Pipes Feed Preview: money-stuff & canfintech & cardsFTW & evident-ai

  1. Money Stuff: Prediction Market Structured Notes

    Thu, 02 Apr 2026 18:23:49 -0000

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width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--[if !mso]>--> <tr style="display: none"> <td colspan="2" style="line-height: 1px"> <a href="https://links.message.bloomberg.com/s/c/PvpXT3iyg3XM_eRVmUiAKM18PvLlGlqgW9gQ1goVKMzth89OrPKNjPu2IcDl8vYmooh2t5xZI5ZpPUXnb-OUK_TT8WsD5-00G9vLTXed0VhdVtnbeDkx9dxCXl6uwjH8PAGb1Z1GGSuxgjozthPpRdgISn-u4fkNS9bwMiKIo4C5pBqoXXxW0XvrCOV9rtv3gMpEWe7WC9qa2zQmQHuLmWhFuLaQi8T5HuZ9TddXw4tHNT0fwiVpxO6BlBIWGXqFGmur9fGhRgAfjGPCcUNZZ5tw-KZp_WvTqkpukK8kAxqURRU_60VizoCWIBRy_HWPCv0TY2wVdSOTzzdeIcDucnc2xr1ynATrAtMSrfhXie1iAxQS8KWKWpljkIgdIzpaOWsuKjZBpmLAj_PeOeOlms3NMZApNV-lpquk2xdkNT-j1z_wZwZh1Wn5kvz3hTeN9tokl7jdzcCI-ozA0u3XGGjWei0kCwf5zonK9l5jhBdOpZEywOx4Q7epXUM7rgXXVNz5yA1MrUH-4-9CyyZPvxM1PIUpWD7qzcFlZXypKqnzr7xfEWGILnmsjAxKw1eV5VNED6cye7oYn66tW94P4klFnWdMQhyM7EbiCY_dhA0jtdWCADvazSCxngrWC49TSkZz7WAAOmMIEz1v8UkG2UZMTJZ6eskckOmOpl0PHCKojbrZ242f9U73Tkxq3S4/0_6MBWuOlEuuki-GLWjLgf1jMjeEhq5e/19" rel="nofollow" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=1149004&li=17539702&m=4c6f36cb7bc27023b5890c47a7e79821&p=04022026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d&stpe=default&li_coord=mobile&collapse_width=550" border="0" width="550" style="display: block !important; width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Binary bonds</h2> </td> </tr> </table> <p style="margin: 16px 0;">Yessss here’s a trade:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">You give me $100.</li> <li style="margin-bottom: 5px;">I spend $96.90 buying a US Treasury bill that will mature at $100 in February 2027.</li> <li style="margin-bottom: 5px;">I spend $2 buying Kalshi event-market contracts (that is, sports bets) on the Los Angeles Rams <a href="https://links.message.bloomberg.com/s/c/6N4EPVZl2a09B4LFHi18obzabW1eEk5ue3YgM5E7GzhKEUl9tMjC-uSplWawAij39QD-1x2byFGjhIwHtXeTO6IlXy1brVND9-h8Lj9Hai7ABHeQ-JeETWQ-OY-fyDxyrmdC9R7TP9ezaCyq-Nj6yoP2Q5YEPC1SlymxNCFJXA2jgH62NLL66r0kqKuJAyDhvg7Ww9n0xg5FSDwc_CW2P2OxCJg_uBkwobRNN3l51pLPPpxexvFc6jtKag-X8DU_eYEo5aATR4jHoQsdcfm7iiMqSbyA8vV6MjkXg-gPBkS9wdGssPbUELC2HzzbQaaOKjgwjbqvLPl1mx1KNo1KPW9-zCQGr3OPkhPqX3YId49RQLXtBh0lbV3n4g/IPU9IhH790ojF2W0n0YJ_AnQeXovI8SQ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">winning the pro football championship</a> in February 2027. (The “pro football championship” <a href="https://links.message.bloomberg.com/s/c/meKNCYMgNOTz0v7Y-xEGTS6_w0g-W-9tTn0jFiBxMVYmQ-GL1GpKVWebwppRcAeGEwEi4z_ClpsYLTEfWH_NOIkfZkWXfUP3J_NyMYTC87R3gV3vZXlNaqWX95C1Bf7DKVCjsPYzjInXoKh1g9jkORjgk5xUMj-E7-Z69fDsKmWXGb0Kx0t-lWCJp7XGdAU4cqt1GYcRgVdy_fQvj4bS0mq639_2fEv7ztEkfY4Tj_X-yx8KYBjEe2lmjC4FRUc47QMjPgRfM21ksrWNhbZfG830KcRpJ_ycQNGHrwymWI5N5KOGWohVfBYPnr_YKllzpht5gHKN9PXMqkHNMKgjjVF_hQCEDLip80XUM_ocSwXjxc6MwOmBWOlxhw/XTO9VHgGJEwh_r8KvgHBJBUg_FzzgptE/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> is the Super Bowl</a>.) The Rams have the best odds on Polymarket right now, but there are 31 other teams, and the Rams’ probability of winning is only 10%. I can buy 20 contracts for my $2. If the Rams win the Super Bowl, those contracts will pay out $20; if not, they will pay out $0.</li> <li style="margin-bottom: 5px;">I keep the other $1.10 for myself; I’ve earned it.</li> <li style="margin-bottom: 5px;">In February 2027, I will pay you back $120 if the Rams win the Super Bowl, or $100 if they don’t: I will hand you the payoff of the Treasury bill plus the payoff of the Kalshi contracts.</li> </ol> <p style="margin: 16px 0;">What is this trade, from your perspective? Well, I mean, it’s sort of like you have bought a bond from me, and the bond pays interest, and you have wagered all of your interest on the outcome of the Super Bowl. It’s a bond plus a football bet.</p> <p style="margin: 16px 0;">But of course the financial industry is full of trades with the form “a bond plus an unrelated derivatives bet.” They are traditionally called “structured notes,” or “structured products.” They are sold, often by financial advisers, as a single package, a bond issued by a bank or broker with a payoff that varies based on some index or fact. The point is that the derivatives bet is fully embedded in the bond. The structured note is not a bond plus a separate derivatives bet; the derivatives bet is <em>in </em>the bond. </p> <p style="margin: 16px 0;">This product thus has the following potentially interesting features:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Your financial adviser could sell it to you. (As opposed to your bookie.) “I have a cool new structuredproduct,” she tells you. “It offers 100% principal protection and high potential upside. The upside is risky but uncorrelated.”</li> <li style="margin-bottom: 5px;">She’s <em>right: </em>Your returns on this trade depend on the Rams winning the Super Bowl, which is probably uncorrelated to the rest of your investment portfolio. (It might be correlated to the rest of your sports gambling portfolio!) Investors <a href="https://links.message.bloomberg.com/s/c/9scQYXOiK0vv_ZWmKFBIwl8flcOq8XjWJW6m24hPZuxAjNWVBoG9vWfxq5KkeZY-7uCUmfVFOcdmQtxao08VBMeW_YD5HhpXuULZhFs3PF1hPAovHSuvnw_10ub0ntXYxOqP0JxKMwPwpglj_XKxGhEcZpCDegsJZ6iKFDls4V11iNEgYjoz_U_KWT7a7UiIoAWLWdpp92giRNoaJo_3z1xfQbPV1CvUmxERHQewvGsPRtxQ3fkfahmiqqh2G2rk0o7SJohbiiH8X0Spg3WUhsAbndsNVjeWF5K2Bv_WceoycuRFCwGDHrvgS9878-qBV4Wpg878f2KbMP0kwD4ThIvcTo0sM9Tm6OtW_eVrIt7lQ6KVL5UFRK0z3Q/NvbEqJ4LNgksz5qwHncHEhWhoQ8USYbu/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> love</a> uncorrelated returns.</li> <li style="margin-bottom: 5px;">If you are a Rams fan, you might find this structured note more appealing than some other structured note with a higher expected value but no embedded football bet.</li> <li style="margin-bottom: 5px;">If you are a Seahawks fan, you might find this structured note appealing as a hedge against the risk that the Rams win the Super Bowl. (Or you might want a similar note that pays 20% if the Seahawks win.)