I wasn’t shocked to see JPMorgan Chase CEO Jamie Dimon on stage yesterday at Fortune’s Most Highly effective Ladies Summit. I’ve interviewed a number of girls leaders over time—TIAA CEO Thasunda Brown Duckett, Vacationers Chief Advertising and marketing Officer Lisa Caputo, Mary Callahan Erdoes, who runs JPMorgan Chase’s Asset & Wealth Administration, and veteran finance government Heidi Miller, amongst others—who think about Dimon an necessary mentor. Ladies make up half of JPMorgan’s board and 7 of the 13 members of its working committee.
Dimon spoke with Fortune editor-in-chief Alyson Shontell about matters starting from AI to blockchain, which you’ll examine right here and right here. Recent from reporting a banner quarter, the financial institution chief expounded on AI, gold, regulation, jobs, tariffs, debt, authorities waste, New York’s mayoral race, and “the need to keep the Western world together economically.” You may try the complete interview right here.
And right here’s what I’ve gleaned from attendees, in terms of Dimon’s mentorship strategy:
Guess on Winners: Dimon helps individuals who’ve earned his respect and belief, whether or not it’s hiring folks like Miller at a number of firms or advising Duckett throughout her inaugural yr as CEO of TIAA. That intuition isn’t restricted to girls: Wells Fargo’s Charlie Scharf involves thoughts. Dimon says he’s guided by efficiency, not gender or loyalty. To do in any other case, in his view, is a disservice to the group.
Share your community: Lisa Caputo met Dimon after he’d been fired from Citigroup and she or he had simply arrived there. As she put it yesterday: “I was trying to build a women’s business from scratch. Every time Jamie would call, he would give me the names of three people to talk to inside the company, and he would also ask me what I’d learned so far. Through my conversations with him, he was literally helping me shape what the business model could look like.”
High information
Why the U.S. Supreme Courtroom would possibly preserve Trump’s tariffs
On their face, President Trump’s commerce tariffs are unlawful as a result of Congress didn’t approve them and since routine commerce will not be the “emergency” that Trump claims. However the U.S. Supreme Courtroom might rule to go away them in place anyway due to the logistical issue of undoing them, in keeping with former Solicitor Basic Elizabeth Prelogar. “The government is coming to court and saying, ‘We would have to unwind billions or trillions of dollars. It could bankrupt our nation,’” she mentioned.
Trump considers cooking oil ban for China
“I believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act. We are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution. As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China,” the president mentioned on Reality Social. Traders took it as a sign that there can be no quick compromise within the commerce conflict, sending the S&P 500 down 0.16% on the day.
Trump preps record of applications he’ll get rid of
The U.S. authorities shutdown reveals no signal of coming to an finish. Yesterday the president mentioned he was drawing up a listing of “egregious socialist, semi-communist” authorities applications that he would get rid of completely if Democrats in Congress don’t assist him go his spending invoice. “We’re closing up programs … that we wanted to close up or that we never wanted to happen,” Trump mentioned. “We’re not going to let them come back.”
Dimon points personal credit score warning: “When you see one cockroach, there are probably more”
JPMorgan Chase wrote off $170 million in debt it was owed within the collapse of auto components provide firm First Manufacturers, the corporate reported in its Q3 earnings name, and JPM CEO Jamie Dimon warned there could also be extra cracks within the personal credit score markets to return: “I probably shouldn’t say this, but when you see one cockroach, there are probably more. Everyone should be forewarned on this one.” Apollo World Administration chief Marc Rowan additionally warned of “late-cycle accidents” however Blackstone president Jonathan Grey mentioned it was not a systemic downside.
Powell hints at additional charge cuts
In a speech on Tuesday, Fed Chair Jerome Powell hinted that the establishment is prone to minimize charges once more as a weak job market trumps inflation considerations. Coverage modifications might must “take another step toward a more neutral stance,” Powell mentioned on the Nationwide Affiliation for Enterprise Economics.
Amazon is getting ready a brand new spherical of layoffs
Amazon is planning to put off as a lot as 15% of the corporate’s human sources employees, in keeping with sources conversant in the scenario, with different departments prone to be affected as properly. Amazon spokesperson Kelly Nantel declined to touch upon the scenario.
Mark Cuban says workers deserve extra inventory
Billionaire Mark Cuban wrote in a put up on X that firms ought to be higher incentivized to provide shares to their workers as inventory beneficial properties multiply. The put up was in response to a current report from Oxfam exhibiting that billionaire wealth has elevated by $33 trillion since 2015.
Sam Altman says OpenAI will enable “erotica for verified adults”
“Now that we have been able to mitigate the serious mental health issues and have new tools, we are going to be able to safely relax the restrictions in most cases,” he mentioned. Individually, Deutsche Financial institution reported that subscriptions at OpenAI have “flatlined.”
The markets
S&P 500 futures had been up 0.47% this morning. The index closed down 0.16% in its final session. STOXX Europe 600 was up 0.53% in early buying and selling. The U.Ok.’s FTSE 100 was down 0.31% in early buying and selling. Japan’s Nikkei 225 was up 1.76%. China’s CSI 300 was up 1.48%. The South Korea KOSPI was up 2.68%. India’s Nifty 50 was up 0.76% earlier than the tip of the session. Bitcoin was as much as $112.9K.
Across the watercooler
Kamala Harris doesn’t consider her presidential run was her finale: A glass cliff ‘suggests finality, and I’m not into that’ by Sydney Lake
From Doritos to Pop-Tarts, Large Meals’s $67 billion obsession is protein-packed every thing: ‘It’s going to maintain coming’ by Marco Quiroz-Gutierrez
‘Bitcoin Jesus’ reaches $50 million cope with DOJ to dismiss tax evasion fees by Ben Weiss
Goldman economists on the Gen Z hiring nightmare: ‘Jobless growth’ might be the brand new regular by Nick Lichtenberg
CEO Every day is compiled and edited by Joey Abrams and Jim Edwards.
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