Tag: companies

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Health

U.S. Masks Corporations Battle to Compete with China

U.S. Mask Companies Struggle to Compete with China

In Congress, a bill with bipartisan support would allocate $500 million in annual spending over the next three years to support domestic manufacturers of vital medical equipment.

While industry executives commend these moves, they say that time is running out. The American Mask Manufacturer’s Association, a recently created trade group, said its 27 members had already laid off 50 percent of their work force. Without concerted action from Washington, most of those companies will go belly up within the next two months.

An immediate boost, they say, would be to rescind the C.D.C. guidelines, born during the pandemic, that force health workers to repeatedly reuse N95 masks, even though they are designed to be thrown away after contact with each patient. Many hospitals are still following the guidelines, even though 260 million masks are gathering dust in warehouses across the country.

“We’re not looking for infinite support from the government,” said Lloyd Armbrust, the association’s president and the founder and chief executive of Armbrust American, a mask-making company in Texas. “We need the government’s support right now because unfair pressure from China is going to kill this new industry before the legislators even get a chance to fix the problem.”

The association is planning to file an unfair trade complaint with the World Trade Organization, claiming that much of the protective gear imported from China is selling for less than the cost of production. The price for some Chinese-made surgical masks has recently dropped to as low as 1 cent, compared with about 10 to 15 cents for American masks that use domestically produced raw material.

“This is full-on economic warfare,” said Luis Arguello Jr., vice president of DemeTech, a medical-suture company in Florida that earlier this month laid off 1,500 workers who made surgical masks. He said that in the coming weeks, 500 other workers who make N95 masks would also likely be let go.

“China is on the mission to make sure no one in the industry survives, and so far they’re winning,” Mr. Arguello said.

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Business

Mondelez CEO calls $2 billion Chipita acquisition a win for each corporations

Mondelez CEO calls $2 billion Chipita acquisition a win for both companies

Dirk Van de Put, CEO of Mondelez, described the latest acquisition on Thursday as a “win win” for both companies involved in the deal.

The oreo maker announced on Wednesday that it had acquired Chipita, a Greek company whose croissants and baked snacks contributed to sales of $ 580 million last year. The purchase will give Mondelez back approximately $ 2 billion, which will be funded through new debt issuance and existing cash on hand.

“We can use their sales and presence to build our sales, but also to bring our brands to their products,” Van de Put told CNBC’s Jim Cramer about Mad Money. “Imagine a Cadbury chocolate or Milka chocolate croissant.”

Van De Put said that while Chipita’s products are mostly popular in Eastern Europe, they have growth potential around the world, particularly in emerging markets.

“I think it’s a real win-win,” he said.

Mondelez’s shares are up 8% this year for a market value of $ 89.2 billion.

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Business

How we selected the checklist of firms

How we chose the list of companies

The Disruptor 50 list’s mission has always been to identify fast-growing, innovative startups en route to the next generation of large publicly traded companies. But in 2020 it got ridiculous. Twelve of the 50 companies named the 2020 Disruptor 50 are now publicly traded companies. Four more have announced that they will go public through mergers with Special Purpose Acquisition Companies (SPACs).

All of these exits meant that the competition for the 2021 Disruptor 50 was more open than ever, and for the fifth time in a row, a record number of startups (1,565 to be precise) took the chance to create our annual list.

Choosing the CNBC Disruptor 2021 50

All private, independent start-ups that were founded after January 1, 2006 were nominated for the Disruptor 50 list. The nominated companies had to submit a detailed analysis that contained important quantitative and qualitative information.

The quantitative metrics included data submitted by the company on workforce size and diversity, scalability, and revenue and user growth. Some of this information has been kept confidential and has only been used for evaluation purposes. CNBC also brought in data from two outside partners – PitchBook, which provided data on fundraising, implicit ratings and investor quality; and IBISWorld, whose database of industry reports we used to compare companies based on the industries they are trying to disrupt.

This year, for the first time, we added a separate category for board diversity, which should be considered in addition to the existing category for workforce diversity. We added this category as one of several steps to add more variety to the list as a whole. In addition to the “Board Diversity” category, we expanded our reach during our call for nominations to include other companies with color founders and their investors.

CNBC’s Disruptor 50 Advisory Board – a group of 47 leading thinkers in the field of innovation and entrepreneurship from around the world (see list of members below) – ranked the quantitative criteria based on importance and ability to rank established industries and public companies to disturb. That year, the council found that scalability and user growth were key criteria alongside the use of breakthrough technologies (most commonly artificial intelligence and machine learning) and the size of the industry being disrupted. These categories received the highest weighting, but the ranking model is designed to ensure that companies need to score high on a variety of criteria to make the final list.

Companies were also asked to provide key qualitative information, including descriptions of their core business model, ideal customers, and current company milestones. A team of more than 70 CNBC editors, along with members of the Advisory Board, read the posts and provided holistic qualitative reviews for each company.

The qualitative ratings were combined with a weighted quantitative rating to determine which 50 companies came on the list in which order.

More coverage of the 2021 CNBC Disruptor 50

The 2021 Disruptor 50 includes 24 companies that are on the list for the first time. They represent innovation in a variety of industries, including cybersecurity, fintech, healthcare, and electric vehicles. Many are driven by social or environmental missions, from democratizing access to financial services to strengthening global food supplies and combating climate change.

We anticipate that all 50 will continue to grow, innovate, and encourage change in their larger, established competitors as we follow them through the rest of this year through to next year. We expect many to become Disruptor 50 companies for several years.

This year six disruptors made the list for the fourth time. Disruptor # 1, Robinhood, made the list for the fifth and final time. The public debut is expected in a few weeks. At # 2, Stripe is a seven-time Disruptor 50 company, only the third company in history to receive this award.

Special thanks go to the CNBC Disruptor 50 Advisory Council 2021 for once again providing us with time and insight. As always, we appreciate your contributions.

