JPMorgan May Sell $2 Billion of Qualtrics Debt at About 85 Cents on the Dollar

Banks including JPMorgan Chase & Co. could sell some of the $5 billion in Qualtrics International Inc. debt they were left with at a steep discount, Bloomberg reports.

JPMorgan Chase shares fell over 4% to under $340 after reports of a Senate investigation into its ties with Jeffrey Epstein. The bank denies wrongdoing but previously settled related claims for $365 million. Meanwhile, JPMorgan's CEO Jamie Dimon has criticized Bitcoin, despite the bank's recent crypto-related activities.

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.