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☆ How Trump turned the ‘law and order party’ into an enemy of the FBI
▼ + stars: | 2023-07-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

Trump has pleaded not guilty in the classified documents case and in another prosecution in New York related to a hush money payment to an adult film star. “President Trump endured an unprecedented raid at his home in Mar-a-Lago. (A special counsel is still investigating classified documents found in Biden’s possession, while the Justice Department closed a case on the possible mishandling of documents found at Pence’s Indiana home.) Ron DeSantis and other Republicans have promised a comprehensive gutting of the FBI, Justice Department and other government agencies in response to what they claim is a wholesale effort to stop Trump winning the 2024 election. Some independent investigations looking at the Trump era have found wrongdoing or mistakes in the FBI.

Persons: Donald Trump pulsated, Christopher Wray, –, Wray, Biden, that’s, Wray’s, James Comey, Hillary Clinton, ”, George W, Harriet Hageman, Liz Cheney, Cheney, Jerrold Nadler, Justice Department –, Trump, Hunter Biden, Wesley Hunt, Biden didn’t, Biden’s, ” Hunt, Mike Pence, “, ” Wray, Jim Jordan –, Trump –, ” Jordan, Ron DeSantis, Richard Nixon, Comey, Matt Gaetz, DeSantis, Chris Wray, There’ll, ” DeSantis, Trey Gowdy, J, Edgar Hoover –, John Durham, William Barr, ’, Barr, David Weiss –, “ Weiss, COWARD, Bill Barr, ” Trump, didn’t Organizations: CNN, Republican, Trump, Democrats, FBI, Judiciary, Bush’s, Department, Wyoming Rep, Rep, Justice Department, GOP, Biden, Texas Republican, Pence’s Indiana, The Biden, Florida Gov, Justice, White, NBC, Fox News, DOJ, Committee, Foreign Intelligence, Delaware US Locations: Wyoming, York, New York, Moscow, Florida, Mar, Pence’s, Delaware, Ohio, Rehoboth , Delaware, Trump, Russia, Ukraine, United States, Durham

☆ Lawmakers tussle over GOP efforts to thwart ESG investing
▼ + stars: | 2023-07-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

WASHINGTON — House lawmakers clashed Wednesday over federally mandated environmental, social and governance disclosure requirements for companies rolled out amid concerns over growing climate disasters. The GOP majority committee members decried the disclosure rules as part of a broader push to discourage ESG investing nationwide. Democrats defended them as necessary to promote responsible investing to reduce inequities and curb climate change. "These politically motivated regulations not only discouraged private companies from going public but also hinder the competitiveness of American public companies." Democratic Rep. Maxine Waters, meanwhile, criticized Republicans' attempts to undermine what she called the federal government's responsibility to hold public companies accountable for ESG.

Persons: Patrick McHenry, Maxine Waters, David Marcus, Facebook’s Calibra, Biden, Waters, Gary Gensler, Joe Biden, Andy Barr, Benjamin Zycher, Zycher, Juan Vargas, Vargas Organizations: Financial, Consumers, Investors, American, WASHINGTON —, Republican, Financial Services, GOP, Securities and Exchange, SEC, Democratic, ESG, European Union, Labor Department, Republicans, American Enterprise Institute Locations: Washington , U.S, McHenry, R, Ky

☆ The world's most-powerful AI model suddenly got 'lazier' and 'dumber.' A radical redesign of OpenAI's GPT-4 could be behind the decline in performance.
▼ + stars: | 2023-07-12 | by ( Alistair Barr | ) www.businessinsider.com time to read: +7 min

Lately, the giant AI model has become faster, but performance has declined. The world's most-powerful AI model has become, well, less powerful. It's considered the most-powerful AI model available broadly and is multimodal, which means it can understand images as well as text inputs. They think OpenAI is creating several smaller GPT-4 models that act similarly to the large model but are less expensive to run. This week, several AI experts posted what they claimed were details of GPT-4's architecture on Twitter.