  • Rob Adams, Director Emeritus of the University of Texas Venture Labs
  • Ron Adner, Professor in the Tuck School of Business at Dartmouth College
  • Anita Anantharam, professor at the University of Florida
  • Edward Blair, Entrepreneurship Chair, University of Houston
  • Gregory Brown, Professor and Executive Director at the University of North Carolina’s Kenan Institute of Private Enterprise
  • Robert J. Brunner, Chief Disruption Officer, Gies College of Business, University of Illinois
  • Candida S. Brush, professor at Babson College
  • John Sibley Butler, Chair of Constructive Capitalism, University of Texas
  • Gary Chan, Professor at the Hong Kong University of Science and Technology
  • Jim Chung, Vice President Research, Innovation, and Entrepreneurship, George Washington University
  • Chris Coleridge, Senior Faculty of Management Practice, Cambridge University
  • Jeff Cornwall, Chairman and Professor of Entrepreneurship, Belmont University
  • Jason D’Mello, Assistant Professor at Loyola Marymount University
  • Donna De Carolis, Dean of Drexel University Charles D. Close School of Entrepreneurship
  • Monica Dean, Executive Director, Lloyd Greif Center for Entrepreneurial Studies, Marshall School of Business, University of Southern California
  • Waverly Deutsch, Clinical Professor of Entrepreneurship, Booth School of Business, University of Chicago
  • Judi Eyles, director of the Iowa State University Center for Entrepreneurship
  • Clare Gately, Professor of Entrepreneurship, EDHEC Business School (France) and Waterford Institute of Technology (Ireland)
  • Ari Ginsberg, Professor of Entrepreneurship and Management at the Stern School of Business at New York University
  • Michael Goldberg, executive director of the Veale Institute for Entrepreneurship at Case Western Reserve University
  • Michael Goldsby, Distinguished Professor of Entrepreneurship, Ball State University
  • Henrich R. Greve, Professor of Entrepreneurship, INSEAD
  • Anil Gupta, Chair and Professor of Strategy and Entrepreneurship, Smith School of Business, University of Maryland
  • J. Michael Haynie, Syracuse University Vice Chancellor
  • Lisa Hehenberger, Associate Professor and Director at the ESADE Business School Entrepreneurship Institute at Ramon Llull University
  • Keith Hmieleski, Professor of Entrepreneurship, Texas Christian University
  • Kevin Hoch, General Manager, Education, Duke University
  • Jim Jindrick, New Business Development Advisor at the University of Arizona
  • Neil Kane, faculty member, Michigan State University
  • Jerome Katz, Chair of Entrepreneurship, Saint Louis University
  • Marie Josee Lamothe, Professor and Director of the Dobson Center for Entrepreneurship at McGill University
  • Vincent C. Lewis, director of the University of Dayton’s Crotty Center for Entrepreneurial Leadership
  • Rita McGrath, professor at Columbia Business School
  • Alex McKelvie, Associate Dean and Professor of Entrepreneurship at the Whitman School of Management at Syracuse University
  • Scott Newbert, Academic Director of Baruch College Lawrence N. Field Program in Entrepreneurship
  • Dan Olszewski, director of the Weinert Center for Entrepreneurship at the Wisconsin School of Business
  • Banu Ozkazanc-Pan, Associate Professor of Practice and Director of the Brown University Venture Capital Inclusion Lab
  • Gerhard Plaschka, professor at DePaul University
  • Jeff Reid, professor of entrepreneurship practice and founding director of the Georgetown Entrepreneurship Institute
  • Lyneir Richardson, Assistant Professor of Professional Practice at Rutgers University
  • Matthew W. Rutherford, professor and chairman of the Spears School of Business School of Entrepreneurship at Oklahoma State University
  • Albert Segars, distinguished professor at the University of North Carolina at Chapel Hill
  • John H. Shannon, Professor at Seton Hall University
  • David Touve, Senior Director at the Batten Institute, Darden School of Business, University of Virginia
  • Ari Wallach, Founder and CEO of Longpath Labs
  • Helena Yli-Renko, professor at the University of Southern California
  • David Zvilichovsky, Senior Academic Faculty, Tel Aviv University and Professor of Global Modular Courses (GMC), Wharton School, University of Pennsylvania

SIGN IN for our weekly original newsletter that goes beyond the list and offers a closer look at CNBC Disruptor 50 companies and the founders who continue to innovate in all sectors of the economy.

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Business

Florida, in a First, Will Effective Social Media Corporations That Bar Candidates

Florida, in a First, Will Fine Social Media Companies That Bar Candidates

WASHINGTON — Florida on Monday became the first state to regulate how companies like Facebook, YouTube and Twitter moderate speech online, by imposing fines on social media companies that permanently bar political candidates in the state.

The law, signed by Gov. Ron DeSantis, is a direct response to Facebook’s and Twitter’s bans of former President Donald J. Trump in January. In addition to the fines for barring candidates, it makes it illegal to prevent some news outlets from posting to their platforms in response to the contents of their stories.

Mr. DeSantis said signing the bill meant that Floridians would be “guaranteed protection against the Silicon Valley elites.”

“If Big Tech censors enforce rules inconsistently, to discriminate in favor of the dominant Silicon Valley ideology, they will now be held accountable,” he said in a statement.

The bill is part of a broader push among conservative state legislatures to crack down on the ability of tech companies to manage posts on their platforms. The political efforts took off after Mr. Trump was barred after the Jan. 6 attack on the Capitol. Lawmakers around the country have echoed Mr. Trump’s accusations that the companies are biased against conservative personalities and publications, even though those accounts often thrive online.

More than a hundred bills targeting the companies’ moderation practices have been filed nationwide this year, according to the National Conference of State Legislatures. Many of the bills have died, but a proposal is still being debated in Texas.

Twitter declined to comment. Google and Facebook did not immediately offer comments on the signing of the bill.

The Florida law makes it illegal to bar a candidate for state office for more than 14 days, in a move that would seem to outlaw the kind of permanent ban the social media platforms applied to Mr. Trump’s accounts. Companies would be fined $250,000 per day for cases where they barred a candidate for statewide office. The fine is lower for candidates seeking other offices.

The law says the platforms cannot take down or otherwise prioritize content from a “journalistic enterprise” that reaches a certain size. Conservatives were outraged last year when Facebook and Twitter limited the reach of a New York Post article about the contents of a laptop it said belonged to Hunter Biden, the younger son of President Biden.

Under the law, platforms are also required to be clear about how they decide to take down content or leave it up. Users could sue the platform if they felt those terms were inconsistently applied.

A late amendment to the bill exempts companies from the law if they own a theme park or an entertainment venue larger than 25 acres. That means the law is unlikely to apply to websites owned by Disney, which operates the Walt Disney World Resort, and Comcast, which owns Universal Studios Florida.

In Florida, as in dozens of other states, the Republican lawmakers’ push to punish social media companies follows the party’s other efforts to feed the demands of a conservative base that remains loyal to Mr. Trump.

Florida, along with Republican-run legislatures in Oklahoma and Iowa, have in recent weeks passed legislation limiting the right to protest and providing immunity to drivers who strike protesters in public streets.

And the Republican push to make voting harder continues unabated after Mr. Trump’s relentless lying about the results of the 2020 election. Gov. Brian Kemp of Georgia signed into law new restrictions on voting, as did Mr. DeSantis in Florida, and Texas Republicans are poised to soon pass the nation’s biggest rollback of voting rights.

