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☆ JP Morgan's Mary Callahan Erdoes says 'curiosity' will be the most important human trait in the age of AI
▼ + stars: | 2024-05-09 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

JPMorgan's CEO of Asset & Wealth Management, Mary Callahan Erdoes, spoke with BI about AI. "It has to be okay to ask the questions," Erdoes said. AdvertisementOne of JPMorgan's top execs believes a single human trait will define the winners of the AI age. "Curiosity," Mary Callahan Erdoes, the CEO of JPMorgan Chase's Asset and Wealth Management division, told Business Insider in an interview. This story is available exclusively to Business Insider subscribers.

Persons: Mary Callahan Erdoes, Erdoes, —, execs Organizations: Asset, Wealth Management, Service, JPMorgan Chase's, Harvard's, Design Institute, Harvard Business School, JPMorgan, Business

☆ JPMorgan just shuffled its management. Here's what the new line-up says about Jamie Dimon's succession plans.
▼ + stars: | 2024-01-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Lake, who co-led the consumer and community bank with Piepszak since 2021, will now have sole oversight of that segment. Piepszak and Rohrbaugh will take on day-to-day control of the corporate and investment bank, which Daniel Pinto has led since 2014. Jennifer Piepszak, a JPMorgan lifer, will leave the consumer side of the organization for her new role atop the commercial and investment bank. BIIIn her new role, Piepszak will have a chance to gain more experience on the wholesale side of the business. She joined the bank following her college graduation and spent 17 years in various finance roles across the investment bank.

Persons: Jamie Dimon, Jennifer Piepszak, Marianne Lake —, Dimon, Troy Rohrbaugh, Rohrbaugh, Daniel Pinto, Pinto, Dimon's, JPMorgan Pinto, Gordon Smith, Lake, Piepszak, JPMorgan.com Mary Callahan Erdoes, Erdoes, Morgan Stanley, James Gorman, Mike Mayo Organizations: JPMorgan Chase, Business, JPMorgan, Wall, First Locations: Piepszak, BII, Euromoney, Wells Fargo

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ JPMorgan says attempts by hackers are on the rise and it's spending $15 billion partly to defend against cybercrime
▼ + stars: | 2024-01-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewHackers are getting smarter and increasingly keen on infiltrating JPMorgan, according to Mary Callahan Erdoes, the bank's asset and wealth management chief. This story is available exclusively to Business Insider subscribers. A 2023 KPMG survey of bank executives found that more than two-thirds of respondents considered cybercrime a top concern moving forward. Net interest income, or the ratio of what banks earn on loans and pay back on deposits, helped fuel those lofty numbers thanks to a surge in interest rates and higher revolving credit card balances, the company said.

Persons: —, Mary Callahan Erdoes, Erdoes Organizations: Service, JPMorgan, Business, Economic, Bloomberg, KPMG Locations: Davos

☆ JPMorgan Chase fights off 45 billion hacking attempts each day
▼ + stars: | 2024-01-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —JPMorgan Chase now fights off about 45 billion attempts a day by hackers to infiltrate its systems. That’s double what it was last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street titans are facing. Speaking on the same panel, Gita Gopinath, deputy managing director of the International Monetary Fund, said that the use of AI by hackers is concerning to regulators. More than 70% of bank executives surveyed by KPMG last year said that cyber security was a major concern for their company. That’s why staying one step ahead of it is the job of each and every one of us,” said Erdoes on Wednesday.

Persons: JPMorgan Chase, Mary Callahan Erdoes, “, ”, Banks, Gita Gopinath, Gopinath, There’s, Erdoes Organizations: New, New York CNN, JPMorgan, Wall, titans, Economic, Google, International Monetary Fund, of England, KPMG Locations: New York, Davos, Switzerland, United States, Europe, Ukraine

The meeting was scheduled for hours after Zelenskiy addressed the United Nations Security Council about Russia's invasion and its consequences. Ukraine has tried to lock in financial support from business leaders to help rebuild the country. A spokesperson for Zelenskiy and Ukraine's mission to the United Nations in New York did not immediately respond to a request for comment. Since the start of the war, Ackman's foundation has donated roughly $24 million to support Ukraine, a person familiar with the numbers said. Before the meeting in New York, the White House appealed to Congress to approve billions of additional dollars of support for Ukraine.

