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<ul class="summary-list"><li><keyword id="19947945" type="General" weightage="20" keywordseo="JPMorgan-Chase" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan Chase" meta.hostid="261" meta.entityid="JPMorgan Chase">JPMorgan Chase</keyword>'s <keyword id="19940300" type="General" weightage="20" keywordseo="CEO" source="keywords">CEO</keyword> said Friday that he doesn't plan to join the next <keyword id="23582911" type="General" weightage="20" keywordseo="presidential-administration" source="keywords">presidential administration</keyword>.</li><li><keyword id="20214240" type="General" weightage="20" keywordseo="Jamie-Dimon" source="keywords">Jamie Dimon</keyword> said he expects to stay at JPMorgan "for a long period" rather than join the government.</li></ul>Jamie Dimon on Friday shed new light on how long he might remain in <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jp-morgan-ceo-first-republic-bank-rescue-2023-3">the top job at JPMorgan Chase</a>, suggesting he would likely reject an opportunity to join a presidential administration and that he intends to stick with America's biggest bank "for a long period of time." "I think the chance of that is almost nil, and probably I'm not going to do it," Dimon said in response to a question from a Wells Fargo stock analyst about whether he'd say yes <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">if offered a job</a> with the next US president. "I intend to be doing what I'm doing — I almost guarantee I'll be doing this — for a long period of time, or at least until the board kicks me out," he said. In May, Dimon made headlines when he said <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-career">his time as JPMorgan's CEO</a> was coming to a close. "The timetable is not five years anymore," he told investors, a reference to a running joke about how every other time he was asked how long he might remain at the helm, he often said five years. So what gives? Is Dimon staying or going? The statements are not necessarily contradictory. One way he could stay on is as the bank's chairman of the board, a role he holds now in addition to CEO. (The firm has previously said it intends to separate the CEO and chairman roles after Dimon steps down.) Chairmen oversee companies' boards of directors, giving them an important platform from which to steer the organization and ensure that it's serving shareholders. But the chairman isn't the chief executive, meaning that he would be removed from running the company day-to-day and making most operational decisions. Indeed, when the question was put to a JPMorgan spokesperson, we got this response: "His timeline has not changed since his Investor Day comments, and ultimately it's up the board," the spokesperson said, adding: "We have said he could become Chairman after stepping down as CEO." Other bank CEOs who have extended their relationships with firms through chairman roles include Lloyd Blankfein, who was named a senior chairman of Goldman Sachs in 2018, when David Solomon took the top job. Of course, Dimon also didn't rule out the possibility that he might leave Wall Street for a career in public service. When asked whether he would consider a <keyword id="19927357" type="General" weightage="20" keywordseo="government-job" source="keywords">government job</keyword> under the right circumstances, he demurred. "I've always been an American patriot. My country is more important to me than my company," he said, explaining why he's so involved in guiding public policy. After saying he wouldn't likely accept a government job, he added: "But I've always reserved the right. I don't make promises to people. I don't have to." <h2>Political prognostications</h2>Dimon made the comments during the company's third-quarter earnings call to <a target="_blank" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">review its most recent performance</a>. JPMorgan reported net income of nearly $13 billion, with revenue from consumer and community banking topping $17 billion and investment-banking revenue reaching $2.4 billion, a nearly 30% increase from the same time last year. Asset and wealth management revenue was up nearly 10% over the same period, exceeding $5 billion. Goldman Sachs, Citi, and Bank of America will report earnings on Tuesday. Dimon on Friday opened his press release with a statement that included his thoughts on the current geopolitical environment, which he called "treacherous." "We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse," Dimon wrote. "There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history." He also warned that "critical issues remain," like fiscal deficits, infrastructural concerns, and the "remilitarization of the world." His pontifications about global affairs have become more pessimistic in tone in recent months as he's weighed in on <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-likes-musks-department-of-government-efficiency-idea-2024-9">a range of international issues</a>. The Wells Fargo analyst on Friday suggested Dimon has been commenting on government pontifications in the past year more than at any other time in his career, raising questions about his political aspirations. On Friday's call, Dimon also suggested that he's taking a conservative view of JPMorgan's spending as a result of the turbulent geopolitical environment. When asked how the bank might spend its excess cash, whether to buy back stock or invest in the business he suggested that now is the time to save. "Cash is a very valuable asset sometimes in a turbulent world," Dimon said. "You see my friend Warren Buffett stockpiling cash right now. I mean, people should be a little more thoughtful about how we're trying to navigate in this world." Correction: October 11, 2024 — An earlier version of this story misspelled Lloyd Blankfein's name.

