Latest news with #MarianneLake
Yahoo
17-07-2025
- Business
- Yahoo
CEOs Say AI Is Poised to Wipe Out an Astonishing Number of Jobs
Billionaire tech moguls aren't the only ones doomsaying about artificial intelligence layoffs. CEOs across a range of industries are now jumping on the bandwagon, saying it's no longer a matter of "if," but "how many" jobs AI will take. A recent survey by the Wall Street Journal explored just how pervasive the automation idea is throughout a number of industries, and execs aren't pulling any punches. For example, CEO of Ford Motor Company Jim Farley recently predicted that AI "is going to replace literally half of all white-collar workers in the US." He added that "AI will leave a lot of white-collar people behind." In June, Amazon CEO Andy Jassy spooked his employees with a memo saying to expect layoffs in the next few years because of the "once-in-a-lifetime" revolution of AI. And at JPMorgan Chase, CEO Marianne Lake recently told investors to expect the company's overall head count — and therefore its payroll expenses — to fall by as much as 10 percent over the next few years, thanks to the magic of AI. If the AI automation dystopia really is upon us, it evidently slipped under the radar of the US Bureau of Labor Statistics, which recently released its latest jobs report. Among other things, it found that the US added 147,000 jobs in June, slightly dropping the unemployment rate from 4.2 percent to 4.1 — and seemingly refuting the claim of an impending AI takeover, at least for now. Over half of these jobs, NBC notes, were in state and local government roles, while healthcare, social, service, and construction work made up the bulk of other gains. Still, there are some major issues buried in the data, like the fact that long-term unemployment — people unemployed for six months or more — has skyrocketed from 190,000 to a whopping 1.6 million. Meanwhile, the number of people unemployed at the median length of unemployment, 15 weeks or more, jumped from 34.9 percent to 38.3 percent. That level hasn't been seen since the throes of the pandemic, NBC notes. While those numbers are bad news — like, really bad — the crisis they point to is a little more complicated than an AI-powered dystopia. At their core, these numbers are arguably the result of our economy's dependence on unemployment laundered through AI hype. As economic researchers Jeffrey Funk and Gary Smith observed in a recent column, revenue from large language model (LLM) adoption is falling far short of the tech industry's promises. What gets presented as proof of AI's automation potential is instead a mash of penny-pinching layoffs, outsourcing, labor market saturation, and in some cases, employer bias against recent college grads. With that view in mind, all the CEO bluster looks less like an imminent crisis brought on by AI, and more like business as usual in a market economy. What workers do about that whole situation is another story altogether. More on Automation: Professors Staffed a Fake Company Entirely With AI Agents, and You'll Never Guess What Happened Solve the daily Crossword
Time of India
17-06-2025
- Business
- Time of India
JPMorgan Chase Sapphire reserve card just got pricier at $795 — here's what the bank is offering at the price
JPMorgan Chase & Co. has announced a comprehensive overhaul of its popular Sapphire Reserve credit card, raising the annual fee from $550 to $795 in a strategic move aimed at further penetrating the high-spending premium travel market. The revamp also includes the introduction of a similarly priced business version, placing JPMorgan squarely in competition with rivals like American Express and Capital One in the race to court affluent customers. The fee revision marks the first increase in five years and comes alongside sweeping enhancements in rewards and exclusive benefits tied to the card's use in travel and dining, reinforcing JPMorgan's ambition to become a full-service travel and lifestyle brand. Travel, Dining at the Heart of New Benefits As part of the Sapphire Reserve transformation, JPMorgan is integrating a number of premium credits into the card's offering. Notable among them is a $500 annual credit towards stays in 'The Edit,' a curated luxury hotel collection, and a $300 credit on OpenTable's exclusive dining experiences—offered only to consumer cardholders. The existing $300 travel credit remains in place, as mentioned in a report by Bloomberg. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Audiologists Furious About New 80€ Device That Makes Hearing Crystal Clear Again Top Trending Today Learn More Undo Also Read | Oil is boiling again: Will $5 gas return to America as Iran-Israel conflict ignites market fears? In terms of rewards, the bank has revamped its points system. Cardholders can now earn eight points per dollar on bookings made via Chase Travel—up from the previous five points for flights and ten for hotels and car rentals. Additionally, the card offers four points per dollar on flights and hotels booked directly (up from three), and three points per dollar spent on dining. Live Events 'This marks the culmination of a five-year journey to redefine our value proposition in the premium-card space,' said Allison Beer, head of card and connected commerce at JPMorgan, as mentioned in a report by Bloomberg. 