DIRS.INFO The most relevant business & tech news

☆ JPMorgan is watching: How the nation's largest bank keeps tabs on its workforce — from their office attendance to emails and Zoom calls
▼ + stars: | 2023-05-17 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

JPMorgan is calling employees back to the office — and keeping tabs on attendance. This has reignited a conversation about the bank's surveillance of its employees. They explained how the bank tracks everything from office attendance to time spent on Zoom calls and composing emails. Many of the JPMorgan employees Reed spoke to said their surveillance made them feel untrusted by their bosses. Inside the little-known tool that gives JPMorgan Chase the power to collect data about everything its employees do at work

☆ Bank CEOs to huddle with Schumer on the debt ceilin
▼ + stars: | 2023-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

During Wednesday’s meeting, Schumer plans to raise the threat of default with the bank leaders, one of the sources told CNN. After leaving a Tuesday meeting at the White House with congressional leaders, Schumer said, “Default is disaster. Given that the trade group’s board includes regional bank CEOs, other issues including the banking crisis are likely to be discussed during Wednesday’s meeting. In addition to Schumer, bank CEOs are expected to meet with other lawmakers and officials. The meetings come as the White House and congressional Republicans struggle to reach a compromise on how to avoid the debt ceiling and avoid what economists warn would be a disastrous debt default.

☆ A Historic Breach of Fiduciary Duty
▼ + stars: | 2023-05-16 | by ( Marlo Oaks | Todd Russ | ) www.wsj.com time to read: +1 min

Highlights from a Fox Business interview with Jamie Dimon, in which the J.P. Morgan CEO discussed issues surrounding his WSJ op-ed, 'The West Needs America's Leadership.' Image: Zuma Press Composite: Mark KellyMany American workers don’t realize that their hard-earned money is being used against them. It is perhaps the most severe breach of the fiduciary standard in American history. Treasurers and other state financial officers are fiduciaries—legal stewards of Americans’ retirement assets, not the owners of those assets. Lately such proposals have included requests that U.S. financial institutions align their lending, financing and underwriting activities with a net-zero-emissions world.

☆ BlackRock to call staff back to office at least four days a week - memo
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - BlackRock Inc (BLK.N), the world's largest asset manager, has asked its staff to return to office at least four days a week, according to an internal memo seen by Reuters. "We will shift to at least four days per week in the office, with the flexibility to work from home one day per week," the memo said. The New York-based asset manager joins other major Wall Street firms in changing its work-from-home policy as financial institutions start to look beyond COVID-19-induced restrictions. Last month, J.P.Morgan Chase & Co (JPM.N), the United States' largest bank, asked its managing directors to work from office five days a week. J.P.Morgan CEO Jamie Dimon, along with Wall Street counterparts at Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), has been a strong advocate of in-office work.

☆ Jamie Dimon says it's ‘unlikely’ that JPMorgan Chase will acquire another struggling bank
▼ + stars: | 2023-05-16 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Sept. 22, 2022. JPMorgan Chase CEO Jamie Dimon said Tuesday that it's not likely his bank would acquire another struggling lender after its government-brokered acquisition of First Republic. "Unlikely," was Dimon's curt response to a shareholder who asked about acquisitions during the New York-based bank's annual shareholder meeting. The turmoil in mid-sized banks sparked by the Silicon Valley Bank collapse in March shows that merely meeting regulatory requirements isn't enough, Dimon added. Dimon spoke on the same day that former Silicon Valley Bank CEO Gregory Becker and two ex-Signature Bank executives testified before the Senate.

☆ An outsider's take on finding success on Wall Street
▼ + stars: | 2023-05-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

At first glance, Kristofer Baxter doesn't seem like an ideal candidate for offering tips about succeeding on Wall Street. His outside perspective offers a unique look at what it takes to find success on the Street. Too often, people explaining how they found success on Wall Street, or anywhere, amounts to them bragging about how hard they worked. Read more on key lessons from a top engineer at Citadel about finding success. The famous VC firm is going to launch a fund of funds for backing other VCs focused on finding early-stage startups.

☆ Premarket stocks: Wall Street's 'fear gauge' is rising as US debt talks drag on
▼ + stars: | 2023-05-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Markets will get volatile, maybe the stock market will go down, the Treasury markets will have their own problems,” he said. But this fear of market volatility isn’t going away. A similar fight around the debt ceiling in 2011 spurred a serious bout of market volatility. Wall Street’s key measure of volatility, the VIX, reached two year highs and soared more than 35% in just one day. Wall Street typically uses the VIX, known as the market’s “fear gauge,” as a way to measure how investors feel about financial and economic uncertainties.

