Latest news with #JPMorgan
Irish Examiner
2 hours ago
- Business
- Irish Examiner
The US Banks that fueled Ireland's finance rebound face tariff angst
When the US launched sweeping tariffs against trade partners in April, BlackRock Inc. Chief Executive Officer Larry Fink found himself in Ireland, one of the countries with most to lose if US multinationals were forced to curtail their operations overseas. Fink, whose company was in the running for a major contract with the Irish government at the time, toed a careful line, claiming to 'understand the logic' of Donald Trump's move while not agreeing with it, and insisting there 'does not need to be a true trade war.' Almost three months on, the Wall Street giants that created thousands of Dublin jobs since Brexit are in a similarly awkward position. They're trying to balance the challenges created by their own government with the opportunities in a country that depends on US multinationals for more than 10% of its jobs and a big chunk of tax receipts. For now, the banks are hopeful their multinational clients will adapt to the trade uncertainty. 'It's not obvious to me that that falls off a cliff' under the threat of tariffs, says Marc Hussey, the Irish-born JPMorgan Chase & Co. executive who returned home to run the bank's 1,500-strong Dublin business in 2022. Larry Fink Assuming multinationals 'shrink overnight' would be an 'extreme view,' Hussey added, and he is 'not sensing that from any of our clients.' He continues to see growth in the range of businesses he oversees including a global funds administration center, a workplace solutions business that runs employment share programs across the world and the EMEA hub for Chase payments technology. Ireland remains popular in JPMorgan's head office too — CEO Jamie Dimon will travel to Dublin next month to speak at an event, his fourth such trip in six years. Almost a decade on from the UK's Brexit vote that cut off London's banks from a several markets inside the European Union, Ireland has become a big draw for foreign lenders. They now employ close to 15,000 people, according to a report from the Federation of International Banks in Ireland last month, with firms including JPMorgan, Citigroup Inc. and Bank of America Corp. leading the way to set up major EU businesses in the country. That choice puts them at the eye of the tariffs storm in a market that has long been heavily exposed to US multinationals, prompting recent warnings about the outlook for the economy and the risk to financial stability. As part of the EU, Ireland's fate is tied to negotiations with Trump ahead of a July 9 deadline, after which nearly all of the bloc's imports to the US will be hit with a 50% levy. Across the River Liffey from JPMorgan's offices, Citi's 2,900 staff are working across an innovation hub, the group's EU bank headquarters and an international corporate banking businesses. Citi CEO Jane Fraser was in town a few weeks ago to mark the bank's 60th anniversary in the nation, and hailed Ireland as 'a hub for innovation, a magnet for multinationals and a vital part of the world's economic landscape.' The bank's new Dublin office, to be opened next year with space for an extra 400 staff, is 'a symbol of our long-term investment in Ireland and in Europe,' she added in a LinkedIn post. Hussey is hoping the move increases the chances of a long-promised footbridge that would link JPMorgan on Dublin's southside to the northside of the Liffey, where Citi's new office will join the Central Bank of Ireland's headquarters. Davinia Conlan, Citi's Ireland head and chair of industry group FIBI, argues that there is 'a lot to be positive about from an Ireland domestic economy perspective' and she is hopeful that Citi will ultimately fill its 3,300 capacity in the new site, though she's not putting any time line on that. 