Jamie Dimon suggests he will remain at JPMorgan for a very long time

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition, a roundup of some of our top stories. Goldman Sachs' 2024 summer internship class had an <a target="_blank" href="https://www.businessinsider.com/goldman-internship-just-got-harder-summer-analyst-acceptance-rate-2024">acceptance rate</a> of less than 1%. Two who made the cut shared their first impressions of Wall Street and <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-interns-discuss-summer-job-how-to-succeed-2024-6">tips for success</a>.On the agenda today:<ul><li>Your guide to America's <a target="_blank" href="https://www.businessinsider.com/alices-dinks-henrys-fires-economy-guide-2024-6">weird new economic tribes</a>.</li><li>The CEO training program that's <a target="_blank" href="https://www.businessinsider.com/alpine-investors-ceo-in-training-program-how-it-works-2024-6">harder to get into than Harvard</a>.</li><li>Andy Sieg could be Citi's next CEO. First step: <a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">fix a broken business</a>.</li><li>Thirty years later, Amazon's <a target="_blank" href="https://www.businessinsider.com/amazon-original-book-business-booming-2024-6">book business is thriving</a>.</li></ul>But first: On the ground at Cannes Lions, aka summer camp for the ad industry.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><div type="image" title="The Cannes Lions promenade 2023." height="3755" width="5634" msid="111207900" hostid="261" sizebytes="423518"></div><h2 id="d97b5dce-e69d-489f-9b45-829a14c50408">This week's dispatch</h2>The biggest names in marketing made for the south of France last week for the annual Cannes Lions festival. <a target="_blank" href="https://www.businessinsider.com/author/lara-oreilly">Lara O'Reilly</a> and <a target="_blank" href="https://www.businessinsider.com/author/julia-hood">Julia Hood</a> were among them.What was the overall mood?Lara O'Reilly: Jubilant. The sun was shining, the rosé was flowing, and companies were back to spending big on their enormous setups along the beach. No signs of the so-called "ad downturn" along La Croisette this year.What were the topics du jour?LO: Artificial intelligence. Or, more specifically, why the industry needs to stop talking about AI — and other under-the-hood tech — and instead refocus on the kind of creative ideas that make a cultural and business impact.Julia Hood: Sports was the star of the show. Athletes on site included Megan Rapinoe, Sue Bird, the Kelce brothers, and many more. Sports is accelerating as a convener of people across the political spectrum — a safe way to bring people together.What did the event reveal about the industry?LO: For all the talk of automation, advertising remains a relationship business. Yes, this place is a hedonist's playground of partying, VIP yacht experiences, and questionable ROI, but (I'm told) deals do actually get done here.What was the hottest ticket in town?JH: Wednesday night was the time to party for a lot of the attendees. Highlights included The Chainsmokers at Yahoo Beach and Arcade Fire at Spotify Beach. On Thursday morning, Jason and Travis Kelce recorded their "New Heights" podcast at Stagwell's Sport Beach. Despite the rumors, Taylor Swift was not seen.<a target="_blank" href="https://www.businessinsider.com/most-innovative-chief-marketing-officers-2024-6">Meet Business Insider's most innovative CMOs of 2024.</a><div type="image" title="Toy versions of Geriatric Millenials, Peak Boomers, and FIRE" height="2000" width="4000" msid="111207898" hostid="261" sizebytes="568460"></div><h2 id="c76ad443-9768-46bd-b065-8abdb752dcca">America's new economic tribes</h2>You may have heard about ALICEs, DINKs, and maybe even HENRYs. But what about DIPS? Have you thought about the FIRE movement?Coverage of America's economy is filled with acronyms and descriptors for all demographics. It can be hard to keep up with all the terms — so we built a glossary to help you out.<a target="_blank" href="https://www.businessinsider.com/alices-dinks-henrys-fires-economy-guide-2024-6">A guide to ALICEs, DINKs, and everyone in between</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/gen-z-millennial-neets-happy-idle-until-finding-right-job-2024-6">Gen Z and millennial NEETS are on the rise — many say they'd rather do nothing than be unhappy at work</a></li></ul><h2 id="42e27dc8-5f72-403c-9717-19484032a8be">The MBA to CEO pipeline</h2>Alpine Investors, a $17 billion private-equity firm, is quickly becoming one of the most sought-after workplaces for business school grads.That's thanks to Alpine's CEO-In-Training program. The program places MBAs in leadership positions at companies within just a few weeks, and promises to turn them into CEOs in a few years. It's not easy, though: Just 1.6% of applicants got a spot this year.<a target="_blank" href="https://www.businessinsider.com/alpine-investors-ceo-in-training-program-how-it-works-2024-6">Inside the highly selective program</a>.<div type="image" title="Andy Sieg collage with Citi bank" height="1500" width="2000" msid="111207901" hostid="261" sizebytes="233386"></div><h2 id="d45fe213-cd49-4c41-a866-4791c7c72df8">Citi's wealth fixer</h2>Andy Sieg, Merrill Wealth Management's former president, took a gamble leaving its strong business for Citi's much smaller wealth division.But according to industry insiders, including some of his colleagues, Sieg might have his eye on a bigger prize. If he's able to turn Citi's wealth unit around, he could become the bank's next CEO.<a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">A look at Sieg's next steps</a>.<div type="image" title="Jeff Bezos, founder &amp; CEO of Amazon.com, poses with a book in an Amazon warehouse, Seattle, Washington, January 1st 1997." height="1544" width="2058" msid="111207899" hostid="261" sizebytes="191124"></div><h2 id="62e4926a-30aa-445c-9922-623a16f80752">Read it at Amazon</h2>Despite shuttering all of its brick-and-mortar bookstores in 2022, Amazon's bookselling business is booming.The e-retail giant sold $16.9 billion worth of books in the first 10 months of 2022, an internal document obtained by BI shows. The figure demonstrates how Amazon's original business is thriving 30 years after its inception.<a target="_blank" href="https://www.businessinsider.com/amazon-original-book-business-booming-2024-6">The book business breakdown</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">Jeff Bezos' plan for The Washington Post is imploding</a></li><li><a target="_blank" href="https://www.businessinsider.com/employees-slam-amazon-for-private-foo-fighters-show-for-leaders-2024-6">Amazon employees slam the company in leaked Slack messages for apparently hosting a private Foo Fighters concert for senior leaders</a></li></ul>This week's quote:"We try to buy our way into looking and seeming young."— Devon Price, a social-psychology professor, on <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-socks-jeans-brands-aging-cash-advertising-2024-6">companies selling to millennials who are afraid of aging</a>.More of this week's top reads:<ul><li>A lawyer dreamed of disrupting the legal industry with private equity. <a target="_blank" href="https://www.businessinsider.com/arizona-law-firm-private-equity-investment-777-partners-2024-6">It turned into a nightmare</a>.</li><li>An Amazon VP shares <a target="_blank" href="https://www.businessinsider.com/strategies-manage-career-get-promoted-from-amazon-vp-2024-6">eight career-advancing strategies</a>.</li><li>Wall Street's solution to the retirement crisis: <a target="_blank" href="https://www.businessinsider.com/retirement-crisis-blackrock-letter-boomers-work-longer-employer-age-discrimination-2024-6">force boomers to work longer</a>.</li><li>Reddit's traffic is <a target="_blank" href="https://www.businessinsider.com/reddit-traffic-surges-from-google-search-2024-6">way, way up</a>.</li><li>There's a pipeline of former Tesla staffers <a target="_blank" href="https://www.businessinsider.com/elon-musk-fills-out-xai-former-tesla-staffers-after-layoffs-2024-6">to Elon Musk's new startup xAI</a>.</li><li>Apple Intelligence seems to have <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-china-chatgpt-partner-tim-cook-iphone-2024-6">a ChatGPT-shaped problem in China</a>.</li><li>Elon Musk wants advertisers' money — and to keep tweeting. <a target="_blank" href="https://www.businessinsider.com/elon-musk-advertisers-cannes-speech-tweets-twitter-x-peter-kafka-2024-6">He can't have both</a>.</li><li>Businesses are rushing to use generative AI. <a target="_blank" href="https://www.businessinsider.com/companies-using-ai-bain-survey-roi-2024-6">It's about to get messy</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/matt-turner">Matt Turner</a>, deputy editor-in-chief, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. Amanda Yen, fellow, in New York.</li></ul>

