Latest news with #JamieDimon
Daily Mail
a day ago
- Business
- Daily Mail
JPMorgan's anti-WFH crusader Jamie Dimon lets top Europe chief work 3,000 miles from his team
A top JPMorgan Chase executive has been allowed to work remotely from his team - while CEO Jamie Dimon continues to crack the whip on employees with his return-to-office mandate. Filippo Gori, the banking behemoth's CEO of Europe, the Middle East, and Africa (EMEA), will be moving to New York City while continuing to run the European business, reported the Financial Times. He is ditching the company's London office - the epicenter of his workload - less than a year after relocating from Hong Kong to take the top job. This means that Gori is free to run the EMEA division five hours behind, and 3,400 miles away from, the bank's managers, staff, and clients whom he is in charge of. While Gori is expected to spend at least half of his time in Europe, the Middle East, and Africa, he'll be living and working from the Big Apple - despite Dimon's incessant belief that managers and bankers ought to work together, in-person and in-office. By contrast, for example, Pablo Garnica, the bank's top executive of EMEA Private Bank, is based in Madrid, Spain - who stressed in an interview last year: 'We believe that being close to the clients and being part of that community is really important.' It's understood that Gori, who is also Co-Head of Global Banking, will be working from the bank's headquarters on Madison Avenue five days a week during his move. CEO Jamie Dimon (pictured) has felt the ire of his staff following his incessant belief that work from home is not effective for running a business Gori's move to the States comes amid CEO Dimon's heated criticisms of remote work, which have made him a champion of the return-to-office culture shift. The Wall Street veteran's ironclad anti-remote work stance has caused a seismic backlash ever since he first announced his plan in the years following the pandemic. '[Return-to-office] for the serfs, work from home for the aristocracy. Yep, sounds about right,' one person previously said. 'Rules for thee but not for me. I despise these double standards,' said another. 'Trash policy from a trash company run by a trash CEO,' added a third. 'Billionaires virtue signaling about "work" while they make 5000x more per hour than average wage is always hilarious,' said a fourth. Earlier this year, the JPMorgan Chase CEO announced that the company would require employees to return to the office five days a week starting in March. Dimon also said one reason he wanted people back in the office was that 'younger people are being left behind.' 'To have the younger people coming in but not their bosses - I have a problem with that too,' he said. He also noted that the benefits of in-person office conversations will help younger people to succeed in their careers. 'All day long we're talking,' he said. 'Constant updates, constant share of information.' Remote work means young people miss out on these conversations, essentially 'leaving them behind,' Dimon said. 'I won't do that.' Dimon further added that remote employees tend to not pay attention on company Zoom calls. His strong-armed stance on remote work went viral after one of the company's employees asked a question during a company town hall back in February. The question, posed by Nicolas Welch, a tech analyst at the bank since 2017, triggered an extraordinary rant from the chairman. 'Don't waste time on it. I don't care how many people sign that f*****g petition,' Dimon said. 'It simply doesn't work. It doesn't work for creativity, it slows down decision-making. And don't give me this s**t that work-from-home-Friday works. I call a lot of people on Fridays, and there's not a goddamn person you can get a hold of.' But his rampant anti-work-from-home mandate has infuriated many bankers. According to insiders, the discontent swirls across departments and seniority levels, with employees sharing concerns about surveillance, privacy, and the feasibility of a five-day office mandate, particularly in offices that don't even have enough desks or parking spaces to accommodate everyone. In March, Dimon obliterated a young crowd asking why they can't work from home while speaking at Stanford University's Graduate School of Business. He got onto the controversial topic after a graduate student asked a question regarding his leaked, expletive-loaded remarks from a company town hall about the finance firm's end of hybrid work. Dimon claimed the only group of people disgruntled with the move are 'the people in the middle' - like corporate office workers. 'If you work in a restaurant, you've got to be in. You all may not know this, but 60 percent of Americans worked the whole time,' he said. 'Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?' Dimon appeared to be referring to people who continued to work in person during the pandemic. 'You got UPS and FedEx and manufacturers and agriculture and hospitals and cities and schools and nurses and sanitation and firemen and military. They all worked,' he continued.
