Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Attendees watch a session at Money20/20 Europe." height="2668" width="4000" msid="92134891" hostid="261"></div><ul class="summary-list"><li>The war in Ukraine has not shut down the local <keyword id="11903585" type="UNKNOWN" weightage="60" keywordseo="banking" source="Orion">banking</keyword> sector.</li><li>Adaption to more digital strategies, which was happening already, has accelerated since the conflict began. </li></ul>Since Russia invaded Ukraine in late February, <a href="https://data.unhcr.org/en/documents/details/93519">thousands of Ukrainian civilians have been killed or injured</a>, even more have been <a href="https://www.businessinsider.com/ukraine-poverty-russia-invasion-world-bank-putin-zelenskyy-money-income-2022-4?r=US&amp;IR=T">pushed into poverty</a>, and people have been left without jobs and homes. The banking sector there, though, has carried on. "All banking services work like before the war," Nataliia Slieptsova, CMO of Sportbank, said."We never stopped," Anna Tigipko, founder and CEO of Izibank, added. "The financial sector, neobanks especially, continue operating, no problem whatsoever. And I think we did remarkably well considering the circumstances."Part of the reason why Ukraine's financial sector could adapt so quickly was because the pandemic had helped accelerate digitalization, getting people more used to online banking."Thanks to COVID, it was really good training for the whole financial market," Maria Kolganova, executive director of the Independent Association of the Banks of Ukraine, added. "We have really good regulation in the financial sector, which helps us also not to stop."The banks had to dramatically pivot their operations, though.Alyona Shevtsova, the owner of IBOX Bank, said that it had temporarily relocated its head office to Warsaw, Poland, and had moved mainly female staff there. Ukraine men aged between 18 and 60 <a href="https://www.businessinsider.com/ukrainian-families-being-ripped-apart-as-men-stay-fight-russia-2022-3?r=US&amp;IR=T">aren't allowed to leave the country</a>, apart from in certain circumstances."We had no other option" but to relocate the bank, Shevtsova said, adding that it was "extremely risky" to stay in Ukraine.<a href="https://data.unhcr.org/en/situations/ukraine/location?secret=unhcrrestricted">Millions of Ukrainians</a> have relocated across Europe during the invasion, with many seeking refuge in Poland, Hungary, Germany, and Romania.Some are opening new bank accounts overseas, while others continue to use exist Ukraine-based ones. Some have opened new accounts using Diia, the app created by Ukraine's government to hold documents such as coronavirus vaccine certificates, driving licenses, and insurance documents.Slieptsova said that "a lot" of Sportbank's more than 400,000 clients are now abroad. The challenge is now for banks to ensure customers get the same quality of service regardless of where they're located, Tigipko said.And in addition, Ukraine's central bank <a href="https://www.bbc.co.uk/news/business-61680382?at_medium=RSS&amp;at_campaign=KARANGA">more than doubled its interest rate</a> in June from 10% to 25%. "We're in a bit of a pickle now," Tigipko said, adding that izibank was trying to reevaluate its product mix.But the speakers at Money20/20 remained optimistic about the future of Ukraine's banking sector."The Ukrainian financial market was pretty developed before the war," with neobanks, payments services, and instant cash-in, cash-out services," Tigipko said. "The war proved that we are quite sustainable, we can resist the challenge." "We'll continue developing and growing and getting new customers," she continued. "And I think we are completely capable of continuing to running this operation for a long time."

Report from Money20/20: Ukrainian bank and fintech leaders explain how they keep going during extraordinary times

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Entryway to Money20/20 venue, Amsterdam, June 2022" height="1601" width="2134" msid="92134401" hostid="261"></div><ul class="summary-list"><li>The <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> was a hot topic at Money20/20 Europe this week.</li><li>But fintech companies are divided on the potential impact and adoption of the metaverse.</li></ul><a href="https://www.businessinsider.com/what-is-the-metaverse-crypto-blockchain-gaming-vr-real-estate-2022-2?r=US&amp;IR=T">The future of the metaverse</a> was one of the leading topics at the Money20/20 conference in Amsterdam this week, but fintech and banking companies were divided on what it will actually bring. Some speakers spoke optimistically about its <a href="https://www.businessinsider.com/bill-gates-virtual-meetings-metaverse-remote-work-virtual-reality-2021-12?r=US&amp;IR=T">future</a>, touting its potential for creativity and innovation, while others doubted whether <keyword id="12461337" type="UNKNOWN" weightage="60" keywordseo="web3" source="Orion">Web3</keyword> would really have widespread, mass-market adoption."I think we're talking about something that doesn't have a product-market fit yet," said Dmitry Tokarev, CEO of Copper, which develops digital asset infrastructure.One of the biggest hurdles is getting access to <a href="https://www.businessinsider.com/facebook-meta-vp-calls-oculus-quest-vr-headset-wretched-bulky-2021-12?r=US&amp;IR=T">headsets</a>."The reality is that it's just the interface," Gareth Genner, the CEO and founder of AI biometrics company Trust Stamp, said. The hardware is "not there for mass consumer adoption" yet, he added.Steve Suarez, global head of innovation at HSBC, said that this ultimately could widen the digital divide. According to a March <a href="https://www.citivelocity.com/citigps/metaverse-and-money/">report</a> by Citi Ventures, a "device-agnostic metaverse" that includes phones, computers, and game consoles could have a total addressable market of 5 billion users. When limited to just owners of VR and AR headsets, this market would be restricted to 1 billion, per the report.Ultimately the metaverse "doesn't exist yet," Tokarev said. "The problem is that there is no vision outside of Mark [Zuckerberg's]'s vision for metaverse," he added."It reminds me of back in 1990 when I tried to explain what the internet was," Suarez said.Because of this, the future of the metaverse is hard to predict, though Suarez said "it's never gonna replace real life."Antoni Trenchev, cofounder and managing partner of crypto lender Nexo, questioned whether the metaverse would just be a "supplement" to the real-life economy or whether it would grow beyond that.Currently the metaverse is "a little bit of a money grab" for real companies launching real-world assets in the metaverse, Trenchev said. "Marketing is really the first obvious use case of the metaverse," Zec said. "But I would not say it's a gimmick," she added, comparing it to the launch of social media advertising.But it's important for banks to enter into the space, too, the speakers at Money20/20 agreed. In March, HSBC <a href="https://www.cityam.com/hsbc-dives-into-metaverse-amid-shutdown-of-bank-branches/">said</a> it was entering the Metaverse to engage with customers in Web3.Gartner <a href="https://www.gartner.com/en/newsroom/press-releases/2022-02-07-gartner-predicts-25-percent-of-people-will-spend-at-least-one-hour-per-day-in-the-metaverse-by-2026">estimates</a> that by 2026, a quarter of people will spend at least one hour a day in the Metaverse."For banks to be relevant, they need to be where their customers are spending their time and money," Zec said, adding that banks "are either building the metaverse or building in the metaverse." Binance, for example, is launching incubation and investment programs for Web3 builders and starting partnerships to build infrastructure, said Zoe Wei, the company's head of fan token and Binance Connect.Referring to general uncertainty around the metaverse, Suarez said: "You may not like it, but at least understand it."