Persons: Ken Griffin, Mike Blake, Volodymyr Zelenskiy, Zelenskiy, JPMorgan Chase, Bill Ackman, Jonathan Gray, Robert Kraft, Henry Kissinger, Eric Schmidt, Mike Bloomberg, Barry Sternlicht, Mary Callahan Erdoes, Vince LaPadula, Whitney Tilson, Griffin, Howard Buffett, Warren, Svea Herbst, Bayliss, Lananh Nguyen, Andrea Shalal, Michelle Nichols, Megan Davies, Grant McCool Organizations: Citadel, Milken, Global Conference, REUTERS, United Nations Security Council, JPMorgan, Blackstone Group, New England Patriots football team, United, State, Google, United Nations, Griffin's Citadel, Ackman's Pershing, Capital Management, Ukraine, Fox News, Svea, Thomson Locations: Beverly Hills , California, U.S, New York, Ukraine, United States

☆ Zelensky huddled with Wall Street CEOs and business leaders Wednesday night to discuss rebuilding Ukraine
▼ + stars: | 2023-09-20 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —Ukrainian President Volodymyr Zelensky met Wednesday evening in Manhattan with Wall Street CEOs and business power players to discuss efforts to rebuild his war-torn country and its economy, a person familiar with the matter tells CNN. Ukrainian President Volodymyr Zelensky met Wednesday evening with Wall Street CEOs and business power players to discuss efforts to rebuild his war-torn country and its economy, a person familiar with the matter told CNN. Zelensky is scheduled to visit the White House on Thursday for a meeting with US President Joe Biden. The meeting on Thursday evening was hosted by Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management, Workplace CEO Vince LaPadula and JPMorgan alternative investments boss Anton Pil. JPMorgan CEO Jamie Dimon was not present at the meeting as he was traveling, the source said.

Persons: Volodymyr Zelensky, JPMorgan Chase, Eric Schmidt, Mike Bloomberg, Robert Kraft, Bill Ackman, Henry Kissinger, Barry Sternlicht, Joe Biden, it’s, Mary Callahan Erdoes, Vince LaPadula, Anton Pil, Jamie Dimon Organizations: CNN, Wall Street, JPMorgan, New England Patriots, White, Fox Business, JPMorgan Asset, Wealth Management Locations: Manhattan, midtown Manhattan, Ukraine, Kyiv

JPMorgan Chase executive Mary Callahan Erdoes sought advice for a $600 million tax issue from disgraced former financier Jeffrey Epstein in 2005, legal filings alleged. The USVI in court filings Monday night asked the court for partial summary judgment in its favor. In a deposition this year, Erdoes acknowledged that JPMorgan was aware of the accusations against Epstein by 2006. JPMorgan agreed to pay $290 million to settle a lawsuit from Epstein's victims, but the USVI suit has continued. On that, JPMorgan had this statement: "Jeffrey Epstein was in Florida where many of Madoff's victims lived.

Persons: Mary Callahan Erdoes, Jeffrey Epstein, Epstein, Erdoes, Jes Staley, Bernie Madoff, Staley Organizations: JPMorgan Chase, Virgin, JPMorgan Locations: U.S, Manhattan, Florida

Epstein will be charged with one count of sex trafficking of minors and one count of conspiracy to engage in sex trafficking of minors. JPMorgan Chase was aware in 2006 of accusations that disgraced former financier Jeffrey Epstein paid to have underaged girls brought to his home, according to the latest allegations in a high-profile legal case. Erdoes was referring to accusations gleaned from news reports, according to a person with knowledge of the matter. In her deposition, Erdoes testified that JPMorgan dropped Epstein as a client in 2013 after she learned that his withdrawals were for "actual cash," according to the suit. But Epstein had made cash withdrawals totaling more than $800,000 in each of 2004 and 2005.

☆ JPMorgan's acquisition strategy is coming under fire. Here are the 15 fintech and consumer-focused deals done by the bank since 2020.
▼ + stars: | 2023-01-13 | by ( Carter Johnson | Rebecca Ungarino | ) www.businessinsider.com time to read: +19 min

NutmegDeal details: JPMorgan announced the acquisition in June 2021, paying approximately $1 billion. cxLoyaltyDeal details: JPMorgan said it would buy cxLoyalty's global loyalty division in December 2020. ProxymityDeal details: JPMorgan, Citi, HSBC, and other firms together invested $20.5 million in Proxymity in May 2020. Viva WalletDeal details: JPMorgan said it would acquire 49% of Viva Wallet in January 2022, pending regulatory approval. Christian Petersen-Clausen/Getty ImagesRenovite TechnologiesDeal details: JPMorgan announced on September 12 it plans to acquire Renovite.

