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Nasdaq-listed Cognizant Technology Solutions (Cognizant) closed the third quarter with a 2.4 per cent revenue growth. According to Cognizant, the revenue for Q3 went up to about $4.9 billion up from about $4.7 billion in Q3 2021. The company follows the calendar year as its accounting year. The earnings per share stood at $1.17 ($1.06 Q32021). "Revenue and bookings were below our expectations as company-specific fulfilment challenges were compounded by the impact of an uncertain macroeconomic backdrop," said <keyword id="3928377" type="General" weightage="80" keywordseo="brian-humphries" source="Orion">Brian Humphries</keyword>, Chief Executive Officer. "We are confident the steps we are taking will return the company to accelerated growth over the medium to long term," he added. According to Cognizant, financial services revenue declined 1.5 per cent year-over-year but grew 1.6 per cent in constant currency. Growth was driven by digital services among the public sector clients in the UK and insurance clients. Growth was offset by 180 basis points of negative impact related to the previously disclosed sale of the Samlink subsidiary (completed February 1, 2022), the company said. <keyword id="442218" type="General" weightage="50" keywordseo="health-sciences" source="Orion">Health Sciences</keyword> revenue grew 3.8 per cent year-over-year, or 5.5 per cent in constant currency. Growth was driven by digital services among pharmaceutical and healthcare payer clients. Products and resources revenue grew 3.7 per cent year-over-year, or 8.2 per cent in constant currency, driven by digital services among logistics, automotive, consumer goods and travel and hospitality clients. Communications, <keyword id="3060212" type="General" weightage="50" keywordseo="media-and-technology" source="Orion">Media and Technology</keyword> revenue grew six per cent year-over-year, or 10.4 per cent in constant currency, driven by strength among digital native companies, Cognizant said. The total number of employees stood at 3,49,400 after adding 8,100 employees during the quarter under review. The annualised voluntary attrition stood at 29 per cent, the company said. As to the revenue guidance for the year, Cognizant said the fourth quarter is expected to be $4.72-$4.77 billion. Full-year 2022 revenue is expected to be approximately $19.3 billion. Cognizant also said it has agreed to acquire the professional services and application management practices of US-based <keyword id="15414628" type="General" weightage="100" keywordseo="onesource" source="Orion">OneSource</keyword>. Once the deal is done, Cognizant will add 400 employees to its fold. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/upgrad-files-merger-scheme-to-consolidate-mas-to-complete-integration-by-march-june-2023/articleshow/95270362.cms">upGrad files merger scheme to consolidate M&amp;As, to complete integration by March-June 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-recovers-some-growth-momentum-it-lost-in-september/articleshow/95273704.cms">India's services sector recovers some growth momentum it lost in September</a>

Cognizant closes Q3 with $4.9 bn revenue, to acquire OneSource (Ld)