Persons: OpenAI's, Peter Yang, I've, Frazier MacLeod, Christi Kennedy, OpenAI, ChatGPT, It's, Sharon Zhou, Theseus, Zhou, Yam, Semianalysis, George Hotz, Soumith Chintala, Oren Etzioni, Greg Brockman, " Brockman, Lilian Weng Organizations: Morning, Twitter, Roblox, Microsoft, Meta, Allen Institute, AI Locations: GPT

☆ Morning Bid: Bond yields recoil on disinflation buzz
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanA volte face in Treasury yields has improved investors' mood considerably this week as excitement about U.S. disinflation builds despite conflicting signals from around the world. After bumpy start to the third quarter, stocks and bonds rallied together on Monday - with both two- and 10-year Treasury yields recoiling sharply back below 5% and 4% thresholds respectively. Spurred by more signs of ebbing U.S. inflation ahead of Wednesday's critical June consumer price report, Wall Street stocks also recovered ground on Monday. A New York Fed survey showed on Monday that household inflation expectations for the year ahead fell to 3.8% last month, the lowest in more than two years. But if the U.S. inflation picture is looking more optimistic, it's much harder to read around the world.

Persons: Mike Dolan, Russell, Michael Barr, John Williams, Joe Biden, Jane Merriman Organizations: Wall, Federal, Japan's, New York Fed, Fed, Bank of England, Treasuries, York Federal, NATO, Treasury, Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, ., China, Britain, Hong Kong, Vilnius

☆ DOJ won't defend Trump in Carroll rape defamation case anymore
▼ + stars: | 2023-07-11 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

That effort, if it had been approved, would have killed Carroll's lawsuit because the government can shield itself from civil liability under the doctrine of sovereign immunity. The DOJ had not played a role in that lawsuit, as the alleged actions occurred outside of Trump tenure in the White House. "We are grateful that the Department of Justice has reconsidered its position," Carroll's lawyer, Roberta Kaplan, said in a statement. "Now that one of the last obstacles has been removed, we look forward to trial in E Jean Carroll's original case in January 2024." The letter also said: "Moreover, the circumstantial evidence of Mr. Trump's subjective intent in making theallegedly defamatory statements does not support a determination in this case that he wassufficiently motivated by a desire to serve the United States Government."

Persons: Jean Carroll, Donald Trump, E, Carroll, Trump, Westfall, Donald J, Brian Boynton, Boynton, Roberta Kaplan, Kaplan, Jean Carroll's, Bergdorf Goodman, Bill Barr, District Judge Lewis Kaplan, Joe Biden Organizations: The, Justice, Trump, DOJ, Washington , D.C, ., White, Department, United States Government, Department of Justice, CNBC, U.S, District, 2nd Circuit U.S, of Appeals Locations: Manhattan, New York City, United States, New York, Trump, Washington ,, Washington, Columbia

☆ Will inflation come down this year? Investors seek clues in corporate results
▼ + stars: | 2023-07-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It’s not just in the United States, either. Coming up: Two major measures of inflation in the United States are out this week — the Consumer Price Index on Wednesday and Producer Price Index on Thursday. On Friday morning, earnings reports for the second quarter kick off with JPMorgan Chase, Wells Fargo, Citi and BlackRock all reporting. Her Many Horses joined Wells Fargo in 2018 as senior vice president in middle market banking to focus on rebuilding the bank’s Native American banking effort. Wells Fargo Native American Banking is the leading provider of capital and financial services to Native American and Alaska Native markets, according to a statement from the company.

Persons: they’re, Jerome Powell, Christine Lagarde, ”, Albert Edwards, Edwards, it’s, Lael Brainard, Price, Michael Barr, Barr, ” Barr, Elisabeth Buchwald, Wells Fargo, Dawson, “ Dawson, Ruth Jacks, Wells Organizations: New, New York CNN, Federal, Kansas City Fed, Monetary Fund, European Central Bank, Societe, National Economic Council, JPMorgan Chase, Citi, BlackRock, Rosebud Sioux, Wells, Wells Fargo Commercial Banking, American Banking Locations: New York, United States, Wells Fargo, Wells, Dawson, Rosebud, South Dakota, American, Alaska

The Fed has raised interest rates by 5 percentage points since March 2022 to bring down the highest U.S. inflation in four decades. "We may end up doing less because we need to do less; we may end up doing just that; we could end up doing more. Fed policymakers are widely expected to deliver a rate hike at their meeting later this month, a move that would bring the policy rate to the 5.25%-5.50% range. That could buttress the case that price pressures are weakening, which in turn could take some pressure off the central bank to hike rates again. Atlanta Fed President Raphael Bostic, speaking at yet another event on Monday, repeated his view that the Fed can be "patient" on rates and allow restrictive policy to bring down inflation without further action by the central bank.