Report from Money20/20: Fintech companies have questions about the future of the metaverse

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Entrance to Money20/20 venue in Amsterdam, June 9, 2022" height="1601" width="2134" msid="92112289" hostid="261"></div><ul class="summary-list"><li><keyword id="14157410" type="UNKNOWN" weightage="60" keywordseo="peter-smith" source="Orion">Peter Smith</keyword>, CEO of <keyword id="12197890" type="UNKNOWN" weightage="60" keywordseo="blockchain-com" source="Orion">Blockchain.com</keyword>, told an audience at Money20/20 in Amsterdam that the embattled cryptocurrency market feels like "normal". </li><li>Smith said he expects crypto payments to become mainstream over the next 5 years. </li></ul><a href="https://markets.businessinsider.com/news/currencies/crypto-crash-terra-bitcoin-luna-young-investors-debt-markets-2022-5" target="_blank" rel="nofollow noopener sponsored">Cryptocurrencies have crashed in 2022</a>, with the value of Bitcoin falling by half since last November.But it's not come as a shock to <a href="https://www.businessinsider.com/blockchain-ceo-shares-why-hes-hodling-while-crypto-crashes-2021-5" target="_blank" rel="nofollow noopener sponsored">Peter Smith</a>, the CEO and co-founder of crypto-trading site Blockchain.com."To me this feels like normal," Smith said on Tuesday at the Money20/20 fintech conference in Amsterdam, speaking about his friends' concerns about the crypto crash. "It's almost comfortable.""We've been in a <a href="https://www.businessinsider.com/bitcoin-ether-price-outlook-surviving-crypto-winter-inflation-hedge-fed-2022-6" target="_blank" rel="nofollow noopener sponsored">crypto winter</a> for 9 months already," Smith said. He added that he expected the market to "trend lower over the next nine to 12 months."For that reason, 2022 is "not a year of easy money, it is not a year of easy wins," Smith said.Smith said that cryptocurrency holders who were worried about the markets and their investments should sell crypto "until you're no longer stressed about it."But Smith added that he hadn't seen a lot of people selling off their crypto investments. "Our customers haven't been hammered," he said.<div type="image" title="Peter Smith Headshot" height="4339" width="5786" msid="92112290" hostid="261"></div>Smith advised that everyone should keep 1% to 2% of their assets in crypto but said that he personally had at least 90% of his assets in crypto. Only around 20% of consumers currently hold crypto, <a href="https://www.blockchain.com/blog/trusted-by-millions-trusted-by-americas-team-8f89ef4a043f" target="_blank" rel="nofollow noopener sponsored">according to Blockchain.com</a>.In a <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.bitstamp.net%2Fcrypto-pulse" target="_blank" rel="nofollow noopener sponsored">survey</a> by crypto-exchange Bitstamp of 23,000 retail investors conducted in March, 66.9% said they trust crypto. Of the respondents, around 70% said they'd started investing in crypto within the last two years, 55.9% said they traded at least once a week, and nearly three-quarters said they planned to increase their investment in crypto over the next five years.Smith said he expected crypto payments to become mainstream in the next five years. Nearly 15% of respondents to Bitstamp's survey said they thought crypto was already mainstream.But not everyone at Money20/20 spoke so optimistically about crypto. In separate remarks at the conference, OnlyFans CFO Lee Taylor said that <a href="https://www.businessinsider.com/onlyfans-cfo-spoke-at-money2020-about-growth-of-the-platform-2022-6" target="_blank" rel="nofollow noopener sponsored">the company wasn't considering adding an option for its creators to be paid in cryptocurrency</a>, citing security issues.Blockchain.com, which was founded in 2011, says it had more than 37 million users. Smith said that it had around 500 employees and processes a third of all Bitcoin transactions.Speaking about the future of the company, which recently <a href="https://www.blockchain.com/blog/trusted-by-millions-trusted-by-americas-team-8f89ef4a043f" target="_blank" rel="nofollow noopener sponsored">announced</a> a partnership with the Dallas Cowboys, Smith said: "We could go public if we wanted. We could also not." Blockchain.com faces no shareholder pressure to go public, he added.