<ul class="summary-list"><li>A transgender soldier shared her coming out journey and her experiences over more than a decade in the military.</li><li>Finding support in the queer community and organizations like SPARTA was key to her resilience in tough times.</li></ul>This as-told-to essay is based on a conversation with Sgt. Cathrine Schmid, an Equal Opportunity Advisor and Signals Intelligence Analyst for the 704th Military Intelligence Brigade at Fort Meade. This essay has been edited for length and clarity.I didn't think of being trans as an identity or as a social group or as a movement, it was more just experiencing dysphoria and wishing I could be free of it.Going back as early as six or seven, I remember thinking that I would be a lot better off if I had been a girl like my sisters were.I know this almost makes me a walking stereotype, and obviously, this isn't the case for everybody, but I felt like I always knew something was wrong, that it wouldn't be wrong if I was more like my sisters.At the same time, I was trying to do the best I could with what I had in a deeply religious, deeply traditional household.<h2 id="5afdf789-da26-41d3-8dd9-429a94d48504">A military presence</h2>I was raised in an environment that talked about the military as a noble and valid life pursuit. Service was always something very, very close to my family. My dad was an elder in the local church, we were always doing stuff that served the community.I was extremely religious, though I'm not anymore, and ended up going to Bible college after high school, lasting just three semesters. I flunked out of Bible college and didn't really have a life goal.I did have a long-term relationship with my girlfriend, was deeply closeted, self-denying, and all of that, trying to overcome dysphoria through sheer force of will and old-fashioned self-denial through public service and marriage and family and all of the things that my upbringing had promised me will bring fulfillment.While those things are incredibly important and fulfilling, they are not a cure for dysphoria, and that's how I eventually ended up in the Army. I needed that structure around me.<h2 id="656e142f-34a5-49a9-8df3-0061ca2bbe9d">A lot to learn</h2><div type="image" title="Cathrine Schmid" height="807" width="1076" msid="110423955" hostid="261" sizebytes="152156"></div>During my first few years, I struggled. I kept re-enlisting, and in 2008, I had my ongoing undiagnosed dysphoria. Because I couldn't be honest with my doctors at the time, they diagnosed it as a depressive disorder and attempted to treat it as such, unfortunately, not very successfully.I ended up having a brief hospital stay after some pretty strong suicidal ideation.I remember talking to the doctor and opening up, to what extent I could, about the way I felt about being male. The doctor was like, "Do you think you could be trans?" My answer at the time was "No." The doctor asked, "Why not?" And I said, "because if I say yes, I lose everything."They gave me some antidepressants and some coping mechanisms for dealing with the generalities of suicidality. That was able to at least get me back on my feet. I started being more successful in the Army after that.I really dove headfirst into service as an identity and trying to overcome my feelings of self-loathing and all the symptoms of dysphoria. If the Army says that all I need to do is follow these orders and exhibit these values and be honest and selfless and dedicated, then I can do that.Around mid- to late 2013, I deployed to Iraq, and when you are not actively engaged in the mission, you just sit in your containerized housing unit.I had a lot of time to myself and a lot of time to think about my life. I was not anywhere near actual fighting, but I was in earshot of things and thinking: "Is this the life I can continue living?"I remember writing in a journal for the first time, "I think I am transgender."I got back from Iraq on Christmas Day 2013. My ex and I had been married for a decade. We had two kids together. I told her none of the stuff that I'd been trying to do had worked, and I didn't think that it was depression.I'm thinking I'm trans, and after a couple of long conversations, it came down to her saying, "I'm sorry, but I'm straight."<h2 id="6899c5aa-4c27-42de-8922-84fc548c8a54">Moving pretty quickly</h2><div type="image" title="Cathrine Schmid" height="561" width="748" msid="110423956" hostid="261" sizebytes="61250"></div>We ended up getting a divorce, she took the kids and went back home to Oregon where we had basically grown up and went to high school and everything together. She's still a very, very close friend, but at the end of the day, what I had at the time was completely unsustainable.I ended up climbing over the rail on the Tampa Bay Bridge in March 2014. Instead of jumping, though, I called Military OneSource and talked to one of their counselors, and I remember saying I don't want to die but I can't live like this. They convinced me to go back to the hospital.At the time, the Army regulations still had "transgenderism," which was written as something that was incompatible with military service. The doctor said that as an Army doctor, his hands were tied. He had to inform my chain of command because I had a diagnosis of gender dysphoria and the Army regulations said that he had to tell them of any diagnosis that could impact my eligibility for continued service.The only options I had were to let the doctor inform my command or to simply out myself. I chose to out myself. I wrote a memo, signed it, and basically said, I wish this to be entered into the official record.I threw myself at the mercy of my chain of command and said, I don't want to get kicked out, I promise I won't pursue any transition unless authorized to do so in writing. I'm getting help from the doctors. Here's my record, and here's the evidence that I'm good at my job and that benefits the unit. Please don't kick me out.My command decided to retain me. The commander's guidance at the time was like, "Okay, I'm not going to pursue separation for this, but keep your nose clean because the reason I'm retaining you is because you're a benefit to this formation. If you stop being a benefit to this formation, then I will not be able to justify this decision any further."He was doing everything in his legal authority to not end my career, and there were some individuals in the unit who weren't pleased with the command's decision. There were some people who were trying to find reasons for the command to not back me anymore. For the next 18 months or so I was living in absolute scrutiny like daily haircut inspections, just to try and build a case that I have some kind of pattern of lacking adherence to standards.I had a couple of supervisors who supported me, who stood up for me, and who helped me going through that period of time.After recently receiving an Army equal opportunity award, I called attention to the commander I had a decade ago and said that he saved my career. If you stand up for your soldiers now, then it's going to have positive results later, even if it means putting your own neck out in the moment.<h2 id="bc097676-df2e-4e92-95da-308c425eef31">Figuring out the system</h2><div type="image" title="Cathrine Schmid" height="1329" width="1366" msid="110423958" hostid="261" sizebytes="65050"></div>I was stationed in Tampa, Florida. The queer community down there, at least a decade ago, was very strong.I discovered the organization SPARTA in the spring of 2014, which came out of all of the people who were in the organization OutServe back in the day when Don't Ask Don't Tell, the discriminatory prohibition on gay and lesbian service members, was repealed and wanted to begin fighting for open transgender service.Those people formed their own splinter organization less than a year before I came out. I found a community, and I found mentors and friends. I ended up meeting my now-spouse through one of the local queer groups there in Florida.She and I got married right after Obergefell v. Hodges, which legalized same-sex marriage, in August 2015 because we had no idea whether it was going to stick.By October 2016, the Army had procedures in place to get our gender marker changed in DEERS or Defense Enrollment Eligibility Reporting System, a large database for service member information.I finished the medical portion of my transition, specifically I was able to get surgery, two years later in 2018, and I had a unit that was supportive.If you're a benefit to the mission, and it is going to get accomplished better with you than without you, then nothing else really matters. That's the reason I kept re-enlisting in the first place. The mission is something that's meaningful to me.<h2 id="52d15ca7-2db6-456c-97b9-81c451ed2104">Now what?</h2>In 2017, I was stationed in Washington, and our morning formation was always 6:30 a.m. About 15 minutes before I was supposed to stand in formation and salute the flag, my phone started blowing up with people texting me saying, "Hey, did you see this?"My phone just started exploding. The commander-in-chief had put out a new policy via Twitter that would place a ban on transgender military personnel, affecting thousands of service members throughout the country. And my immediate reaction was, "Well now what do I do?"I thought back to Col. Cammermayer who was an Army nurse back in Vietnam and made it all the way to colonel. To get promoted to general, she had to have her security clearance reviewed. She admitted to being lesbian, so she got discharged from the Army, but then successfully fought it and got reinstated.She was one of the very few out, non-straight people in the military, but she was able to finish her career on her terms. Her story kept ringing in my mind.I was the Army Service lead for SPARTA, and one person on the board reached out and said Lambda Legal is putting together a lawsuit. They represented Cammermayer back in the day as well, so I gave them my name. I have the distinction of being one of very few active-duty service members who have sued the Department of Defense and the President.We were able to get the ban weakened, though not revoked entirely, allowing us to retain our careers and our medical benefits.<h2 id="0e35cb36-2f30-4135-9a23-22fbdc7d699f">Living under threat</h2><div type="image" title="Cathrine Schmid" height="720" width="1080" msid="110423959" hostid="261" sizebytes="59726"></div>If you've been granted an exemption to be where you are, then that can always be revoked. Living under that threat is an incredible amount of pressure.It's still less than living with dysphoria, but that was a rough couple of years as well. The biggest thing that helped me through that period of time was the community around me: the other trans people I knew, other soldiers, people in SPARTA, and the extended queer military community.The queer community tends to be quite progressive, yet the military is very traditional. Being at the intersection of those two communities can be very isolating because it can result in a sense of not knowing where you fit in. The best advice I can give people in that place is that you aren't alone.If I had to come out over again, would I do it differently? There are probably things I could have done better, but I don't have any regrets.

