Ivan Boesky, convicted trader, 1937-2024

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Why China is reluctant to make a much-needed shift

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US and Saudi Arabia near agreement on bilateral security deal

Jamie Dimon told investors on Monday that the search for his eventual successor was “on the way” as the longtime JPMorgan Chase chief executive indicated that he would step down within five years.

Asked at JPMorgan’s investor day on Monday, Dimon, said the topic of his replacement was a decision for the bank’s board of directors, which he chairs, but that “there are actually some really great potential CEOs here”. 

The 68-year-old indicated that the timeline for his departure as CEO was less than the five years to which he has referred in the past, saying: “The timetable, you know, it’s not five years anymore.”

FDIC chair Martin Gruenberg to exit following workplace harassment probe

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New York lawmakers push to block hedge funds’ sovereign bond litigation

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Jamie Dimon says JPMorgan stock is too expensive: ‘We’re not going to buy back a lot’

When pressed about the timing of a potential boost to the bank’s share repurchase program, Dimon did not mince words. “We’re not going to buy back a lot of stock at these prices,” Dimon said. JPMorgan, the biggest U.S. bank by assets, has seen its shares surge 40% over the past year, reaching a 52-week high of $205.88 on Monday before Dimon’s comments dinged the stock. Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images

Jamie Dimon thinks shares of JPMorgan Chase are expensive.

That was the message the bank’s longtime CEO gave analysts Monday during JPMorgan’s annual investor meeting. When pressed about the timing of a potential boost to the bank’s share repurchase program, Dimon did not mince words.

“I want to make it really clear, OK? We’re not going to buy back a lot of stock at these prices,” Dimon said.

JPMorgan, the biggest U.S. bank by assets, has seen its shares surge 40% over the past year, reaching a 52-week high of $205.88 on Monday before Dimon’s comments dinged the stock. That 12-month performance beats other banks, especially smaller firms recovering from the 2023 regional banking crisis.

It also makes the stock relatively pricey as measured by price to tangible book value, a commonly used industry metric. JPMorgan shares traded recently for around 2.4 times book value.

‘A mistake’

“Buying back stock of a financial company greatly in excess of two times tangible book is a mistake,” Dimon said. “We aren’t going to do it.”

Dimon’s comments about his company’s stock, as well as an acknowledgement that he may be nearing retirement, sent the bank’s shares down 4.5% Monday.

To be clear, JPMorgan has been repurchasing its stock under a previously authorized buyback plan. The bank resumed buybacks early last year after taking a pause to build up capital under new expected guidelines.

Dimon’s guidance simply means it is unlikely the program will be boosted anytime soon. JPMorgan is likely to purchase shares at a $2 billion to $2.5 billion quarterly clip, Portales Partners analyst Charles Peabody wrote in a March research note.

The JPMorgan CEO has often resisted

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Mapped: The Top Export in Each EU Country

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May 20, 2024

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The Top European Union Exports by Country

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The European Union (EU) exports over $6 trillion in products annually. The bloc boasts a diversified economy that encompasses fuel and mineral industries, cars, vaccines, and technology.

In this map, we display European Union countries’ top exports as of 2022. Data for the map was sourced from The Observatory of Economic Complexity.

Cars and Petroleum Dominate EU Exports

Belgium, Bulgaria, Croatia, Finland, Greece, Lithuania, Sweden, and the Netherlands have petroleum gas or refined petroleum as their top export product.

The Netherlands exported $68.1 billion worth of refined petroleum in 2022, ranking third among the largest exporters globally. The country is home to BP Rotterdam Refinery, the biggest oil refinery in Europe.

CountryTop Export (2022)Value (USD Billions) 🇦🇹 AustriaCars$7.7B 🇧🇪 BelgiumPetroleum Gas$54.7B 🇧🇬 BulgariaRefined Petroleum$3.5B 🇭🇷 CroatiaRefined Petroleum$1.5B 🇨🇾 CyprusPassenger and Cargo Ships$1.3B 🇨🇿 Czech RepublicCars$25.5B 🇩🇰 DenmarkPackaged Medicines$15.9B 🇪🇪 EstoniaElectricity$1.1B 🇫🇮 FinlandRefined Petroleum$6.9B 🇫🇷 FrancePlanes, Helicopters, and/or Spacecraft$26.6B 🇩🇪 GermanyCars$149.0B 🇬🇷 GreeceRefined Petroleum$16.4B 🇭🇺 HungaryCars$12.3B 🇮🇪 IrelandVaccines$47.3B 🇮🇹 ItalyPackaged Medicines$34.4B 🇱🇻 LatviaSawn Wood$1.2B 🇱🇹 LithuaniaRefined Petroleum$5.5B 🇱🇺 LuxembourgIron blocks$1.6B 🇲🇹 MaltaIntegrated Circuits$1.1B 🇳🇱 NetherlandsRefined Petroleum$68.1B 🇵🇱 PolandCars (parts & accessories)$15.3B 🇵🇹 PortugalCars$4.4B 🇷🇴 RomaniaCars$6.7B 🇸🇰 SlovakiaCars$26.9B 🇸🇮 SloveniaPackaged Medicines$12.5B 🇪🇸 SpainCars$33.6B 🇸🇪 SwedenRefined Petroleum$12.9B

