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The Week Ahead: Updates from Wells Fargo and JPMorgan Chase

On Friday at 8:30 AM ET, JPMorgan Chase will hold a conference call to discuss their Q1 2019 earnings.

In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon stated that the U.S. is in desperate need of mortgage reform. Dimon stated that reform would add to America’s economic growth.

“Reducing onerous and unnecessary origination and servicing requirements (there are 3,000 federal and state requirements today) and opening up the securitization markets for safe loans would dramatically improve the cost and availability of mortgages to consumers – particularly the young, the self-employed and those with prior defaults,” said Dimon.

“And these would not be subprime mortgages but mortgages that we should be making,” Dimon continued. “By taking this step, our economists believe that homeownership and economic growth would increase by up to 0.2 percent a year.”

Wells Fargo is also set to release their quarterly earnings on Friday. Wells Fargo CEO Tim Sloan recently anounced that he will retire, less than three years into his tenure running the bank. Sloan will step down at the end of June.

C. Allen Parker, Wells Fargo's General Counsel, will serve as interim CEO and President while the bank searches for a long-term replacement.

“In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future," Sloan said in a statement. "We have made progress in many areas and, while there remains more work to be done, I am confident in our leadership team and optimistic about the future of Wells Fargo." He added that his resignation came in part because "our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the Company that I step aside and devote my efforts to supporting an effective transition."

Here what else is happening in the Week Ahead.

Here's what else is happening in the Week Ahead

  • Corelogic Loan Performance Insights Report, Tuesday
  • The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System-Tuesday, 2 pm EST
  • BLS Consumer Price Index, Wednesday 8:30 EST
  • "Risky Business: Using Data and Analytics to Protect Properties" Webinar, Thursday, 1–2 p.m. EDT
  • UMich Consumer Sentiment, Friday 10 am EST

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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