Highlight of the Week
Jamie Dimon and JPMorgan Fear Inflation Will Last
-JPMorgan has been stockpiling cash rather than buying Treasuries or other investments because of the possibility higher inflation will force the Federal Reserve to boost interest rates.
-The bank now expects $52.5 billion in net interest income in 2021 compared with $55 billion projected in February.
Rate Curves
Rapid Report:
COVID-19 Updates (As of Wednesday Morning)
-COVID-19 has registered 177 million cases and about 3.8 million deaths worldwide.
-The U.S. has registered 34.4 million cases and has about 616 thousand deaths.
-Georgia has registered about 1.1 million cases and about 21 thousand deaths.
BMO Harris Bank Chooses FIS to Modernize Core and Digital Banking Platforms
-BMO continues to drive towards technology modernization to make banking more convenient for customers and support its growth in the U.S. market. The expanded agreement with FIS will enable BMO customers to enjoy mobile-first deposit and checking accounts as well as leading digital solutions across customer channels.
-The technology agreement includes FIS Payments One, Digital One, Code Connect, a call center, card production, and back-office managed services.
Bank of America Details Back-to-Office Plan
-Bank of America has offered that vaccinated employees will have a 30-day transitory period to arrive back in the office by Labor Day.
-CEO Moynihan anecdotally believes in a desire for young employees to go back to work, but surveys suggest 90% of young people prefer a hybrid or W.F.H. option.
