Fast Europe Open: Italy, eurozone industrial production


Jamie Dimon has said he is handing over more of the day-to-day running of JPMorgan Chase to his two most senior executives, in the clearest sign yet that he intends to step down when his contract ends in five years. 

JPMorgan named two co-presidents in January — Daniel Pinto, who runs the bank’s corporate and investment bank, and Gordon Smith, who heads its consumer banking arm — when Mr Dimon agreed to remain at the helm. 

Asked if he was leaving more of the bank’s management to Mr Pinto and Mr Smith, Mr Dimon, now 62 and Wall Street’s longest-serving bank chief executive, told the Financial Times: “There’s a little truth to that.”

Mr Dimon, who is set to become the sole surviving pre-financial crisis chief executive on Wall Street when Goldman Sachs’ Lloyd Blankfein steps down this month, reflected on the decade since the crisis in an interview with the FT.

In markets, Hong Kong’s Hang Seng fell further into bear market territory on Wednesday as US-China trade tensions remained in play, while the CSI 300 in mainland China touched its lowest level since mid-2016. The Topix in Japan was down 0.5 per cent as the S&P/ASX 200 dipped 0.1 per cent.

Futures tip the FTSE 100 to open flat and the S&P 500 is set to open 0.1 per cent lower later on Wall Street.

The corporate calendar for Wednesday includes Dunelm, Galliford Try and Hermes. The economic calendar for Wednesday is also a trio (all times London):

  • 09.00: Italy industrial production
  • 10.00: eurozone industrial production
  • 12.00: South Africa retail sales



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