'We have built a best-in-class travel ecosystem to deliver a seamless end-to-end experience.' Consolidating Acquisitions for a Unified Experience The overhaul is a result of JPMorgan's strategic acquisitions in the past few years, aimed at strengthening its footprint in the travel and lifestyle domain. These include the 2020 acquisition of rewards platform cxLoyalty, the 2021 purchase of restaurant discovery site The Infatuation, and subsequent acquisitions of marketing firm Figg and luxury travel agency Frosch in 2022. JPMorgan has also expanded its airport lounge network, opening six premium lounges across the United States accessible to Sapphire Reserve holders, with more planned in the pipeline. Strategic Positioning in Wealth and Travel Marianne Lake, CEO of consumer and community banking, emphasized JPMorgan's broader strategy during the bank's recent investor meetings. 'Travel is at the core of our card strategy,' she stated, adding that the firm has more than doubled travel volume from 2021 to 2024, underscoring its deepening commitment to the sector, as per a report by Bloomberg. Lake also noted that half of new Chase customers enter the ecosystem through the card business. JPMorgan hopes the Sapphire Reserve will serve as a gateway to additional services like self-directed investing and wealth management—core elements of CEO Jamie Dimon's long-term expansion strategy. 'Once customers come in through Sapphire Reserve, they deepen across the ecosystem—whether it's investments, banking, or wealth management,' added Beer. FAQs What major change has JPMorgan made to the Sapphire Reserve card? JPMorgan Chase & Co. has increased the annual fee for the Sapphire Reserve credit card from $550 to $795, marking its first fee hike in five years. This is part of a broad revamp aimed at premium travel-focused customers. Why is the annual fee being raised to $795? The fee hike reflects a strategic shift toward offering luxury travel and lifestyle benefits, including new high-end perks and expanded services that cater to affluent cardholders. It positions JPMorgan to better compete with American Express Platinum and Capital One Venture X cards.
Yahoo
17-06-2025
- Business
- Yahoo
FactSet price target lowered to $448 from $470 at Evercore ISI
Evercore ISI lowered the firm's price target on FactSet (FDS) to $448 from $470 and keeps an In Line rating on the shares. FactSet's upcoming fiscal Q3 results may reveal challenges as estimates have been lowered due to macro volatility and leadership changes, says the analyst, whose anticipated EPS of $4.26 falls short of consensus. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on FDS: Disclaimer & DisclosureReport an Issue Sell Rating for Factset Research Amid CEO Transition and Market Volatility Concerns FactSet CEO transition 'surprise' to most investors, says Barclays JPMorgan expands responsibilities of Marianne Lake, FT reports Morgan Stanley sees FactSet lowering ASV guidance FactSet Announces CEO Transition with New Appointment Sign in to access your portfolio
Telegraph
09-06-2025
- Business
- Telegraph
The British woman competing to run the world's biggest bank
When Marianne Lake came second on American Banker's list of the most powerful women in finance, she joked that it was better to come in third place, as she had the year before. 'By my estimation, being number three is a pretty sweet spot,' she quipped to the audience of Wall Street high-flyers at the 2015 event. 'You've placed, you're on the podium, you get a medal, and you get to sit down and drink through the speeches.' Lake may not have favoured the limelight then, but soon it would be inescapable. Today, the Briton is one of the frontrunners in the race to succeed Jamie Dimon as chief executive of JP Morgan, the biggest bank in the US and one of the biggest in the world. The job would see her lead a Wall Street titan that employs over 300,000 staff while serving more than 82m customers both in the US and the UK. Lake, 55, would also be stepping into the shoes of a giant. Dimon, 69, has worked as JP Morgan's chief executive since 2006, helping the bank not just survive the financial crisis, but thrive in its aftermath. Its share price has increased almost 600pc since Dimon took charge. JP Morgan's chief is widely regarded as one of the world's most influential financiers. He was floated as Donald Trump's potential treasury secretary, and Dimon has toyed with running for the presidency himself in the past. When Dimon speaks, his words carry weight well beyond Wall Street. Lake, who runs JP Morgan's consumer & community banking division, is one of a small group of senior executives who have been identified as potential candidates to succeed Dimon when he chooses to step down. If she were to step into his shoes, Lake would become the first woman to lead JP Morgan in its 154-year history, as well as becoming its first British chief too. Could she make history and move from number two to the top spot? Born to a British father and an American mother, Lake moved from Cumberland, Maryland – a small US city of less than 20,000 people – to the UK, aged two. Her father was a computer programmer and her mother an airline ticketing agent. Lake studied physics at Reading University before starting her career at PwC in London. She moved to the accounting giant's Sydney offices, before joining JP Morgan in 1999 at the age of 30. She quickly rose through the ranks to be named chief financial officer of the consumer & community banking division in 2009, dealing with more than 82m of JP Morgan's retail customers. 