Insider Today: CEOs in Training

<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers. </li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses. Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their global consumer, private, corporate and payments businesses and Member of the group executive committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating Management Committees. He also built and ran various country and regional businesses across geographies. What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America. It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.” Interestingly, Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

The CEO who believes that there’s a lot more to digitise at banks

<ul class="summary-list"><li>Amazon CEO Andy Jassy <a target="_blank" class="affiliate-link" href="https://affiliate.insider.com?h=9e7ab9fadba6f83abce36abffe313d4a158b45dbb9b26206d3e1c41d842d10b8&amp;postID=66c756e07d61a86c18720874&amp;postSlug=amazon-ceo-says-ai-saved-crazy-amount-time-024-8&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fandy-jassy-8b1615_one-of-the-most-tedious-but-critical-tasks-activity-7232374162185461760-AdSz%2F%3Futm_source%3Dshare%26utm_medium%3Dmember_ios">said</a> its AI assistant, Amazon Q, drastically reduced software upgrade times.</li><li>Jassy said that's saved the equivalent of thousands of years of work, plus millions of dollars.</li></ul>Generative AI has some workers worried that it'll take their jobs. But before that, it looks like it's making some software engineering tasks a lot easier.Amazon CEO Andy Jassy revealed in a <a target="_blank" class="" href="https://affiliate.insider.com?h=9e7ab9fadba6f83abce36abffe313d4a158b45dbb9b26206d3e1c41d842d10b8&amp;postID=66c756e07d61a86c18720874&amp;postSlug=amazon-ceo-says-ai-saved-crazy-amount-time-024-8&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fandy-jassy-8b1615_one-of-the-most-tedious-but-critical-tasks-activity-7232374162185461760-AdSz%2F%3Futm_source%3Dshare%26utm_medium%3Dmember_ios">LinkedIn post</a> on August 22 that the company was able to integrate Amazon Q, its generative AI assistant, into its internal systems to update its foundational software.The result has been a "game changer," Jassy said."The average time to upgrade an application to Java 17 plummeted from what's typically 50 developer-days to just a few hours," he wrote. "We estimate this has saved us the equivalent of 4,500 developer-years of work (yes, that number is crazy but, real)."The AI is not only fast but seems pretty accurate, too, according to his post. Amazon developers shipped 79% of the AI-generated code reviews without any additional changes, Jassy wrote."The benefits go beyond how much effort we've saved developers," he said. "The upgrades have enhanced security and reduced infrastructure costs, providing an estimated $260M in annualized efficiency gains."Jassy's comments seem to tie into a often-used argument when it comes to AI: that it helps free up time otherwise used on boring but necessary jobs."One of the most tedious (but critical tasks) for software development teams is updating foundational software," he wrote. "This work is either dreaded or put off for more exciting work—or both."But while Amazon may be enjoying the increased productivity, developers might be concerned about its efficiency potentially reducing the need for human workers.Amazon Web Services' CEO Matt Garman <a target="_blank" class="" href="https://www.businessinsider.com/aws-ceo-developers-stop-coding-ai-takes-over-2024-8">recently said</a> in an internal meeting that software engineers may have to develop other skills with the proliferation of AI in coding."If you go forward 24 months from now, or some amount of time — I can't exactly predict where it is — it's possible that most developers are not coding," he said.And Garman is not the only top executive to express this warning. Nvidia's CEO Jensen Huang <a target="_blank" class="" href="https://youtu.be/i-wpzS9ZsCs?si=7G3H5xyeQYk14EYY&amp;t=2968">has said</a> that "everyone is a programmer now" because of AI coding tools. Emad Mostaque, Stability AI's former CEO, <a target="_blank" class="" href="https://youtu.be/ciX_iFGyS0M?si=V9_fWt2a8lgRqJb5&amp;t=825">even predicted</a> that there would be "no programmers in five years."Developers are not the only industry being hit with a potential extinction scare. Klarna's CEO, Sebastian Siemiatkowski, said in a <a target="_blank" class="" href="https://www.businessinsider.com/klarna-ceo-comments-ai-smaller-marketing-team-produce-more-savings-2024-5">now-deleted tweet</a> that the fintech firm will save $10 million this year by using generative AI to do the marketing work human employees previously did."We're spending less on photographers, image banks, and marketing agencies," he wrote. "Our in-house marketing team is HALF the size it was last year but is producing MORE!"Although Siemiatkowski received intense backlash, a <a target="_blank" rel=" nofollow" href="https://www.klarna.com/international/press/ai-helps-klarna-cut-marketing-agency-spend-by-25-and-run-more-campaigns/">press release</a> backed his enthusiasm for AI, saying that Klarna has "generated over 1,000 images in the first three months of 2024 using genAI, reducing the image development cycle from 6 weeks to just 7 days."U.S. Bank CMO Michael Lacorazza <a target="_blank" class="" href="https://www.businessinsider.com/ai-saved-us-bank-months-of-development-time-on-a-new-brand-campaign-says-cmo-michael-lacorazza-2024-6">previously told</a> Business Insider that the company was able to use generative AI to "shave about two and a half months off" their development cycle for a new brand campaign.Despite the impressive efficiency increases, Lacorazza made it clear to reassure workers that he views generative AI as "not a replacement for humanity but an enabler for humanity."Meantime, Jassy said that Amazon will continue using Amazon Q in further operations.He said, "Not only do our Amazon teams plan to use this transformation capability more, but our Q team plans to add more transformations for developers to leverage."

