Daniel Pinto, co-chairman of JPMorgan Chase and Co (NYSE: JPM), was able to see how the planned Super League for European football collapsed in a few days. The investment bank financially supported the football project, and it met with great criticism from fans and customers.
Pinto said in an interview on April 20:
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“We expected it to be emotional. I don’t think there’s a reputation damage here. We arranged a loan for a client. This is not our place to determine the optimal way to work football in Europe and the UK.”
JPMorgan could have earned millions if he had been left out of the Super League
JPMorgan could have earned millions of interest payments and fees if the Super League had been realized. As the founding laws continue to be dragged out, Pinto must now develop a strategy to deal with the negative impact on the bank. The co-chairman said:
“It is clear that we have misjudged the sense of business building, and as a company we will learn from this experience. In the end, football fans were heard loud and clear, and that is the most important thing.”
Shares of JPMorgan started trading at 105.93 pounds on Friday, ending the regular session slightly higher at 108.15 pounds.
Investment Bank is currently launching a retailer (digital only) in the UK – a step towards launching their consumer business outside the US. Jim O’Neill, a former Goldman Sachs economist, also commented on the news:
How far in the world did they go with this project? It is ridiculous and refers to everything that goes wrong in modern sports and especially football. “
JPMorgan apologizes for funding the Super League
JP Morgan is bad He apologized yesterday for funding the split league. In his interview with Bloomberg, Pinto expressed confidence that the company’s financial results will be strong this year. he said:
“This year we see the best wallets for investment banks, and we will be trading normalized volumes with some growth in line with 2019. With a much better growing economy, you will have vibrant markets and good customer engagement.”
JPMorgan reported better-than-expected results for the first quarter ended April 14. At the time of writing, the bank is valued at 32 328 billion and has a price / profit ratio of 11.92.
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