. Morgan Private Bank.

ANASTASIA AMOROSO:

Thank you, Kim. Good to see you.

KIM MORTON:

Anastasia, what is a megatrend? And are we paying attention to them now more than ever?

ANASTASIA AMOROSO:

We definitely are paying more attention to the megatrends. And the way that I would define a megatrend, it is a durable trend that is set to change and shape and disrupt the world as we know it not only for the next couple of quarters, but for the next several years. So we're not talking about trades here, but really trends that are going to develop and take hold over the next three, five and maybe even 10 years.

And so there's three megatrends that we focused on in particular this year, which is digital transformation, healthcare innovation and sustainability. And if you think about what's taking place this year with COVID, not only have those trends been very top-of-mind for people, but they've been significantly accelerated by the COVID pandemic.

And the reason why we care about them, Kim, is because a lot of the companies and a lot of the sectors that are tied to these megatrends are able to grow their earnings, grow their revenues and generate above market/above benchmark earnings growth, and hopefully, therefore, market returns as well. We're certainly seeing that this year and we think there's more to come.

KIM MORTON:

Let's talk about healthcare. There's been a lot of disruption during the pandemic but there’s also been a lot of innovation. What are some of the new and exciting developments you're seeing?

ANASTASIA AMOROSO:

There's a lot going on in healthcare. The speed of innovation and how it's accelerating that's really the key development in healthcare. So this is happening for two reasons. First of all is our in-depth, advanced understanding of human genomics, which we've not had before.

But now, we can sequence the human DNA in less than 24 hours, and we got the genetic code of the virus, really, in a matter of weeks. So that's really the first breakthrough. The second breakthrough is the artificial intelligence and how that could be applied to the data in healthcare.

So when you combine the two — the understanding of a human body or a virus on a very genetic, molecular/cellular level — and when you combine that with the ability to compute a lot of data, what you can do is get to the breakthroughs that much faster and potentially have a lot more treatments to explore than you would have otherwise.

So this has given a runway to a lot of breakthrough technologies in healthcare that we're excited about. For example gene therapy, which is the ability not only to treat but potentially cure some of the genetic diseases. Then you got also cell therapy, which is often applied to cancer treatments and developing targeted cancer treatments that allow you to take a patient's cells, reprogram them such that when they go back into the patient's body, they can actually destroy cancer.

And then the next frontier in healthcare, which has also been spotlighted by COVID, is this notion of precision medicine. We should be developing treatments that are the right treatment for the right patient at the right time. So we believe that the future of medicine is personal.

KIM MORTON:

I love that: “The future of medicine is personal.” What about forecasts for technology? For example the push for 5G on our cellphones?

ANASTASIA AMOROSO:

Well, technology transformation, the digital transformation, has also of course been accelerated by COVID. And there's exciting trends like 5G, artificial intelligence, obviously developments in fintech. But for the last three years or so we've spent building out the 5G infrastructure, which allows us to potentially have mobile speeds that are a hundred times faster and latency that's quite a bit lower.

Well, what's the big deal about that? The big deal about it is first of all, we can download our movies faster. And that's why we're looking forward to the launch of the 5G smartphones. And we think we'll double the number of them that we buy over the next year. But the really big thing about 5G is that this is a key enabling technology that allows many other technologies to take off.

Whether it's connected cars, whether it's large-scale factory automation or augmented reality. So clients often ask, "What is the killer app for 5G?" And I think we'll see that materialize next year. And we'll see it develop into what I call “the factory of the future,” which is factory run on 5G by robots and cobots that is producing everything automatically and digitally.

KIM MORTON:

And of course a hot topic, as evidenced by the election cycle, is clean energy. What could this mean for investors?

ANASTASIA AMOROSO:

Clean energy has been the spotlight in the markets this year and it's performed really well, I think, in anticipation of what's to come around the election. This is not only about politics here, those performances. This is also about the economics of clean energy. So regardless of the election outcome, when we look at the cost of electricity produced with wind and solar versus that produced with natural gas and coal, we see those costs of electricity converge.

And in fact, over the coming year, it's likely that it'll be cheaper to build a new wind and solar electricity capacity than to run an existing coal plant. So this is a true inflection point in clean energy. And so yes, the government push towards clean energy globally is certainly helping, but also the favorable economics means that utilities are increasingly converting to renewables and clean energy. But even more important, is consumers and corporates. So if you look at the corporate commitment to renewable energy, it has grown significantly. You now have more than 242 companies worldwide that have committed to either carbon-neutral or 100% renewable targets. And that, I think, is what's ultimately going to drive this renewable energy evolution, combined with the consumer. And I think that's why some of those renewable energy companies may continue to surprise to the upside.

KIM MORTON:

Well, Anastasia, this has been great. Thanks so much for joining us today.

ANASTASIA AMOROSO:

Thank you, Kim.

Christina Dello Buono:

The Federal Reserve took a significant step announcing new framework to keep interest rates low and allowing inflation to temporarily exceed its 2% target.                

To break down what this means, we have Jordan Jackson with Asset Management's Global Market Insights Strategy Team. Jordan, you're probably hearing from investors who are concerned about inflation. Why is inflation something we should pay attention to?

Jordan Jackson:

It's a great question. First, let me start by explaining what exactly inflation is. It's essentially the price on a basket of goods and services that you or I consume over a period of time. Now if inflation is too high, it tends to limit our spending capacity in the economy. And so, for example, in an extreme hyperinflation type of environment, you can imagine a world where everyday consumers are racing to the grocery stores to buy items before the prices go up.

On the other hand, if inflation is running too low, that's essentially associated with a weak economic environment reflective of low wages and really weak demand. So inflation is critically important, not just for policymakers, but for everyday consumers and Americans alike.

Christina Dello Buono:

This global pandemic has required social distancing. States are still mandating some businesses to stay closed. How has this impacted inflation compared to previous recessions?

Jordan Jackson:

I think it's really important to assess these business closures and the impact that they've had on the broader labor market, and then tying that into how that has impacted inflation dynamics. So we know that typically recessions are associated with heavy amounts of unemployment. And that's been true this time around, unfortunately, as well.

We've lost about 22 million jobs over the months of March and April here. We've since clawed some of those jobs back. But it's still a very challenging environment for many, many Americans. And typically associated with this wave of job losses is a loss of incomes. What's been offsetting those loss in incomes have been government stimulus by the way of one-time stimulus checks as well as additional unemployment insurance benefits that have been added on top of normal state unemployment insurance.

Now if we did not have some of that government stimulus, it's likely that we would have been in a disinflationary type of environment for a longer period of time. We saw inflation peak in February of 2020. We saw those disinflationary pressures beginning to set in through much of March through April. We're now starting to see, as businesses open back up as the economy gets back online, we're starting to see some of those inflationary pressures starting to come back.

Christina Dello Buono:

So what's the Federal Reserve's role in all of this? And what is the Fed attempting to do?