Amazon's CEO says their AI tool has saved them a crazy amount of time

<ul class="summary-list"><li>Big banks have reported their second-quarter earnings over the past week.</li><li>JPMorgan's profits surged to a record high after it bought First Republic.</li></ul>Big banks have released their earnings over the past few days – and it's clear that Wall Street had a good quarter.JPMorgan's <a href="https://www.businessinsider.com/first-republic-bank-taken-jpmorgan-fdic-fails-find-buyer-2023-5">rescue of First Republic</a> helped its profits surge 67% to a record $14.5 billion for the three months to June 30.Bank of America, Citi, Morgan Stanley, and Wells Fargo also all beat analysts' earnings expectations, with each enjoying a share-price bump that's lifted the benchmark <a href="https://markets.businessinsider.com/etfs/invesco-kbw-bank-etf-us46138e6288">KBW Bank Index</a> by 4% over the past two trading days.Goldman Sachs' results <a href="https://www.ft.com/content/2294f66d-78b4-4e1c-91c1-2770995741ad" target="_blank" rel="noopener">on Wednesday</a> will provide a further gauge of the banking sector's overall health. Early signs suggest that Wall Street's emerged unscathed from the banking turmoil that rocked markets earlier this year.Back in March, Silicon Valley Bank collapsed after massive losses in its bond portfolio caused customers like Peter Thiel's Founders Fund to pull their deposits from the lender.That failure sparked wider concern, with First Republic collapsing the following month and other regional lenders such as PacWest and Western Alliance also seeing their share prices plummet.For big banks, the turmoil created an opportunity to win customers who were worried that their deposits weren't safe, and boost their balance sheets by scooping up smaller lenders.JPMorgan led the charge by <a href="https://www.fdic.gov/news/press-releases/2023/pr23034.html" target="_blank" rel="noopener">buying First Republic from the Federal Deposit Insurance Corporation</a> on May 1, taking on an additional $104 billion of deposits. CEO Jamie Dimon said at the time that the US Government asked banks including his <a href="https://www.businessinsider.com/jamie-dimon-jpmorgan-asked-step-up-with-first-republic-rescue-2023-5">"to step up, and we did."</a>That deal was one reason why JPMorgan posted record profits in the second quarter, analysts said.Wall Street's top names have also benefited from <a href="https://markets.businessinsider.com/news/stocks/stock-market-charts-crash-federal-reserve-interest-rates-bonds-crypto-2023-6?_gl=1*l0ilc7*_ga*MTg1NTcwOTk2MS4xNjg1NzE2MDQ0*_ga_E21CV80ZCZ*MTY4NjkwNDk1OS4yNi4xLjE2ODY5MDc4MTAuNjAuMC4w">the Federal Reserve's decision to raise interest rates from near-zero to more than 5%</a> over the past 16 months in a bid to tame soaring inflation.That benefits banks because they can charge customers more to borrow when they take out a mortgage or use a credit card.JPMorgan made almost $22 billion in net interest income in the second quarter, up 44% from the previous year.Bank of America, Citi, and Wells Fargo also all logged higher net interest income, thanks to the Fed's aggressive tightening campaign.

Yes, Wall Street's biggest lenders got even richer after Silicon Valley Bank collapsed