</li> <li style="margin-bottom: 5px;">If your spouse, or your accountant, or your boss at the mutual fund where you work, asks you about this note, you can be like “oh yes, that’s a structured note that I purchased from a reputable broker-dealer. It has a lot of embedded optionality. Uncorrelated returns! Convexity!” To your spouse or accountant, this looks like a securities trade, because it <em>is </em>a securities trade. You have bought a bond. It sits in a securities custody account at your broker, it has a CUSIP, its cash flows work like all of your other bonds. The <a href="https://links.message.bloomberg.com/s/c/8sW_vBF7ktKciUG1TL9S8f7Y8oZqFTBdtYrjMP0lJN16z5_xAHXLFqahLA73OEy_V_1LpNO4-O1rlQF_S2BpowPAOAX2fL0OfIF6PO9jaikJcJafOghwurJdNDR8lewNuyHxecJ6c7bHTOutVYfqmuK-i9D57UTpePPEDZiZPtBZsca_W9bzFQv6G49QgYlr8OPaUjMIhBsL5Y41oyndnJ5l4GkEV2V_ZhETy5BPGNXG1MkZcTsCeHgB4ho0iigekK3cP7q_deXav03oyOBj8qGHbkUWscDOOluto7kTSLeVgW5ssijy6vd40NxjghAE0QpcKX6iKhPyjeKjAgoLzGMDvzt3vnfZrHumqLoFchwW2lQhjQLKKHB8Fg/nJuZoQnd2aO2COAluoEv_NanLvKaDxDI/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">tax treatment</a> is favorable. No one is going to be like “honey I think you might have a problem” about your structured notes portfolio.</li> <li style="margin-bottom: 5px;">I keep saying “structured note,” but we have <a href="https://links.message.bloomberg.com/s/c/XBSj12RoXrxegMfsnaiVA3d2aQmhhYYD7PC2wDz8kkZ80l2BH8oYf9y6rzWrWtLOdBMt53G1z9Kp-peMX-RE50YEb1pfYI7bF8zEs574_CNYrsrMTJZ7usMGQHn9OOY4UcxnCMSq0KBMr6hKp-1-9fEZJCovcZkywzoxGIcnc_KS6u1FyKXy4U9d91CmCPkQSv7PMNKoX1Z51O2Q3xbowImGe6GutL1y_tILuuHOhDnd-QRUPQ8vavOPbaoMIvb43-hqys-RZIQFC_uVvsnofAcdee4g_Mmd3wBvgflqIREBlFPlZZgUM4S1a8z3svkS2UTWcgUGN17gFtMd1QRH9Sjo--xXTkcPQZ7ybwcH7I6Ejcx6hzOzzxCiVw/RBuHrfz4u4IhlOLu5t8FotLvuOG7eXET/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked</a> a <a href="https://links.message.bloomberg.com/s/c/kiCsEBbJaFzwnHav6gTD-8fwIESF7qGjC3ZGlTuuOBUYekmpYvgE1noDMjrNrxv-zFY3eUAILsQJ07DZLGivWbN2YFSI1sWvMwBgHjv4HmK2P59eSpwr6RTYKRmukWJLM8fC2sh1I3lQC0-iFL4MVo-L983AYO2NimCw0X3wEAFejbh23hBkz0ZOyGdGHuusmTNDhGRbWsp_qEPtuG_pHDTqXz6tgE8AyrOQFMgAs8cOrlRUxEiVSVEyu63BVngkMbMRzGfABbnkRiGjHfwZlkKsAms2mBQ9TmCHXAWw76ppE7D3fEPj8xMTYOGVX1Z1dWJ6ylnDRgeq4dBzxOnHo23ny4TOjHWKMrtcr50-zQxRNaZ1cO3-gfzSoCg/jXVWoP0EkxoLXlzbePzgnkCkkHIiF7TK/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">lot</a> <a href="https://links.message.bloomberg.com/s/c/cpfnMHqXwIRfL-eBJSZ0e2eC7ocCEz3HKexArTT9eJTYkXhHt2GFRM1i-m6GJ4Tv0waBI5ZxFPUSh7bh-rmBhh5XZD8knfWSSoJ7JqNweZcp2NCxE9vORPp0BT-WxLKurBfp-lrV1lCp0Grm5u-C1ARIjABkU6cJXailAuRGS6azkvldWdXRg-7RoAQUa5tgTxnItbLtQtKTlexEODeNyLeUpjPOybTrpsEvfo3r-8suMz7kwPfwAsxZkwKuE9uGKXY-NuRgaUGBpmb7MltKHvBbredIK8rew_iFVjcjGDsmOb1QujvvC7PPURjc285WwAfsA7Y4zcYhKhrCSQjxKeJN9K66NN0myymcPS2BDajPwahjoL7L46I2aIs/0ehEi2zgLfavWGLq4QY5TOXMLD6XpvlJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">around</a> <a href="https://links.message.bloomberg.com/s/c/5EeUPBSvAfzSZoZyjomtkinuqbb2DYvoqNo-HDawhcVftS1CMw_UBKlFkaq2MZAIyQPATDErN5tZBG9CvneI2A3OqdDCOBBB8BhCeJxjTVV4K9Om5bSijVtSRE7jM4DhRMRNG0qA3T0S21lZuZUwP0NLJJttA4gESUjkQ27hdifAtQeF5BN4pgjGkglpGbbv-hnEJ-Vmjj7DJXhsP8RE3mtxai09ISrgtxm3VCxefokKCE8gsOSH4KnymJZfwS7vlquH5kTHvQSlkdISk06NjARs9NRAUSp--tP0j-yBZIrV0ANvhT7PbjI1q5sTEuWLFlbNqG_gqEvLW-1hOCPpLd-PE-tl7yxSmVlOnFeIkwd6z0TLHknfC2-8pnk/DYRLywDq6yBBFDnlM2BdQBmtMYZ9yYJH/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a> about the ETF-ization of structured notes. Trades of this form — bond plus embedded derivative — have traditionally been marketed as structured notes, but the modern trend is to put them into exchange-traded funds. (The ETF just buys Treasury bills plus the relevant derivative.) In ETF form, this might be easier for some financial advisers to sell to their customers. And it’s a <em>lot </em>easier for self-directed retail investors to buy. Go on Robinhood and buy the Rams 2027 Principal Protection ETF, why not.<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a> </li> </ol> <p style="margin: 16px 0;">Of course these days you can go on Robinhood and <a href="https://links.message.bloomberg.com/s/c/YO9_PLMEz9lgfnIHvCD_SHdW8N5kF80LbuHeCmHDXenATMDiBn0_mEtLY_0-Sua_P8bbRzXznW-NLT74t-XsbsUluymUni_XCFZ_R-ExDhtcFOvhXn4Q8jhK9czcVhglmzW8IpVbNb0jkfJbKhkJCJVTBbrR9sPhnsZHItMhX1wFHlkHrsRLVBAkQpeqMWC1X1hqM3bzbPeVZo6DKUdUvT1mPKNs27Ew8-No66PknpzlsVQvNrsvsSEXCrMXpLaKedY-WnTY9TBCbWz926Lj-WUp2VjI4RnH_vu9DUvRvA4didHPRC3NfgxkmDInNTOwv1zaG5XTtj48eVRWH9m2Mb_C6eBZMBSblK3X3kwNvoGl5H3kBQIrkSvjIQM/6V-eXHlAhd4kSB6o3ZfgjjNjwzJmCbNT/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">bet <em>directly </em>on football games</a>, but it is possible that principal-protected sports bets would attract a different audience. “Bet on the Rams, but you can’t lose money,” it’s a decent pitch!</p> <p style="margin: 16px 0;">Obviously Kalshi and Polymarket offer contracts on all sorts of events; sports are most popular, but you can substitute freely. A bond that pays you $100 if Democrats <a href="https://links.message.bloomberg.com/s/c/p7QAWJHHrrLPhTt332dD6Rh4e3CPyBprd12pSrhxtNL2Ler7h__-XnduQnZbET1YVIC8bUwut5gjelnVBw3AcQPBiJMxZpstoufbN2qD9w9yuKqxubX2M5AHaXlB5QXl7hhrcXZk4urKRkK9fpmEYb_r3cYa5dX_tV4wjFu68Un2oj0F4UZ8q5wO-Q-0EK8nTvc2uXHTNIb7Dmb040VpP5MlG96QzrK0OJWnNBRtTSWGlvuDfDt0UqrT2QqeaDjRAzSq8zn7w7FMLCW-e62cqYUSIChNktrlBxEjXCOLA_xg5a66_RX7Ha_eX9G4wHygia-NYVMn7IA3tg41LdTVU-J2VvDqMH7l4J_o49q7MzWsqPiSHKx-gAszcU4/1zkrK1RfCrwIMmj24O_hZEeIlx4cE9lK/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">win the Senate</a> and $108 if Republicans do, or vice versa.<a href="#footnote-2" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[2]</span> </a> A bond that pays you $110 if xAI has a <a href="https://links.message.bloomberg.com/s/c/VOf5FmhB07zGmhpZekRS7BBzfHu3ijOAzn2i1BjifM6gqNd2OAWzNw_fyyFgKCEaUwQU6IV9U1FZXP20fqM0KN7B3DowxxTjMlo0y_V3olACs7ssek7C1sg3GTKOlcdaKpdW64Yo04RRJ7XjhxL0Yn3NIOqXf7kf1qeVLWT79_TNm5amtp06tiZN-LXqo9Ev0_oNVLU2fDbPbuPTXRH6XUNS18XNpzViDMAF2jBwdCI42qe2Hc54imJUZ0GuXLOR9aWEH2KnbVRCQs37sdr3IkjcCdtsLHMRnJYGgkk1yhZnLYfG6nDdu-Y5yz2RZpcJGlM5VtxyeLjqjNzpOJn3wZptWykgf2HztrU_bGs1CN5fHSxzvSbcuotkRpY/s7sssxSWls4iXX31xB97pMaH38g37kxS/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">top-ranked artificial intelligence model</a> this year, and $100 if it doesn’t. A bond that pays $107 as long as <a href="https://links.message.bloomberg.com/s/c/7HqFgwcm3LANoy2vu8aVzAsNLV0u2Z3J4MN5e0UeuTw2LcWNSllhF_x0Le8FbbxSjhtmesW6Ys8_z2YrVBJwnzh9iT4DuOFagIfYaRyrmYpNfkOFjlq3K4F2sD_O5dBWo5SW8lSRXO6Q03fYhp4xIA3Hk-w2a26r5BtC-NnrltQw12H22Bfw5hmlfc6rmDw12DFCfcchPJ4_-06kU7Vequu4kRw7K1-U4y848h6UEKf1cosol7UFGejPTFn5p5I8U_cK8RenStsnZTf1Qdon22i9L9ShJfhqDg7kz_9SoGE0MvBIOeLmIMFCx37WUe6CAAPJrzhnNI_s72V6M5K6l8uLvvj_YO3dJO4p7zXQZBUxY9j3Un8P6jVciwQ/vq_yUDqxK2ZAfKbA58DtQkKvn5pV6iWj/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Taylor Swift gets married</a> this year, but $100 if she doesn’t.