Jordan Jackson:

So I think the Fed's role is really twofold. The first is they've been trying to avoid sort of a financial market meltdown similar to like we saw in the global financial crisis back in 2008-2009. By doing this, what they've done is they've essentially restarted their asset purchase programs, and they've also established a host of credit facilities to ensure they are the lender of last resort throughout the economy.

I think the second thing that the Fed is really trying to do is keep interest rates anchored near zero in an effort to try to encourage spending as the economy opens back up. One of the things that we've noticed that's been quite interesting is that super low interest rates have really helped the housing market.

We've seen building permits come back. And we've seen people stepping back into the housing market buying new homes. And we've also seen that play out through car sales as well, recognizing that it's a bit cheaper to step in to buy a car today than it was before.

Now another element that the Fed has maybe further complicated things is they've taken an average inflation targeting approach to their policy framework. Now what that means is that they'll allow inflation to run a bit hot, or above that 2% level that they traditionally target, to compensate for inflation that runs persistently low for a period of time. Taking all that away, I think the main thing that the Fed is trying to communicate to the markets is that they're willing to allow inflation to run a bit hot here for the foreseeable future.

Christina Dello Buono:

And now that the economy is starting to reopen, what does that mean for us? Are there risks to higher inflation?

Jordan Jackson:                             

Yes, there are certainly risks. As the economy opens back up and more and more people become employed again and regain those wages, we're likely to see consumption trends begin to start to pick back up. I think what's been pretty interesting, we saw spending patterns drop the least and bounce back the quickest for low-income earners. And I think that's a reflection of some of the government stimulus that we've seen come down over the past couple of months here.

And I would also add, from a business side of the equation, one of the things that many of us may have noticed in stepping back into our barber shops and hair salons, that some of them may be charging a little bit more. They’re just recognizing that after a few months of closures, that some of those businesses as they start to open back up may start to charge higher prices in order to compensate for that period without receiving any revenue.

Christina Dello Buono:

So what are ways investors can manage their portfolios during these times?

Jordan Jackson:

We think there are really three key ways that investors can manage this sort of inflation risk within their portfolios. We think the first is a greater degree of exposure to both domestic and international equities. We know that equities are the growers of the portfolio over the long run. And the return potential for equities far outpace that of the expected rate of inflation.

I would say the second thing to sort of hedge against some of these inflation risks are assets like commodities ­– so assets like gold and silver. Again, those types of commodities are denominated in dollars. And so as inflation potentially moves higher, the value of the dollar falling, that provides a nice tailwind to some of these commodity assets that could be a nice hedge as well.

And then lastly, I think just outright inflation hedge type of products, things like Treasury Inflation-Protective Securities, or TIPS, and floating rate notes can potentially be another way that investors can hedge against this risk.

Christina Dello Buono:

Well, thank you for joining us today, Jordan.

Jordan Jackson:

Thank you for having me, Christina.

Christina Dello Buono, Anchor:  

This week: It’s Women’s History Month. A look at how Women on the Move is fueling female ambition and advancing financial equality all over the world. 

Sam Saperstein, Head of Women on the Move:  

And we think that is so important just to help women in general have a cushion and be more financially stable. 

TV Advertisement Narrator: 

When her needs are financial, her reaction is Chemical. 

Christina Dello Buono, Anchor: 

Targeting women for banking. We’ll show you a JPMorgan Chase predecessor’s ad for the “New York Woman.” 

Plus, he climbed the highest peak in South America all while promoting disability inclusion. 

Welcome to JPMorgan Chase News. I’m Christina Dello Buono reporting from New York. 

We are celebrating women — their drive and accomplishments — this Women’s History Month and every month with JPMorgan Chase’s Women on the Move program. It’s a global initiative expanding women-run businesses, advancing financial equality and empowering women’s career growth. Last year Women on the Move set a goal to extend $10 billion in credit to women-owned small businesses by the end of 2021.  

Sam Saperstein, Head of Women on the Move: 

This really represents the ability to help tens of thousands of women all over the country really help grow and launch their businesses in every industry. So we're so excited when women come to us. We can talk to them about their dreams and ambitions around their businesses and actually help them to get there. 

Christina Dello Buono, Anchor: 

Already they’ve provided over $3.7 billion. 

New this year, a new talent development program for associates and vice presidents is launching internally to focus on growth, communication and negotiations. Senior level women will serve as mentors. 

Sam Saperstein, Head of Women on the Move: 

That VP level is so critical to us. It represents a very big part of our pipeline for senior level roles, and it also is the place where we start to see more women leave the firm. Not necessarily to stay home, but to go to other jobs. And so we really want to make sure we can keep more of these VP-level women so that they can keep going further in their careers. 

TV Advertisement Narrator:  

The New York Woman. When her needs are financial, her reaction is Chemical. Chemical New York. The bank that works hardest for you. 

Christina Dello Buono, Anchor: 

As of 1965, women in the New York area were earning more than $5 billion per year and running 75 percent of their families’ total income. That’s according to former Chemical Bank Chairman and President William Renchard. Chemical Bank is a JPMorgan Chase predecessor. And historically banks focused on men. 

So Chemical debuted its “New York Woman” campaign, including a TV ad featuring glamorous women and original jazz, newspaper and radio spots, and a spot in Vogue magazine — a first for the bank.  

TV Advertisement Narrator:  

The bank for the New York Woman, whoever she is. 

Christina Dello Buono, Anchor:  

This campaign won awards and won the business of women.  

He scaled Mt. Aconcagua in Argentina. Yes, for sport, but each climb Akash Negi tackles in the Seven Summits Challenge — a climb of the tallest peaks on every continent — is to help raise autism awareness.  

We first introduced you to the JPMorgan Chase cybersecurity data engineer after he climbed Denali. When he reached the summit, he pulled out a Chase flag in honor of disability inclusion.  

Negi has seen family friends impacted by autism and Negi currently serves on the board of the family’s autism awareness nonprofit.  

This time for Aconcagua, he came packed with a custom JPMorgan Chase flag that represented our Office of Disability Inclusion.  

Akash Negi, Cybersecurity Data Engineer:  

Last time it was just a logo. So it didn’t show what I was carrying the flag for, right? Was I carrying the flag just for Chase’s name, or ODI’s name or autism awareness? So last time people asked me that question; they said, “Why are you carrying this big company’s flag?” 

But this time nobody asked me that question because they could clearly see that this was for autism awareness and this is the company’s commitment and their way of saying that we support this. 

Christina Dello Buono, Anchor: 

Negi did the entire climb in a total of 12 days. He said he was one of two climbers in his group to reach the summit, along with a guide, and called it a feeling of pride opening his new, custom flag when he reached the top.  

That wraps up this week’s JPMorgan Chase News. I’m Christina Dello Buono. We’ll see you next week!  

Kim Morton, Anchor:  

This week:  

Don Felix, Head of Consumer Financial Health for Chase:  

Saving becomes critically important because it is the foundation for that security. It is knowing I have the money in my account.  

Kim Morton, Anchor:  

Are you financially healthy? A look at how saving a little and setting goals can make a big difference.  

