JPMorgan Investing $350 Million USD in the future of business

March 20, 2019 ( PR Submission Site ) CEO of JPMorgan Chase Jamie Dimon has recently said in an interview that the US economy would have grown at a faster rate if the workers in industry had the relevant skills.

Speaking at a financial event from JPMorgan’s headquarters in New York, Dimon did acknowledge that the economy on a global scale has grown enormously over the years.  “It’s lifted billions of people out of poverty. It’s done quite well. It does not mean there aren’t flaws. I think we should distinguish that,” Dimon said.

However Dimon did not bring all good news, he went on to point out that the US economy has grown only 20% over the last ten years, but argued that in reality the economy should have grown at least 40%. “A normal recovery would have been 40%. And we made a list of all the reasons why — infrastructure, bad taxation to litigation, to regulations stopping the formation of small business. But a big one is skills,” Dimon said.

On Monday JPMorgan, one of the biggest names in banking in the US announced that they are investing $350 million USD to assist in training people for the future of work that will be much more technical and digital. The bank has started a five year initiative called New Skills at Work, which is set to put in excess of $200 million USD developing and creating innovative new education programs and training programs for digital and technical knowledge and skills.

Another $125 million USD will be there for the use of strengthening education and training systems that are required to improve both communication and collaboration between employers and educators including community colleges. JPMorgan said that the final $25 million commitment will go towards supporting and developing the dissemination of actionable labor market data and research.

Jamie Dimon has said that it is of vital importance that the future generations are trained correctly with the ever evolving times. With jobs in the modern world requiring a more technological approach JPMorgan believes that by starting this initiative that other companies will follow suit and in time it will become normal practice for companies to invest into their future employers.

Sandra Chan – Syracuse Group

More bad news for Boeing, Changes to Rite Aid, Spotify to go head to head with Apple

Here are the companies we are watching today.

Boeing is still in the firing line as a long line of US lawmakers are calling for the grounding of their 737 max 8 jet. Most of the global operations of the jet have been blocked by nations after 2 fatal incidents over the last 5 months. Europe and Asia have grounded all Boeing 737 max 8 from flying in and out. Boeings CEO has issued a statement to President Trump saying that the planed are safe to fly and are working hard to find and fix the software issue.

A huge change up is happening to Rite Aid, CEO John Standley, is stepping down and leaving the country as the company cuts almost 400 corporate jobs. That figure is roughly 20% of its management ranks. The COO and CFO are also planning on abandoning ship. Rite Aid says it expects the restructure to save them upwards of $50 million USD per year.

Spotify is setting the foundations for one if its biggest competitions in Europe. Recently Spotify filed an antitrust complaint with The EU regulatory body against none other than tech giant Apple. Spotify has recently argued that Apple has been abusing its powers of control over their App store to crush the competition in streaming music. Apple is yet to respond to these allegations, however we do expect a statement this coming week.

Express the clothing giant, has beaten analysts expectations for their fourth quarter results posting. The clothing chain has recently reported earnings of $0.19 per share, beating the estimations by $0.03. Express has shown figures of income totaling over $628 Million USD in revenue at the end of January 2019.

Gmail, Google drive, Facebook, and twitter faced a worldwide outage last night. Hundreds of thousands of users from all around the globe were faced with errors, and were unable to send and receive messages. Google has issued a statement saying it is aware of issues regarding their services and they will be updating users soon on what the issue was. Facebook is yet to respond, and with users who faced a data breach just last year, they are not sure what to think.

 

Crystal Chan – Syracuse Group