Report from Money20/20: CEO of Blockchain.com says 'we've been in a crypto winter for 9 months already'

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Attendees watch a Money20/20 conference session" height="2601" width="4000" msid="92090522" hostid="261"></div><ul class="summary-list"><li>UK <keyword id="14148650" type="UNKNOWN" weightage="60" keywordseo="neobank" source="Orion">neobank</keyword> <keyword id="14148649" type="UNKNOWN" weightage="60" keywordseo="zopa" source="Orion">Zopa</keyword> is getting into the <a href="https://www.businessinsider.com/buy-now-pay-later-bnpl-threats-payments-merchants-fees-data-2021-8">buy now pay later (BNPL) market</a>.</li><li>The company had previously teased Q4 2022 for an IPO, and its CEO affirmed that it will be waiting for "the right moment" to go public. </li></ul>UK neobank Zopa is getting into the <a href="https://www.businessinsider.com/buy-now-pay-later-bnpl-threats-payments-merchants-fees-data-2021-8">buy now, pay later (BNPL) market</a>, it announced Wednesday.The announcement came just the day after <a href="https://www.businessinsider.com/apple-pay-later-doesnt-worry-us-buy-now-unicorn-affirm-2022-6">Apple said it was also launching BNPL services</a>."We're not gonna compete with Apple," Zopa CEO Jaidev Janardana said at the Money20/20 <keyword id="11898487" type="UNKNOWN" weightage="60" keywordseo="fintech" source="Orion">fintech</keyword> conference in Amsterdam on Wednesday. "Our focus will be on bigger-ticket items."Zopa's <keyword id="9522245" type="UNKNOWN" weightage="60" keywordseo="bnpl" source="Orion">BNPL</keyword> option is available for purchases from £250 to £30,000 ($314 to $37,630).The bank says it will carry out full credit checks to ensure it only offers affordable credit to customers and will help customers to consolidate their debt and build their credit profiles."We understand that BNPL is just debt," Janardana said.Ed Massey, Zopa's head of partnerships and business development, called BNPL a "relatively unpredictable space," citing upcoming regulations, rising inflation, and the current cost of living crisis.Zopa said that its BNPL service will first be offered as retail <keyword id="11895316" type="UNKNOWN" weightage="60" keywordseo="finance" source="Orion">finance</keyword> for merchants through B2B2C partnerships, and then to consumers when new regulation comes into place.Zopa first launched as a peer-to-peer lender connecting savers to borrowers, though it closed down this stream of its business <a href="https://www.zopa.com/about/our-story">in late 2021</a>. Since <a href="https://www.businessinsider.com/zopa-attains-full-uk-banking-license-2020-6">getting its banking license</a> in 2020, Zopa says it has become profitable, attracted £1.2 billion in deposits, and issued around 300,000 credit cards.Massey said that Zopa makes 7 million fully-automated lending decisions a month.Zopa had previously earmarked the fourth quarter of 2022 for its IPO. Janardana said it's "doing the necessary steps" but "we will wait for the right moment to do an IPO," adding that investors including Japanese investment giant SoftBank were happy to wait. In October,<a href="https://www.businessinsider.com/zopa-bank-fast-growing-fintech-lender-raises-300m-from-softbank-2021-10">Zopa announced that it had raised $300 million in funding from SoftBank</a>, and says that it has raised a total of $500 million to date.

Report from Money20/20: Zopa is getting into the booming buy now, pay later market