<ul class="summary-list"><li>A New York City jury may begin deliberations Friday over the killing and dismemberment of Fahim Saleh.</li><li>Tyrese Haspil, who was embezzling Saleh, admits to Tasing, stabbing, and dismembering the Gokada CEO.</li></ul>A Manhattan jury will soon be asked to imagine the unimaginable: the mind of a killer.They're set to be asked to assess the emotions and motives of Tyrese Haspil, a former personal assistant who admitted to stabbing his ex-boss to death to hide a $400,000 embezzlement and <a target="_blank" href="https://www.businessinsider.com/fahim-saleh-tyrese-haspil-profiles-accused-killing-decapitating-tech-ceo-2021-5">then sawing him into six pieces</a> to hide the corpse.Fahim Saleh, the CEO of the ride-hailing and delivery service Gokada, was found beheaded and dismembered in his $2.4 million Lower Manhattan condo on July 14, 2020. The prosecution is expected to argue in closing arguments set for Friday morning that it was <a target="_blank" href="https://www.businessinsider.com/fahim-saleh-death-beheading-tyrese-haspil-murder-trial-new-evidence-2023-8">a meticulously planned</a>, stunningly brutal murder <a target="_blank" href="https://www.businessinsider.com/fahim-saleh-murder-assistant-tyrese-haspil-dismembered">born of the basest greed</a>.But the defense is expected to counter that Haspil did it for love.If the jurors agree — if they find that Haspil believed, in his own addled mind, that he had to kill Saleh to make his beautiful French girlfriend happy, as twisted as this thinking would seem to anyone else — then that love could literally set him free.<div type="image" title="A cake replica of a Louis Vuitton handbag with the words, &quot;Happy 22nd birthday Marine!&quot; at the base." height="1754" width="1320" msid="111167397" hostid="261"></div>If the jury accepts what state law calls an "<a target="_blank" href="https://www.businessinsider.com/suspect-in-fahim-saleh-tech-ceo-beheading-claims-disturbed-2024-1">extreme emotional disturbance</a>," or EED, defense, Haspil would be guilty of manslaughter, not murder, and would serve as little as five years in prison.Anything less than unanimity — say, if one juror accepts Haspil's EED defense and 11 don't — would cause a mistrial.And while murder must be proven beyond a reasonable doubt, an EED defense requires only a preponderance of the evidence.That means whichever side the jury agrees was even slightly more convincing is set to win — either Haspil's lawyers or prosecutors, who are fighting the EED defense strenuously.<div type="image" title="A diagram of a skeleton with lines at the neck, shoulders, and knees showing the approximate location of dismemberment." height="1752" width="832" msid="111167402" hostid="261"></div><h2 id="93edd7a9-20f3-4b32-9831-f7a2efccb5cc">To 'show her that I loved her'</h2>On the witness stand on Monday, Haspil described what he said was his state of mind."I needed to embezzle way more than I usually did," in the days surrounding the murder, he said.He needed the extra money, he said, so he could buy birthday presents, including Louis Vuitton handbags and Christian Louboutin shoes, for his girlfriend, Marine Chauveau, before her Visa expired and she returned to France later that summer."That was the best way I could show her that I loved her," Haspil told the jury.But Saleh's life stood in the way of this sumptuous send-off.Haspil had been embezzling for almost two years, including in the year after quitting his $50,000-a-year job as the tech CEO's personal assistant. His ex-boss was letting him pay the money back without pressing charges but had discovered only a fraction of the thefts, Haspil testified.The spending he planned would raise a "red flag," he testified."Well, I figured at that point I'm going to jail regardless," Haspil told jurors Monday, his voice so quietly calm it was barely audible."So either I go to jail because I can't pay him back, or I go to jail for murder."Murder, he said, was the option that would buy him the most time.<div type="image" title="A CCTV screenshot of Tyrese Haspil and Fahim Saleh in the lobby of condo complex." height="1040" width="1840" msid="111167387" hostid="261"></div>Haspil told jurors that he could buy the most time by hiding his victim, piece by piece."Well, at that point, I guess my goal was hopefully that people would initially consider him missing," Haspil testified."And until they discovered him, that would leave me enough time to let Marine leave the country," he said. After that, he told jurors, "I would get arrested."Haspil testified that on the day after the killing, he returned to the scene, covered Saleh's face with a towel, and then "separated" the body with a Makita brand, 18-volt cordless reciprocating saw."Well, it was hard for me to do, mentally speaking," he said. "So I took a lot of breaks, and eventually, the battery died."<a target="_blank" href="https://www.businessinsider.com/jury-hears-911-call-fahim-saleh-murder-dismemberment-trial-nyc-2024-5">Saleh's cousin discovered the carnage</a> later that afternoon, while Haspil was at a Home Depot buying a replacement battery and charger for the saw.<h2 id="f9123807-4197-4c82-9508-0fe983217661">A bounty of birthday gifts</h2>Haspil's spending spree on Chauveau — timed for the week of her 22nd birthday — included a stay at an $18,000-a-month Manhattan Airbnb apartment, an upstate zip-line adventure, a chauffeured shopping trip to a designer outlet center north of the city, and a spa treatment.Haspil went online the night of the killing and ordered two of Chauveau's priciest gifts, trial evidence showed: a "Lockme" backpack and a "Trunk Clutch" handbag, both from Louis Vuitton, worth a combined $7,349.06.He also spent more than $750 to have a 6-by-6-inch, single-tier vanilla cake custom-baked for delivery on Chauveau's birthday itself, July 19.<div type="image" title="Haspil's booking photos." height="1500" width="2000" msid="111167389" hostid="261"></div>He ordered the cake a month in advance."The gold is an edible gold mixture," the baker testified at Haspil's murder trial two weeks ago, describing the cake, which replicated a Louis Vuitton handbag down to the straps and hardware.Chauveau, who wasn't called as a witness, returned to France after his arrest, apparently taking at least some of Haspil's presents with her.These included the two Louis Vuitton bags and a pair of tan Christian Louboutin stiletto pumps he bought for $715.31 just hours before his arrest, which was three days after the killing, on July 16.The cake was never delivered.<div type="image" title="Tyrese Haspil in a courtroom, with his hands cuffed behind his back." height="1666" width="2500" msid="111167399" hostid="261"></div><h2 id="1d4c21ce-c3a3-4d08-8209-b61f7e4dd7d0">Extreme emotional disturbance</h2>Haspil, 25, faces life in prison without parole if convicted of murdering Saleh, 33, an admired Bangladeshi American tech entrepreneur who'd made a fortune through Gokada, his motorbike ride-share and delivery service in Nigeria.A successful EED defense would mean Haspil could be sentenced to only five to 25 years in prison, making it a certainty he'd be set free sometime before age 50.<div type="image" title="Fahim Saleh hugging a friend." height="1280" width="960" msid="111167404" hostid="261"></div>On Friday, after both sides' closing arguments, Manhattan Supreme Court Justice April A. Newbauer is set to explain the EED defense to the jury."Under our law, it is an affirmative defense to a charge of murder in the first degree that the defendant acted under the influence of extreme emotional disturbance for which there was a reasonable explanation or excuse," the judge is expected to tell jurors."The reasonableness of that explanation or excuse is to be determined from the viewpoint of a person in the defendant's situation, under the circumstances as the defendant believed them to be," she'll say.