Yahoo
a day ago
- Business
- Yahoo
Coinbase stock surges 16% on a fresh wave of momentum from landmark crypto bill
Coinbase stock surged on Wednesday as crypto bullishness jumped after the latest policy developments. Coinbase and other crypto stocks rallied after Congress passed a big bill aimed at stablecoins. Circle stock also soared, ending the session up over 30%. Shares of Coinbase spiked on Wednesday, with the largest US crypto exchange riding a wave of bullishness created by the Senate's passage of the GENIUS Act this week. The stock rose as much as 17% to $297.44, before paring gains slightly. The rally vaulted the shares to a year-to-date gain of 20%. Meanwhile, shares of recently public stablecoin issuer Circle gained 34%. The Senate bill passed on Tuesday aims to establish a regulatory framework for stablecoins, ultimately paving the way for their more widespread use and issuance by more companies. Stablecoins are a type of crypto intended to hold their value steady against fiat money like the dollar. They're backed 1:1 by liquid reserves, such as dollars or cash equivalents like Treasurys. Stablecoins are Coinbase's second-largest revenue driver, directly behind crypto trading, its first-quarter earnings showed. But the company's exposure to the stablecoin market is even higher, as Coinbase is a cofounder of USDC, a popular stablecoin, and receives 50% of the "residual payment base" that its issuer Circle generates from reserves. Circle recently made its trading debut on the New York Stock Exchange, making a splash as one of the year's first major tech IPOs. The newly minted stock rose by as much as 238% on its first day of trading. While the momentum from the Circle IPO has ebbed, it is still up almost 120% in the past month, surging 20% following the news that the Senate passed the GENIUS Act. Stablecoins have even received support from the president, whose family has backed World Liberty Financial. The digital asset firm launched its USD1 stablecoin earlier this year. Circle's big IPO success is an indicator that Wall Street has begun taking stablecoins, and the broader crypto space, more seriously. Even some crypto detractors may be getting more comfortable with the assets. Jamie Dimon has been a vocal critic of cryptocurrencies, but this week, JPMorgan announced it would launch JPMD, a stablecoin-like token for institutional clients. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
2 days ago
- Business
- Business Insider
Coinbase stock surges 16% on a fresh wave of momentum from landmark crypto bill
Shares of Coinbase spiked on Wednesday, with the largest US crypto exchange riding a wave of bullishness created by the Senate's passage of the GENIUS Act this week. The stock rose as much as 17% to $297.44, before paring gains slightly. The rally vaulted the shares to a year-to-date gain of 20%. Meanwhile, shares of recently public stablecoin issuer Circle gained 34%. The Senate bill passed on Tuesday aims to establish a regulatory framework for stablecoins, ultimately paving the way for their more widespread use and issuance by more companies. Stablecoins are a type of crypto intended to hold their value steady against fiat money like the dollar. They're backed 1:1 by liquid reserves, such as dollars or cash equivalents like Treasurys. Stablecoins are Coinbase's second-largest revenue driver, directly behind crypto trading, its first-quarter earnings showed. But the company's exposure to the stablecoin market is even higher, as Coinbase is a cofounder of USDC, a popular stablecoin, and receives 50% of the "residual payment base" that its issuer Circle generates from reserves. Circle recently made its trading debut on the New York Stock Exchange, making a splash as one of the year's first major tech IPOs. The newly minted stock rose by as much as 238% on its first day of trading. While the momentum from the Circle IPO has ebbed, it is still up almost 120% in the past month, surging 20% following the news that the Senate passed the GENIUS Act. Stablecoins have even received support from the president, whose family has backed World Liberty Financial. The digital asset firm launched its USD1 stablecoin earlier this year. Circle's big IPO success is an indicator that Wall Street has begun taking stablecoins, and the broader crypto space, more seriously. Even some crypto detractors may be getting more comfortable with the assets. Jamie Dimon has been a vocal critic of cryptocurrencies, but this week, JPMorgan announced it would launch JPMD, a stablecoin-like token for institutional clients.