</p> <p style="margin: 16px 0;">Or something economic, even! A bond that pays $110 if the economy is <a href="https://links.message.bloomberg.com/s/c/UpnijGwClNGof--3oL4UMydfT-Wrls1QzXNp8MkDMWDLzX14w5roq8nmGZIv96DZ7OcWcy9JCgFpWEE-JFAAVzGaBHJ7q-2owIiD9kqKsrPF3t0Gus8462rS9ZOcro0lmE66p_rJHgGX1SGJW4G_8xsakQgrT-_FBrVs1n3ywetTSsO3sP4Z9NeGLSwpVW4_GM5XEiJCiBxYYvRndO3Nb1R70rm1I8b2ARPF0W0vE6OB52fh06rYgpt9FNn6PVLXTC0SnDVhXrmmnnj37-VH-bgFCLP0_Snu3CgVH1NryRYfzxeLtRpTJrtDgRPDZ-a3XRUsUd6d2SK32vnY92Cgf5WGvTkJ1nUeMmBggT7of2XHzriVi0oyxoud8yw/qY-y_MeXZQB9-ZL9OQMwMkF9Z-r33V_w/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">in stagflation</a> at the end of 2026 and $100 if it isn’t. A bond that pays $100 plus $3 for every <a href="https://links.message.bloomberg.com/s/c/SXGgDaHw8A6O94_J2iQEHb07u4PyGAAsN9nPH2FYbVTNzDSQpbNNifEoF3yZ0ATufmNy75FHccNrLyGMCr3GwvGyFW_nuJIzd0AQhMJW46bX8FHDg0HivBS5UrOmDrhdSwV_RgldiCLJi0xzqytOj7zRF7aN0bMWpCDbEXtEhULWHrHdCiGb1bMCroYhIJq0Sou9v3ufCT04Sw12VceWBoiJkvcSX8J5JWDAxEojUmD0K0soCXWebDTTz4gLJcrj7vXkm_7X7jhGDPZiqjDpCh9iJVq2Rb8dT77g7yBzZCvbacWFXYll22ynmceBTYMN3ppPryDN5O7q1-Q6Gb4yU0-Q3BIyxj_R817tgdM59Vxkjfmnmk-kyOVjkT4/CtFkayRhWU8MHd_3RBPC3H4597Vq_NrQ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Fed rate cut</a> this year. A four-year bond that pays back $100 in 2030, plus $3 of interest each year, with a $20 one-time bonus payment if <a href="https://links.message.bloomberg.com/s/c/_qfHyex7lOuHOawDrV2h3ZpQsWXKZo6OX8cfvHJnNZn_ZVKtpCUOgyktcYXgl5LRVBvcIUDyyCRXTnjKi4AMfxk2oZfCcq5oYs7kzBFmC6Lu14bVnKgGLy0-lew1adtlDwNEnIcuCNHJuH8gPoQZcRlb_YUIUAIqiJEKQDjau60y9KISGX8QreBsLVrFaD1ih7ZShJw4zq1u3JbvmKrM9H4eko_QL0n3c_K3VSuXKZDfYaz-Sc8Y3L1bORjmz3h7FRkLwhYG4S7PVmqXcVkyEkDjSTP-5ZOBwU7A0m2v1BQ4W3-7YpJGy4OgrcOrsbSlSa6RwYurIz1mb7cJOSD9s0OSSus1V4LlE3Kx4jMJN0hKYwxqhV9kyN_a_eA/14ephobPTdx-JgZGkd-Q7EqhW2jICL0j/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">unemployment ever touches 9%</a> in that time. It is not especially hard to tell a story about why investors — even institutional investors — would want a thing like that. You might have some thesis about stagflation or unemployment or the number of rate cuts, and rather than translating that thesis into some prediction of asset prices (for Treasuries, stocks, whatever), you can just buy an asset whose payoff directly reflects the number that you care about.</p> <p style="margin: 16px 0;">Of course, again, you can do that directly on Kalshi — you can bet on rate cuts or stagflation or unemployment or Taylor Swift’s wedding date — but you might not want to. “Bet on unemployment, but you can’t lose money” might be a better pitch than an all-or-nothing binary bet.<a href="#footnote-3" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[3]</span> </a> Or, you know, you might want to have all your trades in a securities custody account with your broker, and bond-plus-unemployment-bet works better for that than the pure unemployment bet.</p> <p style="margin: 16px 0;">Anyway Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/GkaSOgRMHqL3kxC9qOI0QJZdAIAvnF-EbDg8_GSO_qmaKEBdZhzJ5DCucytFr_wlKjOe1kr9Qejze_K_K3yy-iL9uL3l3f21MfogquQf5le7jJYCT6PoiqR3QLe7MBkeYPGbB0IYVJtZAu8Kt1zlkUXFslZ19v00Qt5GrwlzDOIaFgLJ2PO8kSLQ257UaZUvm9gnq-WQTNTqYNyedZqQ4CATJbxZs0F1PIdB3ek8jodesw-Eba_GYUjmvasR9MlIs67sKeDQFo8rvn-66gRCcIkPAaD8eEAdfUqK9G9oyqOjJ8QGC6daiJQW1fl8CsXQddPuOjVdkSzvujv2LbCT4ng01AYRfFC650oNs_ssusXUArlhnmQ9LB18qZs/fXwf3YWe-3eZBwx_rKdRKmcEm3Q1dTpZ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Bernard Goyder reports</a> that there are prediction-market structured notes now:</p> <blockquote> <p style="margin: 16px 0;">Investors who like the binary bets on Kalshi and Polymarket but without the all-or-nothing risk are being offered an unlikely new asset: a bond-like note tied to prediction market outcomes.</p> <p style="margin: 16px 0;">London-based Marex Group Plc created and sold the first instance of this new kind of security, which will pay out a 7% coupon if Nvidia Corp. is still the world’s largest company in a year.</p> <p style="margin: 16px 0;">The issuance is the latest sign of how Wall Street firms are trying to harness the fast-evolving energy of prediction markets, which have so far attracted interest primarily from small retail traders. …</p> <p style="margin: 16px 0;">Marex was able to create the note because prediction markets like Kalshi offer it a place to hedge its risks as the odds move over time. As a non-bank structured notes provider, Marex doesn’t take market risk with its issuance and fully hedges itself using derivatives.</p> <p style="margin: 16px 0;">“Marex is going to effectively build our own prediction market structured products, and then leverage Kalshi and other exchanges to replicate that,” said Nilesh Jethwa, chief executive of Marex Solutions, a unit of Marex.</p> </blockquote> <p style="margin: 16px 0;">Yessss. A year ago, <a href="https://links.message.bloomberg.com/s/c/mBJ7EJ6wiH8Zhcp0q5ElTb7UW-MD0Nv4167ut5ORWOK33uQ-BILelI4HnEYTaThnSY_Zr9oqaVAtAD2qglGZ8wA1EM4uy4RWpehGkguF_I54AMCrt6fvCqtvFqq1NL4dO2H6GmoYObCdCa6it43krwyA6rwlQVvOxkCIwLSiJ0cSNjgjD0kRgZL9W5bY-_MftrYDb-DRHdne2fFUy_kmFWuhLzhb-AqmRpvU4jnde1lLueI2qGtgpPKX7mvbNpXy_8xeIle-JzUECP27-aeswUe8UGLZZu8ajxOopYQfWQl4FLStJ1Zt1W2-qIOeHmvvJ1QuESWVZMhx75an1JcaSACxN1Kwf95Qk5QCVJyZBenqAcjeJ3yAg94uFsU/cYFTYaEkj-vTCB-cCLvgbp6yAL6u8841/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">I wrote</a>: “I kind of think we are about two years away from a sports gambling ETF.” We are perfectly on schedule.</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/Sup5IyDyOTtWo_SGTw2YJEogb4Rmko6NM12cjKMeuI8sVynj_uTR193Am9OHlt75zb5XPQJOrgiNfaJONbAo1CMnVpHmH_vs7e1SEppfnJ6krs4ZQ27h62lvMFfh5bFjtRMb1dYBnWUq15uBuuojo7LY9KVwlGX4H-omdLxXwYOwge3MJ5y0x_RL7GEVK3IWdwoaDHiMvjQ7bjFq2_ro6L3RlBrXjuAfL6r_b7abQgXnNhMlNSS2nL-yXC_EVFPniNiGJ-TOQAXRlggWMOVVr8UvIRxCweIUXlqly9j6S2bnZEkHgUv3Mjxo5p6Yrqe_7z49kB7VkQSYgJrSRw5YfUbh9_jeguCMFqWGdYhaX3jPTwU-sa9HiuZi6aJqTyD9WtONoeYv_Vij5Y1q3x8kB0E5ZXnjQKb2Yx6BOjMe5npYADi7WdTY9mrQEeUVn-N09oc5TgfzHpjpE2ryA0_z-fh71iZMv29APhMxUlAITauw_MTU9FO8Y-J-qAQETWUByX8YlJNPQ7v2Zd58HGYpLHeNjEulHh_iafbalhEhZXT4aAFMNIEQxrUYocKKzmt76X0F2fvLKHR9sL2w9j0vT9-2_mVOx-1de7H8MFpoKWFVEPcJaU-teNSEgO8DeHPB00yd4r4X8SMKkpa5rPbN2qViJsRYcmA_Ty-Bvv68pf7PXMCmPtbDuboVgQfb9w/Ey2mTFJyEfcHUkbb2gagZome-20S_MUm/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=17539702&m=4c6f36cb7bc27023b5890c47a7e79821&p=04022026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="550" border="0" style="display: block; height: auto; width: 100%; max-width: 550px;" alt