'We're still expecting the economy to, to grow albeit at a slower pace than we would've seen previously,' she said. Wish List Ireland also offers companies the benefit of 'ease of access' to government, Conlan said. The Department of Finance will soon launch an industry consultation on its next international financial services strategy, a successor to the Ireland for Finance strategy launched in 2020 which covers banks, insurers, funds and other firms that combined employ around 60,000. Regulatory simplification will be high on the industry's wish list, Conlan and her peers say, with firms set to call on Ireland to remove some 'gold-plating' of EU rules and to push the bloc to be more competitive around regulation. The international banks' federation, FIBI, is preparing a proposal on simplification which will offer examples of areas where regulation can be 'more efficient,' Conlan said, declining to offer goldplating examples before that. Investments in infrastructure and housing, including a long promised airport metro, will also be on the list. Fernando Vicario, who heads Bank of America's Dublin-based EU head office, is hopeful that imminent reform of the EU's securitization market will offer a further boost for his 1,300-strong team, which has been retaining its earnings to support future growth. 'Ireland can be a place where these securitization deals can be packaged out of Ireland into the rest of Europe,' he said, adding that the country already commands a big presence in this market. Vicario does not expect the Irish government to pivot to protectionist sentiment, which has cropped up in some countries in response to Trump's trade approach. 'I learned in Boston that America is Irish,' says Vicario. 'In business, people stick to their positions and do business. And we do business with Irish headquartered companies and with Irish branches and subsidiaries of US companies, all day long. I have quite frankly no problem whatsoever with our passport referring to our US origin.' Ireland has shown it has no problems with US companies either: following Fink's careful diplomacy, BlackRock was last month named a preferred bidder to help manage the country's multibillion-euro pension program. Bloomberg
Axios
2 hours ago
- Business
- Axios
Why CEOs are using AI to scare workers
Chief executives are giving employees an AI fright — warning them the new technology could make many workers obsolete, while at the same time urging them to start using it right away. Why it matters: That's a scary and mixed message, and fear is generally considered to have a bad track record as a management technique. At the extremes, managers could actually wind up inhibiting workers from adapting to AI. Catch up quick: In a post earlier this week, Amazon CEO Andy Jassy offered his thoughts on generative AI. In paragraph 15, he gets to the scary bit: The transformation will likely" reduce our total corporate workforce." Jassy is echoing the message of many other leaders. JPMorgan's consumer chief recently told investors AI would allow for a 10% headcount reduction. Other companies have already blamed AI for layoffs. Meanwhile, there's a constant barrage of surveys and dark warnings about AI taking jobs. Zoom out: Here are a few explanations for the wave of hard-nosed AI messaging: 🙏 Genuine belief: Executives are concerned about AI's impact. They believe employees aren't taking it seriously enough, says Brian Elliott, a leadership consultant. Some lean toward "a more balanced message," he says. They suggest they'll be slowing or stopping hiring, while imploring workers to adapt. Shopify CEO Toby Lutke did this in an email to employees. Rather than threaten layoffs, he says using AI is now a "baseline expectation" at the company. Before any new hiring, managers would have to demonstrate that AI couldn't fill the role. Lutke ultimately posted this internal message publicly. 📋 Setting expectations: It's a way to make chief executives look more transparent, and gives them cover to conduct future layoffs without shocking employees, says Jeffrey Sonnenfeld, a professor at Yale School of Management. All this talk has an "inoculation effect," he says. "A warning with an anticipatory alert that preempts later trauma going viral." 📈Appealing to investors: The tough talk is for Wall Street, a signal that a company is on trend. (It doesn't hurt that investors tend to like layoffs.) 📖 Talking their book: AI companies, and the firms making massive investments in the tech, have a story to sell about how valuable it is. "Some of the loudest voices are the AI arms merchants," Elliott points out. They need to free up revenue to pay astronomical sums for AI power and talent. Friction point: Managing through fear doesn't usually work, decades of research has shown. Scaring employees could inspire them to action. But there are "toxic effects over the long run," as Wharton professor Andrew Carton explained in a post a few years ago. It can stifle creativity, inhibit collaboration and lead to burnout, he said.