Yahoo
2 days ago
- Business
- Yahoo
New graduates are having such a hard time finding jobs they're now having an ‘oversize' impact on America's unemployment rate
Unemployment rates for recent college graduates have surged in recent data, with the rate for those holding a bachelor's degree rising to 6.1%—and even higher for those with advanced degrees or some college but no degree—contrasting with a national rate of 4.2%. This may strengthen the argument of top CEOs like Jamie Dimon, Ted Decker, and John Furner who have urged young people and employers to prioritize job-ready skills and alternative career paths over traditional college degrees. Graduates choose to attend college instead of heading straight into the workforce for a range of reasons, be it furthering their studies in a specific field or gaining qualifications needed for a certain role. But their motives often boil down to one thing: landing a career in the profession of their choice. It seems that in 2025, those dreams are falling flat. According to the most recent data published by the Federal Reserve Bank of St. Louis (FRED), the unemployment rate for college graduates with a bachelor's degree sat at 6.1% in May—up from 4.4% just a month prior. Likewise, the unemployment rate for those ages 20 to 24 with some college experience but no degree, as well as those of the same age demographic with a master's degree or higher, spiked last month. FRED reports that Gen Z with a master's or higher now have an unemployment rate of 7.2% while those with some college experience have an unemployment rate of 9.4%. According to analysis by the Wall Street Journal, that picture is even more dire. Citing micro data from the Labor Department, the WSJ estimates graduates have an unemployment rate of 6.6% over the past 12 months ending in May, the highest level in a decade with the exception of the pandemic spike. This trend of increasing unemployment is at odds with the picture of the rest of the U.S., where unemployment held steady at 4.2% from April to May, elevated only a little from the rate 12 months ago. It's perhaps no surprise then that the graduates who do land entry-level jobs tend to stay in them, for fear of being stuck in a stagnant market. Meanwhile, grads who didn't land a role find it difficult to get a foot onto the career ladder. As researchers from Oxford Economics reflected in a study last month: 'Those in the professional, scientific, and technical services are less likely than their peers to seek employment in a different industry, though they are more likely to accept underemployment—defined as a college graduate who is employed in a job where more than 50% of workers in the same role do not have a bachelor's degree or higher.' Indeed, while some young potential staffers are willing to take sideways steps in order to earn an income, the analysts suggested Gen Z grads are having a harder time than most: 'The upshot is that the unemployment rate for recent college graduates will remain elevated in the near term without a surge in demand from tech companies or a mass exodus from the labor force by these individuals, both of which seem unlikely. 'While these workers only account for around 5% of the workforce, they have played an oversize role in pushing the national unemployment higher.' An argument could be made that the data suggests employers aren't finding the skills they need in newly minted grads, despite the tens of thousands of dollars many will have forked over to achieve their degrees. JPMorgan Chase CEO Jamie Dimon, for example, has pushed for education reform to rank colleges based on whether its students land jobs as opposed to how many of them graduate. 'If you look at kids they gotta be educated to get jobs. Too much focus in education has been on graduating college…It should be on jobs. I think the schools should be measured on, Did the kids get out and get a good job?' Dimon told Indianapolis-based WISH-TV last year. The idea that college is the only way to land a well-paid job is also inaccurate, he added, saying 17-year-old bank tellers can take home $40,000 a year 'and if you happen to have a family at 18 or whatever, you get $20,000 in medical benefit for your family. You can be a welder, you can be a coder, you could be cyber, you could be automotive—all of those jobs are $40,000 to $60,000, $70,000 a year.' Dimon, a veteran of Wall Street, has also argued educators should focus on skills which will stand individuals in good stead for the rest of their lives such as nutrition and financial literacy. The JPMorgan Chase boss isn't alone. In a WSJ op-ed last year titled 'Not Everyone Needs a College Degree,' the CEOs of Home Depot and Walmart U.S., Ted Decker and John Furner, wrote: 'Young people have been told for decades that achieving the American dream requires a college degree…While a college degree is a worthwhile path to prosperity, it isn't the only one.' They added: 'The American dream isn't dead, but the path to reach it might look different for job seekers today than it did for their parents. We owe it to younger generations to open our minds to the different opportunities workers have to learn new skills and achieve their dreams.' This story was originally featured on
Yahoo
2 days ago
- Business
- Yahoo
JPMorgan Emerges Strong Amid Market Swings, Says Wolfe Research
JPMorgan Chase & Co. (NYSE:JPM) is one of Best Dividend Stocks to Buy for Dependable Growth. According to Wolfe Research, investors should consider JPM amid volatility. The stock has surged by over 12% since the start of 2025, outperforming the broader market by a wide margin. A group of business people discussing plans around a boardroom table adorned with a financial services company logo. With markets remaining unsettled due to evolving trade policies and geopolitical tensions, Wolfe Research is focusing on companies with a long-standing habit of buying back their own shares as a way to weather the volatility, and JPMorgan Chase & Co. (NYSE:JPM) made the cut. Wolfe's 'consistent buyback' list highlights firms that have reduced their share count for at least 10 consecutive years. According to Chief Investment Strategist Chris Senyek, this group of stocks tends to perform well during defensive market phases and around periods of economic downturn. According to the firm, JPMorgan Chase & Co. (NYSE:JPM) kicked off 2025 by increasing its share repurchases, despite CEO Jamie Dimon expressing caution at the bank's 2024 investor day, when he felt the stock was somewhat overvalued. However, with JPM sitting on a growing cash reserve, the buybacks moved forward. Wolfe's data indicates the bank's buyback-to-market-cap ratio stands at 4%. So far in 2025, JPMorgan stock has seen steady performance, and about 56% of analysts tracked by FactSet have rated it a 'Buy,' with the average price target suggesting a roughly 3% potential upside. JPM is also a solid dividend payer, currently offering a quarterly dividend of $1.40 per share for a dividend yield of 2.08%, as of June 17. JPMorgan Chase & Co. (NYSE:JPM) is a leading provider of investment banking, commercial banking, asset management, and financial transaction services. The firm serves millions of customers across the U.S., along with major corporate, institutional, and government clients around the world. While we acknowledge the potential of JPM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None.