class="lihide"> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/F5w4_ZXatJSZjbkZh56tJYgXIq8JKYw0MF2GuStELvh9UoP9arwt26JLd8wD1yUZOIRBeJXXIM-w5_GIQhaEZqe-m8rFXup9bq6kVACMU4GzcPz7cgvRNLFcLBhGw5D4Rfm-ub5mbGa_IHfjLT2I26zb28VvMOemil4vlLMH74wR-19hNZKdaDmPuilPBygCotSBu8AmYuplnoTtLwY41iXIltXEsB3-y1UE2i3UnToJlUFe3plk0o5JKAOfa9xZaGVBUC_5pfWDwRNaNqoqkqNt36ZeZjqMuc_rF6o_SxFZ8X30oPTM5hf-18EW_JfRXixcUoAY6BlyS8oFvDHRBBinJ6rVaJerVc01J8bACJMekQEoKG-T9A0VHxVhz7bQXU2DSzYE-ddJCl_YVOE4EJID-Fw2jNnDFt1S25WwAUKVZSSV8_6tHrgVTXQ8T41KfaYisskuqtGH_MBGa3bbQvADhWZYHpZ8-lnR8u-5m-Nho7_gxp5MfxYsPoySB0DA1tdGdFIFS_9-EJ6cvFxTpATOFYICsSuFrJ_XDmUVrqDk_vyXrN2mWdIjmaOsPlhxEEFg4Dr8J6kcoBFm1tvuUYpw7IueiexiN4sSQoReyIo94h8DoSOhLyGpSZzzbzjEsEg8HOQNY60WvoKkSZWAwR0BzcN8xF0NzeIDhm2hmbbbEkq7qV3sqqYcYChPnQ/GleT43R6VXzGxkyXYzY38nnycGXkDQDH/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=17539702&m=4c6f36cb7bc27023b5890c47a7e79821&p=04022026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="100%" border="0" style="max-width: 550px; display: block; height: auto;" alt> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">More BDC redemptions</h2> </td> </tr> </table> <p style="margin: 16px 0;">I <a href="https://links.message.bloomberg.com/s/c/E5jpW8MA-eXHmTvEBaVm9ZNNAkS0MLr5o-LZRsD-6GpEPFaTQAERTcJc6yI8uBi2b6PXS6ZGmCke5avYMTR7EOUekkNl_sH-3Z7CduF0ha6ECsu_UFMChWnX2SyiJw_1oGou3yuEOdm88OqNsm8x0c7MK_lUa7dCsAOoYJ58ovyFRh30eicJphztGOo1Tm_3E6USRzjkb2Xi7aOsuXl-bacNKdu19IsMfWnb4YTO_fgkSyXpYMXTywofcjMr-Tvc3r7XpJ_R45m9cY2-wNs8VF2-QtTXUn9v9w3ppwaONz33527BSOKtd3uW4tPRpb9gJRAc-kV4KMqoAkUEHO03q0ETik9lTCZivCvPPPXQhikBrjSHqwZwWW3Nj_M/C2xq3uB_jXi17jc-Wtv9HBBrZqELjO89/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">think</a> a <a href="https://links.message.bloomberg.com/s/c/B61D2QWIz3nBkxQOeUirzyAbu9iJVSUznjl0O0ns2gsOPkawzMWKxaoA8pRn_HcI6DvxN9nIai-prVaEsguOWWpJeycleZfX-BOO1ZdJ0flk_4t7S5jMwm_40eO_ev7hwK81OrhYNh6qIriq8Glgny_9NUOdmwp0xjWyigFXR6YAyESE5yL3ScPp8uppe_mEKs578O1C8Vy37uBGF0fdgbarDsl_ccG5SWItD_pCVEfonNs7LAdgnBQgg4yT9u07A1-Otidrj1aRXUE0o2cUc39mYfIYKUU5l-Ewvrn7wDBJcO_qWEB9k23mnWn_Zvtngv49U6-qF9YZeDKhiO4EZ0myfp47JAEgpMbIJjZ3CErViqebeLGoig1Z8WQ/PLAM7Tq8BYRC-DQBAWOW4u1RgDxlXsQ_/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">lot</a> about <a href="https://links.message.bloomberg.com/s/c/dTqXFf2zYxWKLL23P9OTjysrkiNK2i9zRb7Y7yDlyeJtj8vmra1oy9x0yIWuEGjGWljkgt2dsAbATMxs9iENifyF5wzpTvkbz22dJgm5ciU1PNC6aJfHmWDih15vTFvxj7oOMEoehhyNe72EtU11ZF-xfNuyFvjre_TrmWV-0w2Ft-oqnn9H-D3US5ztX9gInDaiCUK9ILT-c7PnNJYePIyWv1xN1fTxt-0sTz9nHDnC7-gtDJ3u9tNPSwmx-HmV984uKCLTBeNeEyIw5QvGNoWs1Sw-O7x6w9YJ_cT4gUjxkMm4Yde1utyEu4c4sOoHwNnbMUpLQ5eTXK0yAXAykiN69uCJ70OyuUxZd3h1_FjRsPQPjG9jB_TqnV8/y5XjQiFLs-8tVY7djPiOLiBUR0vdhizW/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">this 2018 Wall Street Journal article</a> about David Einhorn’s hedge fund, Greenlight Capital. Greenlight had had a run of bad performance, and some investors complained to the Journal that performance was bad and they couldn’t get their money back, because they had agreed to strict long-term lockups. One said: </p> <blockquote><p style="margin: 16px 0;">The liquidity terms are onerous and out of the norm today. … Investors would be more comfortable with those terms if the returns were better.</p></blockquote> <p style="margin: 16px 0;">As I <a href="https://links.message.bloomberg.com/s/c/wSOzdfwT572yk3bq-D8hAE4DdnoEWkl4KwBz3SaqAb15JJCe7CSQ6mYDLdLFPdFnERHTTyvb4tqC9fbJVv2BJFjMP8-nF83f0nTx0Q3eaDIk4n567lmI1wD654X3ppI13lp5__m2EoLDinqXtlbkd1P69pg2adzjysLkbg5X_yDPHODnFIMuHVinkeOdgIN8dkhlCmBOdG4e4QP-og374HAYvB8xiWidJDsEQBDmcbWwO8KdJMwQtq2XmF-mBkgbb2sKhZRnCa-i-t1JvZg57cYjnk_vH0cPbYTtsbZVK32O8fFBx__dgqL38bndFg092NaAJ6TX9DnFEp6ToK1ykP3x2Jxt_a2gc8DJ0cZSvY2tl3OqsUR71Q2HlDU/u8xEynoyaX8ryagdL3f2c_j08IpiziW4/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">wrote at the time</a>:</p> <blockquote><p style="margin: 16px 0;">Well but the returns aren’t better! And the investors would no doubt be quite comfortable withdrawing their money if the liquidity terms were less onerous! The downside of strict liquidity terms, for a hedge fund manager, is that when your performance is bad your investors complain to the press about your liquidity terms. The upside is that they can’t take their money out.</p></blockquote> <p style="margin: 16px 0;">The correct sequence, for a money manager, is roughly:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Have good performance.</li> <li style="margin-bottom: 5px;">Now everyone wants to get into your fund.</li> <li style="margin-bottom: 5px;">Let them in, but demand a long strict lockup: The only way they can get access to your hot in-demand fund is by agreeing not to take their money out for a long time.</li> <li style="margin-bottom: 5px;">Raise as much money as you can on those strict terms.</li> <li style="margin-bottom: 5px;">Now you can have bad performance!</li> </ol> <p style="margin: 16px 0;">Obviously Step 5 is not necessary and is, in fact, bad; better to keep having good performance. The point is that, if you execute Steps 1 through 4 correctly, Step 5 is an option. If you don’t, it isn’t. Your job is to keep managing money. Having good performance is a necessary element of that job, but it is not a <em>permanently </em>necessary element. </p> <p style="margin: 16px 0;">Really you can replace “performance” there with, like, “marketing,” or really anything that makes people want to get into your fund. The core sequence is: People want to get into your fund, you demand a lockup to let them in, and then later, when they want to get out, you say no.</p> <p style="margin: 16px 0;">Non-traded business development companies — private credit funds marketed to individual investors — seem to have gone through this cycle. I mean, performance was good (high yields with low defaults) for a while, and the <em>marketing </em>was very good, with financial advisers putting a lot of clients into a lot of non-traded BDCs, and with a big and <a href="https://links.message.bloomberg.com/s/c/mK5K7sufULgT0c0jQCmGhj7HP0hYpBGGxWufJiPXKioqGu2-UR5AKP_JbjtdtTnri7ynPpK64fmNSzs1F3BsZnCHNWsI5RFMK7_JqT9glDnpQbxgZcqCERsLCsGtvRQwJMGAK9g4QPD-2XPbFsTGbWc72pKDLPzRH8mtFCXnMFQodcyvWjv8bcXIKik9YU81OjKfRq7mJ_MVZsWfU5I7nZias4Dnci4uvM9WN_y8luSvgQb8YFHBD4O7T2pD2eVMBm9hal0plXKVflMFyiPzzjfkZ6u6lilzqtoyXe2AWYo3Ykk3pnvT2LdjoMwuVcDELzbJ48ewTo67THcVpGDPoX7OfS6EANiJ8DqDOcVQaZ3Fl5Lv8ofRRGujvBI/09uWDPRm2OGyslKGRzLLBxO8T4gRihOm/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> successful</a> push to allow more private credit in retirement plans.