I've been out as transgender in the US military for a decade, and I don't have any regrets

D2C home and sleep solutions platform Wakefit.co on Thursday launched a 'No Questions Asked' wellness leave policy for its employees. The policy extends a no-questions-asked leave to all employees once a month. These wellness leaves can be availed by the workforce to support their physical, mental, or emotional well-being by taking time off to unwind and rejuvenate themselves, the platform said in a statement. The employees can also utilise their wellness leaves to opt for leisurely activities. "With this policy, we hope to encourage our employees to unwind, focus on their health, and spend time with their loved ones by taking their wellness leave with no questions asked," said <keyword id="2800926" type="General" weightage="80" keywordseo="umanath-nayak" source="Orion">Umanath Nayak</keyword>, Head of HR, Wakefit.co. With the onset of the Covid-19 pandemic, the company overhauled its existing policies to mould them into the digital-first world. It unveiled its landmark 'Right to Nap' policy in May 2022 to enable employees to take a power nap between 2 and 2.30 p.m. Additionally, Wakefit.co also launched the flexi work policy for new parents. "These initiatives are impactful steps towards enabling a healthy work-life balance among its workforce," it said. Founded by Ankit Garg and <keyword id="1639108" type="General" weightage="80" keywordseo="chaitanya-ramalingegowda" source="Orion">Chaitanya Ramalingegowda</keyword> in March 2016, the company received Series A funding from marquee investor <keyword id="136147" type="General" weightage="80" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword>, Series B funding from <keyword id="2248588" type="General" weightage="80" keywordseo="verlinvest" source="Orion">Verlinvest</keyword> and Sequoia Capital India, and recently received Series C funding from US-based <keyword id="857014" type="General" weightage="50" keywordseo="sig" source="Orion">SIG</keyword>, while existing investors, Verlinvest and Sequoia Capital India also participated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cognizant-closes-q3-with-4-9-bn-revenue-to-acquire-onesource-ld/articleshow/95275456.cms">Cognizant closes Q3 with $4.9 bn revenue, to acquire OneSource (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-recovers-some-growth-momentum-it-lost-in-september/articleshow/95273704.cms">India's services sector recovers some growth momentum it lost in September</a>