Persons: Mary Daly, Daly, Jerome Powell, Ann Saphir, Michael Barr, Raphael Bostic, Loretta Mester, Mester, Dan Burns, Howard Schneider, Paul Simao Organizations: Federal Reserve, San Francisco Fed, Brookings Institution, San Francisco Federal, REUTERS, New York Fed, Atlanta Fed, Cleveland Fed, Thomson Locations: U.S, San Francisco , California

[1/3] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/File PhotoSummaryCompanies U.S., European shares tick up as traders eye CPI, earningsChina inflation surprisingly weak in JuneDollar, oil prices declineJuly 10 (Reuters) - Wall Street stocks rose slightly on Monday, while oil prices and the dollar dipped, as investors digested Chinese economic data and looked ahead to a key U.S. inflation report and corporate earnings. "Stubbornly high U.S. CPI inflation data this week could bolster the recent bond yield surge as markets expect the Fed to hike rates." Currently futures imply around a 90% probability of a rise to 5.25%-5.5% this month, up 25 basis points. The yield on 10-year U.S. notes fell 4 basis points on Monday to 4.008%.

Persons: Andrew Kelly, Matthias Scheiber, Wells, Michael Barr, Brent, Lawrence Delevingne, Nell Mackenzie, Mark Heinrich, David Evans, Will Dunham, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, Dow Jones, Nasdaq, Allspring Global Investments, Citigroup, JPMorgan, Citi, PepsiCo, BlackRock Investment, U.S, Federal Reserve, Federal, Thomson Locations: New York City , New York, U.S, China, reflating, London, Europe, Wells Fargo, BlackRock, Saudi Arabia, Russia, Boston

All eyes will be on U.S. inflation data, expected on Wednesday, that will feed into the Fed's interest rate decision later in the month. The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed. Most megacap growth and technology stocks slid in mid-day trading, with the FANG index (.NYFANG) falling 1.3%. Big banks such as JPMorgan Chase (JPM.N) and Citigroup (C.N) edged up, ahead of reporting earnings on Friday.

Persons: Carl Icahn, Chris Larkin, Morgan Stanley, Michael Barr, Loretta Mester, Mary Daly, Jefferies, JPMorgan Chase, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Federal Reserve, PPI, Traders, Dow Jones, JPMorgan, Icahn Enterprises, Intel, Qualcomm, U.S, Treasury, NYSE, Thomson Locations: U.S, Bengaluru

☆ Fed plans to boost US banks' reserve requirements; industry gripes
▼ + stars: | 2023-07-10 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The banking industry called the effort misguided and economically harmful. ‘HOLISTIC REVIEW’Barr’s speech served as a comprehensive update on a “holistic” review of bank capital rules that he launched shortly after joining the U.S. central bank in 2022. He said he will seek to apply stricter capital rules to banks with more than $100 billion in assets, expanding the pool of firms that must comply. Dashing industry hopes for any rules relief, Barr also said he did not plan to weaken an existing surcharge on large global banks or leverage rules which the industry argued hampered Treasury market functions. The Fed has itself come under criticism for its oversight of banks involved in this year’s banking crisis.

Persons: Michael Barr, Evelyn Hockstein, ” Barr, Barr, Joe Biden, ”, Tim Adams, Jerome Powell Organizations: WASHINGTON, Federal, Federal Reserve, Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Center, Institute of International Finance, U.S, Silicon Valley Bank, Republican, House, Monday, Bank Locations: Washington , U.S, Washington, Basel, Silicon, U.S

☆ America’s Biggest Banks Are Going to Need More Capital
▼ + stars: | 2023-07-10 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, barr

☆ Morning Bid: Bruised bonds relying on disinflation
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

While that data took the edge off the red-hot private-sector jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month. Although Treasury bond volatility (.MOVE) backed off six-week highs on Friday, its weekly rise was the biggest since the wild swings around the banking stress in March. Stock futures were in the red again ahead of Monday's open despite gains in Chinese and European bourses. British markets - where the UK government bond market selloff last week had been worse than in Treasuries - remained edgy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, disinflation, Janet Yellen, Joe Biden, Jeremy Hunt, Andrew Bailey, Michael Barr, Mary Daly, Loretta Mester, Raphael Bostic, Ed Osmond Organizations: Wednesday's, Treasury, NATO, HSBC, Sunday . Bank of England, Federal, San Francisco Fed, Cleveland Fed, Atlanta Fed, Bank of England, . Treasury, Graphics Reuters, Reuters, Thomson Locations: U.S, China, Vilnius, British, Treasuries, South Korea, Ukraine