The partywide, nationwide push stems from Mr. Trump’s repeated grievances. During his failed re-election campaign, Mr. Trump repeatedly pushed to repeal Section 230 of the Communications Decency Act, which provides immunity to certain tech firms from liability for user-generated content, even as he used their platforms to spread misinformation. Twitter and Facebook eventually barred Mr. Trump after he inspired his supporters, using their platforms, to attack the Capitol on Jan. 6.

Republican lawmakers in Florida have echoed Mr. Trump’s statements.

“I have had numerous constituents come to me saying that they were banned or de-platformed on social media sites,” Representative Blaise Ingoglia said during the debate over the bill.

But Democrats, libertarian groups and tech companies all say the law violates the tech companies’ First Amendment rights to decide how to handle content on their own platforms. It also may prove impossible to bring complaints under the law because of Section 230, the legal protections for web platforms that Mr. Trump has attacked.

“It is the government telling private entities how to speak,” said Carl Szabo, the vice president at NetChoice, a trade association that includes Facebook, Google and Twitter as members. “In general, it’s a gross misreading of the First Amendment.” He said the First Amendment was designed to protect sites like Reddit from government intervention, not protect “politicians from Reddit.”

The Florida measure is likely to be challenged in court, said Jeff Kosseff, a professor of cybersecurity law at the Naval Academy.

“I think this is the beginning of testing judges’ limits on these sorts of restrictions for social media,” he said.

Categories
World News

U.S. firms bearing the brunt of Trump’s China tariffs, says Moody’s

U.S. companies bearing the brunt of Trump's China tariffs, says Moody’s

A Chinese and US flag on a booth during the first China International Import Expo in Shanghai, November 6, 2018.

Johannes Eisele | AFP | Getty Images

American companies are bearing most of the cost burden from the increased tariffs introduced at the height of the US-China trade war, Moody’s Investors Service said.

The rating agency said in a report on Monday that US importers absorbed more than 90% of the additional costs resulting from the US 20% tariff on Chinese goods.

This means that US importers will pay around 18.5% more for a Chinese product subject to this 20% tariff, while Chinese exporters will get 1.5% less for the same product, according to the report.

If tariffs persist, pressure on US retailers is likely to increase, resulting in greater passage to consumer prices

Moody’s Investors Service

“Much of the customs charges have been passed on to US importers,” Moody’s said in the report.

“If tariffs stay in place, pressure on US retailers is likely to increase, leading to more swirling through to consumer prices,” the agency added.

During the tenure of former US President Donald Trump, higher trade tariffs came into force. Most of these tariffs have remained and affect more than half of all trade flows between the US and China, Moody’s said.

US tariffs on Chinese goods averaged 19.3% on a trade-weighted basis in early 2021, while Chinese tariffs on American products were around 20.7%, according to the think tank Peterson Institute for International Economics.

Before the US-China trade war in early 2018, US tariffs on Chinese goods averaged 3.1%, while Chinese tariffs on American goods averaged 8%.

Categories
Business

Well being Advocate or Huge Brother? Firms Weigh Requiring Vaccines.

Health Advocate or Big Brother? Companies Weigh Requiring Vaccines.

As American companies prepare to bring large numbers of workers back to the office in the coming months, executives face one of their most sensitive decisions related to pandemics: should they require employees to be vaccinated?

Take the case of United Airlines. In January, CEO Scott Kirby announced in a company town hall that he would require all of its 96,000 or so employees to receive coronavirus vaccines as soon as they are widely available.

“I think it’s the right thing,” Kirby said before asking other companies to follow suit.

It’s been four months. No major airline has made a similar promise – and United Airlines is waffling.

“It’s still something we think about, but no final decisions have been made,” said a spokeswoman, Leslie Scott.

For the largest companies in the country, mandatory vaccinations would protect service workers and reduce fear of office workers returning. This includes those who have been vaccinated but may be reluctant to return without knowing if their colleagues did too. And there is an element of the civil service: the herd immunity target has fallen as the pace of vaccinations has slowed.

However, the mandatory vaccination could spell a backlash and possibly even litigation for those who see it as an invasion of privacy and a Big Brother-like move to control the lives of employees.

In surveys, executives show willingness to request vaccinations. In a survey of 1,339 employers conducted by Arizona State University’s College of Health Solutions and funded by the Rockefeller Foundation, 44 percent of US respondents said they wanted to require vaccinations for their companies. In a separate survey of 446 employers conducted by Willis Towers Watson, a risk management company, 23 percent of respondents said they “plan or consider having employees vaccinated before they can return to the job site.”

That discrepancy, said Mara Aspinall, who led the survey in the state of Arizona, may have to do with the timing of the surveys and the pace at which executives are comfortable with the vaccines. The State of Arizona conducted its survey in March, while Willis Towers conducted the survey between February 23 and March 12.

Despite the surveys, few executives have taken the step to prescribe vaccines. It seems that most hope that encouragement, whether powerful or subtle, will be enough.

“While legally in the United States, employers can prescribe vaccines while providing shelter for religious and health reasons. This is much more difficult socially in terms of social acceptance of these decisions,” said Laura Boudreau, professor of public policy at the University from Columbia. “And so the reputational risks for these companies, if they get it wrong, are really high.”

Douglas Brayley, an employment law attorney at global law firm Ropes & Gray, warns clients of the implications of fulfilling a mandate, he said.

“What if 10 percent of your workforce refuses? Are you ready to lay off that 10 percent? “He said he asked customers. “Or what if it was someone at a high level or in a key role, would you be willing to impose consequences? And then sometimes they get more nervous. “

He added, “Anytime they mandate but then implement the consequences unevenly, they run the risk of potentially unlawful, unfair treatment.”

Updated

May 6, 2021, 7:57 p.m. ET

Companies in need of vaccines may also be concerned about side effects or medical issues that an employee claims were caused by the vaccine.

“You could be held liable for any kind of adverse effects that might occur a year or two later,” said Karl Minges, chairman of health administration and policy at the University of New Haven.

Some companies work around the problem and try incentives instead. Amtrak pays employees a regular wage of two hours per shot after proof of vaccination. Darden, which owns Olive Garden and other restaurants, told staff that they would offer hourly staff two hours of wages for every dose they received, stressing that it would not make mandatory doses mandatory. Target is offering a $ 5 voucher to all customers and employees who receive their vaccination at a CVS at the Target location.

In the United States, the need for vaccines for participation in public life is nothing new. The Supreme Court ruled about a century ago that states could require vaccinations for children attending public schools. And universities like Rutgers have introduced mandatory Covid-19 vaccinations.