Wakefit.co announces 'No Questions Asked' wellness leave policy for staff

REUTERS/Elijah NouvelageWalt Bettinger, the chief executive of Charles Schwab.<ul class="summary-list"><li>Charles Schwab has shuttered a program used to sell products from third-party firms like State Street and BlackRock for zero commissions. </li><li>The move underscores the difficult spot asset managers have found themselves in following the major brokerages' decisions to eliminate online trading fees late last year.</li><li>The wealth management and brokerage firm said in its fourth-quarter earnings results on Thursday that the move came "as a result of the elimination of online trading commissions for US and Canadian-listed ETFs."</li><li>The program also promoted the ETFs in the program to its thousands of RIAs, but asset managers that spoke with Business Insider said the promotion alone was not worth paying OneSource fees.</li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime's homepage for more stories</a>.</li></ul>The broker wars have uncovered some complicated alliances, and it's not always clear who's friend or foe. <a href="https://www.businessinsider.com/category/charles-schwab">Discount broker Charles Schwab</a> just shuttered a nearly $100 billion program where it sold products from third-party asset management giants like State Street, JPMorgan Asset Management, and <a href="https://www.businessinsider.com/category/blackrock">BlackRock</a>.The <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> and brokerage firm said in its fourth-quarter <a href="https://markets.businessinsider.com/news/stocks/charles-schwab-stock-price-trillions-increased-assets-slashed-fees-q4-2020-1-1028823801">earnings results</a> on Thursday that it discontinued the program, called Schwab ETF OneSource, "as a result of the elimination of online trading commissions for US and Canadian-listed ETFs."The move, completed in the fourth quarter, highlights the tough reality the money-management industry has found itself in following the major brokerages' decisions to <a href="https://www.businessinsider.com/charles-schwab-td-ameritrade-interactive-brokers-e-trade-cut-fees-2019-10">remove online trading fees</a> for stocks and ETFs late last year.Thanks to stock-trading startup <a href="https://www.businessinsider.com/category/robinhood">Robinhood</a> jumping in with zero-commission trades, heavy-hitters like Schwab and <a href="https://www.businessinsider.com/category/fidelity">Fidelity</a> have had to follow suit and look to asset managers like BlackRock to cover the lost revenues. Outside ETF providers, however, are in a fee battle themselves, and have pushed back at paying extra for a spot on broker programs and platforms. The investment industry has lowered sticker prices for the end consumer - mutual funds and ETFs are significantly cheaper now, even actively managed options, than a decade ago. But this lost revenue has inflamed the long-time rivalry between asset managers and brokerages, which now have to divvy up a smaller pie.The zero-sum game has led to clashes between big-name money managers and brokerage platforms.Ameriprise banned salespeople from Pimco, AB, and Franklin Templeton from talking to the brokerage's advisers in 2017, for example, after the sides couldn't agree on how much to pay for access. At the time Schwab ETF OneSource was discontinued, it had 15 providers in the program and more than 500 ETFs, a company spokesperson said. It had just over $94 billion in assets at the end of the third quarter, a filing showed. Third-party providers paid the firm at least four basis points on all assets in the program annually to be a part of ETF OneSource so their ETFs could trade commission-free like Schwab's own in-house funds. At more than $94 billion, Schwab brought in at least $37 million in fees from asset managers that were also competing with Schwab's own, ultra-cheap funds.<a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C0BXZ6QDCN54&amp;SMLS=1&amp;RW=1478&amp;RH=827">REUTERS/Jim Young</a>The program also promoted the ETFs in the program to its thousands of RIAs, but asset managers that spoke with Business Insider said the promotion alone was not worth paying OneSource fees."The big selling point of the program was the commission-free trading of your funds, so your salespeople didn't have to convince an adviser to convince his client that your ETF was so special that it was worth a commission," said one representative from an asset manager familiar with the platform, who asked not to be identified because their firm still has a relationship with Schwab and was not authorized to speak to the press. The fees have pushed out at least one ETF provider before the program's closure - ProShares <a href="https://www.wsj.com/articles/proshares-no-longer-wants-to-pay-charles-schwab-to-sell-its-etfs-1490353200">left the platform</a> in 2017 over disagreements on costs and customer data. Schwab's ETF business did not have to pay itself a separate fee to participate in its own program.Assets once counted under the OneSource umbrella will now be included with other third-party ETFs. Schwab reported nearly $621 million in total ETF assets at the end of the fourth quarter, with the lion's share coming from third-party providers. Schwab has a similar platform for mutual funds.<h1>An evolving industry </h1>When the San Francisco-based firm <a href="https://pressroom.aboutschwab.com/press-release/schwab-investor-services-news/schwab-launches-schwab-etf-onesource">launched</a> ETF OneSource in 2013 with 105 commission-free products, the firm marketed it as a platform that opened up investors and advisers access to "the most commission-free ETFs anywhere in the industry."At the time, it launched with its own Schwab-branded funds as well as major providers including <a href="https://www.businessinsider.com/category/state-street">State Street</a>, Guggenheim, and Invesco's PowerShares line.Schwab in March 2019 said it would <a href="https://pressroom.aboutschwab.com/press-release/corporate-and-financial-news/schwab-etf-onesource-doubles-lineup-500-commission-free-e">doubled</a> the number of ETFs on the program to just over 500. The massive iShares line at BlackRock, the world's largest asset manager, joined the program with 90 funds. Invesco, State Street, JPMorgan Asset Management, and others added to the number of funds already on the platform. Schwab is meanwhile <a href="https://www.businessinsider.com/inside-26-billion-charles-schwab-td-ameritrade-deal-2019-11">set to close</a> on two major acquisitions in 2020: longtime rival <a href="https://www.businessinsider.com/category/td-ameritrade">TD Ameritrade</a> for about $26 billion, and some of USAA Investment Management's assets for $1.8 billion.Schwab axed online trading commissions in October after <a href="https://markets.businessinsider.com/news/stocks/interactive-brokers-to-launch-ibkr-lite-1028557257">Interactive Brokers said</a> it was rolling out a new offering with unlimited, commission-free trades on US-listed stocks and ETFs - a move that pushed rivals' shares lower.The online brokerage industry and the broader digital financial services industry it sits in has come to be redefined by <a href="https://www.businessinsider.com/charles-schwab-td-ameritrade-interactive-brokers-e-trade-cut-fees-2019-10">firms' quick moves</a> to commission-free or dirt-cheap transactions and capabilities to draw in a new generation of customers. <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/tesla-tuner-shop-custom-model-x-2019-12">The world's first Tesla tuning shop creates super exclusive special edition Model X</a></h3>