NEW YORK, May 16 (Reuters) - JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon said that it is "unlikely" that the bank will acquire any other struggling lender, weeks after it acquired the failed First Republic Bank. Dimon's latest statement comes just two weeks after JPMorgan bought a majority of First Republic Bank's assets in a rescue effort backed by the U.S. government. First Republic was the third major U.S. institution to fail in two months, and JPMorgan agreed to take $173 billion of the bank's loans, $30 billion of securities and $92 billion of deposits. In the shareholder meeting on Tuesday while all management proposals passed, all of the motions submitted by shareholders failed. A shareholder proposal on tweaking rules under which shareholders can call for a special shareholder meeting also got more than 30% of backing.

☆ JPMorgan employees describe growing 'paranoia' as the company tracks their office attendance, calls, calendars, and more — with one worker even installing a 'mouse jiggler' to evade 'Big Brother'
▼ + stars: | 2023-05-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

JPMorgan has developed a powerful data-collection tool to monitor its employees, dubbed WADU. Employees at America's largest bank fear what the data collection could mean for their jobs. One staffer described a workplace where terms like "Big Brother" and "1984" have become commonplace. For more details on how JPMorgan Chase's WADU system works and what kinds of data it tracks about employees, read Insider's full story here. Employees were granted anonymity to discuss how WADU works and how it impacted company staff since they were not authorized to speak with reporters.

☆ Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
▼ + stars: | 2023-05-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes. The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil. Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week.

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

☆ CNBC Daily Open: Markets lacked conviction
▼ + stars: | 2023-05-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Markets lacked conviction, while the debate over the U.S. debt ceiling remained roiled by passionate intensity. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets lacked conviction, while the debate over the U.S. debt ceiling remained roiled by passionate intensity, to borrow the words of Irish poet W. B. Yeats. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ US Virgin Islands subpoenas Elon Musk as part of lawsuit into Jeffrey Epstein sex trafficking ring
▼ + stars: | 2023-05-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The US Virgin Islands has subpoenaed Elon Musk, requesting documents from the billionaire for the government’s lawsuit alleging JPMorgan Chase benefited financially from Jeffrey Epstein’s sex trafficking operation. The Virgin Islands’ government issued the subpoena on April 28 but had difficulty obtaining an address for Musk to locate and serve him, even hiring an investigative firm. The subpoena is requesting all communications between Musk and JPMorgan regarding Epstein or any role the disgraced financier played in the Tesla CEO’s financial management. It also requested any documents regarding fees paid to Epstein or JPMorgan, or any documents regarding Epstein’s sex trafficking ring. In 2022, the US Virgin Islands filed a lawsuit against JPMorgan Chase, alleging the Wall Street giant benefited financially from Epstein’s sex trafficking operation and failed in its duty to report suspicious financial activity.

☆ CNBC Daily Open: Markets’ ‘lack of conviction’
▼ + stars: | 2023-05-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

☆ Premarket stocks: What happens if the debt ceiling and banking crisis collide?
▼ + stars: | 2023-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday. It may become more difficult to access credit, further exacerbating the challenges individuals and companies are already facing because of the banking crisis. Before the Bell: What do the ongoing debt ceiling negotiations mean to small and medium businesses? Do you think bank executives and members of the business community can put pressure on Congress and the White House to come to a deal? The White House has estimated more than 8 million jobs would get wiped out if there is a protracted default.

☆ A US debt default could spike borrowing costs like credit cards and mortgages, and 'every family should be concerned' says a consumer watchdog
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A US debt default could spike borrowing costs and should concern everyone, a consumer watchdog says. Democrats and Republicans have remained locked in an impasse over raising the $31.4 trillion debt ceiling. Every family should be concerned," Chopra told CNN. The debt ceiling impasse has even elicited some Hail Mary pass solutions. "The closer you get to it, you will have panic," Dimon told Bloomberg.

☆ Fears of a US debt default are mounting as the deadline to lift the borrowing limit looms. Here's what Elon Musk, Paul Krugman and Jamie Dimon have warned.
▼ + stars: | 2023-05-14 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fears of a US debt default are mounting as a deadline to raise the government's borrowing limit draws near. Investors anxiety over the risk of a US debt default is mounting rapidly as a months-long political deadlock over the government's borrowing limit continues. Here's what six prominent figures have said about the ongoing political standoff over the debt ceiling. "You might ask how we're supposed to enforce a debt ceiling if the government can play games with the definition of debt. He said he doesn't expect the US to experience a debt default, but the deadline to reach a deal is soon approaching.

☆ Stocks week ahead: SVB and Signature Bank execs are set to testify next week
▼ + stars: | 2023-05-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The US Senate Committee on Banking, Housing and Urban Affairs is holding three hearings this coming week centered around the collapses of Silicon Valley Bank and Signature Bank in March. ET : Greg Becker, former chief executive, Silicon Valley Bank; Scott Shay, former chairman and co-founder, Signature Bank and Eric Howell, former president, Signature Bank. ET : Mark Bialek, inspector general, Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau; Paul Kupiec, senior fellow, American Enterprise Institute and more. Since then, the Federal Reserve and Federal Deposit Insurance Corporation have released reports detailing management missteps at SVB and Signature Bank, as well as federal regulators’ own mistakes in properly addressing red flags preceding the banks’ demises. A separate report from the Federal Reserve Bank of New York on Friday shows that American households are becoming increasingly frugal.