<a href="https://www.businessinsider.com/category/money2020-europe"></a><div type="image" title="Attendees enter the Money20/20 Europe conference" height="2668" width="4000" msid="92067910" hostid="261"></div><ul class="summary-list"><li><keyword id="11897491" type="UNKNOWN" weightage="60" keywordseo="onlyfans" source="Orion">OnlyFans</keyword> CFO Lee Taylor, and Keily Blair, the company's chief strategy and operations officer, spoke about the company's growth at <keyword id="14139696" type="UNKNOWN" weightage="60" keywordseo="money20/20-europe" source="Orion">Money20/20 Europe</keyword> in Amsterdam.</li><li>The site is still growing its workforce, and has around 200 million users and two million creators. </li></ul><a href="https://www.businessinsider.com/how-to-make-money-on-onlyfans-according-to-creators-2022-2">OnlyFans</a> says its number of subscribers is continuing to grow even as other subscription services such as <keyword id="11892922" type="UNKNOWN" weightage="60" keywordseo="netflix" source="Orion">Netflix</keyword> are seeing their number of users tank.Instead, the company has seen "sustained growth" over the last six months despite growing inflation, OnlyFans CFO Lee Taylor said in remarks at Money20/20 Europe in Amsterdam on Tuesday."We're not experiencing that slowdown," Keily Blair, the company's chief strategy and operations officer, added.Taylor said that the site's average user currently has four subscriptions but that that number keeps growing. "<a href="https://www.businessinsider.com/onlyfans-lockdown-boom-transactions-hit-24b-revenue-up-553-2021-4">COVID accelerated a lot of growth in OnlyFans,</a>" he said.<a href="https://www.businessinsider.com/netflix-loses-subscribers-first-time-decade-earnings-2022-4">Netflix's earnings in April</a> revealed that it had lost subscribers for the first time in more than a decade. Its total number of subscribers fell by 200,000 in the first quarter and the streaming giant predicted losses of up to 2 million in the second quarter, attributing this to factors including the reopening of the economy and the growing number of competitors.Compared to Only Fans, Netflix is in a "very saturated market," Taylor said, pointing to the likes of Apple TV.And on OnlyFans, users just pay for what they want to view, unlike other subscription services where customers may be paying for content they don't access, Blair said. Taylor said that the site had around 200 million users and two million creators with "very vast, very spread out, diverse content.""We will not push you down a rabbit hole," Blair said, adding that the company doesn't use algorithms to direct users towards recommended content.She said that the site doesn't monetize data and would never offer advertisements."Your data's not a product," Blair said.OnlyFans, which was founded in 2016, allows creators to post content on the site, with some available for free and other items accessible only through a paid subscription. The platform is used by creators ranging from musicians to comedians but has become best known for its explicit content."We are in the headlines constantly," so "we do have this incredible brand recognition," Blair said. But she added that this had led to a "misconception about our brand." Shortly after, in August 2021, OnlyFans announced that it would <a href="https://www.businessinsider.com/onlyfans-to-block-sexually-explicit-nsfw-content-starting-in-october-2021-8">introduce a ban on "sexually-explicit conduct"</a> starting October 1."We kinda broke the internet" by announcing the change, Taylor said Tuesday. Creators rushed to confront the platform about the move in an "incredible swell of voices," he said.The company reserved the policy amid the <a href="https://www.businessinsider.com/onlyfans-porn-ban-sex-workers-creators-statement-2021-8">huge outcry</a>. "We're desperate for the financial community to realize it's not a side hustle" and that content creators make a legal living, Taylor said.<h2>Community is the core of the business </h2>Some tech companies are reducing their headcounts and freezing hiring, but Taylor said this wasn't the case for OnlyFans."Maybe we're hiring those people" who were laid off by other tech firms, he said. The company has more than 1,000 employees and expands its workforce by between 2% and 3% each month, according to Taylor.Taylor said that the company pays creators in a variety of ways, including in local currencies and through services like Pix, an instant payment platform which it uses to pay some creators in Brazil.But Taylor said that the company wasn't considering adding payment in cryptocurrency as an option because OnlyFans needs to know who payments are going to under its security policies."Through the obviously more private <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> world, we need to be sure exactly where those funds are going, and that's not possible. Blair said that OnlyFans deliberately placed all of its explicit content behind a paywall so that only people who wanted to see it would be able to view it. Taylor said that OnlyFans wanted to become the "safest social-media platform."During both a live Q&amp;A with Blair and Taylor and separate remarks made to the press at Money20/20 Europe, the two directors emphasized how OnlyFans' community of creators was the core of its business."For every dollar OnlyFans makes, creators make $4," Taylor said.OnlyFans is the fourth-fastest growing business in Europe, according to a recent ranking by <a href="https://www.ft.com/ft1000-2022">The Financial Times</a>. Users spent <a href="https://www.businessinsider.com/onlyfans-lockdown-boom-transactions-hit-24b-revenue-up-553-2021-4">$2.4 billion on the site in 2020</a> and it posted revenues of <a href="https://www.ft.com/ft1000-2022">316.7 million euros ($337.9 million)</a> that year, according to the publication.

Report from Money20/20: OnlyFans CFO touts the platform's growth, but not adopting crypto to pay creators