However, the pandemic brings with it a number of complications that companies typically prefer to avoid, including personal life, religious preferences, and employee medical history, such as: For example, if an employee is pregnant, breastfeeding, or immunocompromised, information they may not want to reveal.

Large union groups such as the AFL-CIO have also not aggressively promoted the issue. They face dueling forces – on the one hand they stand up for the rights of the individual employees and on the other hand protect each other. The unions have also spoken out in favor of stricter safety measures in the workplace. These efforts could be hampered by companies’ reasoning that compulsory vaccinations reduce the need for such shelters. For example, the return to work protocols negotiated between the Alliance of Motion Picture & Television Producers and Hollywood’s unions do not include mandatory vaccinations.

“There will be some people who have valid reasons for not getting the vaccine or wanting to talk about it,” said Carrie Altieri, who works in communications for the IBM People and Culture business. “It’s not an easy problem at this point.” IBM is working with New York State on a digital passport that links a person’s vaccination records to an app to display businesses, such as venues, that may require vaccination. However, no vaccinations are required for employees.

For some businesses, such as restaurants, that are already struggling to recruit, the vaccination requirement could make it even more difficult to hire. And there are questions of logistics and execution. How can companies confirm the veracity of those who say they have been vaccinated?

Businesses may need to hire additional staff, possibly with medical training, to perform tasks that could cost businesses – especially small ones – high costs.

Vivint, a Utah-based home security company with 10,000 employees, began offering vaccines at its on-site clinic this week after the state approved the company to distribute 100 shots a week to its employees. It paid $ 3,000 for the necessary medical freezer.

“We don’t require employees to be vaccinated, but we encourage them very much,” said Starr Fowler, senior vice president of human resources. “For many of our employees, especially younger ones, the easier we make it for them, the more likely they will do it.”

Others experiment with the division of their labor force. Salesforce is rolling out a policy in certain US offices, including the Salesforce Tower in San Francisco, where up to 100 fully vaccinated employees can volunteer to work on specific floors. The New York Stock Exchange issued a memo to trading firms saying they could increase their staff on the floor, provided all staff were vaccinated.

The Equal Employment Opportunity Commission issued guidelines in December stating that employers were actually legally allowed to require workers to be vaccinated before returning to work. However, there is still a risk of litigation.

“Concerning the possibility of litigation seems to me a perfectly legitimate concern,” said Eric Feldman, a law professor at the University of Pennsylvania. He added, “It seems to me that employers will be in a pretty strong position legally – but that doesn’t mean they won’t be sued.”

According to the National Conference of State Legislatures, legislation has been proposed in at least 25 states that would limit the ability to require vaccines for students, employees, or the public in general. Some of these restrictions only affect vaccines that, like those for Covid-19, have not yet been fully approved by the Food and Drug Administration. (The coronavirus vaccines have been approved for emergencies with reservations.)

Pfizer is expected to file for full approval of its Covid-19 vaccine soon. Others are likely to follow.

Jamie Dimon, the executive director of JPMorgan Chase, spoke at a conference in the Wall Street Journal this week on “legal issues with obtaining vaccines” when asked if he would like to get workers back into the office. A spokesman for the bank, which plans to open its offices on May 17 on a voluntary basis, said it had strongly recommended vaccines for employees – apart from religious or health restrictions – but would not need them. A Goldman Sachs spokeswoman, who did not lead the staff one way or another, declined to comment.

One possible avenue for companies looking for a middle ground is to only award the shots to new hires. Even so, there is a fine line between encouraging and requiring the gunshot – which sometimes leads to conflicting messages to employees.

Investment bank Jefferies sent a memo to employees in early February stating, “Vaccination verification is required to access the office.” A follow-up memo was issued on February 24th. “We didn’t want it to sound like we were prescribing vaccines,” it said.

Coverage was contributed by Rebecca Robbins, Sapna Maheshwari, Kellen Browning, Niraj Chokshi and Eshe Nelson.

Categories
Business

Biden taxes goal massive corporations, so why is small enterprise nervous?

Biden taxes target big companies, so why is small business worried?

President Joe Biden speaks while visiting Smith Flooring, a minority-owned small business, to promote its American bailout plan in Chester, Pennsylvania on March 16, 2021.

Andrew Caballero-Reynolds | AFP | Getty Images

Several key policy priorities on President Biden’s agenda are aimed at curbing the wealth and power of the largest corporations. However, as the debate has shifted to Capitol Hill and the president’s spending ambitions have taken by surprise in large measure, small business policy experts are increasingly feeling that it might be too early, and Main Street might be on several key issues at a time becoming a financial victim Many operations are just getting back on their feet after the pandemic.

The new business creation data is moving in the right direction and it is a signal of confidence in the economic recovery.

“The foundation is in place for great economic recovery and a return to pre-pandemic levels, but playing with tax rates at a time like this has a dampening effect,” said Karen Kerrigan, president of the Small Business & Entrepreneurship Council.

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Some of the best-known proposals include increasing corporate tax to 28% at a time when companies like Amazon have been paying an effective tax rate of zero in recent years. Many independent contractors are also concerned about health and safety in the PRO Act, which could lead gig economy players like Uber and DoorDash to treat independent contractors as employees. The government is more explicit about its focus on the gig economy.

No big political surprises in Biden, just questions

These proposals should come as no surprise – they were part of Biden’s platform when they ran for the presidency. Ambitious spending initiatives for infrastructure and American workers can lead to benefits in the form of economic growth and assistance to the government in funding future employee benefits.

“Proponents of the president’s proposals will show the broad economic benefits,” said Kevin Kuhlman, vice president of federal government relations for the National Federation of Independent Business, and there are small business sectors where spending could lead to growth such as broadband and infrastructure Projects. But even if these projects last a few years, they are only temporary, while the effects of tax changes could be permanent.

“They are definitely very positive about infrastructure spending, but timing is everything, and when they have a year of devastation and are digging out a huge economic hole, they just fear what further impact tax increases will have,” Kerrigan said. “Is it just the opening salvo? We are spending a lot of money. There will be more tax increases to pay the whistler than we know today, and that’s a big problem,” she added.

Corporate tax hike and small business

Anthony Nitti, national tax partner at RubinBrown, said business owners who have paid attention shouldn’t wake up in shock after Biden’s latest tax policy was revealed this week. There were no big surprises in the recent tax proposals, but there were some notable additions and omissions.

For many small businesses, it is good news that the president did not highlight an increase in social security wage tax contributions, which were considered to double from current levels at higher income levels. “We didn’t see that in the last proposal,” said Nitti. “Entrepreneurs will be relieved.”