Besides petroleum, automobiles (and automobile parts) significantly contribute to the EU economy. Austria, Czech Republic, Germany, Hungary, Portugal, Poland, Romania, Slovakia, and Spain have automotive products as their top exports.

With well-known car brands such as Volkswagen, BMW, Mercedes-Benz, Audi, and Porsche, Germany alone generates around $150 billion per year from car exports.

Other products help diversify the EU economy. France’s top export is planes, helicopters, and/or spacecraft, while Italy and Denmark excel in the packaged medicines industry. Ireland has a

JPMorgan CEO Jamie Dimon signals retirement is closer than ever

JPMorgan Chase CEO Jamie Dimon signaled retirement is closer than ever, striking a key change in messaging during the bank’s investor day. The ambiguity of Dimon’s plans has made succession timing at JPMorgan one of the persistent questions for the bank’s investors and analysts. Dimon is 68. “We’re on the way, we’re moving people around,” Dimon said. Jamie Dimon, CEO of JPMorgan Chase, at the U.K. Global Investment Summit at Hampton Court Palace in London, U.K., on Nov. 27, 2023. Bloomberg | Bloomberg | Getty Images

Jamie Dimon‘s days as CEO of JPMorgan Chase are numbered — though its unclear by how much.

In a response to a question Monday about the bank’s succession planning, Dimon indicated that his expected tenure is less than five more years. That’s a key change from Dimon’s previous responses to succession questions, in which his standard answer had been that retirement was perpetually five years away.

“The timetable isn’t five years, anymore,” Dimon said at the New York-based bank’s annual investor meeting.

The ambiguity of Dimon’s plans has made succession timing at JPMorgan one of the persistent questions for the bank’s investors and analysts. Over nearly two decades, Dimon, 68, has made his lender the largest in America by assets, market capitalization and a number of other measures.

Still, Dimon added Monday that he still has “the energy that I’ve always had” in managing the sprawling company.

The decision of when he moves on will ultimately be up to JPMorgan’s board, Dimon said, and he exhorted investors and analysts to examine the executives who could take his place.

Atop the short list of candidates is Marianne Lake, CEO of JPMorgan’s consumer bank, and Jennifer Piepszak, who co-leads its commercial and investment bank; the executives were given their latest assignments in January.

“We’re on the way, we’re moving people around,” Dimon said.

Even when he steps down as CEO, however, it’s likely he will stay on as the bank’s chairman, JPMorgan has said.

Shares of the bank dropped 3.6%.

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Visualizing the 5 Most Common Cybersecurity Mistakes

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May 20, 2024 Article/Editing:

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The 5 Most Common Cybersecurity Mistakes

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Cyber attacks are becoming more prevalent with increasingly damaging outcomes, presenting new cybersecurity risks to users.

But in spite of the ever-evolving threat landscape, many of the best defenses remain the same. This includes the basics like creating strong passwords and avoiding malicious links. Yet often, people take unnecessary risks due to convenience, among other factors.

This graphic shows the top cybersecurity mistakes in 2023, based on data from Proofpoint.

The Most Common Mistakes Made by Users

Below, we rank the most common risky actions that people made online in 2023, based on a survey of 7,500 end users across 15 countries:

Risky Action / Cybersecurity MistakeShare of Users Who Reported Taking This Action Using work device for personal activities29% Reusing or sharing password26% Connecting without using a VPN at a public place26% Responding to a message from someone they don’t know24% Accessing inappropriate websites20%

Overall, 71% of respondents said they made a cybersecurity mistake, with the vast majority doing so knowingly.

As we can see, the most common error was using a work device for personal activities followed by reusing or sharing a password. These actions were shown to be motivated by convenience, time-saving benefits, or urgency across users.

Ranking in third was connecting to WiFi networks in public spaces without using a virtual private network (VPN). This presents risks, because when a user connects to public WiFi, it exposes them to unsecured networks. These networks allow cybercriminals to intercept sensitive information, such as login credentials and personal messages.

By using a VPN, it prevents malicious actors from stealing personal information through creating an encrypted tunnel that hides a user’s location and other personal data.

Top Cybersecurity Risks, According to Professionals

While the above data deals with the most common risks taken by users, the same report by Proofpoint also highlights the professional view around what risks are actually the most dangerous.

According to