Charles Schwab pulled the plug on a nearly $100 billion program that distributed rivals' ETFs - and it's a direct result of axing trading commissions

<div style="float: right; margin: 15px 0 20px 20px;"><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><a href="https://static-ssl.businessinsider.com/category/chart-of-the-day"> </a></td></tr><tr><td><a href="http://www.businessinsider.com/category/chart-of-the-day"></a></td><td><a href="http://www.businessinsider.com/global-oil-production-starts-trending-downwards-2016-4"></a></td></tr></tbody></table></div>Your investment advisor has a problem - you're not paying them as much.According to a note from JP Morgan's Kenneth Worthington, Charles Schwab is seeing a significant switch from mutual funds to exchange traded funds (ETFs) that is crushing their fees and revenues.Charles Schwab is a huge asset manager. The firm had around $2.5 trillion in assets under management in 2014, so it's not unreasonable to view it as a bellwether for the broader sector.Worthington notes the number of people using <a href="http://www.businessinsider.com/index-fund-assets-under-management-2016-1">mutual funds has dropped off</a> in the past year while <a href="http://www.businessinsider.com/etf-total-net-asset-growth-2015-4">ETFs have exploded</a>:"We show that Mutual Fund OneSource AUM has been on the decline, from $260bn in 4Q14 to $207bn in 4Q15 (some accounting differences make the comparisons not quite apples to apples)," said the note. "While Mutual Fund OneSource is shrinking, ETF OneSource is growing smartly, although off a very small AUM base, currently standing at $16bn of AUM."<div class="KonaFilter image-container display-table"><div><div class="image">JPMorgan</div></div></div>The problem for advisors with this shift is that mutual funds typically charge more in fees than ETFs. So as more and more investors switch to the latter, fee revenue at places like Charles Schwab gets squeezed. This is huge, as fee revenue makes up 41% of Schwab's total revenues according to Worthington."Fees per fee-AUM (the revenue yield in Schwab's fee business) has been on the decline since mid-2009, falling from a peak of 50.5bps in 2Q09 to 36.8bps in 4Q15, when excluding the negative impact of money market fee waivers," wrote Worthington."While there are a number of issues weighing on the revenue yield in Schwab's fee business, we feel the growth of ETF business is having a particularly negative impact on Schwab's revenue yield."<div class="KonaFilter image-container display-table"><div><div class="image">JPMorgan</div></div></div>Going forward, this may be a structural decline. Meb Faber of Cambria Investment Management, himself a purveyor of low-cost ETF strategies, <a href="http://www.businessinsider.com/etfs-making-mutual-funds-extinct-2016-4">told Business Insider</a> this isn't something that is going to turnaround."It's a one-way street," Faber said."Once you go from a high-fee, tax-inefficient structure to a very low-fee, tax-efficient structure, you don't go back."And so, places such as Schwab and other asset managers have to find a way to replace these lost fees and revenue. For Schwab, that may be a pivot to its banking division. In the meantime, however, asset managers face a tough road ahead. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/microsoft-ai-bot-accurately-captions-photos-2016-4">Microsoft has created an AI bot that captions photos and it's shockingly accurate</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="traTl0MjE6SkxBfEmvwX7ITYgjFI7AP8" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The people that manage your money are getting crushed by the hottest investment product out there