There was also no new discussion of changes to the pass-through deduction for companies established as S-companies and partnerships that could expire at higher income levels. However, if the pass-through treatment, which allows for a 20% business income deduction, is not revised and C companies are subject to a higher corporate tax rate, the way small businesses are included in the future could be reversed, says Nitti.

S-corps and partnerships could end up in a favorable tax position compared to a C-corpus if the corporate tax rate rises to 28% – if Congress levels off at 25%, the math would change. But with the 20% income deduction available to pass-through businesses, even at a top tax rate of nearly 40%, the structure could be more attractive. Lowering the corporate tax rate to 21% under Trump eliminated the benefits of the pass-through structure, but that could “change dramatically,” Nitti said.

Kuhlman said there was major concern about the C-corp problem for the smallest businesses, as the corporate income tax hike was not discussed in terms that would be graduated for smaller, lower-income businesses. “The target here is the largest companies, many of which do not pay corporation tax. The problem, however, is that two-thirds or more than the companies are small businesses,” Kuhlman said, noting that the majority of the C-Corps are has done income less than $ 1 million.

Capital Gains Taxes and Corporate Ownership

Eliminating the current long-term capital gains rate for those with taxable income greater than $ 1 million would mean it would drop to the highest ordinary income level of 39.6%, which is nearly double the highest rate of 23.8% below is the law and would have a major impact on selling a business to an owner above the taxable income threshold.

In a recent analysis written for Forbes, he concluded that for companies currently set up as C companies – and more moved into that structure after the 2017 tax law changes – coupled with the proposed increase in the corporate rate of 21% to 28%. the combined maximum rate for shareholders would increase from around 40% to almost 60%.

“When I’m a business owner, I walk away from this week with two thoughts: I don’t know if my business will be in the right structure and if I plan to keep it going. In the long term, I’d better accelerate my exit strategy, if capital gains really double in the future, “said Nitti.

The Biden government said there will be protection for farms and family businesses that pass between generations, but experts say it is unclear what specific policy details will protect these units.

“Tax policy is the biggest disadvantage in my opinion. Small to medium-sized companies want to operate in a stable political environment,” said Kerrigan. “The back and forth about tax rates makes it difficult to plan.”

The PRO Act and Employee Benefits

Some of the tax proposals that focus on high net worth individuals will be negative for the minority of small business owners in the highest income brackets, and many independent contractors may not have this as a primary concern, but it is the PRO law that seeks to rank more freelancers than White-collar workers is the priority of Biden’s policy that this segment of the small business community has largely rejected. A recent survey by Alignable found that 45% of small businesses said this would destroy their business.

“It seems that these guidelines are aimed at large companies, but the problem is that it weighs on smaller companies,” Kuhlman said. He said the “ABC test” used to qualify employees under the PRO Act would hurt independent contractors and franchisees, as well as any company that requires the flexibility of using independent contractors.

There is also a push and pull of other progressive political initiatives. President Biden’s support for the Earned Income Tax Credit and Child Tax Credit can benefit small businesses by easing wage pressures. However, these benefits can be reduced when offered in exchange for the President’s support to raise the federal minimum wage to $ 15, as well as sickness and family leave benefits that may impose higher funding needs on employers.

While the latest proposals provide a more complete picture of what the administration is seeking, these multiple elements of employee benefits that can be passed on to employers in the form of increased labor costs leave the small business sector “with more” questions than answers “, at least for the time being. “said Kuhlman. While general public support for Biden’s policies may have been more focused on the benefits of spending on infrastructure, small business owners are more used to being sensitive to the cost side.” There are some concerns about the bottom line is not well aligned and the government has to come back to do more, “he said.

Categories
Health

Most U.S. corporations would require proof of Covid vaccination from workers: survey

Most U.S. companies will require proof of Covid vaccination from employees: survey

A healthcare worker fills out a Covid-19 vaccination card in the Bronx, New York.

Angus Mordant | Bloomberg | Getty Images

According to a new survey by Arizona State University with the support of the Rockefeller Foundation, more than 60% of businesses in the US require proof of vaccination from their employees.

A large majority of US employers, 65%, plan to incentivize employees to get vaccinated, and 63% need proof of vaccination, according to the survey. Overall, 44% require all employees to be vaccinated, 31% only encourage vaccinations, and 14% require some employees to be vaccinated.

Regarding the consequences of not complying with the company’s vaccination policy, 42% of companies said the employee was not allowed to return to the physical work environment, and 35% said disciplinary action, including possible termination, was on the table.

The poll, released Thursday, represents the responses from 957 facilities in 24 industries in the United States. Most of the respondents were companies with 250 or more employees.

Tests are still crucial for employers. 70% of respondents are currently doing Covid tests, most of which are mandatory.

When it comes to employee wellbeing, company respondents said burnout increased by 54% and overall mental health concerns increased by 59%. However, morale and productivity also increase by almost 50%.

Looking ahead, 66% of employers plan to allow workers to work from home full-time by 2021 and 73% plan to offer flexible working arrangements when the pandemic is over. However, 73% of companies want employees to work from the office for at least 20 hours a week.

“This is not just a bubble going ‘back to normal’. There will be some positive flexibility after the pandemic ends, and we will be back to work personally,” said Mara G. Aspinall, a professor at the College of Arizona State University Health Solutions and one of the authors of the survey.

According to the survey, employees are primarily concerned about their personal health, the risk of infection, and workplace safety. 38 percent of employees want to return at some point, but not immediately, and about a quarter said they don’t want to return at all, according to the companies that responded to the survey.

“The pandemic has changed the traditional office environment in many ways, possibly forever, but the majority of employers say they see real value in having employees continue to interact face-to-face,” said Nathaniel L. Wade, Co-author of the study, which is also affiliated with ASU’s College of Health Solutions. “We really wanted to make sure we were giving public information so people could make good decisions.”

Most employees, around 51%, would prefer to wait until the government or health authorities allow them to return to work, and around 47% said they would return to personal work once the entire workforce is vaccinated.

“Employers have been relatively calm during the pandemic. We are now entering the next phase where employers will create their own guidelines so that employees can return to work safely and sustainably,” said Aspinall. “People want to get back to normal, but they want to do it safely.”

Categories
Business

Value hikes forward, however client corporations hope customers will not discover

Price hikes ahead, but consumer companies hope shoppers won't notice

Shoppers search for items at a Costco wholesale store on August 4, 2020 in Colchester, Vermont.

Robert Nickelsberg | Getty Images

Inflation is coming.

