JPMorganChase telling the truth to its customers

[Sunset]

Quote:

Originally Posted by Stonewalker IMO, Chase interest rates are abysmal, so money for interest goes to other institutions. However, we use our Chase Credit Card to pay for almost everything, and Chase to pay all our bills. They keep a close watch on the CC, thankfully. .....

+1
I would keep all my money in Chase, except they don't pay competitive interest rates, otherwise I really like the local bank and their website.

Yes they did screw me over a large personal check deposit once, by not explicitly telling me the rules. But it was years ago and I've gotten over it.

[audreyh1]

Quote:

Originally Posted by Nick12 Perhaps the clients with low balances may be living on the edge, living above their means and blame others for their personal choices that became their problems but won't own up to it and try to fix themselves. I know some neighbors that have low account balances ( they told me) but are living it up. At least they support the local economy.

I took advantage of the generous Chase bonuses to open a checking and savings account there. But now I keep minimums there to avoid charges and only keep the accounts for convenience in paying credit card bills and for a couple of other potential services. I’m sure I’m not the only one keeping the bulk of their money elsewhere.

[SumDay]

Quote:

Originally Posted by Aerides idk, I didn't think it was that funny...making fun of your customers is not very smart. Its assumes that most folks with a low net worth are in that position because they are frivolously overspending. From a bank that charges quite high fees on the typical account, and got a huge bail out and pays its C-suite very well, it was tone deaf.

+1

[MichaelB]

Quote:

Originally Posted by marko I must be an outlier here. I thought that a forum that espouses thrift, discipline, good money management and LBYM would embrace Chase's suggestions. Most comments seem to be slamming them.

Folks here indeed do espouse thrift and disciplined money management. At the same time, we know as fact mega-corps are bad and big banks are the worst of the bunch, which is why we collectively left their employment. So, how can something so bad do something so obviously righteous? This is either an antinomic E-R Forum moment, or it’s a true paradox? Which will it be?

[Bestwifeever]

Maybe the tweet is an example of that millennial ironic self-irony we hear so much about

[ProspectiveBum]

I think this is much ado about nothing. It’s not like the CEO composed and posted this tweet. It was almost certainly done by a lowly social media manager whose job is to try to post funny or engaging content, and monitor the feed for customer problems or complaints. Given the uproar, they might get fired for what was a silly Reddit-style meme post.

I do think it was ill-advised (a general rule of marketing should be “don’t make fun of your customers”), but seems to have been blown waaaaaaay out of proportion.

[MichaelB]

Quote:

Originally Posted by Bestwifeever Maybe the tweet is an example of that millennial ironic self-irony we hear so much about

Millennial ironic self-irony. What a great expression.

[Texas Proud]

Quote:

Originally Posted by Aerides idk, I didn't think it was that funny...making fun of your customers is not very smart. Its assumes that most folks with a low net worth are in that position because they are frivolously overspending. From a bank that charges quite high fees on the typical account, and got a huge bail out and pays its C-suite very well, it was tone deaf.

BUT, Chase did not need to take the bail out... they were kinda forced to do so by Treasury or it would show that the other banks were really in bad shape... they get a bad rap on this all the time...


Also, Chase bought two failing institutions that did not do things legal... had an agreement with the gvmt that gvmt would pay any losses related to that activity... BUT again they got a bad rap and were sued by another part of the gvmt and paid out billions of dollars for things they did not even do...


I hate it when people put the bailout tag on Chase because it is really false... now, paying their C-suite very well is very true... however, not even close to what others are paid... I looked at a number of lists and Dimon is not in the top 25 on any of them... heck, one listed 100 and he was not on it...


https://brobible.com/success/article...-compensation/

[Bestwifeever]

Quote:

Originally Posted by Texas Proud ... I hate it when people put the bailout tag on Chase because it is really false... now, paying their C-suite very well is very true... however, not even close to what others are paid... I looked at a number of lists and Dimon is not in the top 25 on any of them... heck, one listed 100 and he was not on it... https://brobible.com/success/article...-compensation/

He's the highest paid finance CEO: J.P. Morgan CEO Jamie Dimon Is the Highest-Paid Finance CEO — Again | Fortune (This article is from last May--he just got a 5% raise in January 2019):

Quote:

The chief of the largest U.S. bank made $28.3 million in 2017, up 4% from a year earlier, according to the Wall Street Journal. That’s a pretty remarkable compensation given the fact that the median pay for the 43 banking and financial CEOs in the Journal’s analysis was $12.1 million.

Interestingly, he made more money in 2007 but something happened to banking compensation in 2008....