☆ 19 Republican states accuse JPMorgan of closing bank accounts and discriminating against customers due to their religious or political beliefs
▼ + stars: | 2023-05-14 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

19 Republican states accused JPMorgan of closing bank accounts on political or religious grounds. Republican attorneys general from 19 states have accused JPMorgan Chase of closing accounts and discriminating against customers due to their political or religious beliefs, a report says. Further, the letter claimed JPMorgan asked the Securities and Exchange Commission to ignore a proposal for the bank to disclose its policy for closing accounts. A JPMorgan representative told The Journal: "We have never and would never exit a client relationship due to their political or religious affiliation." A spokesperson for JPMorgan said: "We do not close accounts due to religious or political affiliations, and did not in these cases."

☆ JPMorgan Targeted by Republican States Over Accusations of Religious Bias
▼ + stars: | 2023-05-13 | by ( Jathon Sapsford | ) www.wsj.com time to read: 1 min

WASHINGTON— JPMorgan Chase has become the target of a campaign by Republican state officials seeking to expose what they see as religious discrimination in the bank’s business practices. Nineteen Republican state attorneys general sent a letter this month addressed to JPMorgan Chief Executive Jamie Dimon , accusing the nation’s largest bank of a “pattern of discrimination” and of denying customers banking services because of political or religious affiliations. In March, 14 Republican state treasurers wrote a similar letter to Mr. Dimon, making the same accusations.

☆ Markets think falling inflation means rate cuts are around the corner. Here's why that's probably wrong.
▼ + stars: | 2023-05-13 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

Expectations that the Fed will start cutting interest rates in July briefly spiked up to 50% this past week. But the Fed is unlikely to swing from 10 straight rate hikes to cuts within two months, a Truist Advisory economist said. The probability spiked to nearly 50% over the past week after the release of the April inflation report and another sell-off in regional bank stocks like PacWest. That's when policymakers thought they got a handle on high inflation after an initial round of rate hikes. What's likely to jumpstart rate cuts is job losses, which could arrive toward the end of this year, Skordeles said.

A New York federal judge warned JPMorgan Chase that he might find the bank in contempt of court if it does not speed up in producing evidence related to late sexual offender and money manager Jeffrey Epstein for lawsuits by an Epstein accuser and the government of the U.S. Virgin Islands, CNBC has learned. Judge Jed Rakoff suggested in a notice that JPMorgan and two law firms representing the bank have been slow-walking in turning over documents and other evidence to plaintiffs in the case, under a process known as discovery, according to a source familiar with the notice. "The Court also wishes to note that it is concerned that JPMorgan is not moving more expeditiously to produce responsive documents," Rakoff wrote in the notice, which has yet to appear on the public docket in the case in U.S. District Court in Manhattan. "So JPMorgan is put on notice that further expedition will be needed on pain of being put in contempt of Court," Rakoff wrote. A JPMorgan spokesperson had no comment on the notice.

☆ When Jamie Dimon speaks, Wall Street listens - and he just warned of catastrophe
▼ + stars: | 2023-05-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

But on Thursday, the man with the most gravitas on Wall Street shared his take on the potentially catastrophic scenario that's just weeks away. Everyone pays attention when Jamie Dimon speaks. In an interview with Bloomberg, Dimon said he's put together a "war room" at JPMorgan to plan for contingencies around a potential US default. While Dimon doesn't anticipate the country will actually see its first-ever default, he acknowledged the clock is running down. "Markets will get volatile, maybe the stock market will go down, the Treasury markets will have their own problems."

☆ ‘Every family should be concerned’ about debt ceiling, consumer watchdog warns
▼ + stars: | 2023-05-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen. “A lot of things we assume are part of our financial fabric would get ripped away,” Chopra told CNN. The debt ceiling is very likely to be a focus next week when Yellen is scheduled to meet with leading bank CEOs in Washington at a trade association meeting. Moody’s Analytics on Wednesday increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.

☆ Thanks for the memories (and money) index-rebalance strategies
▼ + stars: | 2023-05-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. Index-rebalance strategies, the talk of the town just a few short years ago, are seemingly on their last legs these days. What doomed the index-rebalance strategy is a tale as old as time on Wall Street. Times are tough now, but as Alex notes in his story, not everyone is completely giving up on the strategy. And while we're talking Man Group, here's a rundown on a program meant to help non-tech workers learn data-science skills to help streamline their jobs.

Search resuls for: "Jamie Dimon"

25 mentions found