</p> <p style="margin: 16px 0;">And now we talk every week about individual investors who want to take their money out — because of worries about credit, because yields are under pressure, or just because the branding has kind of soured — but who can’t. Those BDCs typically offer to redeem up to 5% of their shares each quarter, and if more people want their money back, tough. Today Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/YAYhzRSS4pUbZLfbP-Ije3u3DNqNLIc_hCNvJMYnvpv8DHQNCctzE4XXFp1U2wcFuH6GZgQG_67hQIDRqkPyqId6qXMWSg_kOwcsa2ZQ8chMd1L5OjC1zzNuerJVF4LqvN2jFCchj19EoPoWy2m0MAZPMbU-FvSbb5r2XeXHuFErAbhsSxVdh8lXS5W5yiA82uVBC3n33YAtX-SQJPSdlo1fCx88ABTOc5RRIm4HEe7Iu9XrgqXwAhb1r4mdi2Mt80iMV-2St8pLa_25ULod7L2LU9bUeXHwWlP7IAWQd0BJnj82WJCWCJKiVIJpiT_03mOnLgrLXjwa_RDHZ8F2KQD64XOncfLWoYoHDkjLutEhl9f44odOgWRkIBQ/h4rYaXb4YvVd3X9uIql78f2WN8EUr3XA/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Olivia Fishlow reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Blue Owl Capital Inc. will limit redemptions from two of its private credit funds after facing a surge in withdrawal requests that is unprecedented among major firms in the $1.8 trillion market.</p> <p style="margin: 16px 0;">Investors in its $36 billion Blue Owl Credit Income Corp. fund, one of the industry’s largest, asked to pull 21.9% of shares in the three months ended March 31, according to an investor letter, up from 5.2% in the prior period. The smaller Blue Owl Technology Income Corp. saw shareholders ask for 40.7% back, compared with 15.4% three months earlier, according to a separate letter.</p> <p style="margin: 16px 0;">Both funds had previously met the requests in excess of its 5% tender offer. This time, though, Blue Owl said it would join industry peers in capping redemptions at that level, “in accordance with the fund structure, reflecting our commitment to balancing the interests of both tendering and remaining shareholders.”</p> </blockquote> <p style="margin: 16px 0;">Blue Owl Technology Income Corp. (OTIC) <a href="https://links.message.bloomberg.com/s/c/WtnaEycHOX6alCzNxKsF4Fp5Woab6I4ZnD1PxppdFOxYdMDX_Gtk4k5Pqf3tYWGHmEhSOkxbd5wX-bVOifTXj-pJzE9A2_jPNivGerkMWng-cC4KPQ6p5HtsDQ_ignreBsuUmOtwJaSoUmabrg5PswKSjxKFQ1IGdi69r6VSBd9a09amRopTOXDuMJBOeffOb1fjh_kT0xuqdSMNbaiFv-RTVdqofHqNXLE0N5P3xhR56KYbMkd3gGREQZK-TOBgVD7i6UrymlrqMbsFjc8dYsUhqz2KGx2gRXQP4pRFNQZhYTCbZbLtMXH5tR18tN9zlZJ4JsYw8WC2kAocanbkq2q7xSV_ilZIaxVzWDmYt2lrWvmUSPPLmgn732I/U3sIYn3G-4uTLEASK0oqf7C-I5KMvwZJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">got 15.4% redemptions in January</a>, and paid them out, but January was a long time ago. In making these decisions as a fund manager, you have to balance between marketing to new investors and keeping the money of your existing investors. Paying out big redemptions is <em>good marketing</em>, and if you think that the big redemptions are caused by temporary volatility or nerves, and that you have huge tailwinds coming when everyone puts private credit in their 401(k)s, then you should prioritize marketing: The important thing is to show confidence and get a good reputation, and the money will come flowing back.</p> <p style="margin: 16px 0;">When everyone is constantly getting 10+% redemption requests for their private BDCs, and <a href="https://links.message.bloomberg.com/s/c/SgZUfzWed_TGn0zvZPks50lAiODzdhr71oT1TP3vxubE5vtobLNz58uftXFPTkteQMO8hc4GlZu-jNGsg3lybxe9k86EIP9kFsAalESqELKQ5hkcHMqg-mb48a93QOf1JgJ1gA49J3DhvVGU-9BpzW7YttOXVd3xMX_4qgIy4QVPqx_lPBDmVS6fB6oMJ4079zoSLtbQI4RyQjpO3J7kI5T0KIJcvNUrEK01WgIZmKa1zUZ2jBOCG-vvYqoT5tOKfkL75rG0nN9hvWd1Rrf6XwOs34yxk_EB6ApLpT85NQPqRgni9No-c6KRLzCD4-Q4rROlXoR6m5DeS-Y5zlw3QIarfZY-8Rp8DjYSe0nhtN7Dzu0pBA76EoYMAH4/Eh6392TTo2F47PeGigKOQW1UhjUtsqrB/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> saying no</a>, you chuck the marketing and focus on keeping the money. The <a href="https://links.message.bloomberg.com/s/c/RD30zcVqB92t6CuZeh54GjK4zsm1NXGKuV9eTmBkUOzeWpR_KgmesdewJzCHm6Acg-qnGcslO-agcR4IA5FuUsNXTVglqcS5Lg3MoVOD26FTI-KNlfuwO0IUgbd2evCYxXq9ED0zeN8T-YzeknkaNn0_FPv--FZoBCXCdKs7zAgsUREZbzwVkUEl50ZXuqXZSUiiaZo8co-q5k21f-5TiMGzK0DMiJDxWOh_Aagh26kS5p7MdN_82-E2vfV5KC1-NNRQqm5MBZA_0bFgebeyh9A8JRErUi6mLPSDmN4U_H5VbqMek1uq2x3d11PfQHNYyZeefHTgV578Z4luJ_flX321YT2514bTwjOmLWDpe2jjssedJo2uMzaqtgo/qDtgETsR21jkRWHHQWf24_v9OrqhTbLR/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Financial Times reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Craig Packer, Blue Owl’s co-president, said in an investor update that he believed the uptick in redemptions reflected a “period of heightened negative sentiment toward the asset class that has intensified as peers have reported tender results”.</p> <p style="margin: 16px 0;">“While we believe market perception has driven elevated tender activity, underlying credit fundamentals across our portfolio have remained resilient,” he added. “We continue to observe a meaningful disconnect between the public dialogue on private credit and the underlying trends in our portfolio.”</p> </blockquote> <p style="margin: 16px 0;">When market perception gets bad, that’s when you’re glad to have the gates.</p> <p style="margin: 16px 0;">(Disclosure: Through a financial adviser, I have some money in Blue Owl Credit Income Corp.)</p> <p style="margin: 16px 0;">Elsewhere, Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/hguW7P57JyWehgqlVGPsVC1v2edH5yEsfNNs8EGytE6Yvv7fREzX4lRULnGFsSRFOsgaacanaBKZD3AL0qX0AE4PDnM-kEGA8uFIrySZINmkgALu4xW9-CMvh8rbP_FBHchGuyOasIOucP192QXBtaQlN-9BKPzwVPbxqqJH6V-LJA4832WEh0dPuj6O8T5qbZ6RNtYvmXeqT_eHeUh5FUOAUZZp6diXAdwzdP22A5-cqQ0b2gtgh1J0LKrOzFv6tfQP-uG4k1eC9Cwz0Ts_ON02QQhgmgvwV722eBQZH_jGd7d-PsJuXNcQOqzQd2WWS_zGZTspiGpdltgQRv2SD3LEonsMrWA_Ug8sem4EpMvp5zalNRMKOVJ-YsI/kfvgOKGvTTTjp4wDpwoWI5qjDNggrMWl/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Alison McNeely reports</a> that “KKR &amp; Co.’s non-traded business development company KKR FS Income Trust … curbed redemptions after receiving an increase in such requests,” though only to a relatively tame 6.3%.