Move follows Fed Vice Chair Quarles’ speech addressing stigma
by Christopher Condon and Shahien Nasiripour
A senior JPMorgan Chase & Co. executive said the largest U.S. bank planned to borrow funds through the Federal Reserve’s emergency lending facility in an exercise designed to break the stigma attached to a program that can scare investors and spark political attacks.
Jennifer Piepszak, JPM’s chief financial officer, said Tuesday the bank would borrow from the so-called discount window from time to time this year and had discussed the plan with regulators.
“We think this is an important step for us to take to break the stigma here,” Piepszak said during the firm’s investor day in New York.