Mint
3 hours ago
- Business
- Mint
US Banks That Fueled Ireland's Finance Rebound Face Tariff Angst
(Bloomberg) -- When the US launched sweeping tariffs against trade partners in April, BlackRock Inc. Chief Executive Officer Larry Fink found himself in Ireland, one of the countries with most to lose if US multinationals were forced to curtail their operations overseas. Fink, whose company was in the running for a major contract with the Irish government at the time, toed a careful line, claiming to 'understand the logic' of Donald Trump's move while not agreeing with it, and insisting there 'does not need to be a true trade war.' Almost three months on, the Wall Street giants that created thousands of Dublin jobs since Brexit are in a similarly awkward position. They're trying to balance the challenges created by their own government with the opportunities in a country that depends on US multinationals for more than 10% of its jobs and a big chunk of tax receipts. For now, the banks are hopeful their multinational clients will adapt to the trade uncertainty. 'It's not obvious to me that that falls off a cliff' under the threat of tariffs, says Marc Hussey, the Irish-born JPMorgan Chase & Co. executive who returned home to run the bank's 1,500-strong Dublin business in 2022. Assuming multinationals 'shrink overnight' would be an 'extreme view,' Hussey added, and he is 'not sensing that from any of our clients.' He continues to see growth in the range of businesses he oversees including a global funds administration center, a workplace solutions business that runs employment share programs across the world and the EMEA hub for Chase payments technology. Ireland remains popular in JPMorgan's head office too — CEO Jamie Dimon will travel to Dublin next month to speak at an event, his fourth such trip in six years. Almost a decade on from the UK's Brexit vote that cut off London's banks from a several markets inside the European Union, Ireland has become a big draw for foreign lenders. They now employ close to 15,000 people, according to a report from the Federation of International Banks in Ireland last month, with firms including JPMorgan, Citigroup Inc. and Bank of America Corp. leading the way to set up major EU businesses in the country. That choice puts them at the eye of the tariffs storm in a market that has long been heavily exposed to US multinationals, prompting recent warnings about the outlook for the economy and the risk to financial stability. As part of the EU, Ireland's fate is tied to negotiations with Trump ahead of a July 9 deadline, after which nearly all of the bloc's imports to the US will be hit with a 50% levy. Across the River Liffey from JPMorgan's offices, Citi's 2,900 staff are working across an innovation hub, the group's EU bank headquarters and an international corporate banking businesses. Citi CEO Jane Fraser was in town a few weeks ago to mark the bank's 60th anniversary in the nation, and hailed Ireland as 'a hub for innovation, a magnet for multinationals and a vital part of the world's economic landscape.' The bank's new Dublin office, to be opened next year with space for an extra 400 staff, is 'a symbol of our long-term investment in Ireland and in Europe,' she added in a LinkedIn post. Hussey is hoping the move increases the chances of a long-promised footbridge that would link JPMorgan on Dublin's southside to the northside of the Liffey, where Citi's new office will join the Central Bank of Ireland's headquarters. Davinia Conlan, Citi's Ireland head and chair of industry group FIBI, argues that there is 'a lot to be positive about from an Ireland domestic economy perspective' and she is hopeful that Citi will ultimately fill its 3,300 capacity in the new site, though she's not putting any time line on that. 'We're still expecting the economy to, to grow albeit at a slower pace than we would've seen previously,' she said. Ireland also offers companies the benefit of 'ease of access' to government, Conlan said. The Department of Finance will soon launch an industry consultation on its next international financial services strategy, a successor to the Ireland for Finance strategy launched in 2020 which covers banks, insurers, funds and other firms that combined employ around 60,000. Regulatory simplification will be high on the industry's wish list, Conlan and her peers say, with firms set to call on Ireland to remove some 'gold-plating' of EU rules and to push the bloc to be more competitive around regulation. The international banks' federation, FIBI, is preparing a proposal on simplification which will offer examples of areas where regulation can be 'more efficient,' Conlan said, declining to offer goldplating examples before that. Investments in infrastructure and housing, including a long promised airport metro, will also be on the list. Fernando Vicario, who heads Bank of America's Dublin-based EU head office, is hopeful that imminent reform of the EU's securitization market will offer a further boost for his 1,300-strong team, which has been retaining its earnings to support future growth. 