'It's really smart to have a strong contender with a 'Main Street' point of view, given the role that banks play in real people's lives,' says Sandra Sucher, an economist at Harvard Business School. Unlike rivals such as Goldman Sachs that focus on investment activities, JP Morgan also offers bank accounts and loans to millions of ordinary citizens. It is part of what makes the bank so huge, and the job of running it so influential. Lake's main rivals in the succession battle are Douglas Petno and Troy Rohrbaugh, both co-chief executives of JP Morgan's commercial and investment bank – the Wall Street side of the ledger. Lake recently had her own position expanded to cover the responsibilities formerly held by Sanoke Viswanathan, an executive who has now left JP Morgan to join FactSet, a financial data provider. Many took it as a sign she could be being lined up to take the top job. The Briton has acknowledged that she might not 'fit the typical profile' of a top banker at JP Morgan, given she spent her formative years outside of the US and did not attend an Ivy League school or Oxbridge. However, Glenn Schorr, a banking analyst at Evercore, says there's 'no chance' anyone would see Lake as an outsider after 'spending more than three minutes with her'. 'I don't think anybody's ever said a bad word about her,' says Schorr, who has known Lake for over a decade. 'She's charming to be around. She has an insane command for the subject matter. She's got the full package.' Lake wouldn't be the first British woman to lead a Wall Street bank. Jane Fraser, who runs Citibank, was born in St Andrews, Scotland. Her background is, however, more traditional Wall Street: Fraser studied economics at Cambridge before working in the mergers and acquisitions unit of Goldman Sachs, later completing an MBA at Harvard Business School. JP Morgan insiders described Lake as a 'big success story' and said people within the bank were 'very enthusiastic about her chances of becoming the next Jamie Dimon'. To her advantage, Lake has worked closely with JP Morgan's chief for years. She told Marie Claire in 2013: 'Our offices are right next door, and we're in and out of each other's offices multiple times a day. Every Friday night we try to sit down together and go over things, but it's not always necessary. We're usually on the same page.' Gerard Cassidy, an analyst at RBC Capital Markets, said Lake has 'done a very good job in her role'. He described Lake as 'pretty forward' and 'direct', and someone who 'demands and receives a high level of production from the people that she works with'. 'You can tell that she has a high level of expectations for the people that work for her.' Lake's high status within the bank is reflected in her pay. She earned $18.5m in 2024, making her the fourth-best remunerated executive behind Dimon; Daniel Pinto, JP Morgan's president; and Mary Erdoes, the chief executive of JP Morgan's wealth management business, who may also have a shot at the top job. Lake now lives in New York, having moved to the US in 2004. In February, local newspaper Crain's New York Business reported she had moved into a four bedroom apartment on the Upper East Side of Manhattan, said to have been purchased for more than $13m. Schorr describes Lake as a fast talker with an extensive knowledge of the bank. 'It feels like she knows everything about everything,' he says, adding that JP Morgan's major shareholders hold her in the 'highest regard'. 'I'm not going to pretend it's easy' The executive has given relatively few interviews to the media and was unavailable to speak for this piece. It means there are few clues as to what direction she might take JP Morgan in, if she were to rise to the position of chief executive. One thing she has opened up about publicly is her decision to have her three children in her 40s, through a surrogate, raising them on her own. 'I'm not going to pretend it's easy,' Lake told the audience at American Banker's gala in 2015. 'But, like everything in life, to make it work you need to be highly organised.' In her interview with Marie Claire, Lake said: 'I never worried about raising a kid on my own. I'm 42, not 20 with my eyes closed. The circumstances aren't traditional, but I didn't hesitate to do it.' Lake has also championed diversity. In her 2015 speech at American Banker's gala, the executive said she had made an effort to surround herself with a 'diverse team ... with respect to experience, background and thinking.' 'Should my daughter decide to follow in my footsteps and enter this great industry, I would like to believe that she would have all the same opportunities that her brothers would, and that I would like to do everything I can to ensure that that is the case,' she said. Lake's rise comes at a time when Donald Trump is fighting an all-out war on the diversity, equity, and inclusion (DEI) policies that have become widespread throughout America's largest firms. JP Morgan itself recently relaunched its DEI initiatives, replacing the word 'equity' with 'opportunity', in a rebrand of the programme under a new name, 'DOI'. Whether this is enough to escape the president's ire remains to be seen. Regardless, Lake may not have to deal with Trump, even if she does get the top job. The board of JP Morgan handed Dimon a $50m retention bonus in 2021 that would keep him in the top job until at least the middle of next year, and he said this week that his retirement was 'several years away'. Still, he has also admitted that succession planning is 'well under way'. While she may still face a wait, Lake could soon become JP Morgan's first female chief – and one of the most prominent Britons on Wall Street. The limelight is calling.