☆ Fed's Barr lays out plan to order more capital for large U.S. banks
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael Barr testifies before a House Financial Services Committee hearing on the response to the recent bank failures of Silicon Valley Bank and Signature Bank, on Capitol Hill in Washington, March 29, 2023. The Federal Reserve's top regulatory official laid out a sweeping plan to increase capital requirements for the nation's largest banks, saying recent bank failures underlined the need for regulators to bolster resilience in the system. Barr said he did not plan to overhaul the U.S. bank capital framework, but instead build on it in several ways, including by fully implementing an international bank capital agreement and expanding annual "stress tests" of bank health. Barr also said the Federal Reserve is close to reaching the appropriate level of interest rates to bring inflation back to the central bank's 2% target but added: "We still have a bit of work to do." Barr's remark came in response to a question on how much further the Fed's policy rate may need to rise to contain inflation.

Persons: Michael Barr, Barr Organizations: Financial, Valley Bank, Signature Bank, Capitol, Federal, Silicon Valley Bank, Federal Reserve Locations: Washington, Silicon

The overhaul would require the largest banks to increase their holdings of capital — cash and other readily available assets that can be used to absorb losses in times of trouble. Mr. Barr predicted that his tweaks would be “equivalent to requiring the largest banks hold an additional two percentage points of capital,” if they are implemented. “The beauty of capital is that it doesn’t care about the source of the loss,” Mr. Barr said in his speech previewing the proposed changes. If the Fed Board votes to institute them, their implementations will involve transition time. But the sweeping set of changes that he set out meaningfully tweak both how banks police their own risks and are overseen by government regulators.

Persons: Michael S, Barr, ratcheting, Mr Organizations: Federal, Monday Locations: ”

☆ San Francisco Fed president: Silicon Valley Bank’s failure wasn’t our fault
▼ + stars: | 2023-07-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Silicon Valley Bank failed because regulators were far too slow to take action, San Francisco Federal Reserve Bank President Mary Daly said Monday in her first extended remarks about the collapse. SVB operated in Daly’s district before the regional bank’s stunningly rapid failure in March, but she noted she doesn’t have a supervising role. Daly said the supervisors at the San Francisco Fed simply report issues to the Fed’s Board of Governors, which is ultimately responsible for fixing any regulatory issues. “My job is to support the supervision that the vice chair of supervision has set out, so how do I do that? The possibility of a rate hike in September remains unclear, though Powell said he wouldn’t take consecutive rate hikes off the table.

Persons: Mary Daly, SVB, ” Daly, Michael Barr, Democratic Sen, Elizabeth Warren, Daly, Jerome Powell, Warren, ”, Barr, it’s, It’s, Powell, Loretta Mester, Mester, “, Raphael Bostic, ” Bostic, ” — CNN’s Elisabeth Buchwald Organizations: DC CNN, Valley Bank, San Francisco Federal Reserve Bank, Brookings Institution, Signature Bank, First Republic Bank, Democratic, San Francisco Fed, Fed’s, of Governors, Fed, San Francisco, Cleveland Fed, University of California, Atlanta Fed, trickling, Cobb County Chamber of Commerce Locations: Washington, Daly’s district, Washington ,, San Francisco Fed, San Diego, Cobb County, Atlanta

☆ Banks with at least $100 billion in assets could face higher capital limits
▼ + stars: | 2023-07-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Banks with at least $100 billion in assets would be subject to similar regulation that banks with $700 billion in assets currently face, under Barr’s proposal. These regulations would force banks to hold an additional two percentage points of capital, or an additional $2 of capital for every $100 of risk-weighted assets, Barr said. “Our recent experience shows that even banks [with at least $100 billion in assets] can cause stress that spreads to other institutions and threatens financial stability,” Barr in remarks at the Bipartisan Policy Center. Requiring banks to hold more capital could help mitigate risks that arise when banks are under stress. Barr on Fed’s fight against inflationIn addition to discussing bank regulation, Barr also spoke about the Fed’s plans to get inflation down.