Look no further than Coca-Cola and Procter & Gamble’s plans to hike prices this week to offset rising raw material costs. The cost of raw materials, which range from lumber to resin, is rising, and companies are taking steps to protect profits.

The price increases follow a year of increasing demand for a variety of items, from paper towels to peanut butter jars. Sales of packaged consumer goods rose 9.4% to $ 1.53 trillion last year, according to the Consumer Brands Association. Many manufacturers withdrew advertising and promotions to keep up with demand and gain market share without much marketing.

James Knightley, chief economist at ING International, predicts consumer prices will continue to rise in the near future, up nearly 4% year over year by May. The consumer price index, which indicates how much US consumers pay for a shopping cart, rose 2.6% in March compared to the same period last year, according to the Department of Labor.

The stocks are “too low”.

Low inventory levels help companies improve their pricing power, he said.

“According to the Institute for Supply Management, the latest survey found that 40% of manufacturers say their customer inventories are” too low, “” Knightley said. “This is further evidence that corporate pricing power is increasing.”

Food industry analyst Phil Lempert said numerous factors have increased costs for farmers who pick produce, factories that make packaged consumer goods, and meat packers who process beef, pork and chicken. The ports are congested, the truck drivers are scarce and the food workers have to try to distance themselves socially. That makes it harder to keep up with demand and ship items, from cereals to Italian cheeses, worldwide.

Price increases are secret

Moody’s analyst Linda Montag said she does not see higher prices as a competitive advantage as all consumer businesses face higher raw material costs. In addition to Coke and P&G, PepsiCo, Kimberly-Clark, General Mills and JM Smucker have dealt with price increases. And consumers may not even realize they are paying more for diapers or soda.

“Consumer companies across the board are very adept at implementing price increases without having to forego price increases of five to 10%,” Montag said in an interview.

Some of these methods include using new packaging, selling smaller packaging for the same price, or offering promotions that lower the price until consumers are used to the higher sticker price. Hedging positions also give some manufacturers such as Coke and Pepsi more flexibility to gradually increase their prices, as they do not feel the effects of higher raw material costs for several quarters.

More cash in consumers’ pockets means less risk

Price increases always carry the risk that the demand for these products will decrease. However, Moody’s analyst Chedly Louis said she doesn’t expect consumers to resort to private label products because consumers trust bigger brands during the crisis. This behavior is expected to last longer.

“There is potential for consumers to move to cheaper, lower margin products within P & G’s product portfolio. It’s still P&G, but it’s cheaper,” said Louis.

Many consumers also have more cash in their wallets from doing government stimulus checks and years without travel, sports games, and fine dining.

Not all companies have the same flexibility to raise prices. Piper Sandler downgraded Kraft-Heinz shares on Friday, citing the company’s relatively weak pricing power as the reason for the decision. Analyst Michael Lavery wrote that the company’s pricing power lags behind that of peers like General Mills, Mondelez, and Hershey, so rising prices could hurt demand.

Discounts are rare

Most retailers will pass the higher prices on to consumers. Lempert said grocers are juggling more expensive services like online grocery delivery or roadside collection, leaving little margin for profit margins to absorb higher grocery costs.

Grocery costs had already risen as retailers offered fewer discounts while shoppers cleared shelves last spring and bought more cooking utensils than usual in the months that followed. Phil Tedesco, vice president of Retail Intelligent Analytics at NielsenIQ, said that in a typical month, 31.5% of units will be sold through promotions. In March, only 28.6% of the units were sold through promotions.

“This has resulted in fewer opportunities for shoppers to take advantage of the in-store sale, and as a result, the total cost of food products has increased slightly,” he said.

JP Morgan analyst Ken Goldman wrote in a note to customers Monday that higher prices will help grocers, especially given tough comparisons with last year’s skyrocketing demand.

“Too much inflation is bad for grocers, but a gradual 2-3% (roughly the percentage that producers have to go through) with a shift in the mix towards higher-priced products is likely to help a lot right now,” he said.

– CNBC’s Melissa Repko contributed to this report.

Categories
Business

Extra Firms Are Standing Up for Civil Rights

More Companies Are Standing Up for Civil Rights

Andrew hier. Das gestrige Schuldspruch gegen George Floyds Mörder, einen ehemaligen Polizeibeamten in Minneapolis, war ein Symbol für etwas Tiefgreifendes: eine nachweisbare Veränderung in der Art und Weise, wie dieses Land, das zunehmend von der Wirtschaft unterstützt wird, nach Bürgerrechten strebt.

Wenn wir über die Bedeutung dieser Entscheidung nachdenken, sollten wir uns an einen Moment im Jahr 1965 erinnern, mitten in der Bürgerrechtsbewegung dieser Zeit.

Eine Anleihefirma an der Wall Street, CF Securities, erklärte gegenüber Alabama, dass sie “keine vom Staat oder einer seiner politischen Unterabteilungen ausgegebenen Anleihen mehr kaufen oder verkaufen werde”. Gouverneur George C. Wallace, der gegen die Aufhebung der Rassentrennung war, hatte gesagt, der Staat sollte nicht für die Nationalgarde bezahlen, um Martin Luther King Jr. und die Demonstranten auf dem Marsch von Selma nach Montgomery zu schützen.

Der Executive Vice President der Investmentfirma, Donald E. Barnes, schrieb an den Gouverneur, dass sein Versäumnis, “die Bürger von Alabama bei der Ausübung der verfassungsmäßigen Rechte zu schützen”, “Entmutigungen für die wirtschaftliche Zukunft Alabamas” darstelle. Er bestand darauf, dass der Schritt auf dem wirtschaftlichen Risiko beruhte, aber der Brief machte deutlich, dass es um mehr als das ging.

Der Rest der amerikanischen Unternehmen schwieg größtenteils oder war dagegen: Moody’s sagte, es sei “nicht mit der Bürgerrechtsbewegung einverstanden” und habe nicht vor, die Bonität des Staates zu ändern.

Was CF Securities getan hat, mag 1965 einzigartig gewesen sein. Aber das vergangene Jahr hat gezeigt, dass das Geschäft eine viel größere Rolle bei der sozialen Gerechtigkeit spielt, auch wenn die Fortschritte viel zu langsam waren und noch viel Arbeit übrig bleibt. Unternehmen haben ihren Mitarbeitern am 19. Juni eine bezahlte Freistellung gewährt. Die NBA prangte die Worte „Black Lives Matter“ auf Gerichten an. Netflix steuerte sein Geld in lokale Banken, die schwarzen Gemeinden dienen. Wall Street Banken kündigten Programme im Wert von Milliarden an, um schwarze Gemeinschaften zu unterstützen. Und erst letzte Woche haben 700 Unternehmen und Führungskräfte in der vielleicht größten Demonstration des neuen Verantwortungsgeschäfts einen Brief unterschrieben, in dem sie sich gegen Gesetze aussprachen, die es den Menschen erschweren, zu wählen.