Daily Mail
04-06-2025
- Business
- Daily Mail
List of JPMorgan candidates to eventually replace CEO Dimon
JPMorgan Chase is making moves behind the scenes to eventually replace its longtime CEO Jamie Dimon, who is expected to retire within five years. Dimon, 69, indicated in a Monday interview with Fox Business that he intends to step away from America's largest consumer bank in 'several years,' adding that he loves the job. On Tuesday, Bloomberg reported that JPMorgan put Marianne Lake in charge of strategic growth and the firm's international consumer bank. Doug Petno and Troy Rohrbaugh, who together lead JPMorgan's commercial and investment banking operations, are also vying for the top job. What Petno has going for him is his length of service. He's been at the bank for 35 years and has held numerous roles at the company. By comparison, Lake has been at JPMorgan for 25 years, while Rohrbaugh has been there for 20 years. Jenn Piepszak was a real possibility to become CEO several months ago. She effectively took herself out of the running when she accepted the COO job in January. Piepszak replaced former COO Daniel Pinto, who will serve as the company's president until he retires in 2026. Pinto, too, was once considered someone who could step into the CEO role, as he previously assumed those responsibilities when Dimon had to undergo emergency heart surgery in 2020. Mary Erdoes, CEO of asset and wealth management, is considered a dark horse in the leadership race. She has been at the firm for nearly 30 years. JPMorgan could surprise everyone and go with an outside hire, but that is very unlikely. Daily Mail reached out to the bank for comment. In April, the bank's Board of Directors identified potential successors to Dimon and all of them were internal candidates. Dimon himself was an internal hire. In 2000, he became the CEO of Bank One, overseeing that firm's operations until it merged with JPMorgan in 2004. He was first selected to be COO at JPMorgan before being hired as CEO in December 2005. All this jockeying at JPMorgan comes as Dimon made a headline-grabbing appearance Friday at the inaugural Regan National Economic Forum, where he talked with his usual brash candor about today's hot-button political issues. On a panel with CNBC's Morgan Brennan, he sounded the alarm about the ballooning national debt and warned that if the United States doesn't take its role as the world's sole superpower seriously, the US dollar could cease being the world reserve currency. He also advanced the idea that leaders at every level of government are bungling the country's future. 'The amount of mismanagement is extraordinary - by state, by city, for pensions, and that stuff is going to kill us,' he said. All these statements and more got Brennan to ask Dimon whether he'd consider running for office, a question that got many in the audience to gasp. 'What would be the scenario that you would entertain to consider public service?' she asked. Dimon paused for a beat, then said, 'Alright, ready? I'll tell you. If I thought I could really win, which I don't think I could.' That response apparently caught the eye of Jeffrey Sonnenfeld, a professor at the Yale School of Management, who wrote a lengthy article about why Dimon could be a dynamic choice to be the next president. Anthony Scaramucci, a financier who served as White House communications director for 10 days in 2017 before being fired by Trump, posted about Sonnenfeld's Tuesday piece in Fortune Magazine , calling it 'spot on.' Sonnenfeld argued that Dimon is a commanding presence and a sensible moderate who could, if he decided to run as a Democrat, unite a party that is in complete disarray. The conventional wisdom is that the Democrats are largely without a true leader after Vice President Kamala Harris lost to Donald Trump in November. A CNN/Gallup poll released on Sunday seems to bear that out, with just 16 percent of Americans believing the Democratic party has strong leaders. Sonnenfeld also cast Dimon as an unapologetic truth-teller even when it doesn't suit him, writing that this is a 'rare quality found only in the best leaders.' As an example, he pointed to a leaked recording of Dimon at a company town hall , where he launched into a foul-mouthed rant against employees who wanted to continue working from home. Dimon also has a realistic claim to the centrist label, Sonnenfeld wrote, as he criticized both Democrats and Republicans. Although Dimon, a registered Democrat, continues to praise Trump for growing the economy in his first term, he hasn't been shy to slam the president for his Liberation Day tariffs and his decision to establish a strategic bitcoin reserve. In January 2024, he was far more conciliatory, saying, 'Take a step back, be honest. He was kind of right about NATO, kind of right on immigration. He grew the economy quite well. Trade tax reform worked. He was right about some of China.' Back then, he was warning that Democrats' incendiary rhetoric about Trump and MAGA could cost them the upcoming election. Whether or not the Democrats' approach to Trump supporters was the main factor in them losing, the fact is, Trump cruised to a second term relatively handily. Sonnenfeld wrote that Dimon could be the antidote to Trumpism, essentially saying that while Trump plays the role of a titan of industry, Dimon is the real deal. He pointed to Trump's multiple business bankruptcies, despite inheriting nearly half a billion from his father, Fred Trump.
