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JPMorgan Moves Piepszak Into Realm of Dimon’s Possible Heirs

Whenever Wall Street muses on who may someday replace Jamie Dimon atop JPMorgan Chase & Co., Marianne Lake’s name arises. For six years, she’s guided analysts and investors through the firm’s business as its chief financial officer. Now, Jennifer Piepszak is taking that stage, becoming CFO and joining a cadre of senior JPMorgan executives viewed […]

Wells Fargo’s CEO Search: Here Are Likely Outside Candidates

For more than two years, Wells Fargo & Co.’s board maintained an insider could reform the bank. Now that Tim Sloan has stepped down, directors are changing their tune -- and must find an outsider who wants the job. Between a pair of visits to Capitol Hill and facing public criticism from the Federal Reserve […]

Avid Acceptance Scores $50M Credit Facility

Avid Acceptance LLC has finalized an asset-backed warehouse facility with Capital One — its second such facility in four months — adding $50 million of liquidity, Chief Financial Officer Curtis Ash told Auto Finance News. The new Capital One credit facility, combined with a JPMorgan Chase facility established in November 2018, furthers the Salt Lake […]

JPMorgan Chase Taps Blockchain Technology to Create Cryptocurrency

JPMorgan Chase & Co. expects its newly created cryptocurrency to speed payment processes between institutions and, potentially, auto dealerships. The currency, called JPM Coin, is a 1:1 fiat currency and will be issued over the bank’s proprietary blockchain technology. “It’s still early, but [blockchain and JPM Coin] could be great for our dealers and common […]

Competition, Credit Quality Shape 4Q18 Originations at Chase, Wells Fargo

While JPMorgan Chase & Co.’s portfolio grew amid shrinking originations in the fourth quarter of 2018, Wells Fargo Auto’s portfolio declined despite a bump in loan volume. JPMorgan Chase Chief Financial Officer Marianne Lake attributed the origination slowdown to an “extremely” competitive auto market. “We’re seeing competition from people who have different economic drivers in […]

Avid Acceptance to Double Securitization Volume on Heels of JPMorgan Chase Funding Facility

Avid Acceptance LLC’s new warehouse facility will put the lender on track to double its securitization volume next year, Chief Financial Officer Curtis Ash told Auto Finance News. The $50 million funding facility from JPMorgan Chase “will allow [Avid] a larger securitization in 2019,” Ash said, likely in the third or fourth quarter. The warehouse […]

At the Big 4, Incentive Spending Drops, Even as Sales Dip

Old truisms apparently do not apply to auto finance. At least for now. When car sales fall, generally captives counter with greater subvention. But after years of incentives marching higher, incentives are dipping. At the Big Four — Ford, General Motors, Fiat Chrysler Automobiles, and Toyota — the aggregate incentive per unit fell 1.9% to $4,150, […]
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