<a href="https://www.businessinsider.com/100-people-transforming-business-2021?page=home" target="_blank" rel="noopener"></a><div type="image" title="black lives matter amazon ring" height="683" width="1024" msid="87611459" hostid="261"></div><ul class="summary-list"><li>For millions of Americans, 2020 and 2021 marked a turning point in the journey for racial equity.</li><li>Industry leaders doubled down on the anti-racism work they'd been toiling over for years.</li><li>Insider highlights the top 10 people transforming <keyword id="11893568" type="UNKNOWN" weightage="60" keywordseo="diversity-and-inclusion" source="Orion">diversity and inclusion</keyword> in business. </li></ul>The echoes of protest chants, ear-splitting police sirens, and whirling helicopter rotors have subsided since the summer of 2020, but the country hasn't forgotten about the murder of George Floyd. For millions of Americans, 2020 was a turning point in the arduous journey for racial equality. The conversation shifted from if racial justice and diversity matter to why they matter and how to achieve a more equitable society for people of color. After Floyd's murder, phrases like "anti-racism" and "critical race theory" became more popular in the American lexicon and took on deeper meaning. Some <a href="https://www.nbcnews.com/politics/politics-news/poll-64-percent-americans-say-racism-remains-major-problem-n877536">64%</a> of Americans said racism was a significant problem in the country, an increase from 49% in a separate 2015 <a href="https://files.kff.org/attachment/report-survey-of-americans-on-race">poll</a>. Books on anti-racism flooded bookshelves and <a href="https://www.businessinsider.com/new-york-times-bestseller-list-books-about-race-in-america-2020-6">topped bestseller lists</a>. This year, business leaders set up in a major way. The fashion mogul Telfar Clemons championed inclusion with the emergence of what many have dubbed the "<a href="https://www.businessinsider.com/telfars-bag-security-program-is-the-new-white-glove-treatment-2021-4">Bushwick Birkin</a>." Heads of the world's most prominent financial institutions spearheaded multimillion-dollar investments in Black and brown communities.In reflection, Insider has featured 10 business leaders across a variety of fields who are driving diversity, equity, and inclusion in the US. They are pushing for their companies, industries, and the broader society to become places where people from all backgrounds can not just exist, but also thrive. Insider's list includes business magnates like JPMorgan CEO Jamie Dimon and former Merck CEO Kenneth Frazier, who have used their influence to try to push society toward improving the lives of marginalized communities. The list also includes names of people you might not know, like LinkedIn's Rosanna Durruthy or the anti-racist researcher Ibram X. Kendi, who have dedicated their lives to promoting inclusion. "The murder of George Floyd highlighted something we already knew: More must be done by all of us to address systemic racism," Dimon, who recently expanded the bank's <a href="https://www.businessinsider.com/jpmorgan-racial-equity-economy-within-own-walls-2021-3">$30 billion</a> investment on racial equity, told Insider. "This will take time. We might not always get it right, but we will keep testing, learning, building, and growing." In the months after Floyd's death, industry leaders doubled down on the anti-racism work they'd been toiling over for years. Shannon Schuyler, cochair of the CEO Action for Diversity and Inclusion, a pledge for CEOs to advance diversity in their workplaces, worked with dozens of companies like Best Buy and Boston Scientific to roll out <a href="https://www.ceoaction.com/actions/?Sort=Alphabet&amp;categories=8386%2c8389%2c1410&amp;page=3p;page=3">new DEI plans</a>. Jill Houghton, CEO of DisabilityIN, a nonprofit encouraging companies to increase the representation of people with disabilities, persuaded multiple top companies to sign the pledge. Cathrin Stickney, CEO and founder of Parity.org, expanded her mission to get CEOs to not only interview one woman for every <keyword id="11893566" type="UNKNOWN" weightage="60" keywordseo="leadership" source="Orion">leadership</keyword> role, but also one person of color. <a href="https://www.businessinsider.com/paypal-record-breaking-year-plans-transform-capitalism-2020-12">PayPal CEO Dan Schulman</a> and the artificial-intelligence ethicist and computer scientist <a href="https://www.businessinsider.com/google-privacy-engineer-quits-gaslighting-fired-ai-experts-timnit-gebru-2021-7">Timnit Gebru</a> drove powerful conversations about equality in their industries. They and others comprise Insider's 100 most powerful people transforming business. Their courage, time, action, and advocacy have pushed the boundaries of racial equity and social justice.

From fashion star Telfar Clemens to JPMorgan CEO Jamie Dimon, these 10 leaders are transforming how America addresses racial equity