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Private credit bid/ask</h2> </td> </tr> </table> <p style="margin: 16px 0;">One <a href="https://links.message.bloomberg.com/s/c/vxfVPyJnfQ0OrPQV2Lxj3nKDBbZeUTvoI9E3RxzvV-lbo3QJSG0Tj_2OfmAjJMM0Gun3libtHFfdpBJVeB7mIjE6bkFw0KfySsaS31pRVpPQNmHTkRBHs7WxtEYj68QzGpPYUEp-dbbbTFaIK_WYcxtqi9gDe89YQ4YatCNTKzyu2Xq0RupfwTh8el7l89H9kK8tgCuEQ5MmnhxaWgOOIpFLiyYGYUZGWO7zF-lQ7xjLIYlYYBY1NAz746XZ0QjSz1T0J16Q3wDNWnK04y6NfpsJzB4hHDr49RkFwhxDlVccXPhFXDf_UoXnt3do8yEUSdTH3rIPiakwXVZhwjWoDutivWbkC6E_VEaKbOtveZUWOrAVYU8j7OKjrHU/jY4hBW-6oTW2_WHzvc2txtB8RbXXKhZo/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">simple</a> <a href="https://links.message.bloomberg.com/s/c/eq3a1FqyQ3X2o4Y49Peh1p-oLSkfW3b7eDYIyl6R0ca6RcWktU4AzAUsgSFS7a-90MCVE9t3O_lE8eYz7fiINqR7tAL5Yz_QF4Ey5IyrQq327gpgQwPrIJmVDBoo-c0Q_lbmGrQVDkCgoefqFrMrnTexek3DRERygKQ8LT5-5_BaHevHDphPnRfNz3Gr0f3Da61x7qB6krcyXKQZHTq7C9BHw_Ul7pDNhr7uEqWeJ8qkiaz-lJNkqH2arPHKJ6T_Dwt7OM2ikuZrcefpQsmha2Gb8qO3g6CKp67u0HrqPSEmsV3htuSVYPgcX8f1bXPrCy6ZhRRbqViaym9POTGR_x7dWe_PswbLr1ehqX0QRehw0T1Ip8-F1BAhEfc/EtIsKLUvSDDJlTS3TBtp7mGkCLd5j29K/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">theory</a> of <a href="https://links.message.bloomberg.com/s/c/by8lixu4tt-d2t2lgvXWmQLsdoDpPUPgEVe_AOKRwxSzZDCG81Rl06bp1YPJITf4G8VC5EwzdIbeuvuY7gz1J7MS3tKnOf1gQPBmMmsOloqp4jsNiMecXrjqJrsH5MnZ6UIVQI7XUxfxZxKnaqw_rUH0tf0HNsUyHshFccnVNRp4Z3rh0lfgMcFN7Etrr1nl39H31ZqX6DBe0SUW_0FcbUMRbwIpdOmLu1L74WDOGEJ_0FVb9No48XkrLXKX9NI2LD1JwAfy2PTqTlCJsWYuHjds-40zQF0QBbnaUAYnyT9VwZhy3tDIDSKi9JD4HHH3AtGugV9I6Sxj-aM58kXp5slIn64jOdmDbVrll1A8cp-sX33UcQ5psurqmog/XRj6KwjSJbEccqXD_Z2GanXoj30MB89U/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">private</a> <a href="https://links.message.bloomberg.com/s/c/fDfLK8QLyebjsl7AkKWuW1T_dX4IIW3lzTFusbgG4dOg9PoZN6Ji_U6XBdjuymOxC7FU_qf0m78sf8by6OHbX7wm3PeegyFXZTRka14mvMRwNkV4Ovz1Yojqn7NjABA0K4XM62FJVr-4LrKhXOPcG5Uz5d57ksW6Ml-6Se-PcBTYwEPAWVF1anr1otpYkecHl8CBI5dge7xPJpcxrIL2AhUMqh66uCd24PVImW7tvrcL3xQbuIsA7rhq3AQgiqLHdmTzv1SvnD6bdnDSwyYXj1okRX873X5mKa1HoIVydJh2ZjFbHeegDFd2Cdbjil0z4FYi9aJStAFazY9LxhHd5-oc95u70n4oYNwYtE49JF4gHrHZidYQeZUAlsA/XU0SJEXuJ6Dn0_etp6tWnaTnMMcDOI_a/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">markets</a> is that investors like it when prices don’t go down. If you can buy a thing for $100 that pays you $10 a year, pays $100 at maturity and is always valued at $100 on your balance sheet, that is better than a thing with a similar expected payoff but a more volatile price. High returns with low volatility are best. If you pay $100 for a thing that trades in a liquid public market, the next day it might trade at $99 or $101. If you pay $100 for a thing that never trades, you know it will never trade at $99 or $101. You have completely solved volatility.</p> <p style="margin: 16px 0;">I mean, not completely. There are two problems with this theory:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">The lesser problem is that, like, Cliff Asness will make fun of you. Everyone is aware of these dynamics. “<a href="https://links.message.bloomberg.com/s/c/9zL38I9VS3YRUi9qYyj7oJr29wAga_6oQMBEKAPXHhwW6fKOmMha1o5WmAT3u4snkuQKuQpoWEaoiKb5mIfrod9guiWZaQm_Wa4CNRxOdRDRVNH7o13OWvrjSfAuoADTtCSJJSqnJaZpRHjzciRPTXSX05SZu9xAyESwipTbKrYq6OTGkz1qmuKprb3NVvSx2f_IHdvUL0gbus3SknVYnWVTe8KNC8JUnRfo1wB0rVv6wQJY-JLi4B72VJTLbVcglQE8CHsjIVpGFtH6iHYrkksaHZXniKacgouYwGs5A1QNGarPzp51xE04T62gy-l3CrNVf_ARSPByqWw58hA__HACTjqy9D-dsDg6Kn1Viz5b7uqEbE7gEwj0Pmc/Il9ioZNNwGNypAlzG2Ilsb4MX-RWbTrX/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Volatility laundering</a>” is Asness’s phrase for it.</li> <li style="margin-bottom: 5px;">The greater problem is that sometimes a $100 thing becomes worth $90 because of a genuine increase in the probability that it will pay back $0. Oh, you can ignore that! But every so often that probability comes true and you can’t. “BlackRock Slashed Private Loan Value From 100 to Zero,” is a <a href="https://links.message.bloomberg.com/s/c/M9yfMgu_bO23BPQD5tIUKxdsRWI--zX83Rr_uOy8iEk1oBoUG5WUKeTf2rYK-y-B1yrF1m3PNiS3DU5ane9boGvK0Of6z-z_5gDouh-OosPQGRZdHLFs9xKLFHvNnbRc-IlkY5Bosi8Bp_6v-iSRtz_0VZrNbMt4oM7e9qvVKWudS7FCnSphobhUVthqscWTnOj1wCrqDPmmCyyehfSsKmR-pud5LybSWAgRaX0e59zqV1BgW0a8l52yuVnU9HmVi89dvskHpIgPL15cVe0QHA9kVqBr2RTUMMrhMhE4Pw61DkafBf0yfpoB8ydVjx-wUy4Kg9tbGHC0Qqey5xCdQJ-YXNVwl6y_Ww06wPnXkjloik_Fvq2lXxQm3qg/E7h4QE942IxgjCs3CTGzRGqOmKkQtCtU/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">good Bloomberg headline</a> from a few weeks ago. If you take this stuff very literally, then there are only two possible states for a private loan: Either it is worth 100 cents on the dollar, or it is in default. You mark it at 100 until you are absolutely sure it is worth zero.<a href="#footnote-4" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[4]</span> </a> Most of the time it never gets to zero, and you have no volatility. Occasionally it gets to zero, and then you have “BlackRock Slashed Private Loan Value From 100 to Zero,” whoops.</li> </ol> <p style="margin: 16px 0;">Anyway here are three stories about that. First, at Pitchbook, <a href="https://links.message.bloomberg.com/s/c/UJi0hCbgfHoqA8URPxBwVEsHR5WsmzFZi3y_O3jzww2gzFDQZw-QXzD4G3_he6yYJ-9bidwCOPe4iukdWl1U3DA2UFFZjiQBpVo6-WBb6opn0-O7vJPfLSenBM1hbbnQwHnBbCWp9Sm5UgM8N5Pfwg-wUw1_UeXXmFJPQiJ81sNidUzuqY6zMhkSwD9-jlYPPMSiKn3RC9im5U5rCt6kzQeK3AN6sdlpaS7E07qbQVC5uA6h_7dP9u7iQ9O8zgPpu9_vKWCf6fG2H935LlEGRAd9n_a67iBpjmpjaoQVMnRL4mxETlHG09H1Rcc9i7O_JbUNQ0lsKGSruDDta6KnjfFN0TKetd0mecfz056YvOhbDX4ElF04sUV08nE/V_bTMoWL_JS-rWkAOaqHN-7StiYpaU_S/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Sami Vukelj reports</a>:</p> <blockquote> <p style="margin: 16px 0;">More private credit loans are up for sale than ever before on a nascent secondary market, driven by elevated investor redemptions in BDCs that are pushing credit managers to seek ways of boosting liquidity in a skittish market.</p> <p style="margin: 16px 0;">However, the elevated inventory of loans for sale does not necessarily mean that secondary trading has increased significantly, market participants say. Instead, the supply of loans is outpacing demand for them, and aftermarket liquidity for private credit loans is thin.</p> <p style="margin: 16px 0;">Most offers for the loans are at or very near par, limiting investor appetite for them, market sources say.</p> <p style="margin: 16px 0;">“If BDCs are able to sell close to par, they absolutely are considering it. But buyers are not really there in a systematic way to buy these loans at par, and the bid/ask spread remains very wide in reality,” one direct lender said.