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JPMorgan Chase CEO Jamie Dimon scorned calls from some employees to soften the bank’s five-day return-to-office policy in an animated town hall meeting on Wednesday, according to a recording reviewed by Reuters. Employees at the largest U.S. bank have complained on internal message boards and chats about losing hybrid working arrangements, and one group launched an online petition urging Dimon to reconsider. When asked about the in-person work policy during the staff meeting, he said: “Don’t waste time on it. I don’t care how many people sign that fucking petition,” he said, drawing some laughter. JPMorgan declined to comment. Instead, Dimon demanded more efficiency and stressed that employees have a choice whether to work at JPMorgan. The CEO told them not to be mad at him, and said that it was a free country. The rollback of remote working policies has prompted groans from some workers as COVID-19 lockdowns receded. JPMorgan’s call for more workers to come back brought a deluge of complaints, many from back-office workers. Some employees sought advice from the Communications Workers of America on how they might set up a labor union, a rare thing in the U.S. finance sector, CWA campaign lead Nick Wiener said. About 950 people had signed the petition against the five-day policy by Wednesday evening. JPMorgan has more than 317,000 employees worldwide. Dimon, who has run the lender for 19 years, said some staff did not pay attention during Zoom meetings, which reduced their efficiency and creativity. JPMorgan’s profits surged to a record in 2024 and its share price roughly doubled in the past five years. The strong performance prompted some workers to question why they needed to spend more time in the office. In-office requirements will not be left up to managers, Dimon said. “There is no chance that I will leave it up to managers,” he said. “Zero chance. The abuse that took place is extraordinary.” Dimon’s view is shared by many Wall Street leaders and President Donald Trump, who demanded the end of remote work arrangements in the federal government. Dimon has asked all the bank’s departments to show 10% gains in efficiency, which would entail 10% cuts in reports, meetings, documents and training sessions. During the town hall, Dimon recounted a story about a wealth management matter that required 14 committee approvals. “I feel like firing 14 chairmen of committees, I can’t stand it anymore,” he said. “I’m sorry. It’s my fault. I’m the boss.” He also cited performance reviews for the bank’s operating committee that could stretch to six pages. “Because of legal and risk, they have to look at it, the regulators might say, there could be litigation around it, so you have to be careful,” Dimon said. “I get the thing, I throw it in the goddamned garbage can.” Dimon was also asked about hiring. The bank is working to keep headcount flat, and “we continue to invest in hiring new professionals where appropriate and currently have 14,000 open positions,” a company spokesperson said in a statement. Isla Binnie, Reuters
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E-Commerce
Fast Company staff writer Pavithra Mohan explains how Trumps executive orders regarding DEI will impact youand how companies can sustain inclusion efforts.
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E-Commerce
Theres a focus on protecting our personal data now, perhaps more so than ever before, be it from foreign powers, Big Tech, or Elon Musks DOGE. Consumers are wary about where their data is going, what its being used for, and how, or if, they can put up safeguards, especially while using tech tools like search engines or AI assistants. With several AI tools and assistants hitting the market over the past couple of yearsMicrosofts Copilot and Metas Llama, among many othersmuch of our data, queries, and summaries are being fed to large tech companies, used to train their artificial intelligence models. While some users may not mind, it could turn others off, which is why one company is trying a different approach. PIN AI, a Bay Area-based AI startup, is rolling out what it calls the personal AI network with the launch of a mobile application this week, complete with a native large language model (LLM) that is designed to become a personalized intelligence network, or PIN. In a nutshell, PIN AIs app and LLM live on a users smartphone, accessing the personal data via other apps and platforms that only the user authorizes, and then provide specific and tailored insights or answers based on that information. Its similar, in some ways, to Apple Intelligence. Thats important, say PIN AIs founders, because AI tools are the next great online frontier, even if theyre not ubiquitous quite yet. These AI products are becoming the universal interface to access online services, says Davide Crapis, one of the companys cofounders, along with Bill Sun and Ben Wu. Its becoming the new way that we access the internet. Getting personal Personalization is going to be incredibly important going forwardnot only to protect users data and information but also to provide relevant information. For example, suppose a user allows PIN AI to connect to their Gmail account, social media accounts, banking information and payment apps, text messages, and internet browsing data. Tapping into all of that information, PIN AI will be able to deliver personalized, in-depth answers or responses, unlike