„Der Mord an George Floyd am letzten Gedenktag war ein Wendepunkt für unser Land. Die Solidarität und der Widerstand gegen Rassismus seitdem waren anders als alles, was ich erlebt habe “, schrieb Brian Cornell, CEO von Target, gestern in einer Notiz an die Mitarbeiter des in Minneapolis ansässigen Einzelhändlers. „Wie empörte Menschen überall hatte ich die überwältigende Hoffnung, dass das heutige Urteil echte Rechenschaftspflicht bieten würde. Alles andere hätte meinen Glauben erschüttert, dass unser Land wirklich um eine Ecke gedreht hat. “

Weißt du was? Gerechtigkeit ist gut fürs Geschäft.

Die europäische Super League ist zusammengebrochen. Die Pläne, einen geschlossenen Wettbewerb der besten Fußballvereine zu schaffen, scheiterten gestern, als sich sechs englische Mannschaften zurückzogen und sich vor den Fans und den Drohungen des Gesetzgebers empörten. Kurz darauf sagte ein Beamter der Super League, das Projekt sei eingestellt worden, und beendete damit die Bemühungen, die milliardenschwere Wirtschaft des Fußballs zu verbessern.

Johnson & Johnson nimmt die Einführung seines Impfstoffs in der EU wieder auf Die Drogenregulierungsbehörde des Blocks sagte, dass die Vorteile des Schusses ein geringes Risiko für Blutgerinnsel überwiegen, wünscht sich jedoch eine zusätzliche Warnung. Die US-Aufsichtsbehörden werden in den kommenden Tagen entscheiden, ob eine Impfpause beendet werden soll.

Goldman Sachs veröffentlicht Daten zur Arbeitnehmerdiversität. Die Wall Street Bank gab zum ersten Mal bekannt, wie viele ihrer leitenden Angestellten in den USA schwarz sind: 49 von mehr als 1.500. Die Banken haben im vergangenen Jahr vereinbart, weitere Informationen über ihre Belegschaft zu veröffentlichen. Morgan Stanley hat einen noch geringeren Anteil an schwarzen Führungskräften als Goldman.

Die neuen Produkte von Apple werfen Wettbewerbsbedenken auf. Der Technologieriese stellte neue iPads und iMacs sowie eine überarbeitete Podcast-App vor. Die neuen AirTags, die an Artikeln angebracht werden, um sie zu finden, wurden vom CEO von Tile kritisiert, das ein ähnliches Produkt herstellt. Apple kündigte außerdem an, nächste Woche neue iOS-Datenschutzfunktionen einzuführen, die von Facebook und anderen App-Herstellern kritisiert werden.

Die Ernennung von Lina Khan zur Federal Trade Commission ist eines der deutlichsten Anzeichen für einen fortschreitenden Einfluss in der Biden-Administration. Frau Khan ist eine Wissenschaftlerin der Columbia University, die im vergangenen Jahr an einem wichtigen Kongressbericht über Big Tech und Kartellrecht gearbeitet hat. Sie ist ein Star in der Konstellation von Experten für Wettbewerbsrecht, die als „Antimonopolisten“ bekannt sind. Ihre Bestätigungsverhandlung mit dem Handelsausschuss des Senats ist heute.

Frau Khan “fängt den Zeitgeist ein” Bruce Hoffman, Partner bei Cleary Gottlieb und ehemaliger Direktor des FTC-Wettbewerbsbüros, sagte gegenüber DealBook. Sie hat das rechtliche und kulturelle Gespräch über die Macht der Internetgiganten mitgeprägt, was ihr konservative Unterstützung verschaffen könnte. Eine „starke“ Perspektive zu haben, ist wahrscheinlich kein Hindernis für die Bestätigung, sagte Hoffman.

  • “Antimonopol ist mehr als Kartellrecht”, schrieb Frau Khan im Jahr 2018. Es verlagert sich von einer “Verbraucher” -Annahme von Fusionen, die von Kartellbehörden verwaltet werden, zu einem umfassenderen Ansatz, bei dem “politische Hebel” in der gesamten Regierung eingesetzt werden und Arbeitnehmer, Wähler und die Umwelt geschützt werden und mehr im Auge.

Big Tech wird wahrscheinlich ein Schwerpunkt bei der Anhörung sein. Laut Herrn Hoffman wäre dies jedoch ein „schlechter Dienst“ für Frau Khan. “Bei der FTC ist ein Großteil der Agenda reaktiv”, sagte er. Unternehmen reichen Fusionsunterlagen ein und die Aufsichtsbehörden reagieren unabhängig von der Branche. Frau Khan hat eine breite Perspektive auf das Wettbewerbsrecht, sagte Herr Hoffman, und heute wäre “ein fairer Zeitpunkt”, um zu fragen, welche “objektiven Standards” sie anwenden würde.

– Ari Emanuel, der ausgesprochene CEO des Unterhaltungskonglomerats Endeavour, spricht in einem New Yorker Profil über die Rückgabe einer Investition aus Saudi-Arabien nach der Ermordung von Jamal Khashoggi. Unabhängig davon gab Endeavour gestern bekannt, dass bei einem Börsengang ein Wert von mehr als 10 Milliarden US-Dollar angestrebt wird

Die Canadian National Railway bot gestern an, Kansas City Southern für 33,7 Milliarden US-Dollar zu kaufen, und übertraf damit das Angebot ihres Rivalen Canadian Pacific im vergangenen Monat von 29 Milliarden US-Dollar. Sie streiten sich um die Chance, die erste Eisenbahn zu bauen, die wichtige Häfen von Kanada nach Mexiko verbindet. Der Bieterkrieg spiegelt die Aufwärtsbewegung einer Branche wider, die auf Wachstum ausgerichtet ist, wenn ein Boom nach der Pandemie die „Roaring Twenties“ dieser Generation einleitet.

Geld oder Gewissheit? Canadian National sagte, sein Angebot biete “eindeutig einen überlegenen Wert”. Der kanadische Pazifik, der kleiner ist und sich weniger mit den Aktivitäten von Kansas City Southern überschneidet, sagte, die kartellrechtlichen Bedenken machten das Gegengebot „illusorisch und minderwertig“. Kansas City Southern sagte, es werde das neue Angebot gemäß seiner Vereinbarung mit seinem ursprünglichen Bewerber bewerten.