</p> </blockquote> <p style="margin: 16px 0;">Uh, right. The <a href="https://links.message.bloomberg.com/s/c/H5ackgrgl8nrginKT-91aryw_rObJ4loA7jDcba2xsD3dh0fuqmKH-JjVCzXv0XWFgVr-KQnaIN_opPkgJpyVQ-0-NyLjkbroISyJoBk6K8RrOp5XE_hCg471aFz_hbm7JbP40t9sgraPz7peE7u0S30Dt3UbCPXQ2tPHphTg_cyJw7pTjpVt929XeNqT5MTcwj1pJ3B8fzpfPniQHOv4bd1RUSEkLcgGPmTLR-jJ2n3uF6K9jH7PmzfvPNSBJM20ptIKfMjbkFd5f92zR39jKa7oJCLJd3AXF7qCq5kcu8eSfR9laUwPLOV0MdFpUtNGe9V6KnMeCuQ-rZSSOK-Pp-t68PsSE7hAD9E9rxwIKZzPesCY7DtndWW_cI/xDPNvzyi4gTKySE_OFtmRjPb0Uh9AdtS/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">simplest way</a> to interpret private BDC redemption requests is that the redeeming investors don’t think that the BDCs’ loans are worth what the managers <a href="https://links.message.bloomberg.com/s/c/J7a6mU3peSL-IcUw864sTVqnqC1pV2bW0k7QCMM6CNO-B8LCnUhfqqqFwKZenOIdKwPtFnJyNQb2VSjd2CdxGTJrZrQ0TmneJXgkQN4br6zJi6c0kK2lxln8odMePBTVDUL_dZP-iBykVz2XtL32cxR5-rzLjdyMbXdyxrYhrqL0wibD2DuDww_bzf86ThfTQjK0W4ZCKnfzr9yx2hVzM1IBM1T9ZA-oQZAcUo6JfN-WSUMy9QRzmMS5MRqGj4GK8yqTOBHazkhPpWevLnFfTcfvwBSmkXgvbmksqEYusY6C0RViSaJAYCF9ruJDquoZ0e2Bs7aEL7uDrQcSVxUCDWIxqqmb293skp6XS12idk1tkWGOqUw7Rgr4JSw/3BwrD6gn0JTKQrSiXC_nzgvFQzQkfRZJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">say they are worth</a>: If the managers mark the loans at 100 cents on the dollar, and you think they’re worth 80, then you should redeem and get back 100 cents on the dollar while you still can.</p> <p style="margin: 16px 0;">If you redeem, the BDC will probably look to sell some loans to balance out your redemption. But if the BDC marks the loans at 100 cents on the dollar, it will try to sell the loans at 100 cents on the dollar. If everyone else thinks they’re worth 80, well, hmm.</p> <p style="margin: 16px 0;">Second, at the Wall Street Journal, <a href="https://links.message.bloomberg.com/s/c/wBErIrUqBjfMU_3L2I81mxo5vQvvBYr2JlYPdZ-tLnnydhEf0Dp3y_nx81aE04F0552PpPzsREKG5lKPldpPgxk9ci_7ElQs5KBRaWWGmJAiU4rUjl37N1vOpnCTcSuyEGAdD7mbv3RTGqThmGXYgnB79Qq-c7o2P0NNBlxGCaEHow7GNkWY7VAK0CdZo_7XhuzQV9bEgZQpVSbitpI88cA2p9zSV7Alqp-o2N6y83o-SL32epFaE3lJcdXWn_Uq6QFK6L6LOjnEaiVpLL0crfjkeLLsNJUB0apfqhfeVlan6vbv39HkTKpgwsRQns7MlQq267BZ8AliqZWL80mmg3lY6IFO3qW3CUeTedCHsuYiHp-byhWenqv8F_0/e-qYnlXmVGBKIDXa9SWqWrgXla_TNIyJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Jonathan Weil has a story</a> about Blue Owl’s loan sales from a few weeks ago. In response to a previous round of redemptions at private BDCs, Blue Owl <a href="https://links.message.bloomberg.com/s/c/0Iy3LcTV1oiEHKH2phWSJCClbh2HT9cvaessCKK_bAis2KugjZRleY6_0Em3KnOrCjt_-aWhPbq4tIAlhSYuWYo0D4q7nmI0knA0NjhkGXO8jehziLjVO-XrTaEY3HLUYgBuqvNzc1n1RphAc3wv161dkvXZx1uue0gnC22S0usKb5AqXnQS9CZIameDjjfnqxiT9gMlynWvRl81ubjdE8NXVpGbx1_nadI4MqtENyXEp8_AmP_JRocQxqWKwyplig0wZC6x09Hc18jEda8S24xSwjTuMW8plc8GgzJ3bpSp0JLoJqPU-qZ9ZXk8r_2sdxRSgOqxb_dEvrseJs5aiYaGRs9Q-jvWqPYcyZDx52pCfYwt1imDgq3YYVA/GIe1oxlbi90IdHG-au38CVz6peXK5rNR/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">sold some loans</a>. It sold the loans for 99.7 cents on the dollar, which is pretty good. But Weil points out that “some of these purchasers, particularly Calpers, already owned stakes in the same assets they were buying, giving them an interest in avoiding a markdown of their existing holdings”:</p> <blockquote><p style="margin: 16px 0;">If a buyer already owns a large amount of the same assets through its existing funds, it has a natural incentive to protect those valuations. Buying at a discount could force a write-down of the existing book, while buying near par validates it.</p></blockquote> <p style="margin: 16px 0;">It’s not clear how big a deal this is — “people familiar with the matter … said Calpers liked the terms and rejected some assets, and that supporting valuations wasn’t a consideration,” and the other buyers did <em>not </em>have much overlap — but in a situation where (1) current owners of private credit loans really think they’re worth 100 and (2) everyone else thinks they’re worth 80, you’d expect the main buyers at 100 to be the current owners.</p> <p style="margin: 16px 0;">Third, <a href="https://links.message.bloomberg.com/s/c/0tHBR1nJv-H8PuWzGA6mwD4eTPdpD6qzaF7VA-QX52jmWU44lu11mFfRJTBzT9O3rV4GxbYfYUlEnJyndbKxC3k-eCwz-npa47KYQ3By3aAooiQFnDIBaubFG25_A2Vf_dNE08de6mg8ZS0FiY98hILjxmd6w2ji9ZDy_V63JkczuInXpV5o74VBHbKucx2RY3gml3NBM0a31gNF5y-TuKbo9dMbIlZrI-9vx4ZU3yisJkY0idn2VGp4la5A8jVhMY4ioS9P0abuxizKY5zYqg3Tw4hQYLNnZWb9ySVId7em12NN21Cec2YDzRnYLQZ03AdoJnj7DMkFZNK_Dsb-sD0643YfutBZCxykupXGENsWTuycnypT3s-QD48/h-KyFa__JW5mzorkXvvZWdd-1G0Cnfsw/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">the Financial Times reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Investors who specialise in scooping up distressed assets at bargain prices have identified a downturn in private credit as their best opportunity since the 2008 financial crisis.</p> <p style="margin: 16px 0;">These funds, which typically invest in companies with bad balance sheets but viable underlying businesses, have been largely sidelined for a decade as markets surged but are now betting on making money from strains in private credit.</p> <p style="margin: 16px 0;">“Biggest opportunity since 2008,” said Victor Khosla, founder of Strategic Value Partners, which manages $22bn in assets.</p> </blockquote> <p style="margin: 16px 0;">I … kind of don’t even know what that means? If you enjoy scooping up distressed assets at bargain prices, private credit is not currently offering you a <em>ton </em>of opportunities; all those loans are for sale at 100 cents on the dollar. But I suppose the bet is that they will be at 100 for a while, and then they’ll be at zero, and at zero there will be some bargains.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Nature of the firm</h2> </td> </tr> </table> <p style="margin: 16px 0;">Here is a <a href="https://links.message.bloomberg.com/s/c/f9PKJQAEq5VcvCM35leokVgc17MjsI0z9Z_5101UIs7iNR-HX0IE6iLxc5m5_U-iAsdd_U5gNtdX5OEms15vl6DXdgb8qEZ5RBYo8GOca2kcyXgh7a5SSvEUhwuzUB3y4mJdq3_lM3_gJPACANQm2jyC35RFk9IVkxwhiBIYTMKrRYzPTun5hXchbydED_w3Cb1GbpZPoRbS2N96-TmumL5uSl4OgyMpx8-2PSeDno3ahEdN4W843Med0pZWgVxdLS4wmG8jEhHPGES7Y9r5-sGXlo_D_r1mupHtCN_P_1IK0QQ8mCTTGWx09UooR9EvJry17BVVRgtjvXhOdA6guTXXU-NgPIhdvC4UBl4oRwheMNBQ1YJ43WzmzOY/WQPKg0Gni5Aegczxm6qdiQS03cg3zt0B/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">New York Times story</a> about a guy named Matthew Gallagher, who runs a business called Medvi that sells GLP-1 weight-loss drugs online. The workflow is roughly that a customer comes to Medvi’s website, the customer fills out some forms, a doctor reviews the forms, the doctor prescribes the drugs, the drugs are shipped to the customer, and Medvi charges the customer’s credit card. The Times story is about how Medvi is “on track to do $1.8 billion in sales” this year and is <em>this close </em>to being a one-person company:</p> <blockquote> <p style="margin: 16px 0;">Sam Altman, the chief executive of OpenAI, predicted the rise of a new breed of superefficient company in 2024. A one-person business worth $1 billion “would have been unimaginable without A.I.,” he said on a podcast, “and now it will happen.” ...