any or most other AI tools on the market. [Image: PIN AI] In other words, while other AI models utilize all of the data theyve scraped and ingested to train themselves to generate responses for users, PIN AI only uses the personal data and information a user has given it access to. Crapis, Sun, and Wu, collectively, have been working on AI technology for many years, and say that it may sound complicated but that users will quickly realize its a fairly simple product. Theres an LLM packed with the app, says Sun, so you get a personalized AI. As an example of how personal the AI tool can get, Sun tells Fast Company that a hypothetical user could simply bark a voice command at the app such as, order my mom a birthday present. From there, PIN AI would sift through past communications and other information, discerning what the users mom might want, where to get it, and at the best price. It can also place the order and have it deliveredwith no additional effort from the user, other than the initial voice command. Its all about sovereignty Another example: If a user were to ask PIN AI a more complicated question, such as, can I afford to buy a new car, the tool could likewise analyze the users bank accounts, figure out what types of vehicles the user may want or need (incorporating family needs, etc.), their favorite color or other potential specifications, financing needs, and deliver up an answer of either yes or no, along with a list of potential buying options from nearby dealerships. While its all pretty powerful, users may rightfully be wary about giving an app and AI tool so much access to their information. Thats another thing the PIN AI team says theyre focusing on: encryption and security. The tool is built on blockchain protocols and users data and information are encrypted, so if a user loses their phone with PIN AI installed, a bad actor still shouldnt be able to access it. Resonating with early users After rolling out a trial app, Sun says that it has attracted around 2 million users, almost exclusively through word of mouth, as well as an active community on platforms like Discord. In terms of monetization, the company plans to drive revenue by charging the various agents from different apps and platforms that will interact on the model a per-use feeso users themselves dont pay anything. The monetization takes place within an agentic AI marketplace, and those agents will fork over a slice of applicable commission fees. And its also gotten the attention of investors. The company is backed by a16z Crypto (CSX), Hack VC, and Sequoia Capital U.S. Scout. So far, PIN AI has raised more than $10 million, according to data from PitchBook. With the app launch, the team hopes to attract more users, refine the product, and see how PIN AI ultimately slots in on the market among other AI tools. Its about the sovereignty of the user and their data, says Crapis. With PIN AI, you have full control.
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E-Commerce
A Texas county on Wednesday approved holding an election sought by SpaceX that would let residents living around billionaire Elon Musk’s company decide whether to formally create a new city called Starbase.The election was set for May 3 and votes can only be cast by residents living near the launch site that is currently part of an unincorporated area of Cameron County, located along the U.S.-Mexico border.In December, more than 70 area residents signed a petition requesting an election to make Starbase its own municipality. Most of the residents are company employees and the community includes more than 100 children, according to copies of the petition obtained by The Associated Press.Cameron County Judge Eddie Trevio said the county reviewed the petition and found it met the state’s requirements for the incorporation process to move forward.“If the election passes, this will be the newest town in Cameron County since Los Indios in 1995,” Trevio said in a statement. “We look forward to seeing the outcome of this election.”SpaceX responded to a request for comment by referring to the company’s earlier statement in December.Kathryn Lueders, Starbase’s general manager, previously said that the incorporation would streamline certain processes to build amenities in the area. Some local environmental advocates have expressed worry about what the effects would mean for development.SpaceX’s launch site broke ground in Texas in 2014. Only 10 of the roughly 250 lots of land within the proposed new city limits do not belong to the company.More than 3,400 full-time SpaceX employees and contractors work at the Starbase site, according to a local impact study issued by the county last year.Musk has long been planting business roots in Texas and has spread them far and wide across the Lone Star State. The billionaire moved to Texas in 2020 and relocated to or expanded a number of his companies in the state, citing the state’s business-friendly climate.Tesla’s massive 10-million-square-foot (930,000-square-meter) Gigafactory, where the company makes its Cybertrucks, opened near Austin in 2022 and will also serve as the company headquarters. Valerie Gonzalez, Associated Press
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E-Commerce