<div type="image" title="This photo shows an excerpt from the definition of &quot;extreme emotional disturbance&quot; under New York law." height="926" width="1036" msid="111167405" hostid="261"></div>Haspil's emotional disturbance must be found to have been so extreme that he suffered "a profound loss of self-control," the judge is set to explain to jurors.In other words, jurors must find that in killing Saleh, Haspil was helplessly under the influence of an emotional disturbance caused by circumstances that were "reasonable" in his own mind — his obsession with lavishing gifts on his girlfriend."He's a young man who had a really difficult childhood," the defense psychologist Dr. Barry Rosenfeld testified last week, describing Haspil's chaotic early years being raised in Brooklyn by a psychotic mother, followed by periods of foster care and homelessness.The victim's sister shook her head in the audience as the psychologist continued."He finally gets himself into a relationship where he feels unconditional love," the doctor testified."Essentially, he's terrified of the end of this relationship coming," the doctor told jurors. "He's just essentially coming apart at the seams. And the only way out is suicide or homicide."<h2 id="c5c8dc1f-b968-4e74-9c3d-0059a329f765">Weeks of detailed planning</h2>Could it work? Might it convince even one juror and cause a mistrial?Any kind of EED defense victory — even a mistrial — would be a historical outlier.New York's EED defense and similar defenses in other states are almost always reserved for crimes of passion, when a homicide is committed by someone in the throes of a sudden, defensible rage — upon finding one's spouse in bed with a lover, as one example.Haspil, by contrast, spent weeks researching, purchasing, and planning in preparation for the killing. Earlier in 2020, Haspil took three trips to Saleh's offices in Lagos, Nigeria, and to his family's upstate New York home, which he testified were abandoned attempts to kill him.<div type="image" title="Fahim Saleh pressing a button in an elevator while Tyrese Haspil is in the elevator doorway, wearing a visor." height="1028" width="1842" msid="111167401" hostid="261"></div>On June 13, 2020, as he pushed inside an elevator to share his victim's last ride home, Haspil wore or carried everything he had gathered for more than a month to transform himself, head to toe, into a furtive killing machine, trial evidence showed.Across his face was a $55.98 black visor he'd ordered on Amazon on June 2, 2020, more than a month before the killing and the same day that Google records show he searched for, "What happens when you get tased?"His head was shrouded in a black, balaclava-style face mask he bought on Amazon a week after the visor. His eyes were hidden by designer sunglasses purchased with Saleh's stolen money."So you bought $270 sunglasses to commit the homicide?" the prosecutor Linda Ford asked during cross-examination. "Yes," Haspil answered.<div type="image" title="Fahim Saleh looking at Tyrese Haspil, who's heavily masked." height="1342" width="2422" msid="111167391" hostid="261"></div>As the elevator began to rise, "He commented on my outfit," Haspil testified of Saleh. "He said something to the effect of, 'You're really taking this COVID PPE seriously.'"Haspil wore a custom-tailored black suit with Tyrese D. Haspil embroidered on the inside jacket pocket, also purchased with Saleh's money.Inside the embroidered breast pocket was a Taser Pulse he'd bought on Buy.Taser.com for $504.58. He'd signed for it himself when it was FedExed to his Brooklyn apartment on the first Sunday in June.He Googled, "How many volts do Tasers put out?" after it arrived. "If i touch somkne being electrocuted will i get shocked if i touch them," evidence shows he also searched.The black duffel bag Haspil held in his left hand as the elevator continued to rise contained a change of clothes.It also held the iPad he'd been using to surveil his victim's building via a Nest camera he'd installed in a vacant apartment across the street. He'd gained access by posing as a prospective renter.<div type="image" title="Tyrese Haspil watching Fahim Saleh as the elevator door begins to open." height="1344" width="2424" msid="111167400" hostid="261"></div>Even Haspil's choice of footwear was calculated. His cowboy boots would make him look taller than Saleh would have remembered, he testified."And then the doors opened," Ford asked during cross-examination. "What did you do?""I tased him," Haspil answered.<div type="image" title="Tyrese Haspil shocks Fahim Saleh in the back with a Taser as he exits the elevator. A small circle of light is seen on Haspil's back." height="1344" width="2430" msid="111167406" hostid="261"></div>"And then what?" the prosecutor asked."I dropped the Taser and pulled the knife out and aimed for his neck," Haspil said, adding that he couldn't remember whether he'd pulled the hunting knife from his jacket or his duffel bag."Was there a delay between when you tased him and when you started stabbing him?" the prosecutor asked."It all happened really quickly," Haspil answered."Did he say anything to you as you were stabbing him?" the prosecutor asked."Yes.""What did he say?" she asked.Haspil said his victim asked him, "What are you doing?"He said that when Saleh stopped moving, he "started looking for his bank cards to pay for the birthday."<div type="image" title="Fahim Saleh on the floor, facing Tyrese Haspil, who stands over him." height="1346" width="2426" msid="111167388" hostid="261"></div><h2 id="fae7c372-3f8b-4ccc-bbbe-c79b040d021e">'Simmering in the unknowing subconscious'</h2>During a hearing on Tuesday, prosecutors asked the judge to add to the instructions the jury would hear Friday. They hoped the instructions could focus on the sudden, crime-of-passion rationale that typically underlies an EED defense.The prosecutor Joseph Goldstein asked that jurors hear a definition of "profound loss of self-control" from a <a target="_blank" href="https://casetext.com/case/people-v-mckenzie-2078">2022 state Court of Appeals decision</a>: "a one-time out-of-character loss of physical self-control resulting from extreme mental trauma or extremely unusual and overwhelming stress without time to think or deliberate."Prosecutors could then argue that Haspil thought and deliberated extensively as he planned to end Saleh's life and spend his money.Haspil's attorney Sam Roberts— a public defender from New York City's Legal Aid Society — wanted the jury to hear different language.He asked the judge to rely on <a target="_blank" href="https://casetext.com/case/people-v-patterson-303#p302">Court of Appeals case law</a> stretching back to 1976, which said EED could affect a defendant's mind "for a substantial period of time, simmering in the unknowing subconscious and then inexplicably coming to the fore."After listening to both sides, the judge said she'd read the guidance on an EED defense as it's written in the state Criminal Jury Instructions.Her only expected addition is telling jurors their decision to find or reject Haspil's EED defense must be unanimous."I think to add additional elements can be seen as adding an additional burden to the defense," the judge said of her reasoning.Closing arguments are set for 9:45 a.m.