Only 90-some-odd days until next bank-earnings season!The trifecta of JPMorgan, <a href="https://www.businessinsider.com/wells-fargo-records-166-million-tech-expense-in-fourth-quarter-2020-1">Wells Fargo</a>, and Citi, followed by the rest of the Wall Street crowd in the days after, meant a week of early mornings for financial journalists. That's OK, though, since we also get to have some fun parsing testy exchanges on analyst calls - this is, after all, a world where "thanks for that" often means quite the opposite, and "let me try that question again" is basically the webinar version of an all-out brawl. All of that verbal wrangling is part of a quest for "color" - in non-earnings-world speak, that's anything to help decipher the rush of numbers and vague explanations banks throw at you. Luckily, our reporters are always talking to insiders to do just that. <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here</a>Alex Morrell explained <a href="https://www.businessinsider.com/unusual-product-behind-banks-massive-credit-trading-gains-in-2019-2020-1">what's behind a much-welcomed surge</a> in bond-trading revenue across Wall Street. It sure seems like a great time to be an agency mortgage trader - insiders say JPMorgan led the pack there - but it may be a short-lived party. Morgan Stanley is normally among the last to report when it comes to big-bank earnings, but earlier in the week Alex was quick to nab all the names (<a href="https://www.businessinsider.com/morgan-stanley-md-promotions-full-list-of-names-managing-directors-2020-1">here's the list)</a> of its 2020 MD promotes. It's a smaller class than recent years - understandable given the <a href="https://www.reuters.com/article/us-morgan-stanley-layoffs/morgan-stanley-cutting-jobs-due-to-uncertain-global-environment-source-idUSKBN1YD24O">1,500 layoffs</a> the bank announced in December. Oh, and Alex also got the <a href="https://www.businessinsider.com/bank-of-america-sales-and-trading-md-promotions-for-2019-2020-1">names of the new crop</a> of Bank of America sales and trading MDs, and <a href="https://www.businessinsider.com/bank-of-america-is-revamping-bond-trading-division-kotsen-to-depart-2020-1">broke news on a big FICC overhaul</a> there. Dakin Campbell has been covering Goldman Sachs' <a href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">huge transformation under CEO David Solomon</a>. Goldman execs told analysts to hang on until the bank's first-ever investor day for the real juicy stuff on its five-year plan. But as Dakin noted, <a href="https://www.businessinsider.com/david-solomon-explains-goldman-private-equity-strategy-shift-2020-1">Solomon did unveil key details</a> this week about transitioning the bank's private investing platform to be more reliant on outside money. To segue out of publicly-traded firms and into the startup space, Bradley Saacks noted that BlackRock CEO Larry Fink <a href="https://www.businessinsider.com/blackrocks-larry-fink-proud-aladdin-made-it-as-a-tech-start-up-2020-1">is "proud"</a> that analytics platform Aladdin is close to topping $1 billion in revenue, a threshold only 3% of tech startups beat. Turns out, the one big secret to startup success that nobody's telling you is being attached to the world's largest asset manager. (BlackRock also blew past a mind-boggling $7 trillion in assets.) That brings us to a call that caught everyone off-guard - this one was for the card folks after Visa announced it would buy buzzy fintech Plaid for $5.3 billion. And as Dan DeFrancesco pointed out, <a href="https://www.businessinsider.com/visa-ceo-mentions-wall-streets-concerns-over-plaid-2020-1">Visa CEO Al Kelly made what might seem like a passing comment</a> that actually has huge implications for the web of financial players that will interact with a Visa-owned Plaid. Not everyone's racing to snap up fintechs, though. As Rebecca Ungarino reported, <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-andy-sieg-robo-advice-tech-2020-1">Merrill Lynch has zero plans</a> to buy a robo-adviser. That thinking highlights how standalone <a href="https://www.businessinsider.com/robo-advisors-wealthfront-betterment-attract-assets-2020-1">wealth-tech firms may be in a tricky spot</a> as legacy players invest in their own tech. Meanwhile, new startups in the space have ground nearly to a halt. Long reads below, including a deep dive on how exactly pricing algorithms for iBuyers like <a href="https://www.businessinsider.com/six-experts-tell-us-whats-keeping-ibuyers-out-boston-new-york-2020-1">SoftBank-backed Opendoor</a> work; <a href="https://www.businessinsider.com/jamie-dimon-says-business-is-similar-to-software-based-subscriptions-2020-1">Jamie Dimon's argument</a> for why JPMorgan should really be thought of (and valued like) a subscription service; and <a href="https://www.businessinsider.com/kkr-is-about-to-invest-22-billion-in-fast-growing-tech-companies-2020-1">why KKR is looking in unlikely places</a> to invest in tech companies.Have a great weekend, Meredith <h3>Insiders explain how iBuyers like SoftBank-backed Opendoor mix algorithms and human decision-making to flip houses</h3>iBuyers, companies that purchase homes with almost instant all-cash offers, renovate and quickly resell them, were born in 2014 in the heat and sun of Phoenix, Arizona. SoftBank-backed Opendoor, now valued at $3.8 billion, first started purchasing homes in Phoenix that December.By 2015, competitor Offerpad was also buying and flipping homes in Phoenix. The iBuyer model has continued to grow, with established real-estate listing players like Redfin and Zillow entering the fray. There are now active iBuyer markets in almost every region of the US, and even some international regions.While iBuyers have tested new markets, Phoenix's lack of seasonality, an active local economy and housing market, and largely new housing stock has made it the iBuyer capital. <a href="https://www.businessinsider.com/six-experts-tell-us-whats-keeping-ibuyers-out-boston-new-york-2020-1">READ FULL STORY HERE</a><h3>WeWork convinced a skeptical SEC to let it use a wonky metric that tested accounting rules. Here are 58 pages of letters showing how the coworking company changed the agency's mind.