<table class="image-container float_right" width="200"><tr><td><div class="image"></div>Youtube screencap</td></tr></table>A trove of trader instant messages (IMs) and conversations from JP Morgan's CIO office are being made public.
This afternoon, the Senate Permanent Subcommittee on Investigations released a massive 300-page report slamming JPMorgan claiming the bank mislead investors and regulators over the "London Whale" trade. 
The subcommittee's ranking Republican, Senator John McCain, told reporters that JPMorgan "dodged federal regulators and misled the public by hiding losses, by mismarking credit derivatives’ values," <a href="http://www.bloomberg.com/news/2013-03-14/jpmorgan-misled-investors-dodged-regulators-senate-report-says.html">according to Bloomberg News.</a>
The Senate report cites instant messages and phone transcripts between <keyword id="6371444" type="PERSON" weightage="60" keywordseo="traders">traders</keyword> providing a glimpse of what was happening on the inside at the bank.
Here's an exchange between Bruno Iksil (the actual "London Whale"/the head trader in charge of the Synthetic Credit Portfolio), Javier Martin-Artajo (the head of Credit and Equity Trading who oversaw the SCP) and junior trader Julien Grout who was in charge of marking the portfolio's positions each day.
Note that this conversation took place in March of 2012. The "London Whale" <a href="http://www.businessinsider.com/stephanie-ruhle-how-i-caught-the-london-whale-2012-5">wasn't revealed in the media until April.</a>
From the Senate report (emphasis ours): 
<div class="column">
(4) Trading Stopped 
On Friday, March 23, 2012, Ina Drew ordered Mr. Martin and Mr. Iksil to “put phones down” and stop trading credit derivatives related to the SCP book. The halt in trading did not, however, produce a halt in the mismarking. 
The SCP book, which was essentially frozen in place on March 23, continued to incur losses throughout the trading day. Mr. Iksil informed Mr. Martin-Artajo that the SCP losses that day were huge, between $300 and $600 million, depending upon whether the CIO used the midpoint or “best” prices available in the daily price range (bid-ask spread): “I reckon we have today a loss of 300M USING THE BEST BID ASKS and approximately 600m from the mids.”
Using <keyword id="11080" type="TECHNOLOGY" weightage="60" keywordseo="instant-messaging">instant messaging</keyword>, Mr. Iksil asked Mr. Grout to find out from Mr. Martin-Artajo what level of losses to report for the day. Mr. Iksil characterized the huge losses as “hopeless,” predicted “they are going to trash/destroy us,” and “you don’t lose 500 M[illion] without consequences,” concluding that he no longer knew what marks to use: 
Mr. Iksil: “It is over/it is hopeless now. ... I tell you, they are going to trash/destroy us. ... [T]onight you’ll have at least [$]600m[illion], BID ASK, MID. BID ASK, YOU HAVE [$]300M[illion] AT LEAST... it is everywhere/all over the place. we are dead i tell you.” 
[Later that day] Mr. Grout: “will you give me the color please? if there is some.” 
<div class="column">
Mr. Iksil: “nothing for now... it will be negotiated with the IB [Investment Bank] at the top and I am going to be hauled over the coals. ... you don’t lose 500M without consequences. ... ask javier what pnl [profit and loss] we print today. ... please, go see javier. i don’t know which pnl i should send.”
Mr. Grout: “did you talk to javier?”
[5 minutes later]
Mr. Iksil: “yes. we show -3 [basis points] until month end on this one. ... all that I am asking you is to tell Javier what you see. that’s it and he decides what we show. because me, i don’t know anymore.”723
Less than an hour later, Mr. Iksil repeated many of the same complaints to a CIO colleague, stating that the crux of the problem was that the CIO had become “too big for the market.”
Mr. Iksil: “[I]t had to happe[n]. [I]t started back in 2008 you see. [I] survived pretty well until [I] was alone to be the target. [Y]es [I] mean the guys know my position because [I] am too big for the market. ... [B]ut here is the loss and it becomes too large and this is it. [W]e realize that [I] am too visible.”
Despite the emails predicting losses of between $300 million and $600 million, at the end of the day on March 23, 2012, the CIO reported internally a daily loss of only $12.5 million.” 
The JPMorgan "London Whale" trader first surfaced in media reports in April of 2012. <a href="http://www.businessinsider.com/bruno-michel-iksil-2012-4">Both Bloomberg and the Wall Street Journal reported that Iksil</a> had a position so big it was rattling the market.
Initially, CEO Jamie Dimon dismissed it as a <a href="http://www.businessinsider.com/heres-the-part-of-jpmorgans-10-q-thats-freaking-everyone-out-2012-5">"tempest in a teapot."</a>
Then on May 10th, JPMorgan revealed a <a href="http://www.businessinsider.com/live-jp-morgans-surprise-conference-call-2012-5">$2 billion dollar trading loss</a> in it's Chief Investment Office in London related to derivatives trades from the so-called "London Whale."
In June, Dimon was grilled before the Senate Banking Committee and the House Financial Services Committee. He maintained that it was an "isolated incident" and said <a href="http://www.businessinsider.com/jamie-dimon-testimony-2012-6">"senior management and myself should have better monitored the CIO office."</a> 
When the bank released its Q2 earnings results on July 13th, it was revealed that the trading loss was actually <a href="http://www.businessinsider.com/jp-morgan-q2-2012-conference-call-2012-7">$5.8 billion</a>, more than previously thought. The bank also had to restate its <a href="http://www.businessinsider.com/jpmorgan-to-restate-q1-earnings-2012-7">Q1 net income</a> saying it was $459 less than previously reported.
There is a Senate hearing scheduled for tomorrow on the London Whale trade and it include appearances from JPMorgan's ex-CIO Ina Drew and ex-CFO Douglass Braunstein this time.
</div>
</div>

LONDON WHALE: 'It Is Hopeless Now... We Are Dead I Tell You... I Am Going To Be Hauled Over The Coals'

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.bloomberg.com/video/89345405/">Bloomberg TV</a>JP Morgan's <keyword id="169375" type="PERSON" weightage="60" keywordseo="Tom-Lee">Tom Lee</keyword></div>JPMorgan Chief U.S. Equity Strategist Tom Lee is known for his bullish views on the stock market.
Today, for example, he called for Dow 20,000 in four years <a href="http://www.cnbc.com/id/100412493">during an interview on CNBC.</a>
However, his note to clients today strikes a different tone – at least in the short term.
In the note, titled "CESI below zero - taking some risk off the table - moving Cyclicals to UW," Lee writes, "It certainly feels that the bullish sentiment is overpowering, supported by the calls for an imminent asset allocation shift out of bonds/cash into stocks, as well as the recent run of strong macro indicators."
Lee says his clients are having trouble finding a "red flag" that could send the market lower – which is all the more reason for caution.
Lee highlights four reasons investors in stocks should consider "taking some risk off the table" here:
1) US [Citigroup Economic Surprise Index] has moved below zero. On the past 7 occasions when this happened the near-term equity upside was capped. The average maximum upside of 1% and average drawdown of 8% seen over the following 3 months demonstrate the asymmetric risk-reward in our view.
2) Q4 results are beating the conservative expectations. However, EPS upgrades are failing to materialize. Many more companies are cutting guidance than raising it. Third quarter was the first one in 4 years where global profit margins have fallen.
3) Equities had a very strong run over the past few months. Given that EPS revisions stayed in negative territory, the P/Es have rerated. The latest equal- weighted P/E multiple for MSCI Europe, at 13.2x, has just moved to an outright premium vs the last 10 year average.
4) A number of technical and sentiment indicators are starting to signal caution. Bullish sentiment has become completely consensus as seen in AAII Bull index which is now in the top 5% of the observed readings. The backtest shows that forward equity returns from this level of Bullishness are significantly below normalized. The Equity Skew is at 10-year lows and VIX near historic lows.
Lee joins others on Wall Street in suggesting the rally may be coming to an end, like BofA Merrill Lynch strategist Rich Cochinos. <a href="http://www.businessinsider.com/bofa-first-signs-of-correction-emerge-2013-1">You can read his take on the first cracks BofA is seeing in the current market rally here &gt;</a>
SEE ALSO: <a href="http://www.businessinsider.com/sp-500-historical-win-streaks-2013-1">A Huge S&amp;P 500 Winning Streak Is On The Line Right Now... &gt;</a>