Some of the world’s most influential leaders together with the theme: Stakeholders for a Cohesive and Sustainable World. 

Max Neukirchen, CEO of Merchant Services, JPMorgan Chase:  

It actually makes me very proud to share some of the efforts we do across the firm and with our clients on sustainability and on transitioning to a more sustainable economy. 

Kim Morton, Anchor:  

A look into some of the topics at the annual World Economic Forum in Davos, Switzerland.  

Plus, affordability was part of the conversation at the annual J.P. Morgan Healthcare Conference. 

Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York. 

More than 40 percent of Americans do not have enough money saved for a $400 emergency. So how do you make sure you’re taking the right steps toward overall financial health?  

Heather Burian has more. 

Heather Burian, Corporate Communications:  

What if you want to buy a house, raise a family, even retire? Your financial health and how you save impacts that — especially since life can throw some curveballs. I’m here with Don Felix, Head of Consumer Financial Health for Chase.  

And Don, what does being financially healthy mean and why does the conversation focus around saving?  

Don Felix, Head of Consumer Financial Health for Chase:  

Essentially, being financially healthy is about establishing peace of mind. We’re here to help our customers and consumers find that peace of mind by helping them to better manage their finances day-to-day, help to build that resiliency to withstand the financial shocks that happen to all of us on an annual basis, and helping them to plan for the long-term, which includes retirement and includes investing. And why savings? Saving becomes critically important because it is the foundation for that security. It is knowing that I have the money in my account to better manage my budget, to help meet the goals I’m setting for myself. 

Heather Burian, Corporate Communications:  

Is this a problem for families no matter their wealth?  

Don Felix, Head of Consumer Financial Health for Chase:  

It is absolutely an opportunity for families across the income spectrum especially when we see that 80 percent of Americans have trouble managing paycheck to paycheck. It is about helping out in four key areas: Save, spend, borrow, plan. I almost can’t say it enough. Helping families to save more, spend more thoughtfully, borrow more wisely and plan for the future. What we also know is that all families have goals no matter their income and we recently just launched through our current Autosave feature the new ability to save for specific goals. So whether it’s buy a home, buy a car, or just establish that rainy day fund.  

Heather Burian, Corporate Communications:  

Don, you’re going to have people say to you “Well, it’s too late to start saving” or “I don’t have the money to start saving.” What do you say to them?  

Don Felix, Head of Consumer Financial Health for Chase: 

I say another feature that we recently just launched through Autosave is the ability to save as little as a dollar a day. And though some may say “Well that’s not a lot because that would equate to $365 for the year,” when we know that 45 percent of Americans don’t have $400 in savings to withstand that financial shock, that $365 gets you a lot closer. And what it’s really about is establishing a habit. Where it may start with $1, but hopefully it goes to $2 and to $5 and to $10, where we help everyone realize they may have more in their budget than they realize to establish their savings.  

Heather Burian, Corporate Communications:  

Don, thanks so much for all the insight.  

Don Felix, Head of Consumer Financial Health for Chase: 

I really appreciate the time, thank you.  

Kim Morton, Anchor:  

Influential leaders, including heads of state, from around the world gathered at the 50th annual World Economic Forum in Davos, Switzerland where the narrative focused strongly around climate change and sustainability.  

Almost every one of the official panels touched on it and many of the clients our team met made it clear it’s on their mind.  

Patrick Thomson, CEO of Europe, Middle East and Africa, J.P. Morgan Asset Management:  

Important speeches by policy makers, really recognizing the need to address this issue. Certainly from an investor’s perspective, it dominates every conversation. How do you measure it? How do you think about carbon emissions? What is the impact potentially on returns? So that has been a critical topic. 

Kim Morton, Anchor:  

JPMorgan Chase touted its sustainability commitments in clean financing and renewable energy. In a CNBC interview, Chairman and CEO Jamie Dimon stressed the importance of effective climate policies being set by government globally and said he’d support a carbon tax.  

But that wasn’t the only major discussion topic.  

Max Neukirchen, CEO of Merchant Services, JPMorgan Chase:  

There’s the political environment. First and foremost, the U.S.-China relations, but also the outlook on the U.S. presidential elections as well as the tensions in the Middle East that dominate the discussions. And lastly, there’s definitely the economic outlook and the thought how the next one-to-two years might look.  

Kim Morton, Anchor:  

We also partnered with The Female Quotient where Dimon; Judy Miller, who leads the office of the Chairman; and Dorothee Blessing, Regional Head for J.P. Morgan in Germany, Austria, Switzerland, Ireland, Israel and the Nordic region; highlighted the importance of diversity in the workplace and how it’s a top priority for the firm.  

When it comes to healthcare, patients are prioritizing affordability and accessibility more than ever. 

Those were some of the talking points at the 38th annual J.P Morgan Healthcare Conference in San Francisco, California, bringing together thousands of investors from around the world. 

There, Chairman and CEO Jamie Dimon said healthcare for the average American should be broached in in a more cost-efficient way. 

Nearly eight in 10 Americans say the cost of prescription drugs is too high, according to a poll by the Kaiser Family Foundation.  

Lisa Gill, Senior Analyst, Healthcare Technology and Distribution:  

The consumer’s the biggest disrupter in healthcare. The consumer wants their services where they want them, when they want them, at the lowest price. 

Kim Morton, Anchor:  

JPMorgan Chase is working to help through Haven, its healthcare venture with Amazon and Berkshire Hathaway. It will focus on lowering cost, improving outcomes and increasing satisfaction with insurance.  

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!  

Kim Morton, Anchor:  

This week: It’s been a year since JPMorgan Chase launched Advancing Black Pathways.  

Sekou Kaalund, Head of Advancing Black Pathways: 

We're just being more intentional in how we leverage schools to truly tap into black talent all across this country. 

Kim Morton, Anchor:  

How the program has driven change across education, career and wealth creation, and what’s next for 2020.  

JPMorgan Chase is preparing young adults for high-wage, in-demand jobs with a new $75 million, five-year global investment. 

Plus, a partnership supporting tech companies founded by women.  

Melissa Smith, Head of Specialized Industries for Middle Market Banking:  

We are well aware of the challenges that female — both female, I would say, and diverse founders face in really getting their businesses off the ground and up and running. And we want to be part of that solution.  

Kim Morton, Anchor:  

Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York. 

It’s about making the economy work for as many people as possible. That’s why one year ago this month, JPMorgan Chase launched Advancing Black Pathways as a way to build on the firm’s efforts to invest in the economic success of black individuals.  

More than 40 percent of Americans do not have enough money saved for a $400 emergency. So how do you make sure you’re taking the right steps toward overall financial health?  

For more, let’s send it over to Heather Burian.  

Heather Burian, Corporate Communications:  

Advancing Black Pathways focuses on three key areas: Wealth, education and careers. And the impact in just a year is powerful. I'm joined by the head of Advancing Black Pathways, Sekou Kaalund. And Sekou, congratulations. 

Sekou Kaalund, Head of Advancing Black Pathways:  

Thank you. 

