JPMorgan tells vaccinated employees no mask required at work [Reuters via Yahoo! Finance]
Employees are asked to enter their vaccination status into an online database organized by the bank. Employees who have not been vaccinated must continue to wear a face covering in all public and common spaces, private offices and meeting rooms, according to the memo.
The change in policy comes one day after the bank began requiring employees to return to work in offices…. Employees working at its Chase bank branches or in receivables operations will still have to wear masks, the company said, "due to the high levels of client interaction (and) other factors…." Employees may also need to wear masks in some common areas, like lobbies in buildings where JPMorgan is leasing its offices.

European Union reopens its borders to those with accepted vaccines [WaPo]
E.U. leaders will need to give formal approval next week to the plan that was agreed by their ambassadors on Wednesday, but their sign-off is not in doubt. The precise timing of when the borders will actually open is not yet clear…. All the vaccines currently available in the United States would be greenlighted, but vaccines currently manufactured in Russia and China would not be.

OCC hits brakes on rollout of Trump-era CRA rule [American Banker]
In the bulletin, the OCC wrote that the decision to suspend compliance deadlines for the regulation “will provide for an orderly reconsideration of the June 2020 rule” as well as “provide the OCC with the opportunity to consider additional stakeholder input, to evaluate issues and questions that have been raised, to reassess the necessary data, and to take additional regulatory action, as appropriate.”

Melvin Capital Closed Out All of Its Public Short Positions in the First Quarter [II]
Melvin’s latest filing shows that in addition to selling all of its GameStop puts during the first quarter, it also sold puts on 17 other stocks. Closing out those puts during the quarter may have been unfortunate timing, as two of those put options were on stocks that collapsed during the late March liquidation of positions held by Bill Hwang’s Archegos Capital Management.

Four Hedge Fund Titans Each Give $500,000 to PAC for Adams [Bloomberg]
Billionaires Ken Griffin, Dan Loeb, Stanley Druckenmiller and Paul Tudor Jones donated to Strong Leadership NYC Inc., which spent about $1.2 million on a television ad for Adams, who is running on a tough-on-crime platform.

‘Big Short’ investor Michael Burry makes bearish bet on Tesla [MarketWatch]
According to a Securities and Exchange Commission filing on Monday, Michael Burry’s Scion Asset Management was the owner of puts against 800,100 Tesla shares as of March 31, with a value of $534 million…. In December 2020, he announced a short against Elon Musk’s company at “ridiculous” levels. In January, he appeared to double down on that bet. “Well, my last Big Short got bigger and bigger and BIGGER too,” Burry said in a Jan. 10, now-deleted tweet. “Enjoy it while it lasts.” He appears to have deleted his Twitter account in April.

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Opening Bell: 6.18.21

Interest rates are coming; Classic Trumpkin; ill omens from Michael Burry; mediocre men; and more!

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Opening Bell: 7.15.20

Stocks win; Apple wins; Tesla loses; Robinhood users really lose; and more!

yellen-wine

Opening Bell: 1.30.18

Warren, Jamie and Jeff to save American healthcare; Apple in trouble; Yellen walks away a winner; Jamie Dimon has a stalker who isn't us; and more!

JamieDimonSnap

Opening Bell: 1.23.18

Shutdown over;Jamie Dimon spends his tax windfall; Elon Musk has a new contract for $0; over-excited man shows his dick to a crocodile; and more!

