News : US financial services company JPMorgan Chase has negotiated a US$100mn settlement with the US Commodity Futures Trading Commission (CFTC) , according to the New York Post. Senior figures within the commission have reportedly stated that the authority could have likely held out for an even steeper fine, which sprung from allegations that the bank had v iolated regulatory practices in the London Whale trading fiasco. While agreeing to pay the fine, JPMorgan has refused to acknowledge any wrongdoing.
BMI View: We believe that the end to US household deleveraging over the next few quarters will mean continued sustainable growth in the US banking sector, and are forecasting both asset and client loan growth to accelerate in 2013 and 2014. The US nonfinancial corporate sector has long since concluded its deleveraging process, and we believe that an improving housing sector and greater consumer borrowing demand will lead to faster loan growth.