In 2023, creator and social agency Whalar Group announced an ambitious plan to create physical campuses for content creators to learn, make, and collaborate with their peers. Now the company is opening the doors to its first campus in Venice, Calif. this month with an additional location in Brooklyn launching this spring and a London location slated for 2026. Part production studio, part co-working space, part university, The Lighthouse is membership-based community designed to help creators and their teams level-up both their content and the businesses theyre building around it. If you look at [20th century German art school] Bauhaus, Andy Warhol’s Factory, Silicon Valley, all those moments where you had a gathering space for smart, curious, multi-hyphenate[s] created a generational shift for creative industries, says Jon Goss, president of The Lighthouse. That’s our goal: to be a place where people can find connection, find opportunities to collaborate, learn from experts and thought leaders, and learn from each other. And I think that enables the creator economy to go into its next chapter. The Lighthouses founding cohort in Venice includes 150 creators and creative professionals who will use the facilities for filming, editing, podcasting, screening, performing, and more on top of having access to educational classes and sessions covering topics including business management, how to staff a team, production workshops, wellbeing and personal growth, and more. Memberships will typically run for up to four years and those who have contributed to The Lighthouse by way of education, community building, and programming will have the option to remain members who can mentor the next generation of creators and creatives. [Photo: Yoshihiro Makino] For as long as the creator economy has been around (since 1997, by some suggestions) and for all the money pouring into it (estimates place its total addressable market reaching half-a-trillion by 2027), its still somewhat of the Wild West. Various platforms and agencies have sprouted up in droves to help creators monetize their content, sell products, and score brand deals. But whats often missing is a cohesive path toward professionalizing a creator business, particularly for the middle class of the creator economy. According to Influencer Marketing Hub, more than 50 million people worldwide consider themselves to be creatorsbut only 2 million would say theyre professionals, i.e. earning enough for it to be their full-time career. Granted, some creators will always keep what they do as a side hustle. But for those looking for a more solid foundation to scale up their businessesor even establish one in the first placeGoss sees The Lighthouse as a viable resource. The creator economy is being taken more seriously every year, Goss says. It just feels like centers of gravities going towards creators and the creator economy. I think more and more brands and media platforms and entertainment organizations are recognizing that every single day. It’s just inevitable. [Photo: Yoshihiro Makino] So our mission is to be an ecosystem for all those constituents, he adds, having those people all in the room together, actually having those conversations in real-time versus them happening in their echo chambers. Part of bringing the gap among those constituents are The Lighthouses founding brand partners Shopify, iHeartMedia, and Samsung providing programming and activations throughout the campus. Shopify will have a pop-up for creator brands to showcase their products. iHeartMedia will host a monthly live podcast onsite featuring emerging talent. And Samsung is outfitting the space with TVs and products. Whalar Group also struck a broader partnership with Tribeca Festival to have a vertical within Tribeca dedicated to the intersection of Hollywood and creators. That vertical will also translate into a year-round talk series at the Lighthouse Venice and Brooklyn. The Lighthouses cohorts are selected by a council of their peers. And Goss says they took a similar approach of careful curation with which brands and organizations they chose to partner with. They’re directly relevant to creators, to the creator economy, to the ability for creators to up-level and have a connection to them, Goss says. Brands are still a massive part of creators both in terms of the content they can create and the ability to generate revenue. To be sure, The Lighthouse isnt necessarily a novel concept. In 2012, YouTube launched Spaces which eventually shifted to a virtual and pop-up event model after the the company shuttered its physical locations post-pandemic. Popular content creator Casey Neistat launched his own attempt with Studio 368 in 2018 but a post on its Instagram last year stated it was time to pack it all up. [Photo: Yoshihiro Makino] Goss says theyve studied predecessors to The Lighthouse and he sees the difference being that what theyve built is a design-driven space for creators to do more than produce content. We’ve taken elements of hospitality and membership clubs and shared workspaces where cultural programming happens on a regular basis to keep driving community and conversations, Goss says. He also sees The Lighthouse succeeding by remaining as dynamic as the creator economy itself. This has to be a place of constant evolution, Goss says. When we talk about what will this place become, what will it mean for creators, not knowing the endless possibilities that can come is the exciting bit. Weve doubled down on providing this environment for all sorts of possibilities to happen.
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E-Commerce
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