Ein Curveball oder eine Granate? Canadian National bietet möglicherweise ernsthaft – oder stört nur den Deal seines Konkurrenten. Das neue Angebot könnte Bedenken hinsichtlich der Eisenbahnkonsolidierung aufkommen lassen und die Aufsichtsbehörden vorsichtiger machen. Die Aussicht auf einen Deal wurde von Frachtversendern, die in der letzten Konsolidierungsrunde gelitten haben, unterschiedlich aufgenommen. Und wir haben noch nichts von Senatorin Amy Klobuchar gehört, die den Unterausschuss für Kartellrecht leitet und wichtige industrielle Interessen in Minnesota vertritt.

Die öffentliche Notierung von Coinbase, der größten Krypto-Börse in den USA, löste eine Welle der Aufregung aus, auf die die Wettbewerber abzielen. Unter ihnen ist Binance.US, die drittgrößte inländische Krypto-Börse, die gestern ab Mai Brian Brooks – ehemals Coinbases Chefanwalt und zuletzt amtierender US-Währungsprüfer – zum CEO ernannt hat. “Mein ehemaliger Arbeitgeber ist sehr beliebt, was wohlverdient ist”, sagte Brooks gegenüber DealBook über Coinbase. “Aber es ist im besten Interesse aller, wenn es mehr Wettbewerb gibt.”

Die erste Aufgabe von Herrn Brooks besteht darin, Vertrauen bei den Aufsichtsbehörden aufzubauen. Er sagt, dass „das Reputationsmanagement“ sein größtes Anliegen ist. Binance hat seine Aktivitäten seit seiner Gründung im Jahr 2017 in ganz Asien verlagert, und einige sagen, dass es schnell und locker mit Regeln gespielt hat. Berichten zufolge untersuchte die CFTC das Unternehmen, um Kunden mit Sitz in den USA den Handel mit Krypto-Derivaten zu ermöglichen, was verboten ist (die Agentur lehnte eine Stellungnahme ab). Herr Brooks besteht darauf, dass er “viel” Due Diligence für seinen neuen Arbeitgeber durchgeführt hat, und lehnt “lose Gespräche” über die Bestimmungen zur Missachtung von Börsen ab.

  • CZ Zhao, Group CEO von Binance, sagt, er befürworte die Regulierung. Die Einstellung von Mr. Brooks ist eine Möglichkeit, mit der das Unternehmen versucht, den Punkt zu verdeutlichen. Binance stellte im vergangenen Monat auch Max Baucus, den ehemaligen Senator und Botschafter von Montana in China, zusammen mit anderen ehemaligen Aufsichtsbehörden ein.

Binance.US sieht Potenzial, in unentwickelten Gebieten der amerikanischen Kryptolandschaft führend zu sein, wie Derivate und Kredite. Herr Brooks sagte, das Unternehmen könne von Wettbewerbern wie Coinbase und Kraken lernen – und sie herausfordern. Das heißt, wenn er die Aufsichtsbehörden davon überzeugen kann, ihre Bemühungen zu segnen, Krypto in den Finanz-Mainstream zu bringen, ist dies ein Hauptanliegen der Akteure in der gesamten Branche.

Gestern kündigten die beiden Leiter des Investment Banking von JPMorgan Chase, Jim Casey und Viswas Raghavan, Richtlinien zur Verbesserung der Arbeitsbedingungen bei Rekordgeschäftsvolumen und Banker-Burnout an. Das Unternehmen hat bereits ähnliche Versuche unternommen. DealBook sprach mit Mr. Casey über den neuesten Plan – und ob dieser bleiben wird.

JPMorgan hat kürzlich 65 Analysten und 22 Mitarbeiter eingestelltund plant, weitere 100 Junior-Banker und Support-Mitarbeiter hinzuzufügen, sagte Herr Casey. Es richtet sich an Banker konkurrierender Unternehmen sowie an Anwälte und Buchhalter, die an einem Karrierewechsel interessiert sind.

Die Bank wird die Mitarbeiter anweisen, am Wochenende keine Marketingarbeit zu leisten. Es wird alle Banker ermutigen, an Wochentagen bis 19 Uhr nach Hause zu gehen und mehr Flexibilität für die persönliche Zeit zu schaffen. Es wird auch Banker zwingen, mindestens drei Wochen Urlaub pro Jahr zu machen.

  • JPMorgan hat 2016 ähnliche Anstrengungen unternommen, um die Stunden der Junior-Banker zu schützen, aber “es wurde nicht strikt durchgesetzt”, sagte Casey. Warum nicht? “Faulheit.” Diesmal werden die Stunden und das Feedback der Junior-Banker in die Leistungsbewertung und Vergütung der Senior-Manager einbezogen.

“Es ist kein Geldproblem” Mr. Casey sagte, es werde also nach einem Ansturm keine einmaligen Schecks oder freien Pelotons geben. Junior Banker erhalten ihren Anteil an den Rekordgebühren von 3 Milliarden US-Dollar, die JPMorgan im ersten Quartal verdient hat.

Einige Dinge werden sich nicht ändern. Da es sich bei Bankgeschäften um einen Kundenservice handelt, haben Manager manchmal nur begrenzte Kontrolle über Arbeitsbelastung und Arbeitszeit. “Sie machen vielleicht 100 Deals pro Jahr, aber dieser Kunde macht nur alle drei Jahre einen Deal”, sagte Casey.

Wie die Bank den Erfolg messen wird: “Fragen Sie mich, wie hoch unsere Umsatzquote ist, und ich werde es Ihnen sagen”, sagte Casey. Das Ziel, sagte er, sei “niedriger”.

Angebote

Politik und Politik

  • Senator Bernie Sanders ist Co-Sponsor einer Gesetzesvorlage, die der Wall Street eine Finanztransaktionssteuer auferlegen würde, um den unterrichtsfreien Zugang zu Community Colleges und Handelsschulen drastisch zu erweitern. (CNBC)

  • Zwölf Megadonoren machten seit 2009 fast 1 US-Dollar von 13 US-Dollar aus, die von Bundeskandidaten und Fraktionen aufgebracht wurden. Dies ergab eine neue Studie. (NYT)

Technik

Das Beste vom Rest

  • Die Sacklers, die Familie, die den Hersteller von OxyContin gegründet hat, haben nach Angaben eines Kongressausschusses einen Wert von rund 11 Milliarden US-Dollar. (WSJ)

  • “Hinter dem mysteriösen Untergang eines 1,7-Milliarden-Dollar-Investmentfonds.” (WSJ)

  • Amazon eröffnet einen Friseursalon in London. Es heißt nicht Prime Cuts. (WaPo)

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