Heather Burian, Corporate Communications:  

Really you’re just getting started, but what has made you the proudest so far?  

Sekou Kaalund, Head of Advancing Black Pathways:  

I'm really proud at how we have been able to galvanize the energy and passion around this firm to really drive impact in the black community. And so that has resulted in us building the infrastructure, a phenomenal team. And also identifying the best ways to leverage our philanthropic and our business resources to amplify the work we're doing and really drive change across education, career and wealth creation. 

Heather Burian, Corporate Communications: 

Let's talk about education. Because JPMorgan Chase made that commitment to hire 4,000 black students by 2024. Already we have hired 1,000. So why target that demographic and how do you plan to grow that talent pool? 

Sekou Kaalund, Head of Advancing Black Pathways:  

We target that demographic because as a firm we know that unless we hire the best and brightest talent, we're not going to be able to maintain our position as the largest bank, most profitable bank in this country. We're just being more intentional in how we leverage schools and go beyond some of the schools we've recruited from historically to truly tap into black talent all across this country. 

Heather Burian, Corporate Communications:  

Why is it important to bring financial health to black communities? 

Sekou Kaalund, Head of Advancing Black Pathways:  

Well, it's important because, as we look at statistics, if we do nothing, based on the status quo, by 2053 the median net worth of blacks will be zero. And that's terrifying to me, especially when we have tremendous resources and tools to be able to promote financial health. So for us, and for me in particular, this is an imperative that we actually teach at a younger age to students, financial literacy.  

We're promoting financial health in the colleges we're partnering with. At Howard University last year, 2,000 freshmen went through a financial health curriculum as part of orientation. That's never been done before in this country. And so we're excited that we're on the cusp of being innovative around financial health. 

Heather Burian, Corporate Communications:  

So Sekou, what's next for Advancing Black Pathways? 

Sekou Kaalund, Head of Advancing Black Pathways:  

What's next? So 2019 we were able to truly test and learn what works — you know, some things we could do more of, what partnerships will really help us accelerate the impact that we want to have. So 2020 is really all about driving results. 

So as we look at the hiring and we look at implementing financial health across more universities, the biggest thing is really access to capital. We have developed a program to truly get access to capital and content to black businesses. So we're really excited about the opportunity to drive wealth creation, create stronger, more vibrant communities, and really build strong clients for J.P. Morgan. 

Heather Burian, Corporate Communications:  

Sekou, thanks so much again for joining us. 

Sekou Kaalund, Head of Advancing Black Pathways:  

My pleasure. 

Kim Morton, Anchor:  

Globally, 21 percent of people ages 15 to 24 are not employed nor receiving education or training. To help address that, JPMorgan Chase announced a new, five-year, $75 million investment to better prepare young people for an evolving workforce and advance policy solutions. Seven million dollars is going to Denver, Colorado. It will help underserved students gain access to higher education and work experiences, paving the way to high-wage, in-demand jobs. 

JPMorgan Chase marked this commitment during an event at Pinnacol Assurance, a Colorado-based workers compensation insurer known for its robust apprenticeship program. 

Jamie Dimon, Chairman and CEO, JPMorgan Chase:  

It’s not just the specific skill. It’s the social skill, the speaking skill, the smiling to the crowd, the understanding— all these kids, they’re attacking a problem. They’re working as part of a team. And those things never go away.  

Angela Mendoza-Rico, Pinnacol Assurance Apprenticeship Program:  

It’s really important that I do everything I can because I want to set a good example for my siblings. My sister, who is 16, she’s so smart. I can tell she’s going to go somewhere one day. I tell her, “If I can do this, you can do this and so much more.”  

Kim Morton, Anchor:  

Denver is just the beginning. This career readiness initiative, part of our New Skills at Work program, will launch in nine other cities around the globe. 

The goal is to close the funding gap for female founders.  

It’s why J.P. Morgan and The Vinetta Project teamed up to launch a program that sources, funds and supports technology-related female founded companies. 

It’ll give them greater access to capital, networking opportunities and advisory services from J.P. Morgan. 

Melissa Smith, Head of Specialized Industries for Middle Market Banking: 

We clearly can provide traditional banking services for those companies. But more importantly, I think it is that advice and expertise, as well as the mentorship that we can provide. And our objective is obviously to establish a long-term relationship with these companies, help serve them at their various early stages and then again help them as they sort-of journey to a much larger company.  

Kim Morton, Anchor:  

The two groups designed a program featuring a series of events including showcase pitch events, a problem-hacking cohort, half-day boot camp and more. 

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!  

JASON LOBO, ANCHOR:  

Chances are you stream your favorite shows or movies. And the market for that is about to get even more saturated.  

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

Consumers will say, “You know what? I’m going to watch this one here for these programs, going to turn it off and then I’m going to move to this one.”  

Jason Lobo, Anchor:  

A J.P Morgan media analyst breaks down the potential impact. 

What’s the future of capitalism? Chairman and CEO Jamie Dimon weighs in 

Plus, it’s hard to imagine this bank without a single computer. I’ll take you back to 1959 when a JPMorgan Chase predecessor took a big step towards automation.  

Welcome to JPMorgan Chase News. I’m Jason Lobo reporting from London.  

This year we’ll see the release of several new streaming services from companies including NBC and HBO — adding to an already crowded field with big names like Netflix and Disney. To dive into what this could mean for the industry, let’s send it over to Nick Parker. 

Nick Parker, Corporate & Investment Bank Communications:  

With a multitude of streaming offerings, 2020 has been dubbed by J.P. Morgan Research “The Year of Churn” for streaming, reflecting a new trend in consumer behavior. And for a look at the possible impact and effect on cinema attendance, we have J.P. Morgan’s Senior Analyst for U.S. Media Equity Research Alexia Quadrani joining me. Alexia, thank you very much.  

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

Thanks for having me.  

Nick Parker, Corporate & Investment Bank Communications:  

What is the dynamic behind “Year of Churn”? 

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

What we’re seeing is just a proliferation of so many new streaming services. I think someone told me recently there’s over 300 of them right now and growing. So, it’s just not really sustainable to have so many of these different streaming services. I think by the back half of 2020 you’ll see a lot of churn because consumers will say, “You know what? I’m going to watch this one here for these programs, going to turn it off and then I’m going to move to this one.”  

Nick Parker, Corporate & Investment Bank Communications:  

So with consumers subscribing to and then cancelling memberships, are these services actually going to be profitable? 

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

I think profitability really isn’t a focus right now with investors simply because most of them aren’t profitable, so it’s not an expectation. I think the bigger companies that we follow directly have put out targets saying by this period we’ll have “x” number of subscribers and at that point we’ll be break even or be profitable. And if the competition continues to intensify, which clearly I think it’s on that path, we may see them choose to pick up that content spend. And I think at that point investors will take another look and say, “Wait a second — when are you going to be profitable and how much money are you pouring into this?” 

Nick Parker, Corporate & Investment Bank Communications: 

So on that note about business models, what is the rationale between creating your own streaming service versus licensing it to another streamer? 

