JPMorgan Chase

The two banks' tax reform expectations differ as they move in opposite directions; bank bows to pressure to report pay discrepancies.

The move follows a shareholder proposal filed by Boston-based Arjuna Capital and is the first of its kind by a big U.S. bank.

The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.

Executives of large banks told investors and analysts what they wanted to hear Friday when they said they plan to increase returns to shareholders.

JPMorgan Chase, Wells Fargo are the first to report; payments company will run pilot to see if digital currency speeds transactions and lowers costs.

The bank's effective tax rate will drop this year to 19% from 32%. That means that if JPMorgan generates the same pretax profit this year as it did in 2017, earnings will rise by more than $3.5 billion.

The agreement marks the latest example of the banking giant teaming with a fintech to speed up delivery of services to its customers.

Capital One became the latest bank to feel customers' online wrath last week after reports that some customers were being charged twice for debit card activity. But it was hardly alone.

Jamie Dimon, the JPMorgan Chase chief executive officer who earlier called the cryptocurrency a "fraud," said Tuesday he wishes he hadn't dismissed the technology in such broad terms.

Banks have been in full cost-cutting mode in recent years, but with profits expected to increase substantially as a result of tax reform, all analysts and investors want to know is how they plan to spend their tax savings.