Persons: Michael Barr, Banks, Barr, “, ” Barr, SVB, Kevin Fromer, ”, Dennis Kelleher Organizations: New, New York CNN — Federal, Center, Valley Bank, Financial Services, Wall, Better, CNN Locations: New York

MSCI's broad Asia ex-Japan index shed 1.5% last week, its third consecutive week without rising, and is flat for the year. Much of that is due to the sluggishness of China's markets, and key indicators from the region's largest economy on Monday will get the trading week underway. Annual producer price inflation, already the most negative since 2016, is seen falling to -5.0% from -4.6% in May. Chinese banking stocks, measured by the Hong Kong-listed Hang Seng Mainland Banks Index (.HSMBI), plunged 10.5% last week. Reflecting just how poorly China's post-lockdown economy has performed relative to consensus forecasts, Citi's Chinese economic surprises index has now fallen 11 weeks in a row.

Persons: Jamie McGeever, Janet Yellen's, Yellen, Fed's Barr, Daly, Mester, Diane Craft Organizations: U.S, Mainland Banks Index, Treasury, China CPI, PPI, Thomson, Reuters Locations: China, New Zealand, South Korea, Wall, MSCI's, Asia, Japan, Hong Kong, Mainland, underperformance

☆ June inflation data will be closely watched by investors in the week ahead
▼ + stars: | 2023-07-07 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Investors are turning their attention to inflation data in the week ahead, following this week's hot jobs data, to further clarify the path of future monetary policy. Market participants are hoping next week's release of the June consumer price index on Wednesday, as well as last month's producer price index on Thursday, will show a downward trajectory in inflation after this week's strong ADP data spurred investor fears of further rate hikes ahead. Broadly speaking, investors are pricing in another quarter point rate hike at the July meeting. Of note, stocks tumbled Thursday after hotter-than-expected ADP data suggested the Federal Reserve has further to go in its tightening campaign. FactSet data shows analysts expect S & P 500 earnings fell 7% in the second quarter against the same quarter a year ago.

Persons: James Ragan, Davidson, Hogan, Rhys Williams, Williams, you've, Davidson's Ragan, Citigroup startegists, Wells, UnitedHealth, Michael Barr Organizations: Traders, Federal Reserve, Riley, Dow Jones Industrial, Treasury, Asset Management, JPMorgan, Citigroup, JPMorgan Chase, BlackRock, Dow, PepsiCo, Delta Air, Conagra, Delta Air Lines, Fastenal Locations: Wells Fargo, Cintas, UnitedHealth

☆ Opinion: As a Republican, I know the way forward cannot include Trump
▼ + stars: | 2023-07-05 | by ( Opinion Geoff Duncan | ) edition.cnn.com time to read: +6 min

Editor’s Note: Geoff Duncan, a CNN political contributor and Republican, served as Georgia’s lieutenant governor from 2019 to 2023. Geoff Duncan CNNMultiple candidates, including former President Donald Trump, have outright refused to commit to supporting the ultimate nominee. For a Republican candidate to effectively govern the country, there are far more meaningful questions worth answering. Here’s the truth: In the immediate aftermath of the 2020 election, Trump’s Department of Justice searched high and low for alleged improprieties. It’s long past time for the Republican Party to demonstrate our independence from former President Trump.

Persons: Geoff Duncan, ”, Geoff Duncan CNN, Donald Trump, Bill Barr, Trump’s, Joe Biden, Brad Raffensperger, Abraham Lincoln, Ronald Reagan, Florida Governor Ron DeSantis, Barr, Trump, Al Qaeda, George Bush, Al Gore, Yevgeny Prigozhin, Wagner, Vladimir Putin’s, Ron DeSantis, Putin, Biden Organizations: CNN, Republican, GOP, America’s Conservative Party, Republican Party, Trump’s Department of Justice, Supreme, Georgia, NBC, Florida Governor, Trump, Texas, Russian, ”, Twitter, Facebook, Republicans, US Locations: Georgia, Fulton County, New Hampshire, Iowa, Europe, Ukraine, Russian, Florida

☆ Arizona is running out of water. Big Tech data centers are partly to blame.
▼ + stars: | 2023-06-30 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

The area has several data centers that use lots of water. In 2021, all the company's data centers consumed 4.34 billion gallons of water. But these data centers have a part to play in Arizona's water shortage. Why do big tech companies build data centers in the middle of a desert? Microsoft said in 2021 that its Arizona data centers would use "zero water" for cooling using adiabatic cooling, which uses outside air instead of water.