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

Well, you have different approaches to this. You have the dealers which are saying, “I don’t have the IP or the scale.” And those are choosing, saying “You know, I’m going to take my content. I’m going to sell it to the highest bidder.” And then there’s those that are saying, “You know what? This is my future. I’ve got a lot of IP, I’ve got a lot of scale, I’m going to jump into this, you know, two feet.” And those are taking their content off all the other platforms and putting it directly on their platform and they’re going for it.  

Nick Parker, Corporate & Investment Bank Communications:  

And finally, what kind of impact is this having on cinema attendance from your point of view? 

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

I think there’s been a misconception that this proliferation of streamers is killing the movie theater. I really do think that’s a bit extreme. You know there’s been 12 record box office years since the year 2000 and a couple of those have been recently — 2018, for example, was a box office record. Now having said that, you know, there is some impact. I think you’re seeing a lot of the midsize films not being made for the theaters anymore and a shift toward bigger franchise films where you really feel it’s the experience to go to the movie theater to watch it.  

Nick Parker, Corporate & Investment Bank Communications:  

Certainly a fascinating climate. Alexia, thank you so much for joining us.  

Alexia Quadrani, Head of J.P. Morgan U.S. Media Equity Research:  

Of course, any time.  

Jason Lobo, Anchor:  

“Capitalism may be at a tipping point,” according to JPMorgan Chase’s Jamie Dimon.  

The Chairman and CEO opining for TIME magazine’s Davos 2020 issue which was produced in partnership with the World Economic Forum.  

Dimon writes “Capitalism must be modified to do a better job of creating a healthier society...”  

He explains, “That means meaningful changes like rebuilding our education system and providing skills training, affordable health care policies, substantial infra¬structure investment, and sensible immigration reform and climate policies. That’s just a start.”  

Dimon touted the firm’s $200 million investment in Detroit, Michigan which has helped create jobs, small businesses and affordable housing — calling it a win-win for both the people of Detroit and for JPMorgan Chase.  

Today, you can hold a computer in the palm of your hand. Now imagine one taking up an entire room of an office building. 

Sixty-one years ago this month, JPMorgan Chase predecessor Chase Manhattan Bank installed its first computer, the IBM 650 Data Processing Center.  

The goal was to increase the efficiency of data processing while computing employee payroll and benefits. This new machine had the ability to calculate equations at extraordinary speed. But, humans needed to carefully program the computer to do its job.  

After 11 years of service, Chase Manhattan Bank retired the IBM 650, paving the way for the next innovation in automation… and saving square feet in the process! 

That wraps up this week’s JPMorgan Chase News. I’m Jason Lobo. We’ll see you next week!  

Kim Morton, Anchor: 

This week: The new Business Leaders Outlook survey says businesses are leaning into growth with technology and plans for hiring. 

Jim Glassman, Senior Economist, JPMorgan Chase:  

There’s good reason to be optimistic, and good reason to invest in yourself, and good reason to try to figure out how to get around the worker issue. 

Kim Morton, Anchor:  

Senior Economist Jim Glassman sits down with us to weigh in. 

It promotes collaboration and it’s eco-friendly. A sneak peek of the planned campus in Mumbai, India. 

Plus, a pork problem for China and its tie to the trade deal with the U.S.  

Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York.  

Most small and midsized U.S. business leaders expect continued growth for their companies in 2020. But there are some concerns about finding qualified talent while looking to grow. That’s according to the 10th annual JPMorgan Chase Business Leaders Outlook survey.  

For more on that, let’s send it over to Heather Burian.  

Heather Burian, Corporate Communications, JPMorgan Chase: 

The Business Leaders Outlook survey is a snapshot of the current business environment, taking into account the responses of business leaders from both U.S. small businesses and middle market companies. 

To break down the results, we have Senior Economist Jim Glassman with us. And Jim, the pace of economic growth is slowing down. There have been geopolitical concerns. So what are you seeing as companies look to expand both globally and domestically?  

Jim Glassman, Senior Economist, JPMorgan Chase: 

What’s interesting about the survey is there’s really two telling things that come out of the survey. First of all, folks tell us they’re investing in themselves. And the things that they know most about, their own business, they’re pretty optimistic about. So that’s promising because that tells you they’re not really thinking about recession, they’re thinking about the future and how you take advantage of that. Secondly, they’re having a hard time finding people across the country. And that just tells you there’s vast opportunity if they can just figure out how to solve their labor problem. What you need to do is you need to figure out how to train people more, attract people, maybe use technology to get around some of the challenges. I think some of the body language of this survey really tells you that in contrast to all this talk about last year, what business leaders are telling us is it feels pretty good and the outlook is pretty solid.  

Heather Burian, Corporate Communications, JPMorgan Chase:  

Jim Glassman, Senior Economist, JPMorgan Chase:  

It’s a people issue. Skills, not so much because if you look at manufacturing, the unfilled job postings are actually coming down. It’s a people problem across industries, across the country. And it’s really a reflection of what’s going on with the demographics in America. The growth of the working population is slowing down maybe to a third to one quarter of what it used to be 10 years ago. And what that means is there’s a lot of work to do but we don’t have the people. And it’s because you’ve got a large population retiring and we don’t have the immigration to fill that gap.  

Heather Burian, Corporate Communications, JPMorgan Chase:  

So what would you tell businesses to look at as they approach their strategies for 2020?  

Jim Glassman, Senior Economist, JPMorgan Chase:  

Well I would say there’s an awful lot of — there’s good reason to be optimistic, and good reason to invest in yourself, and good reason to try to figure out how to get around the worker issue. Because there’s a lot of promise out there if you can do it. If you can find the people and you can retain the people, you’re going to find there’s a lot more work you can do.  

Heather Burian, Corporate Communications, JPMorgan Chase:  

Alright. Jim, thanks so much for being here.  

Jim Glassman, Senior Economist, JPMorgan Chase:  

Thank you.  

Kim Morton, Anchor:  

Building off the momentum of our newly-announced campuses in Bengaluru and Hyderabad, JPMorgan Chase is building a new campus in Mumbai, India.  

The state-of-the-art facility will consolidate many of the Mumbai Corporate Center offices and promote further collaboration.  

The proposed LEED platinum-rated facility will incorporate high standards of sustainability and ecologically-friendly architecture — building on the firm’s commitment to reduce its environmental footprint.  

Plus, there’s a proposed metro rail station in the works nearby.  

What does African swine fever have to do with the trade deal? Maybe more than you think.  

Recent research from J.P. Morgan’s Asset Management Global Market Insights Strategy Team states that African swine fever has been ravaging China’s pigs since August 2018, shrinking the country’s heard by 40 to 50 percent.  

China is the world’s largest pork consumer. That J.P. Morgan research shows pork prices in China have surged in 2019, rising 110 percent year-over-year in November.  

Building off the momentum of our newly-announced campuses in Bengaluru and Hyderabad, JPMorgan Chase is building a new campus in Mumbai, India.  

