PayPal's 'super app' - JPM loses top tech exec - Merrill's pay plans
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On the agenda today:
- PayPal is relaunching its "super app," which will pit it against Google Pay and Square.
- JPMorgan just lost its global head of AI technology.
- In a leaked recording, Merrill's president said advisors shouldn't expect more pay raises.
Let's get started.
PayPal is relaunching its "super app"
PayPal announced a handful of new features - including bill payments, early paycheck deposits, and high-yield savings - as part of its app relaunch. The company's mission to reach 1 billion active daily users pits it against Google Pay and Square in the battle to become the go-to digital wallet. What we know about the upcoming super app.
JPMorgan just lost a key tech exec
Apoorv Saxena, JPMorgan's global head of AI technology, is leaving the bank after three years. Saxena, who was responsible for building the bank's AI system, told Insider he's leaving because he got "an even better opportunity to make a larger impact."
Merrill advisors won't see pay changes anytime soon
In a leaked recording, Merrill Lynch President Andy Sieg said the firm's financial advisors should not expect a "large-scale change" to the structure that dictates their pay, even as the battle to retain talent rages on. Here's what he told staffers.
Assembly to keep its acquisition spree rolling
After securing a major investment from private-equity firm Advent International, e-commerce unicorn Assembly is looking to hire 200 people and acquire more companies. How it plans to use its "significant" investment.
Aladdin - short for asset, liability, debt, and derivative-investment network - is BlackRock's portfolio-management and investment risk-analytics system, and has driven $1 billion in annual technology revenue last year. These nine BlackRock execs are powering the growth of Aladdin.
Investors allocating billions for endowments explain what they're looking for in PE funds
As valuations continue to climb, searching for private-equity managers has become more difficult, according to investment professionals at billion-dollar institutions. Three investors shared what they're looking for - and the challenges they're facing.
US Treasury issued its first-ever sanctions against a crypto exchange
The US Treasury Department announced it will sanction Russian-owned Suex for its role in laundering financial transactions for ransomware actors. The move marks the first time the agency has blacklisted a cryptocurrency exchange.
On our radar:
- According to Bloomberg, BNPL services are increasingly seen as competitors to debit and credit card issuers.
- Goldman Sachs' junior banker uprising was started by the son of a TPG leader, Bloomberg reports. What we know so far.
- Per WSJ, US Bancorp will buy MUFG Union Bank in an $8 billion cash-and-stock deal. The deal will boost US Bank's presence across the West Coast.