Fahim Saleh murder jury must decide if Tyrese Haspil believed stabbing and dismembering tech CEO was 'reasonable' 

CBI files chargesheet against Rana Kapoor — The rise and fall of Yes Bank’s former co-founder and CEO

<ul><li>YES Bank is looking to hire after its workforce shrank by 1,000 employees since March. </li><li>The private sector bank is mostly looking to hire for digital, marketing and credit underwriting. </li><li>In an exclusive interview with Business Insider, <keyword id="2643328" type="ORGANIZATION" weightage="20" keywordseo="Yes-Bank-CEO">YES Bank CEO</keyword> and MD Prashant Kumar shares what the bank is looking for in its hunt for new talent.</li></ul>The number of total employees at YES Bank has come down by almost 1,000 since March, but that is at par with the private sector entity’s natural rate of attrition seen every year. The good news is that it's on the hunt for new talent with an impetus on digitalisation, marketing and credit underwriting. “Wherever there is a shortage, we are hiring,” said YES Bank’s CEO and Managing Director Prashant Kumar in an exclusive interaction with Business Insider on a #HangoutwithBI Twitter live. The dip in the bank’s workforce was not because of layoffs, but because people had quit voluntarily. “Some of them had put in their papers in early 2020. We did not replace them,” said Kumar. According to him, YES Bank is now looking to push on digitisation, which has become more relevant in the COVID-19 era. “We have tried to streamline processes. With less number of workforce, we’re able to do more,” he said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Transactions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Digital channels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank branches </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> YES Bank also pivoted to adopt a method to digitally onboarding customers, both in terms of liabilities and on the loan side, due to COVID-19. “Customers can open a digital account through video KYC. With very few employees and small costs we are able to acquire,” said Kumar. YES Bank is hiring Most companies, YES Bank included, weren’t too aggressive about hiring when the coronavirus pandemic initially broke. The reason YES Bank is back on the wagon is that it wants to grow and have the right people in place before the next financial year kicks off. “Hiring is something that takes a little bit of time in terms of getting the right kind of person, onboarding, and getting the person ready for the specific role,” explained Kumar. Employment opportunities and job vacancies at the bank can be found on its <a href="https://www.yesbank.in/work-with-us/career-opportunities">official website</a>. YES Bank is looking for candidates who are innovative, have basic skills, work hard, would like, and to pursue a career in banking. However, Kumar points out that a certain minimum level of experience is required. Here’s a quick look at some of the posts that YES Bank is looking to fill: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Department </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Location </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Assistant Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai, Gurgaon </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Assistant Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Quality Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lucknow, Kolkata </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Regional Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zonal Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Area Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/jeff-bezos-blue-origin-is-eyeing-the-commercial-space-station-business-wants-nasa-as-one-of-its-first-customers/articleshow/78272862.cms">Jeff Bezos' Blue Origin is eyeing the commercial space station business — wants NASA as one of its first customers</a> <a href="https://www.businessinsider.in/science/space/news/school-bus-sized-asteroid-is-scheduled-to-make-its-closest-approach-to-earth-on-september-24/articleshow/78271529.cms">A school bus-sized asteroid will make its closest approach to Earth tomorrow — safely zooming past the planet</a> <a href="https://www.businessinsider.in/tech/enterprise/news/microsoft-acquires-exclusive-license-for-elon-musks-largest-gpt-3-ai-language-model/articleshow/78269391.cms">Microsoft acquires exclusive license for Elon Musk’s largest GPT-3 AI language model</a>

EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year

<ul class="summary-list"><li>Uber CEO Dara Khosrowshahi confirmed "the Taylor Swift effect" in a recent interview.</li><li>Khosrowshahi said that local Uber teams plan specifically for her when she comes to town. </li></ul>Yes, <a target="_blank" href="https://www.businessinsider.com/taylor-swift-made-nfl-more-popular-in-america-us-2023-9">"the Taylor Swift effect"</a> is real.Just ask Uber's CEO."Uber definitely ups its game for Taylor when she comes to town," Uber CEO Dara Khosrowshahi said in a Wednesday interview on CNBC's "Squawk Box."Khosrowshahi said that not only do local Uber teams plan specifically for a higher volume of people calling for a ride during the concerts, but that extends to the surrounding hotels and areas as well.Uber isn't the only company to make note of the "Taylor Swift effect." Bank of America recently released a research report that indicated <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-super-bowl-kansas-city-chiefs-bofa-2024-2">Swift's "Eras Tour" has a similar economic impact as the Super Bowl</a> on the towns and cities that she visits.The report highlighted cities like Pittsburgh, where average household spending in restaurants increased by $77 during the month of Swift's concert. In Philadelphia, hotel revenue in the city reached the highest since the pandemic in May 2023, when Swift performed three shows.Mastercard similarly released a report, coining the phrase, <a target="_blank" href="https://www.mastercardservices.com/en/industries/travel-hospitality/insights/eventful-economy-swift-lift">"The Swift Lift,"</a> which described the boost in sales to local businesses that Swift brought with her "Eras Tour" performances.The study indicated that within a 2.5-mile radius of the stadiums in cities that Swift visited, spending growth at restaurants increased by 68% per day, and spending growth at accommodations increased by 47%.The NFL has also largely benefited from Swift's success, with Kansas City Chiefs' Travis Kelce gaining 2.5 million followers since his relationship with the songwriter went public. After Swift attended a Chief's game in September, the <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-nfl-jersey-sales-game-fanatics-merchandise-2023-9">team a nearly 400% increase in Kelce merchandise sales</a> throughout Fanatics online sites.During his annual pre-Superbowl press conference, NFL Commissioner Roger Goodell referred to "the Swift effect" as a positive and said it attracted a new subset of younger fans and women this season.CBS also announced that the Chiefs drew in its highest number of viewers with over 55 million viewers in the AFC Championship against the Ravens. The network also reported its highest playoff viewership in history during the Chiefs game against the Bills.Not every company is happy with the Taylor Swift hype, however, Best Buy CEO Corie Barry said in October that consumer spending on Swift's concerts may be lowering her company's profits. Barry said that people seem to be <a target="_blank" href="https://www.businessinsider.com/taylor-swift-tickets-funflation-hurting-best-buy-sales-ceo-2023-10">more interested in spending their money on Swift tickets and 'funflation'</a> experiences than big-ticket electronic goods.While Uber sounds happy to plan ahead for any extra business tied to Swift's touring schedule, Khosrowshahi indicated there may be a limit even to Swift's potential impact on the bottom line."When you're talking about billions of trips, we're almost at 10 billion trips, you know Taylor Swift is a positive but it's not enough to show in the overall trends," he said, discussing Uber's fourth-quarter earnings.

Uber's CEO confirms 'the Taylor Swift effect' is very real

<ul><li>JPMorgan CEO Jamie Dimon said US regulators should consider a ban on short selling bank stocks.</li><li>The comments come amid a crisis of confidence following a string of bank failures. </li><li>"[If] people are going short and then making a tweet about a bank, they should go after them," Dimon said.</li></ul>JPMorgan CEO Jamie Dimon believes US regulators should consider a ban on the short-selling of bank stocks.In an interview with Bloomberg on Thursday, Dimon said the SEC has the ability to investigate potential collusion amid short-sellers that may be incentivized to spread false information, and that they should do that.The comments from Dimon come amid an ongoing crisis in confidence in regional banks following the collapse of Silicon Valley Bank, First Republic Bank, and Signature Bank.When asked if regulators should look at the short sellers of bank stocks, Dimon responded, "Yes. Look, my folks would tell me that's not the problem... I think they may partially be wrong.""Some people are unscrupulous and they use other means to go short. If you look at the detail, the SEC has the enforcement capability to look at what people are doing by name in options, derivatives, short sales, and if someone's doing anything wrong, [if] people are in collusion, or [if] people are going short and then making a tweet about a bank, they should go after them, and vigorously, and they should be punished to the fullest extent the law allows it," Dimon said.Bank executives are on edge in a world where information, whether true or not, can spread quickly on social media platforms like Twitter and severely impact a company's stock price and underlying business.On Wednesday, <a href="https://markets.businessinsider.com/news/stocks/pacwest-stock-price-deposits-drop-regional-banking-crisis-turmoil-pacw-2023-5?_gl=1*8yth0z*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4MzgzMzc0OS4xMTQuMS4xNjgzODMzODEyLjYwLjAuMA..">PacWest Bancorp said a report</a> from last week that suggested it was considering a sale to a larger bank <a href="https://markets.businessinsider.com/news/stocks/pacwest-stock-price-deposits-drop-regional-banking-crisis-turmoil-pacw-2023-5?_gl=1*8yth0z*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4MzgzMzc0OS4xMTQuMS4xNjgzODMzODEyLjYwLjAuMA..">led to a 10% decline in its deposit base.</a> The stock fell more than 20% on Thursday.Last week, a report from the FT said Western Alliance Bancorp was considering a strategic sale to a larger bank. That report <a href="https://markets.businessinsider.com/news/stocks/western-alliance-stock-price-bank-denies-sale-ft-report-wal-2023-5?_gl=1*6dp1vx*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4MzgzMzc0OS4xMTQuMC4xNjgzODMzNzQ5LjYwLjAuMA..">led to a swift 60% decline in Western Alliance's stock price</a>. Less than an hour after the FT report was published, Western Alliance denied the report and <a href="https://investors.westernalliancebancorporation.com/news-releases/news/news-details/2023/Western-Alliance-Bancorporation-Issues-Statement-Disputing-Recent-Financial-Times-Article/default.aspx" target="_blank" rel="noopener">said in a statement</a> that short sellers were to blame."It is shameful and irresponsible that the Financial Times has allowed itself to be used as an instrument of short sellers and as a conduit for spreading false narratives about a financially sound and profitable bank," the statement read.While short sellers play an important role in making markets more efficient and have in the past identified instances of corporate fraud, some bank executives want a break from the mayhem, at least until the regional banking crisis ends.

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