JPMORGAN'S TOM LEE: It's Time For Investors To Take Some Risk Off The Table

<div class="image-container float_right" style="width:480px"><div class="image"><a href="http://www.bloomberg.com/video/all-clear-to-invest-in-financial-sector-lee-kBWN0xkZSHe8Zdou8yTeKw.html">Bloomberg Television</a></div></div>In a note to clients this morning, JPMorgan's chief U.S. equity strategist <keyword id="169375" type="PERSON" weightage="60" keywordseo="Tom-Lee">Tom Lee</keyword> jacks up his year-end <keyword id="123873" type="UNKNOWN" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> price target to 1775 from 1715.
The new forecast implies an additional 5% upside from Thursday's close at 1690, and it makes Lee the most bullish equity strategist on the Street.
Lee attributes much of the decision to better-than-expected economic data out of the euro area.
"With both U.S. and Europe expected to see better growth in [the second half of 2013], we believe the Street will be in a position to raise 2014E EPS," says Lee. "We are raising 2014E EPS to $120 (vs $117) and also raising our YE 2013E S&amp;P 500 Target to 1775 (up 3.5% vs prior 1715)."
The JPMorgan strategist outlines four reasons for the upgrade:
<div class="column">
<ul>
<li>
What is the surprise? Better Europe and eventually EM. Naturally, the question is what will “surprise” the market to drive increased EPS and P/E multiples. In our view, this is driven by improving economic momentum broadly and captured well by the eco surprise indices. As shown in Figure 7, economic surprises have improved sharply for Europe (CESIEUR) and US (CESIUSD) and given the historical GDP beta, should lift Emerging markets as well. 
</li>
<li>
There is pent-up demand in U.S. and to an extent in Europe. As for the U.S. and to a lesser extent for Europe, this is more than “easing financial conditions” but a story of pent-up demand. As shown in Figure 8, investment/durables spending in the U.S. remains at 60-year lows. And at time when the age of capital-stock is near record highs (see Figure 9/Figure 10). This is a formula, in our view, for obsolescence asserting itself in the form of an eventual sharp rise in spending. 
</li>
<li>
Corporate bonds have recovered over 60% of the recent sell-off, supportive of risky assets. Corporate bonds—both high-grade (J.P. Morgan's JULI Index) and high-yield (CSSWHYI Index) exhibited instability (somewhat surprising) in May following the rise in 10-year yields (see Figure 11/Figure 12). Fortunately, much of the dislocation has been retraced. IG spreads have recovered 76% of the widening back to 158bp and, similarly, high-yield spreads have since recovered to 506bp STW, or about 60% of the widening. The point of this is that the tightening of spreads is a positive signal for both risky market "depth" and "liquidity" which are positive for equity relative value. 
</li>
<li>
Equities need to re-rate higher vs corporate bonds—16X? Yes. As we have stated for some time, the equity P/E should be seen via the lens of corporate bond yields (invert a bond yield to derive its P/E). Corporates are payer of both bonds and equities, and as equity earnings (EPS) grow over time (with nominal GDP at least, while coupons are fixed), equity P/E should be higher. Since 1950, equity P/E has been consistently and logically higher than investment-grade P/E. Since 2009, however, as shown in Figure 13, the S&amp;P 500 P/E has been stable at around 13X- 14X for the past 3 years and trades at a steep discount to both investment grade bonds (25X) and to HY (16.2X). At a minimum, we see the equity P/E converging with HY, driven by higher equity P/Es.
</li>
</ul>
</div>
What could go wrong? Lee identifies further deceleration in Chinese economic growth and concerns regarding tapering back of Federal Reserve bond purchases as the two main risks to his target.
"Recent data from China is disappointing (IP, GDP) and despite tempered expectations, the government is likely to exercise patience (vs stimulate)," says Lee. "The risk, therefore, is a faster deceleration in GDP growth, something not expected. As for the Fed, the primary concern is how equity markets will hand the start of tapering (rising rates, loss of visibility)."

JPMorgan's Tom Lee Now Has The Most Bullish Stock Market Forecast On Wall Street

<div class="KonaFilter image-container float_right"><div class="image on-image"><a href="http://www.bloomberg.com/video/all-clear-to-invest-in-financial-sector-lee-kBWN0xkZSHe8Zdou8yTeKw.html">Bloomberg TV</a><keyword id="169375" type="PERSON" weightage="60" keywordseo="Tom-Lee">Tom Lee</keyword>.</div></div>Yesterday, the <keyword id="123873" type="UNKNOWN" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> closed at 1790, an all-time high.
JPMorgan chief U.S. equity strategist Tom Lee's year-end target for the index was 1775. However, given his continued constructive view on the stock market, he raises his year-end target to 1825 today in a note to clients.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
"In our view, the case for continuing to maintain a positive stance on equities remains in place given: (i) improving economic momentum to support upward EPS revisions (pent-up demand in U.S. housing, autos, construction, capex and a recovery in the euro area); (ii) attractive relative value (particularly vs. corporate bonds), (iii) supportive monetary policy and (iv) sentiment that is not excessively bullish," says Lee. "We continue to believe that the U.S. is in a secular bull market and that remaining constructive on equities is warranted."
Lee says half of the 50-point increase in his S&amp;P 500 target is driven by the tech and financials sectors.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
"Much of the increase into year-end (50 points) is driven by sectors with lower P/Es, which we expect to re-rate higher into YE, with half of the points coming from Technology and Financials," says Lee. "Both trade at roughly a 10% discount to the S&amp;P 500."
Despite the positive outlook, there is one threat to a higher stock market are on Lee's radar.
"The biggest risk to our thesis, in our view, remains the potential for a negative monetary policy surprise (more likely in the U.S. than Europe)," he says. "That is, we believe equities remain uncomfortable with the notion of asset tapering without the economy at perceived escape velocity."
</div>
</div>
</div>
</div>
</div>
</div>