(I'm sure he's earned it, and there certainly was a lot going on with other banks and financially institutions that stuck to JPMorgan; it wouldn't have looked too good for bank CEOs to continue to have been highly compensated, so Dimon's salary wouldn't have competed with other non-finance megacorp CEOs' for a long time)

[FireBug]

Quote:

Originally Posted by marko I must be an outlier here. I thought that a forum that espouses thrift, discipline, good money management and LBYM would embrace Chase's suggestions. Most comments seem to be slamming them.

Agree, but while advice can be good, maybe it's like telling your kids not to drink and drive while cruising down the road with a beer in hand.

[Texas Proud]

Quote:

Originally Posted by Bestwifeever He's the highest paid finance CEO: J.P. Morgan CEO Jamie Dimon Is the Highest-Paid Finance CEO — Again | Fortune (This article is from last May--he just got a 5% raise in January 2019): Interestingly, he made more money in 2007 but something happened to banking compensation in 2008.... (I'm sure he's earned it, and there certainly was a lot going on with other banks and financially institutions that stuck to JPMorgan; it wouldn't have looked too good for bank CEOs to continue to have been highly compensated, so Dimon's salary wouldn't have competed with other non-finance megacorp CEOs' for a long time)

Don't get me wrong, I think he is paid very very well.. but then again he is in charge of a company with 2.1 TRILLION in assets... the next two are at 1.7 tril and then it drops pretty fast... seems that if you are in charge of the largest financial institution in the country you would be the best paid executive... no?



What I was trying to point out is that when compared to all CEOs he is not that high... some make over 100 mill a year... Igor makes over $60 mill.. he was not in the top of the lists that I saw.... heck, not even on the lists...

[Bestwifeever]

Quote:

Originally Posted by Texas Proud Don't get me wrong, I think he is paid very very well.. but then again he is in charge of a company with 2.1 TRILLION in assets... the next two are at 1.7 tril and then it drops pretty fast... seems that if you are in charge of the largest financial institution in the country you would be the best paid executive... no? What I was trying to point out is that when compared to all CEOs he is not that high... some make over 100 mill a year... Igor makes over $60 mill.. he was not in the top of the lists that I saw.... heck, not even on the lists...

I just think the “optics” as they say to the public and shareholders would have been really bad for a bank CEO to have continued the 5 percent raises Dimon surely would have been getting post-2007 (which is what his compensation is today) as the economy and mortgage biz fell, so his place vs all CEOs should have an asterisk or something. But I’m sure he’s brownbagging his lunch etc too like the Chase tweet suggested to make ends meet . Hmmm wonder what his checking balance is!

[Texas Proud]

Quote:

Originally Posted by Bestwifeever I just think the “optics” as they say to the public and shareholders would have been really bad for a bank CEO to have continued the 5 percent raises Dimon surely would have been getting post-2007 (which is what his compensation is today) as the economy and mortgage biz fell, so his place vs all CEOs should have an asterisk or something. But I’m sure he’s brownbagging his lunch etc too like the Chase tweet suggested to make ends meet . Hmmm wonder what his checking balance is!

It is funny that the tweet got so much negative reaction since that is something that I would have told my kids... and I would bet money he knew nothing about it... I also see where it is tone deaf to the vast majority and an easy thing to vilify...



Also, he is on the road almost all the time so I bet the company is picking up the tab... but even when he is in NYC there is an executive lunch room.. I do think he has to pay his meal though, but could be wrong.. I could see where almost all his lunches are working lunches...


I bet his checking balance is as high as your or my total assets... do you remember when someone found an ATM receipt showing someone had like 900 mill balance? Not him for sure, but I think money mgmt is not their to priority...

[audreyh1]

I just think chiding your customers for having low bank balances is silly. Chase doesn’t know why they have low bank balances. It might simply mean they prefer to keep additional money elsewhere. That tactic is not going to encourage customers to transfer more funds to Chase.

[rayinpenn]

A few years ago i commented about the “latte factor” you know how spending $4 for a sugar laden, mocha java and how it adds up. It showed that the $4 a day over time adds up to some real money. Well the Starbucks crowd came out in force and blasted me. What I learned: people sometimes react poorly to the truth. Particularly when it comes to cutting off an addictive behavior.. No one wants to hear “say you really shouldn’t be eating out so much.”

[Nick12]

Quote:

Originally Posted by rayinpenn A few years ago i commented about the “latte factor” you know how spending $4 for a sugar laden, mocha java and how it adds up. It showed that the $4 a day over time adds up to some real money. Well the Starbucks crowd came out in force and blasted me. What I learned: people sometimes react poorly to the truth. Particularly when it comes to cutting off an addictive behavior.. No one wants to hear “say you really shouldn’t be eating out so much.”

+1