Persons: Katie Hobbs, hasn't, there's Organizations: Google, Bloomberg, Microsoft, Meta Locations: Arizona, Phoenix, Mesa

There are thousands of firms out there, each with their own specialties and varied track records. We've narrowed it down to the best 75 based on data from Crunchbase and the firms themselves. Given that, Insider created the Seed 75 list as a new member to our Seed 100 and Seed 30 lists of the best individual seed investors. Some companies verified the Crunchbase data, some didn't respond but most others supplied us with updated data. What follows is the top 75 seed firms who scored at the top of our weighted scale.

Persons: We've Organizations: Crunchbase Locations: Crunchbase

☆ 10 Things in Tech: Microsoft employees roast CEO Satya Nadella, men use AI for dating profiles, and top investors for fledgling startups
▼ + stars: | 2023-06-30 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

Moving forward, I'll be a senior reporter on our flagship newsletter, Insider Today. Insider Today takes you inside the biggest stories in business, including tech. We're working on revamping Insider Today, and we want your feedback. Please fill out this quick, five-question survey to let us know what you want to see in the newsletter. Before we say "Bye Bye Bye" here — see you soon at Insider Today!

Persons: I'm, Siu, you've, you'll, Rebecca Zisser, we've, Elon Musk, Steve Jobs, Asia Martin, Arantza Pena Popo, Oran Cummins, Satya Nadella, William Bullock, Robert, Teodora Danilovic, Michael Parks, Diamond Naga Siu, Lisa Ryan, Alistair Barr, Hallam Bullock Organizations: Getty, Apple, Microsoft, OceanGate Expeditions Locations: Tech, Silicon, Midtown Manhattan, York City, San Diego, New York City, Silicon Valley, London

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ In return to office messaging, there's now more stick, less carrot
▼ + stars: | 2023-06-29 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

This marks a shift from the incentive culture that many companies have been using to lure workers back to the office post-pandemic. But workforce demographics vary widely when it comes to the benefits, and the desire, to return to the office. Employees who work from the office at least three times a week report feeling more connected to their colleagues, a company spokesman said. This could mean, for instance, spelling out to the sales team that Mondays and Wednesdays are in-office days because that's when the bulk of customer interactions happen, and making clear to engineering that Thursdays are in-office days because that's when code reviews happen. This comes as the company will start mandating employees be in the office four days a week, up from three days, after Labor Day.

Persons: Bradford, Bell, William J, Conaty, there's, slowdowns, Morgan Chase, Davis Polk, Sallie Krawcheck, Lynne C, Vincent, Jenny von Podewils, Podewils, Rubab Jafry O'Connor, Neil Barr Organizations: Resources, Center, Cornell University's ILR, Google, Skadden, Wardwell, LaSalle Network, Citi, Bank of America, CNBC, Companies, Whitman School of Management, Syracuse University, Employees, Carnegie Mellon University's Tepper School of Business, Labor Locations: Slate

☆ 10 Things in Tech: Shopify's midlife crisis, how to land deals with brands, and Microsoft's former human resources vice president shares advice
▼ + stars: | 2023-06-29 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Also, please let me know what you want to see in Insider Today. Startup studios like Fractal think of startup ideas, then hire founders to execute the vision. But multiple Fractal founders say their businesses are on life support. Many of them think it's because of how startup studios structure terms and conditions for investing — they take a massive chunk of ownership. Investors also prefer when startup founders create the ideas themselves.

Persons: I'm, Siu, Chelsea Jia Feng, Melia Russell, Stephanie Palazzolo, Tyler Le, Shopify's, Chris Williams, Lindsay Noah, Vermillion, Jim Vermillion, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Startup, Investors, Nike, Abercrombie, Amazon, OpenAI, Syracuse Land Bank, Leasing, Galactic, Space Station, Computing, Intel, Microsoft, MIT Locations: Tech, Syracuse , New York, Syracuse, New York, San Francisco, San Diego, Silicon Valley, London

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