With Six Weeks Left To Go, JPMorgan's Tom Lee Hikes His Year-End S&P 500 Price Target

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Spain's capital has entered the battle to take over from London as Europe's post-Brexit business hub, using the sun as a weapon.Madrid's regional government is positioning the city as the low-cost, high-sun alternative to other financial centres such as Frankfurt, Paris and Dublin in the fight for London's crown.<a href="http://www.madrid.org/cs/Satellite?c=CM_Actualidad_FA&amp;cid=1354617935767&amp;language=es&amp;pagename=ComunidadMadrid%2FEstructura&amp;pid=1109265463020">The government launched a marketing push called #ThinkMadrid last week</a>, highlighting the benefits of the city and why companies should consider it in their relocation plans.With political uncertainty over the future of the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s financial passport and trading relationships with other EU countries, the UK's vote to leave the European Union is a chance for mainland European cities to attract business that would usually go to London.Brexit is an "opportunity we can not pass up," Cristina Cifuentes, Madrid's regional president, <a href="http://www.madrid.org/cs/Satellite?blobcol=urldata&amp;blobheader=application/pdf&amp;blobheadername1=Content-Disposition&amp;blobheadervalue1=filename%3DNP+161019++Think+Madrid.pdf&amp;blobkey=id&amp;blobtable=MungoBlobs&amp;blobwhere=1352915804535&amp;ssbinary=true">said when launching the initiative on Friday.</a>"It's an opportunity to improve, an opportunity for all, that affects and benefits the society as a whole. Therefore, we must act together and united. In a global world, it is useless to go it alone," Cifuentes said.In a presentation, Madrid focuses on how relatively inexpensive it is compared to other places.Here's the chart showing how Madrid is cheaper than 104 other cities for expats:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The presentation also highlights how few (58) days of rain the city has in relation to others, as well as its high average temperature:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>&#xa0;And here's the video presentation:<div></div>&#xa0;Madrid's local government isn't the only one to be bullish on the city.JPMorgan banking analyst Kian Abouhossein said Madrid would be a top destination for firms <a href="http://uk.businessinsider.com/jp-morgan-your-next-finance-job-could-be-in-madrid-2016-7">looking to relocate&#xa0;in a note sent to clients in July.</a>Abouhossein took a look at office rents and capacity in different EU cities, with Madrid coming out on top both for cost and supply.Here's Abouhossein (emphasis ours):"In terms of markets with high availability and high oncoming supply, Madrid places first, followed by Frankfurt and Paris.""In terms of prime rental levels, Madrid is the cheapest (€27/sqm/month) although brokers note there is a lack of Grade A office space, followed by Frankfurt (€40/sqm/month) and Paris (€67/sqm/month)."Here's how the cost compares with other cities vying for London's financial crown:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>And the Spanish capital also tops the list for percentage of vacant offices:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>With the promise of sun, cheap rent and good football, there will be many in London who might start to see Brexit's upside.&#xa0; <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/oxford-economics-gregory-daco-hillary-clinton-minimum-wage-too-much-too-fast-2016-10">An economist explains why Clinton's plan to raise the minimum wage to $15 might be 'too much, too quickly'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I5bHlhNjE6SP62qMZWa87cbE4xnfQlVb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "es jpmorgan" and got 11 results

Report from Money20/20: Ukrainian bank and fintech leaders explain how they keep going during extraordinary times

Grace Dean

Report from Money20/20: Fintech companies have questions about the future of the metaverse

Grace Dean

Report from Money20/20: CEO of Blockchain.com says 'we've been in a crypto winter for 9 months already'

Grace Dean

Report from Money20/20: Zopa is getting into the booming buy now, pay later market

Grace Dean

Report from Money20/20: OnlyFans CFO touts the platform's growth, but not adopting crypto to pay creators

Grace Dean

From fashion star Telfar Clemens to JPMorgan CEO Jamie Dimon, these 10 leaders are transforming how America addresses racial equity

Marguerite Ward

LONDON WHALE: 'It Is Hopeless Now... We Are Dead I Tell You... I Am Going To Be Hauled Over The Coals'

Julia La Roche

JPMORGAN'S TOM LEE: It's Time For Investors To Take Some Risk Off The Table

Matthew Boesler

JPMorgan's Tom Lee Now Has The Most Bullish Stock Market Forecast On Wall Street

Matthew Boesler

With Six Weeks Left To Go, JPMorgan's Tom Lee Hikes His Year-End S&P 500 Price Target

Matthew Boesler

Madrid is using the sun and Brexit to go after London's business crown

Ben Moshinsky

Popular Keywords

Buying Guides