JPMorgan Stock Slides on Epstein Probe Fears: Bitcoin Has No CEO to Drag Into the Scandal

JPMorgan Chase shares fell 3.3% to $340.47 on 5 November amid reports that Senate Democrats plan to investigate the bank's ties to Jeffrey Epstein. The inquiry would focus on how senior executives, including Mary Erdoes, handled Epstein's accounts. JPMorgan has previously settled lawsuits related to Epstein, paying $290 million to survivors and $75 million to the US Virgin Islands. The bank argues it did not aid Epstein's crimes and that authorities failed to share relevant information.

JPMorgan Chase, Charles Schwab, Citigroup, and Wells Fargo moved to block or reallocate risk of third-party AI agents accessing customer accounts. JPMorgan, Schwab, and Citigroup implemented hard blocks, while Wells Fargo shifted risk to customers. Concerns include deposit flight, security risks, and regulatory uncertainty. The actions follow similar moves by Amazon, Delta, and Yelp. The CFPB's Open Banking Rule reconsideration may impact future AI agent regulations.

U.S. banks restricted AI agents from customer accounts, stablecoin rewards face case-by-case review, and a community bank group sued to stop crypto firms from obtaining national charters. JPMorgan, Wells Fargo, Citigroup, and Bank of America limited AI agent access due to liability concerns. The OCC finalized a rule banning direct stablecoin yield payments but left third-party rewards open. Coinbase expects flat 2026 expenses excluding USDC rewards growth.

JPMorgan Chase is set to launch its first merchant bank in Nigeria after receiving approval-in-principle from the Central Bank of Nigeria. The bank deposited N50 billion ($38 million) to meet capital requirements and named five Nigerians to lead the subsidiary, including Dapo Olagunju as Managing Director. Final approval is pending regulatory and operational requirements. The bank aims to begin operations by the end of 2026, subject to approval.

JPMorgan (JPM), Coca-Cola (KO), Dell (DELL), AMD (AMD), Adobe (ADBE), Applied Materials (AMAT), and Sandisk (SNDK) objected to OKX and ICE's plan to offer tokenized shares. 33 of 62 notified companies have objected. OKXICE aims to trade tokenized US stocks on Uniswap v4 liquidity pools, settling in stablecoins like USDC, under SEC's Innovation Exemption.

JP Morgan criticized the UK's temporary doubling of the bank surcharge to 6% for 15 months, estimating an additional £100m-£150m tax burden. The bank argues the tax singles out the industry, which operates in a competitive global market. Barclays, Lloyds, and NatWest shares rose 3-4% on the smaller-than-feared increase. The OBR estimates the tax will generate £1.5bn but may drive £190m in profits abroad.