Opening Bell: 06.13.12

Dimon To Fault Controls On Risk (WSJ) Mr. Dimon, scheduled to appear before the Senate Banking Committee on Wednesday morning, intends to apologize for the miscues—a stark departure from his normal shoot-from-the-hip demeanor. But Mr. Dimon will push back on any implication that the incident is lastingly detrimental to the largest U.S. bank by assets. In fact, the New York company expects its second quarter to be "solidly profitable" despite the losses, Mr. Dimon said in an early copy of his prepared remarks. "We will not make light of these losses, but they should be put into perspective," Mr. Dimon is expected to say. "We will lose some of our shareholders' money—and for that, we feel terrible—but no client, customer or taxpayer money was impacted by this incident." Jamie Dimon's Testimony (PDF) "All of these activities come with risk. And just as we have remained focused on serving our clients, we have also remained focused on managing the risks of our business, particularly given today’s considerable global economic and financial volatility. Last, I would like to say that in the face of these recent losses, we have come together as a Firm, acknowledged our mistakes, and committed ourselves to fixing them. We will learn from this incident and my conviction is that we will emerge from this moment a stronger, smarter, better company." Dimon: JPMorgan Traders Took Risks They Didn't Understand (Bloomberg) In testimony prepared for a hearing today, Dimon expressed regret over losses in the bank’s chief investment office, saying that its trading strategy was “poorly conceived and vetted” by senior managers who were “in transition” and not paying adequate attention. Greeks Withdraw $1 Billion A Day Ahead Of Vote (Reuters) Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro. Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election. At Starbucks, Uncertainty Over Mayor's Drink Plan (NYT) As the Bloomberg administration moved ahead on Tuesday with its plan to restrict sales of big sugary drinks in New York, securing a preliminary nod from the city’s Board of Health, it said it is still trying to determine the impact on one popular beverage brand: Starbucks. Mayor Michael R. Bloomberg’s plan, which would limit the size of sweet drinks sold at many establishments to 16 ounces or less, exempts any beverage that contains more than 50 percent milk by volume. Officials in City Hall and in Seattle said they were unsure how those rules might affect the Starbucks family of syrupy, milkshake-style coffee drinks, catnip to thousands of caffeine-addicted New Yorkers who frequent the company’s 190 outlets in Manhattan...The rules would ban large sodas sold at fast-food restaurants, movie theaters and street carts. But the Big Gulp, the supersized soda cup at 7-Eleven, would still be allowed under the proposal, because the proposal would exempt the sale of drinks in groceries or convenience stores. Full-Scale Bailouts for Italy, Spain in 6 Months: Egan-Jones (CNBC) Spain and Italy need a full-scale bailout from the European Union because of their high levels of government debt and the credit quality of their banks, and will likely seek help within the next 6 months, according to Sean Egan, Founding Partner and President of Egan-Jones, an independent ratings agency. Poor credit quality of banks usually goes hand-in-hand with poor government finances as the two institutions are “joined at the hip”, Egan told CNBC Asia’s “Squawk Box” on Wednesday. That’s the case for most countries such as the U.S., the U.K., Switzerland and Ireland; Spain and Italy are no exceptions, he said. “It makes little sense to separate the banks’ credit quality from the governments’ credit quality because quite often, they support each other and that’s certainly the case in Italy and Spain,” he said. “We think that Spain will be back at the table, asking for more than the 100 billion euros ($125 billion) that they just asked for, and we think that Italy will also come to the table within the next 6 months.” Chinese Banks To See Squeeze On Profit (WSJ) In a bid to bring down lending rates and rev up economic growth, China's central bank said last week it would allow banks to double the maximum discount on loans and offer deposit rates that can reach 1.1 times the benchmark level. That could squeeze the minimum spread between loans and deposits from 2.4% to as little as 1.5%. "It's the biggest step towards a market-oriented interest-rate regime since 2004," said Yin Jianfeng, a researcher at government think tank the Chinese Academy of Social Sciences, referring to a past easing of controls on lending rates. "Given the global financial tumult and domestic economic slowdown, I'd say it's a really bold move." ING Fined A Record Amount (WSJ) ING Bank has agreed to pay a record penalty of $619 million for illegally moving billions of dollars through the U.S. banking system on behalf of Cuban and Iranian clients and threatening to fire employees if they failed to conceal the origin of the money. The U.S. prohibits certain countries and entities from accessing the U.S. banking system through sanctions enforced by the Treasury Department's Office of Foreign Assets Control. Banks in Manhattan, which process most of the world's U.S. dollar payments, use "filters" to prevent terrorists, money launderers and other criminals from gaining access. Let's Pizza vending machine ready for U.S. debut (PM) Let's Pizza, a vending machine that creates pizzas from scratch in 2.5 minutes, is about to plant a flag in U.S. soil. The machine was created by Italian Claudio Torghel and is distributed by A1 Concepts, based out of The Netherlands...The machine contains a specially developed bag of flour and a bag of mineral water. Every time you order a pizza, the machine will start making the dough, then shape it into a crust, and top it with organic tomato sauce. Next, one of the toppings is placed on top and the pizza is ready for the oven. Each machine offers four different kinds of pizzas.

Goldman_Sachs-bitcoin

Opening Bell: 10.3.17

Goldman Sachs is going crypto (maybe); Tesla shorts are finally seeing blue skies; the Mooch has no idea what he's doing, still; George Foreman wants to fight Steven Seagal; and more.

trump-softbank-saudis

Opening Bell: 1.23.17

Trump faces the dollar down; Jamie Dimon likes the universal basic income; the super-rich are preparing for annihilation; and more.

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Opening Bell: 7.20.17

Goldman is losing ground to Morgan Stanley; John Cryan sees a hard Brexit coming; doctors found 27 contact lenses in some lady's eye; and more.