</h3>Business Insider obtained 58 pages of correspondence between the SEC and WeWork about the coworking company's IPO filing and questions or concerns the agency had about the document.One crucial piece of the back-and-forth centered on the company's use of a non-GAAP financial metric.The SEC originally asked WeWork to "remove disclosure of this measure throughout your registration statement."After pushback from WeWork's lawyers, including a former chief of the same SEC division asking the company to scrap the metric, the agency relented and allowed the company to continue using the metric after it made some changes. <a href="https://www.businessinsider.com/wework-sec-letters-about-contribution-margin-2020-1">READ THE FULL STORY AND SEE ALL THE DOCUMENTS HERE</a><h3>Jamie Dimon makes renewed pitch for JPMorgan to be valued like a subscription service - and it shows how Wall Street is trying to echo Big Tech</h3>Jamie Dimon may have just a tiny bit of tech envy. The JPMorgan Chase CEO sounded a familiar note on Tuesday on a call with journalists when he casually compared his bank to competitors in Silicon Valley. Answering a question about whether the bank's stellar performance has driven its stock price as high as it will go, Dimon said one aspect of its revenue - much of it being very stable - is similar to a subscription-based model.<a href="https://www.businessinsider.com/jamie-dimon-says-business-is-similar-to-software-based-subscriptions-2020-1">READ THE FULL STORY HERE</a><h3>A KKR exec explained how private equity is looking in unlikely places to invest in tech companies</h3>Private equity firm KKR just raised $2.2 billion to invest in fast-growing tech companies and it will now hunt for deals in regions far beyond Silicon Valley. Dave Welsh, a KKR exec leading its technology media and telecom growth equity unit, said that it would seek investments in areas such as Florida, the greater Washington, D.C., area and Atlanta, as well as the Rocky Mountain region in Colorado and other regions throughout the Midwest.The willingness to go far and wide points to how competition for the best investments across the private equity spectrum is getting stiffer, and more PE firms are getting creative with how they deploy their capital - seeking smaller, including minority, investments.<a href="https://www.businessinsider.com/kkr-is-about-to-invest-22-billion-in-fast-growing-tech-companies-2020-1">READ THE FULL STORY HERE</a><h3>Charles Schwab just pulled the plug on a nearly $100 billion program where rival firms paid to sell ETFs</h3>The broker wars have uncovered some complicated alliances, and it's not always clear who's friend or foe. <a href="https://www.businessinsider.com/category/charles-schwab">Discount broker Charles Schwab</a> just shuttered a nearly $100 billion program where it sold products from third-party asset management giants like State Street, JPMorgan Asset Management, and <a href="https://www.businessinsider.com/category/blackrock">BlackRock</a>.The <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> and brokerage firm said in its fourth-quarter <a href="https://markets.businessinsider.com/news/stocks/charles-schwab-stock-price-trillions-increased-assets-slashed-fees-q4-2020-1-1028823801">earnings results</a> on Thursday that it discontinued the program, called Schwab ETF OneSource, "as a result of the elimination of online trading commissions for US and Canadian-listed ETFs."The move, completed in the fourth quarter, highlights the tough reality the money-management industry has found itself in following the major brokerages' decisions to <a href="https://www.businessinsider.com/charles-schwab-td-ameritrade-interactive-brokers-e-trade-cut-fees-2019-10">remove online trading fees</a> for stocks and ETFs late last year.<a href="https://www.businessinsider.com/charles-schwab-shuttered-etf-onesource-following-zero-commission-move-2020-1">READ THE FULL STORY HERE</a><h3>Credit Karma has been pegged as a 2020 IPO likely, but its CEO is more focused on developing new products as the $4 billion fintech does more than just free credit scores</h3>Credit Karma, long known for its free credit scores, launched as something of a marketing firm, connecting its users with credit cards and loans and getting paid by the banks that offered those products.But today, it's one of Silicon Valley's hottest fintechs, with a $4 billion valuation and 100 million users. And its audience has grown fast. The 13-year-old company added 75 million users in the last five years alone and says 1 in 2 millennials are on the platform.Reports from the <a href="https://www.wsj.com/articles/tech-ipos-will-face-a-much-higher-bar-11578310200">Wall Street Journal</a> and <a href="https://www.cnbc.com/2019/12/18/tiger-global-and-sequoia-poised-to-cash-in-on-2020-ipos-cb-insights.html">CNBC</a> have pegged Credit Karma as a <a href="https://www.businessinsider.com/ipo-pipeline-2020-report-airbnb-unity-snowflake-sequoia-tiger-global-2019-12">2020 IPO candidate</a>, though its CEO has said <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/credit-karma-acorns-among-fintechs-not-seeking-to-go-public-execs-say">he sees listing as a means, not an end</a>, and is more focused on launching new products than going public soon. Credit Karma has <a href="https://techcrunch.com/2017/06/27/credit-karma-number-dump/">indicated it is profitable</a> according to <a href="https://www.bizjournals.com/sanfrancisco/news/2019/04/18/best-places-to-work-2019-credit-karma.html">past media reports. </a>As Credit Karma looks to do more than free credit scores, it's also eyeing the next cohort of spenders - Gen Z.<a href="https://www.businessinsider.com/credit-karma-using-influencers-to-push-products-for-growth-2020-1">READ THE FULL STORY HERE</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/jennifer-lopez-hustlers-pole-dance-training-2019-9">How Golden Globe nominee Jennifer Lopez trained to pole dance in 'Hustlers'</a></h3>