To meet demand, China has been importing pork from around the world and announced a cut in tariffs on frozen pork, effective January 1st. Plus it’s already been increasing its imports from the U.S., the world’s largest pork exporter.  

The new “phase one” agreement between the U.S. and China includes the U.S. reducing some tariffs in exchange for more Chinese purchase of American agriculture products. 

KIM MORTON, ANCHOR: 

This week: JPMorgan Chase is reporting record financial performance for 2019. 

Jennifer Piepszak, Chief Financial Officer, JPMorgan Chase: 

We remain well positioned as we continue to build on our scale and benefit from the diversification of our business models. 

Kim Morton, Anchor: 

A look at the earnings numbers and contributing factors. 

U.S. yields fell sharply in 2019. Could we expect a rebound soon?  

And how J.P. Morgan is strengthening communities in Latin America by investing in people. 

Martin Marron, CEO of Latin America & Canada, J.P. Morgan: 

Connecting people who have been left behind with economic opportunity is not only the right thing to do, it’s a business imperative because when our communities thrive, so does the economy. 

Kim Morton, Anchor:  

Welcome to JPMorgan Chase news. I’m Kim Morton reporting from New York.  

Earnings numbers are in. Not only did JPMorgan Chase produce a net income for the fourth quarter of 2019 that’s up 21 percent from the same time last year — the firm reported a record net income of $36.4 billion for the full year, or $10.72 per share.  

In 2019, the firm added more than 70 new branches in 16 new markets, became the first U.S. bank to be approved for a majority-owned securities business in China, and continues to invest in technology.  

Take a listen to what Chief Financial Officer Jennifer Piepszak said in a press call:  

Jennifer Piepszak, Chief Financial Officer, JPMorgan Chase: 

Alex Dryden, Global Market Strategist, J.P. Morgan Asset Management: 

If you look in our consumer businesses, market expansion is an extraordinary opportunity for us. And these are really powerful markets — Boston, DC, Philly… In CIB, we just talked about China but we have opportunity to continue to hire bankers, really talented bankers, by sector and by geography in places where we’re under penetrated. In the Commercial Bank we have both the expansion here in the U.S. as well as the international expansion there. We’re now in 10 countries. And then in AWM, we continue to have opportunities there as well, whether it be in wealth management or in China. 

Kim Morton, Anchor:  

Chairman and CEO Jamie Dimon wrote that despite a high level of complex geopolitical issues, “…global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year.” 

You can see the full presentation, including the disclaimer, and listen to the Financial Results Conference Call, on jpmorganchase.com. 

U.S. yields fell sharply in 2019 as trade tensions weighed on the global economy and the U.S. Federal Reserve cut rates. But could they be set for a rebound in early 2020? Let’s send it over to Christina Dello Buono.  

Christina Dello Buono, Commercial Banking Communications: 

An end to Federal Reserve easing has left us with a relatively flat yield curve right now. Global Market Strategist David Lebovitz with J.P. Morgan Asset Management is joining me. 

David, even with trade tensions likely to continue, do you expect yields to bounce back this year?  

David Lebovitz, Global Market Strategist, J.P. Morgan Asset Management:  

So I think it’s going to be tough for yields to move sustainably higher than about 2 percent on the 10-year and the reason for that is although we’ve made progress on trade, a lot of things remain unresolved. You look at interest rates in the rest of the world and they tend to be lower than in the U.S. and in some cases negative. And so what this has done is lead to an investment community that remains a bit cautious, but is very hungry for yields. So even if things get better and rates do go up, I anticipate that buyers would come in, pushing them back down.  

Christina Dello Buono, Commercial Banking Communications:  

Is it possible the yield curve could see periods where long-term interest rates are actually below short-term rates and what could that mean?  

David Lebovitz, Global Market Strategist, J.P. Morgan Asset Management:  

We could absolutely see the curve invert again much like it did at the end of the summer last year. I think it would mean primarily that monetary policy is too tight given the state of affairs and whether that view is driven by an escalation in geopolitical tensions, whether it’s due by a material degradation of economic growth, I mean, that can be debated. But I do think that there is the potential for the curve to invert again sometime before the end of the cycle.  

Christina Dello Buono, Commercial Banking Communications:  

So let’s talk markets, too. What’s driving them higher and can it last?  

David Lebovitz, Global Market Strategist, J.P. Morgan Asset Management:  

Equities have been on a tear and the majority of the move that we’ve seen has been due to multiple expansions. So, valuations going up, and that’s really been based on the idea that we’re making progress on a lot of these geopolitical issues. Economic growth looks set to be better in 2020 than it was in 2019, earnings growth is going to be somewhere to the tune of 10 percent. I do wonder if the market is getting a little bit ahead of itself here but there’s a lot of optimism that has surrounded markets and helped push them higher.  

Christina Dello Buono, Commercial Banking Communications:  

Great. Thanks so much for joining me today.  

David Lebovitz, Global Market Strategist, J.P. Morgan Asset Management:  

Thanks for having me.  

Kim Morton, Anchor:  

Inequality, poverty and lack of education can prohibit talented individuals from entering the workforce. J.P. Morgan is working toward solutions — supporting job creation and emerging talent in Mexico, Colombia, Argentina, Brazil, Chile and Peru.  

In Santiago de Chile, J.P. Morgan partnered with Fundación Chile and solar energy companies to create a program to help train 400 people. Eighty-five percent were permanently hired.  

In Brazil, there’s an opportunity gap for many black individuals. J.P. Morgan teamed up with Zumbi dos Palmares University and the Banking Federation to prepare them to join the workforce. 

Giovana Alves, J.P. Morgan, Brazil:  

I pursued J.P. Morgan like crazy. And one day at the university I saw, for the first time, a course oriented to black population. And that for me was sensational because I knew I was going to be at a place that, even with challenges, I would be with people who go through the same life as I do.  

Kim Morton, Anchor:  

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!  

Kim Morton, Anchor: 

This week: How java jives with banking.  

Jennifer Silverio, Branch Manager, Chase: 

We’re able to offer a space that’s not just banking. It has that community, human connection feel. 

Kim Morton, Anchor:  

We’ll tell you about Chase’s first in-branch coffee shop and its ties to the community. 

From transformative books to unique cultural experiences — it’s a new year and we have look at “what’s next” with NextList2020. 

Plus, ever needed cash before you hopped on a flight? We’ll tell you how JPMorgan Chase is connected to the first-ever airport branch. 

Happy New Year and welcome to the first JPMorgan Chase News of 2020! I’m Kim Morton reporting from New York. 

Why not sip a latte while you bank? Chase’s new branch in New York’s Union Square is the first Chase branch to feature a coffee shop. This is a partnership with Joe Coffee Company. A New York specialty coffee café well known in the community. 

Jennifer Silverio, Branch Manager, Chase:  

It brings a human connection in an age where everything is so digital. And I feel like it paired perfectly. This was definitely an iconic location in the community where it was a previous coffee shop and I think it’s great that we’re able to pay homage to something that was here before.  