'Ireland can be a place where these securitization deals can be packaged out of Ireland into the rest of Europe,' he said, adding that the country already commands a big presence in this market. Vicario does not expect the Irish government to pivot to protectionist sentiment, which has cropped up in some countries in response to Trump's trade approach. 'I learned in Boston that America is Irish,' says Vicario. 'In business, people stick to their positions and do business. And we do business with Irish headquartered companies and with Irish branches and subsidiaries of US companies, all day long. I have quite frankly no problem whatsoever with our passport referring to our US origin.' Ireland has shown it has no problems with US companies either: following Fink's careful diplomacy, BlackRock was last month named a preferred bidder to help manage the country's multibillion-euro pension program. --With assistance from Leonard Kehnscherper. More stories like this are available on
Business Insider
7 hours ago
- Business
- Business Insider
UnitedHealth price target raised to $418 from $405 at JPMorgan
JPMorgan analyst Lisa Gill raised the firm's price target on UnitedHealth (UNH) to $418 from $405 and keeps an Overweight rating on the shares. The firm revised estimates after meeting with management. The firm we expects lower Medicare Advantage enrollment growth for 2025 and 2026 as it believes UnitedHealth will look to manage enrollment and potentially exit unprofitable plans in 2026. If the company reaches the low end of its 3%-5% margin target range in Medicare Advantage, there is a path to meaningful upside versus consensus estimates, the analyst tells investors in a research note. JPMorgan's base case is that UnitedHealth does not reach the lower end of its 3%-5% range in 2026, although it notes 'management has spoken to that aspiration in 2026.' Confident Investing Starts Here:
Economic Times
9 hours ago
- Business
- Economic Times
Mayasheel Ventures IPO opens for subscription today. Check details
Anchor investors have already committed Rs 7.76 crore in the pre-IPO placement round held on June 19. A total of 16.50 lakh shares were allocated to anchor investors ahead of the public offer. Synopsis Mayasheel Ventures Limited is launching its IPO on June 20, 2025, aiming to raise Rs 27.28 crore through a fresh issue of equity shares. The IPO, priced between Rs 44 and Rs 47 per share, will be open until June 24, with proceeds allocated for capital expenditure and working capital. Mayasheel Ventures Limited's initial public offering (IPO) will open for subscription on Friday, June 20, 2025, and will remain open until Tuesday, June 24, 2025. The Rs 27.28 crore issue is entirely a fresh offering of 55.14 lakh equity shares and will be listed on the NSE SME platform. The price band is fixed at Rs 44 to Rs 47 per share. ADVERTISEMENT Retail investors can bid for a minimum of one lot, which comprises 3,000 shares. Anchor investors have already committed Rs 7.76 crore in the pre-IPO placement round held on June 19. A total of 16.50 lakh shares were allocated to anchor investors ahead of the public offer. Mayasheel Ventures is a government-focused infrastructure company engaged primarily in road construction, including highways, bridges, and flyovers. It also undertakes electrical projects such as transmission line installation, street lighting, and power house construction. The company serves primarily through government tenders and has worked with agencies such as of March 31, 2025, it had 294 employees and a robust order book from road, bridge, and electrical projects. Its competitive strengths include a qualified management team, strong execution capabilities, and consistent compliance with quality the company reported revenue of Rs 172.05 crore in FY25, up 31% from Rs 131.14 crore in FY24. Net profit grew 74% year-on-year to Rs 11.33 crore in FY25. Its return on equity (ROE) stands at 42.83%, with a post-issue P/E of 9.14. ADVERTISEMENT The IPO proceeds will be used primarily for capital expenditure on machinery (Rs 4 crore), working capital requirements (Rs 14 crore), and general corporate Financial Services is the book-running lead manager and Maashitla Securities Pvt Ltd is the registrar. The tentative allotment date is June 25, with listing scheduled for June 27. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
