Dick Bove: JPMorgan Likely to Spin-off Asset Management Division

0
Dick Bove: JPMorgan Likely to Spin-off Asset Management Division
<a href="https://pixabay.com/users/3112014/">3112014</a> / Pixabay

Rafferty Capital bank analyst Dick Bove spoke with FOX Business Network (FBN) Senior Correspondent Charlie Gasparino about what’s ahead for JPMorgan Chase & Co (NYSE:JPM). Gasparino reports, “Dick Bove told FOX Business exclusively that JPMorgan, in his opinion, is likely to spin off a significant piece of the bank to appease the regulators.” Gasparino says that, according to Bove, the “likely candidate for a spinoff is the asset management business” and that Dick Bove really believes this is a “concerted effort basically to force change at the bank.”

Dick Bove: JPMorgan Likely to Spin-off Asset Management Division

Excerpts from the report are below.

These Are John Buckingham’s Stock Picks For 2021

John Buckingham Stock PicksThe economy remains in distress, although there are signs of recovery underway. John Buckingham of Kovitz, editor of The Prudent Speculator newsletter, has found that value stocks typically outperform coming out of economic downturns. Thus, he argues that this is an excellent time to be a value investor. Q4 2020 hedge fund letters, conferences and Read More


Dick Bove On why JPMorgan Chase is likely to spin off a significant piece of the bank:

“Dick Bove told FOX Business exclusively that JPMorgan Chase & Co (NYSE:JPM), in his opinion, is likely to spin off a significant piece of the bank to appease the regulators. He thinks the regulators, from the Fed to the SEC all these groups, these banking regulators that are investigating JPMorgan want a chunk of change out of them, not just money, but they want fundamental change at JPMorgan, meaning they want to downsize it because they think it’s too big to manage. I asked him which piece do you think they would spin off? They don’t have a brokerage division…he said the likely candidate for a spinoff is the asset management business, but he really believes this – what’s going on all the stuff, all these investigations day after day piling on JPMorgan- is a concerted effort basically to force change at the bank. And he thinks the change that’s going to come is Jamie Dimon finally throwing in the towel on the business model which he cherishes.”

No posts to display