Newly minted MDs at Morgan Stanley and Bank of America; unpacking Visa's $5.3 billion Plaid buy

<div class="KonaFilter image-container float_right"><div class="image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C0BXZ6QDCN54&amp;SMLS=1&amp;RW=1478&amp;RH=827">REUTERS/Jim Young</a></div></div>In the past five years passive <keyword id="35175" type="UNKNOWN" weightage="60" keywordseo="investing">investing</keyword> and indexing have <a href="http://www.thereformedbroker.com/2013/06/02/smart-and-stupid-arguments-for-active-management/">outperformed active investing.</a>
<keyword id="149621" type="COMPANY" weightage="60" keywordseo="Charles-Schwab">Charles Schwab</keyword> appears to be capitalizing on this hot investment trend.
Schwab has <a href="http://pressroom.aboutschwab.com/press-release/schwab-investor-services-news/schwab-expands-fundamental-index-line-introduction-six-e">unveiled six new Schwab Fundamental Index ETFs will begin trading next week.</a> These <keyword id="46594" type="PERSON" weightage="60" keywordseo="ETFs">ETFs</keyword> will track the Russell Fundamental Index Series.
Market-cap weighted indexes are often criticized for focusing on popular stocks. The argument for fundamentally weighted strategies is that they are more objective and draw on fundamentals like adjusted sales, cash flow and so on.
First a quick look at the six ETFs that will be available to investors commission-free, online in Schwab accounts starting August 15.
<ol>
<li>Schwab Fundamental U.S. Broad Market Index ETF (FNDB) - Seeks to track the Russell Fundamental U.S. Index</li>
<li>Schwab Fundamental U.S. Large Company Index ETF (FNDX) - Seeks to track the Russell Fundamental U.S. Large Company Index</li>
<li>Schwab Fundamental U.S. Small Company Index ETF (FNDA) - Seeks to track the Russell Fundamental U.S Small Company Index</li>
<li>Schwab Fundamental International Large Company Index ETF (FNDF) Seeks to track the Russell Fundamental Developed ex-U.S. Large Company Index</li>
<li>Schwab Fundamental International Small Company Index ETF (FNDC) - Seeks to track the Russell Fundamental Developed ex-U.S. Small Company Index</li>
<li>Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) - Seeks to track the Russell Fundamental Emerging Markets Large Company Index</li>
</ol>
"These ETFs add a new flavor to our 'pure vanilla' ETF market-cap line-up and further demonstrate our commitment to offering core products that help investors build their portfolios and potentially achieve better outcomes," Marie Chandoha, president of Charles Schwab Investment Management (CSIM) said in a press release.
The ETFs will be added to Schwab ETF OneSource platform.

Charles Schwab Adds 6 New Flavors To Their 'Vanilla' Index ETF Offerings

<div class="image-container float_right" style="width:481px"><div class="image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C0BXZ6QDCN54&amp;SMLS=1&amp;RW=1478&amp;RH=827">REUTERS/Jim Young</a></div></div>In the past five years passive <keyword id="35175" type="UNKNOWN" weightage="60" keywordseo="investing">investing</keyword> and indexing have <a href="http://www.thereformedbroker.com/2013/06/02/smart-and-stupid-arguments-for-active-management/">outperformed active investing.</a>
<keyword id="149621" type="COMPANY" weightage="60" keywordseo="Charles-Schwab">Charles Schwab</keyword> appears to be capitalizing on this hot investment trend. 
Schwab has <a href="http://pressroom.aboutschwab.com/press-release/schwab-investor-services-news/schwab-expands-fundamental-index-line-introduction-six-e">unveiled six new Schwab Fundamental Index ETFs will begin trading next week.</a> These <keyword id="46594" type="PERSON" weightage="60" keywordseo="ETFs">ETFs</keyword> will track the Russell Fundamental Index Series.
Market-cap weighted indexes are often criticized for focusing on popular stocks. The argument for fundamentally weighted strategies is that they are more objective and draw on fundamentals like adjusted sales, cash flow and so on.
First a quick look at the six ETFs that will be available to investors commission-free, online in Schwab accounts starting August 15.
<ol>
<li>Schwab Fundamental U.S. Broad Market Index ETF (FNDB) – Seeks to track the Russell Fundamental U.S. Index</li>
<li>Schwab Fundamental U.S. Large Company Index ETF (FNDX) – Seeks to track the Russell Fundamental U.S. Large Company Index</li>
<li>Schwab Fundamental U.S. Small Company Index ETF (FNDA) – Seeks to track the Russell Fundamental U.S Small Company Index</li>
<li>Schwab Fundamental International Large Company Index ETF (FNDF) Seeks to track the Russell Fundamental Developed ex-U.S. Large Company Index</li>
<li>Schwab Fundamental International Small Company Index ETF (FNDC) – Seeks to track the Russell Fundamental Developed ex-U.S. Small Company Index</li>
<li>Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) – Seeks to track the Russell Fundamental Emerging Markets Large Company Index</li>
</ol>
"These ETFs add a new flavor to our ‘pure vanilla’ ETF market-cap line-up and further demonstrate our commitment to offering core products that help investors build their portfolios and potentially achieve better outcomes," Marie Chandoha, president of Charles Schwab Investment Management (CSIM) said in a press release.
The ETFs will be added to Schwab ETF OneSource platform.

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Newly minted MDs at Morgan Stanley and Bank of America; unpacking Visa's $5.3 billion Plaid buy

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