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MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM

JPMORGAN CHASE & CO.

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JPMorgan Chase : pledges $100B in new business to aid foreign markets

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01/21/2020 | 09:08am EST

JPMorgan Chase said Tuesday it will create a new business to spend at least $100 billion on infrastructure and projects to increase private investment in "emerging-market" areas like climate change, health and food insecurity.

The largest U.S. bank said its new Development Finance Institution will spend $100 billion every year on such projects, and that it aims to eventually mold development finance into a traded assets class.

The aim of the new business is to promote private investment in developing areas of the world.

"By defining eligible transactions and anticipating their impact, we can help attract much-needed private investment to developing countries," said JPMorgan co-President Daniel Pinto. "Our aim is to increase engagement with clients and investors interested in financing critical projects and transactions in emerging markets."

Faheen Allibhoy, who has been with the International Finance Corporation for 18 years, will lead the new business. Allibhoy was a manager of operations and client relationships in West Africa.

"JPMorgan's global scale, expertise, and suite of financing capabilities provide an excellent platform to make a real difference in emerging markets," Allibhoy said.

Allibhoy told CNBC emerging markets are "where the action is," as foreign nations with solid economies like Egypt, Mexico and Turkey are looking for capital to take on large infrastructure projects.

The United Nations has said about $7 trillion per year is needed to reach sustainable development goals by 2030 for improvement in areas like poverty, clean water and gender equality. JPMorgan's new business aims to fill some of an expected $2.5 trillion shortfall in that arena.

Copyright 2020 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source US Top News

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Financials (USD)
Sales 2020 117 B
EBIT 2020 50 800 M
Net income 2020 33 026 M
Debt 2020 -
Yield 2020 2,84%
P/E ratio 2020 12,2x
P/E ratio 2021 11,5x
Capi. / Sales2020 3,53x
Capi. / Sales2021 3,46x
Capitalization 414 B
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Mean consensus HOLD
Number of Analysts 28
Average target price 140,31  $
Last Close Price 132,16  $
Spread / Highest target 28,6%
Spread / Average Target 6,17%
Spread / Lowest Target -35,7%
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Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
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