☆ Billionaire Marc Lasry details the opportunities he sees right now from buying up stocks to debt financing: 'If you need any money, call'
▼ + stars: | 2022-11-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

A depressed market is good for firms like Avenue Capital that make distressed investments. Billionaire CEO Marc Lasry breaks down the potential opportunities at a Forbes conference in NYC. Lasry sees demand booming for high interest rates loans of up to 15%. Lasry is the CEO and co-founder of Avenue Capital Group, which makes money in tough times, including through high-interest rate loans to distressed borrowers. He also sees buying opportunities in stocks.

☆ Billionaire Marc Lasry breaks down where he sees opportunities in the current economy, and why rising rates mean he's no longer getting laughed off the phone
▼ + stars: | 2022-11-03 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

☆ Robin Hood Foundation picks Goldman Sachs executive Dina Powell McCormick as new chair
▼ + stars: | 2022-10-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

Dina Powell, former deputy U.S. national security advisor, speaks during the Saudi-U.S. CEO Forum in New York, U.S., on Tuesday, March 27, 2018. Goldman Sachs executive Dina Powell McCormick has been named chair of the Robin Hood Foundation, a nonprofit backed by Wall Street executives and other business leaders that aims to combat poverty. McCormick, who was the group's vice chair, was elevated by the board to chair on Wednesday, the foundation announced in a statement. "For 35 years, Robin Hood has been fighting to elevate New Yorkers out of poverty. Being elected chair by her peers is a powerful recognition of Dina's history of service, leadership, and commitment to our mission," Robin Hood CEO Richard R. Buery, Jr. said in a statement.

☆ 'Deer in the headlights': Young bankers on Wall Street have had it easy for years — but they're about to face a bloodbath
▼ + stars: | 2022-10-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +8 min

If you can spare compassion for anyone on Wall Street during these volatile times, please consider the youth. That also meant bankers on Wall Street got fat off the huge fees that came with advising these companies or taking them public. Wall Street is an apprenticeship system; young bankers learn by watching senior bankers do things and by doing all the time-consuming grunt work senior bankers don't want to do. Many of the rules that young Wall Street just learned about how the markets react to events have to be thrown out the window. In the crowd at the conference that day were a bunch of young Wall Streeters who had been invited to attend as a learning experience.

☆ There's renewed hope in the possibility that global central banks are nearing the end of their rate hike cycle. Here's how that's driving markets.
▼ + stars: | 2022-10-05 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +6 min

Central bank moves and softer economic data have investors hoping that the Fed and other central banks are almost done hiking interest rates. There's some renewed hope for a Fed pivot on the horizon. Australia's central bank surprised forecasters by raising interest rates by a less-than-expected 25 basis points, becoming the first central bank to abandon its path of jumbo rate hikes. Fewer job openings mean employers aren't compelled to offer more competitive wages. Number of job openings Chart: Andy Kiersz and Madison Hoff Source: Bureau of Labor Statistics via FRED10.

☆ JPMorgan's Erdoes: In this turbulent market, there are opportunities everywhere
▼ + stars: | 2022-09-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

watch nowIn this turbulent market, opportunities abound, according to JPMorgan's Mary Callahan Erdoes. Stocks have been trading in a bear market this year as investors navigate inflation, Federal Reserve interest rate hikes and talk of a potential recession. A black swan is an unexpected event that results in panicked selling, while a white swan is a predictable crisis that can be addressed. Specifically, Erdoes sees a tremendous amount of opportunity in China, although she admits the country's complex market might not be for everyone. On Wednesday, the Bank of England purchased U.K. bonds in an effort to calm the market chaos.

☆ It's the easiest time in the world to find 'alpha', says JPMorgan's Mary Erdoes
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's the easiest time in the world to find 'alpha', says JPMorgan's Mary ErdoesMary Callahan Erdoes, JPMorgan Asset & Wealth Management CEO, speaks during CNBC's Delivering Alpha conference about investing opportunities amid fast-moving shifts in financial markets and macro economic conditions.

☆ Watch CNBC's full interview with Afsaneh Beschloss, RockCreek founder and CEO
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Afsaneh Beschloss, RockCreek founder and CEOAfsaneh Beschloss, RockCreek founder and CEO, joins 'Closing Bell' to counter remarks made by JPMorgan's Mary Callahan Erdoes about growth prospects for China, sharing how ASEAN countries are better poised for growth due to their rich resources and large labor force.

☆ China's growth rate is not sustainable, says Afsaneh Beschloss, RockCreek founder and CEO
▼ + stars: | 2022-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's growth rate is not sustainable, says Afsaneh Beschloss, RockCreek founder and CEOAfsaneh Beschloss, RockCreek founder and CEO, joins 'Closing Bell' to counter remarks made by JPMorgan's Mary Callahan Erdoes about growth prospects for China, sharing how ASEAN countries are better poised for growth due to their rich resources and large labor force.

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