Kim Morton, Anchor:  

Here’s the thing, this branch is about embedding itself in the community. There’s modern booth seating, an area for your kids to play, you can even bring your dog and a photo of their visit might end up in a slideshow at the branch. 

Jennifer Silverio, Branch Manager, Chase: 

It looks different, it feels different, it even smells different with the aroma from Joe Coffee. It takes away that intimidation of stepping into a bank where everything was so formal in the past and now you get clients to feel that they’re home essentially, right, and they’re not being sold anything and that we’re true advice centers.  

Kim Morton, Anchor: 

It’s a new year. Maybe you’re looking for experiences from the subtle to the sublime. Or books that enlighten and transform.  

J.P. Morgan released NextList2020 — the latest guide to what's next in arts and culture around the world.  

It’s culled from more than 3,000 submissions from J.P. Morgan client advisors.  

This year, NextList2020 has a collection of seven books on topics such as family business and leadership, and five experiences, including the arts of Norway and Qatar, the wines of Napa, California and more.  

If you want to see the full list, visit jpmorgan.com/nextlist2020. 

Did you take a plane during the holidays? Maybe you needed some cash at the airport.  

That wasn’t possible until 1941 when the first bank opened an airport branch. By 1945, it became part of the JPMorgan Chase family tree.  

And it just so happened to be at the then-brand-new LaGuardia Airport in New York. Which at the time was the largest airport in the world.  

Fast forward to 1977, the branch installed the first ATM in a New York airport.  

And here’s a fun fact: The bank had some noteworthy customers, like Prince Edward, duke of Windsor, and baseball royalty, Babe Ruth.  

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!  

Kim Morton, Anchor: 

This week: How java jives with banking.  

Jennifer Silverio, Branch Manager, Chase: 

We’re able to offer a space that’s not just banking. It has that community, human connection feel. 

Kim Morton, Anchor:  

We’ll tell you about Chase’s first in-branch coffee shop and its ties to the community. 

From transformative books to unique cultural experiences — it’s a new year and we have look at “what’s next” with NextList2020. 

Plus, ever needed cash before you hopped on a flight? We’ll tell you how JPMorgan Chase is connected to the first-ever airport branch. 

Happy New Year and welcome to the first JPMorgan Chase News of 2020! I’m Kim Morton reporting from New York. 

Why not sip a latte while you bank? Chase’s new branch in New York’s Union Square is the first Chase branch to feature a coffee shop. This is a partnership with Joe Coffee Company. A New York specialty coffee café well known in the community. 

Jennifer Silverio, Branch Manager, Chase:  

It brings a human connection in an age where everything is so digital. And I feel like it paired perfectly. This was definitely an iconic location in the community where it was a previous coffee shop and I think it’s great that we’re able to pay homage to something that was here before.  

Kim Morton, Anchor:  

Here’s the thing, this branch is about embedding itself in the community. There’s modern booth seating, an area for your kids to play, you can even bring your dog and a photo of their visit might end up in a slideshow at the branch. 

Jennifer Silverio, Branch Manager, Chase: 

It looks different, it feels different, it even smells different with the aroma from Joe Coffee. It takes away that intimidation of stepping into a bank where everything was so formal in the past and now you get clients to feel that they’re home essentially, right, and they’re not being sold anything and that we’re true advice centers.  

Kim Morton, Anchor: 

It’s a new year. Maybe you’re looking for experiences from the subtle to the sublime. Or books that enlighten and transform.  

J.P. Morgan released NextList2020 — the latest guide to what's next in arts and culture around the world.  

It’s culled from more than 3,000 submissions from J.P. Morgan client advisors.  

This year, NextList2020 has a collection of seven books on topics such as family business and leadership, and five experiences, including the arts of Norway and Qatar, the wines of Napa, California and more.  

If you want to see the full list, visit jpmorgan.com/nextlist2020. 

Did you take a plane during the holidays? Maybe you needed some cash at the airport.  

That wasn’t possible until 1941 when the first bank opened an airport branch. By 1945, it became part of the JPMorgan Chase family tree.  

And it just so happened to be at the then-brand-new LaGuardia Airport in New York. Which at the time was the largest airport in the world.  

Fast forward to 1977, the branch installed the first ATM in a New York airport.  

And here’s a fun fact: The bank had some noteworthy customers, like Prince Edward, duke of Windsor, and baseball royalty, Babe Ruth.  

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!  

Kim Morton, Anchor: 

This week: It’s about gaining the skills needed for future work in the greater Paris area. We’ll dive into JPMorgan Chase’s ongoing commitment to help underserved communities. 

The countdown to 2020 is on. But are your finances ready for the new year?  

Eric Gioia, J.P. Morgan Private Bank: 

We’re pretty sure that if you invest in a diversified portfolio over a long period of time, it’s going to be really good for your financial health. 

Kim Morton, Anchor:  

Plus, college is expensive.  

Tricia Scarlata, 529 Plan Marketing Director: 

Everybody puts it off, they think they have 18 years. All of a sudden their kid is 15, you have three years and then they’re applying to college. 

Kim Morton, Anchor:  

Have you thought about saving for college?  

Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York. 

Today, 1.5 million Greater Paris residents live in neighborhoods with significant levels of poverty and unemployment. Government research shows by 2020, there will be 80,000 unfilled jobs in France.  

JPMorgan Chase is serious about connecting people with economic opportunity and giving them the skills they need for in-demand jobs — including work on the Grand Paris Express and the Paris Olympics. 

We’ve contributed nearly $4.5 million during the first year of our $30 million, commitment to the region. 

Last month we helped Simplon open its new facilities to prep youth for digital careers. Our Head of Corporate Responsibility, Peter Scher, and France’s Minister of State for Digital Affairs were both on hand.  

We’ve also invested in pre-apprenticeship programs in digital technology and training at Les Compagnons du Devoir in carpentry, glassmaking and stone cutting — skills needed to rebuild Notre-Dame.  

The countdown is on for 2020. But as we inch into the new year, are your finances in line?  

Let’s send it to Christina Dello Buono with more on ways to assess your financial health now.  

Christina Dello Buono, Commercial Banking Communications:  

We’re about to say goodbye to 2019 but don’t you also want to say goodbye to bad financial habits and start the new year right? We have Eric Gioia here with J.P. Morgan Private Bank. So Eric, why is it important to take a look at your financial health now? 

Eric Gioia, Senior Banker, J.P. Morgan Private Bank: 

Whether you’re preparing for college or beginning to plan for your retirement, these are things that are wildly important but very rarely are they urgent until it’s too late. And so we’ve created a checklist to really try to get people to do things that they know they should be doing.  

Christina Dello Buono, Commercial Banking Communications:  

So you’ve created a year-end checklist for your finances. What are some of the top things to tackle on that list?  

Eric Gioia, Senior Banker, J.P. Morgan Private Bank:  

People ask me all the time, what’s your best advice for investing? And my best advice is: Get started.  

And so even though we don’t know what will happen in the markets today or tomorrow, we’re pretty sure that if you invest in a diversified portfolio over a long period of time, it’s going to be really good for your financial health.  

We’ve created this checklist and so I urge everyone to go online, to check it out, to stop in a Chase branch or to call your J.P. Morgan representative. As year-end approaches, we’re all so busy with family, with holiday times, with shopping. And as the New Year approaches you begin to think about, “What resolutions are you going to make?”  

Christina Dello Buono, Commercial Banking Communications: 

We do everything on our phones today. With it being the holiday shopping season, why is it important to clean up your digital profile? 

Eric Gioia, Senior Banker, J.P. Morgan Private Bank: 

It’s a great question. We all do so much on our phones. And so we’re asking folks to just go through and see what apps do they use, which apps can they delete, are their passwords better than their pet name? And, are they using all the newest technology including voice verification? It’s an important time to secure your phones and secure your private information.  

Christina Dello Buono, Commercial Banking Communications:  

Thank you for being here. 

Eric Gioia, Senior Banker, J.P. Morgan Private Bank: 

Thank you for having me. Happy holidays. 

Kim Morton, Anchor:  

Have you thought about a 529 plan to help with your college saving goals? According to J.P. Morgan Asset Management research, tuition has increased 776 percent since the early ‘80s.  

So there’s Mission: Tuition. A J.P. Morgan Asset Management program to help financial advisors, investors and JPMorgan Chase employees properly plan for college.  

By the end of this year, JPMorgan Chase employees are saving almost $90 million. Client assets have doubled to $6 billion over the last six years.  

You’re taking a look at a seminar for employees in Brooklyn, New York.  

Tricia Scarlata, 529 Plan Marketing Director:  

People that don’t prepare and don’t save for college, it really impacts parents’ future in terms of their retirement, and it impacts the child’s future. They come out of school with a tremendous amount of debt. 

Michael Conrath, Head of Education Savings: 

With a 529 plan your money compounds on a tax-free basis. So that means your investment gains compound every year and money that you’re not paying on taxes on those gains compounds even further. So that means potentially more money in the future to spend on those tuition payments. 

Kim Morton, Anchor:  

Their key takeaway: Start saving now.  

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week! 

Kim Morton, Anchor: 

This week: A new year means we’ll see new digital banking innovations. Chase’s head of digital sits down to talk his outlook for 2020. 

Bill Wallace, Head of Digital for Consumer & Community Banking, JP Morgan Chase: 

In a consumer’s everyday life now, you can get your food delivered in an hour, you can get your shopping delivered same day. Why wouldn’t consumers expect the same thing from their bank? 

Kim Morton, Anchor: 

A Dallas ice cream shop is also serving its employees and Chase helped make that possible. 

Plus, Thomas Edison changed the world with the invention of the lightbulb. We’ll tell you how JPMorgan Chase is connected to one of history’s biggest moments. 

Welcome to JPMorgan Chase News. I’m Kim Morton reporting from New York.  

Digital technology. It is constantly evolving and we expect to see even more developments as we inch into the new year. 

Chase’s digital team is always working on new innovations that can help customers make the most of their money.  

For more on that, we’ll send it over to Heather Burian.  

Heather Burian, Corporate Communications: 

Especially as 5G networks and 5G-enabled devices continue to expand, what should we expect from digital banking in 2020? We have Bill Wallace, head of digital for Chase here. And Bill, in your outlook, you mention personalization and customization to deliver better products and services for the consumer. So what does that actually look like?  

Bill Wallace, Head of Digital for Consumer & Community Banking, JP Morgan Chase: 

Thanks for having me first of all, Heather. And personalization and customization, fully enabled by 5G. So 5G-enabled phones, 5G-enabled networks, real-time AI as a service are really going to allow us to deliver something very unique for customers. So we want to provide you an insight about your financial life, about the way you’re either spending or saving in our app in a way that’s meaningful to you as an individual. And we’re really excited about Chase Snapshot. And it’s a way for us to deliver snackable, bite-sized insights — something you wouldn’t necessarily be able to find from your statement, as an example — in the mobile app.  

Heather Burian, Corporate Communications:  

Can we talk a little bit about how banks are supposed to protect people’s finances, they’re supposed to protect people’s money? But as a consumer, we need access to that information easily. So what is the industry, and really, what is Chase doing to make that easier for customers to have more control?  

Bill Wallace, Head of Digital for Consumer & Community Banking, JP Morgan Chase: 

Sure. The principles are really simple at Chase as we see it: Customer control and transparency. And we’ve delivered a set of APIs that enable third-party aggregators to be able to access our customer’s information, but importantly, our customer has control. They will be able to turn that particular third-party app and the flow of data to it on or off from inside the Chase mobile app. And we think that level of control is really important to consumers.  

Heather Burian, Corporate Communications:  

Bill, you know this: As a consumer, we want information, we want everything immediately. So what do you expect to see in terms of real-time payments?  

Bill Wallace, Head of Digital for Consumer & Community Banking, JP Morgan Chase: 

Sure. Real-time payments — you think about, in a consumer’s everyday life now, you can get your food delivered in an hour, you can get your shopping delivered same day. Why wouldn’t consumers expect the same thing from their bank? We’ve got to make sure that we keep pace on the real-time payments side. So things like quick-pay with Zelle inside the Chase app allow our consumers to transfer funds to friends and family in real-time. And then, we are one of the leaders in real-time payments. It allows our wholesale clients to be able to deliver a bill directly through the real-time payments network to one of our consumers, and it lands in their mobile app and they can pay it immediately. If you couple that with personalization, eventually we’re going to be able to make that payment directly on the consumer’s behalf with just a set of rules — giving them more time back in their daily life.  

Heather Burian, Corporate Communications:  

Bill, thanks so much for being here.  

Bill Wallace, Head of Digital for Consumer & Community Banking, JP Morgan Chase:  

Thanks for having me.  

Kim Morton, Anchor:  

Tom Landis is an entrepreneur who wondered if his restaurants could also serve his employees. In 2015, he opened Howdy Homemade, a Dallas ice cream shop staffed by young adults with special needs. They work the cash register, interact with customers and learn retail and management skills. Like Coleman Jones, a vice president at Howdy Homemade. He and his team are also gaining important financial skills.  

Coleman Jones, Vice President, Howdy Homemade:  

Howdy Homemade Ice Cream has taught me to have a voice. Our employees don’t like to be labeled and neither do I. Howdy Homemade makes that possible. I believe that little guys can do big things. 

Kim Morton, Anchor: 

Chase helped get Howdy Homemade started by funding a $25,000 initial loan.  

One hundred and forty years ago this month, Thomas Edison successfully tested the lightbulb. Did you know JPMorgan Chase’s predecessor, Drexel Morgan & Co., banked Edison Electric Company? Drexel Morgan’s Wall Street office was the first lit by Edison’s central generating station. And J. Pierpont Morgan became the first person in New York to have lighting installed in his home. Later, Drexel Morgan arranged a merger for Edison’s company which is known today as General Electric. Now that’s the power of a successful partnership. 

That wraps up this week’s JPMorgan Chase News. I’m Kim Morton. We’ll see you next week!