</p> <p style="margin: 16px 0;">In an email, Mr. Altman said that it appeared he had won a bet with his tech C.E.O. friends over when such a company would appear, and that he “would like to meet the guy” who had done it.</p> <p style="margin: 16px 0;">Medvi is technically not a one-person $1 billion company, since Mr. Gallagher hired his brother and has some contractors. The start-up, which has not raised outside funding, also has no official valuation. But many highly valued tech companies can only dream of hitting $1 billion in revenue with so few workers. Medvi is also profitable, Mr. Gallagher said.</p> </blockquote> <p style="margin: 16px 0;">Okay but. Gallagher and his brother do not have a factory that makes the drugs; they get them from established drug makers who employ lots of people. Also, they are not doctors. Who is prescribing the drugs? Well, a different company:</p> <blockquote> <p style="margin: 16px 0;">CareValidate offers what is essentially a telehealth-in-a-box kit. Companies, employers or retailers that want to sell customers prescription drugs can use CareValidate’s technology and network of online doctors to set up a business. The company’s software connects patients with doctors and pharmacies, which write, fulfill and ship the prescriptions. CareValidate charges fees for its software.</p> <p style="margin: 16px 0;">Mr. Gallagher saw an opportunity for his own telehealth business. He could use A.I. to do the branding and marketing and let CareValidate and a similar platform, OpenLoop Health, handle the doctors, pharmacies, shipping and compliance. </p> </blockquote> <p style="margin: 16px 0;">CareValidate has the doctors and pharmacists and ships the drugs, which it gets from other companies that have factories. Presumably some humans work at the factories, and the doctors and pharmacists are also humans. And then there is Medvi, which as far as I can tell does some customer service (via chatbot but also humans) and a lot of online marketing.</p> <p style="margin: 16px 0;">You could imagine a world in which the companies that make the drugs also had a fully integrated sales and customer service channel, and they did all this. You could imagine a world in which the doctors, or the telehealth-in-a-box companies, also had good marketing and search-engine-optimization and checkout functions, and they sold all the drugs. Or you could imagine a world in which the drug companies said “you know what, we’re going to outsource some of our consumer sales and marketing to this guy Matthew Gallagher,” and paid him a cut of the sales he generated. And then if he generated $1.8 billion of sales, his cut would be, you know, some percentage of that number. </p> <p style="margin: 16px 0;">But in the world we actually live in, lots of companies exist to provide essentially APIs to other companies. There is a generation of US-based direct-to-consumer online retailers that do design and branding and checkout and advertising for products that are made on contract by factories in China. There are people who have gotten rich on <a href="https://links.message.bloomberg.com/s/c/KgfkzmO8zP8_tft7E2YVtDcLTkk9JmdFEcPvbHX3uOjVh5kJZ2AFlEX5_on4NvUB92SnyR0xVl-F6DT7OGjjPlmPKpDYPafnnmyhsNCCNJGnEqc5XEE26U_IlBg8-n8E-QpkBAFxbhNyzprbj7Ms26BzviRylBX-P_fGOs6ycZZazxbir7bD-OqpvVfAWNm-vLR7PuuD1HMP5CnFECJ0y1hMhrztWJDUXEzihVBvpHUbAVAxvToy5tbxWb4NGCJm_xFDFpLBtvMwsBReoqnOmIrwvqtbfPYzS7eTCOr3saSXSoqxfPnBTD_VRFRyBwi3ZxlldVC7C58fHdxFeUCgEYerWQau8lhAkdI02nlDm9TbqDz2XnhBi2lQRig/0IEhi4F4cDRbMfeOjeBn7PAcODUtBG9A/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">dropshipping</a>, just interposing themselves as online middlemen between companies that make stuff and consumers who want to buy it. If you buy fully finished products online for $98 and sell them for $100, your revenue is $100, even though in some obvious sense $98 of the economic value was created and captured by the company that made the products.</p> <p style="margin: 16px 0;">That is interesting! You can run a one-person dropshipping business, and have a lot of revenue in the strict accounting sense, and also have nice profit margins for yourself. But that is result of the increasing modularity of companies and the fact that capturing consumer attention online is a specialized business that a lot of, like, even drug manufacturers aren’t good at. Is it also about AI? I dunno, maybe.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Jamie Dimon wants to start a media company</h2> </td> </tr> </table> <p style="margin: 16px 0;"><a href="https://links.message.bloomberg.com/s/c/zJGHznioyVKP9B52p-BdsceO-xyUYIjMVwk1rsQBSWiH9W-p4Hg0vQ4Qu0nob95x02EkSa37o7NyKw7hwqf3y-6iy3BMSMIiddSVNGJxpQG19AaAaTCmOwboCCaUeyJX05lMRdWq-Vo5mby5l2s6dfGx1tC8lKOrIAcchqsIVdF1uGGvvv_t7TTcfntd2kToV9C3RVLpMenwSqaMv1WTmscdXZHq3jCcDvsfWCuG1wisfqplJnfMX9VY5gQvpchE88d989yIYJ0TW4VuJl6JMLgmMbJ9drZopmkllooLdrscrMw-63ZY5_UxnHFbCWO7dzo4SwR1ZL-GIcr3Vlb-WYcdApsbmKZSMhpLEmmgxkLR4D6g1LX3tSwKaAs/ilxc5LNordNDXy9voOvUg7o1FNywl6qO/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Sure</a>:</p> <blockquote> <p style="margin: 16px 0;">JPMorgan Chase CEO Jamie Dimon teased to Axios’ Jim VandeHei in an interview for “The Axios Show” that he may look to start a media venture after he’s done leading one of the world's most influential banks. ...</p> <p style="margin: 16px 0;">Dimon said he’s also considering teaching, in addition to writing a book once he’s done with his role.</p> </blockquote> <p style="margin: 16px 0;">He should start a podcast? Elsewhere: “<a href="https://links.message.bloomberg.com/s/c/zIHgI8LH6mOLXcsqHtYHJkkdxMucJkL28gR915pqunC1oYpEKGDoKDhsoVGlXEwzRHc4pcQBWle9M5RGjIyQF1NlaguPnAVUU1E-AQ21NXz5t0u5CJXjJp9fVrrFMNWHcvpoXpV8mU2rO-4yA8qqJnXTcyXGRXc-nLKhZORFr7PWnAqVZ3GFFrSjLKnrjYUCA85YWLCq1h56tBHN8sIRhPGNe5N4Ns5DQTg8e9vNFxiihNs-BXV4sQ_lyZ3UBjwnXWUV_Ns-jB_xj51Nl4UaHaXN5xysxVZq_yKHcw_hfdbPaY_mKiJJiYcZ-T0kpd1fM_SJRiCNGll8Uk5J7S9wTJobn8oy5Y33fg1RSCmRFuIRi3EKgumleP0efmk/nn6D0dywQ8dfRWpe_2VQnGib4W7HI6wi/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">OpenAI acquires TBPN</a>.”</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">Coinbase, Cloudflare, Stripe Push to Shape <a href="https://links.message.bloomberg.com/s/c/JImlhm9J6RXVlotlEVWwXeEYHIcGBIGcDtNKWxkk9AzFYf33ugLe_kjNqZCg2cXZjA8Yy8cEyQQ8PGPLmuaFpB6BFlaOoJZ2X0lP1_AUcioKBCtKGdRFDIDj_cI3ZPQQ87Ye_zmfL9gX0knGrrxkVdOwQUCABlJKpOQA37YLBwsAPZG493QPeOC4UXE1UW-YbYpUyoE9dir3TnrgiDOcPLFXeO4vgXpAQa3zaJ-sJZ3a6FtZID3sbwFNzCSmcgyBVfvE39flGU5IcAL-aiJXiui7cE9Na0wM6OfKZ_T_73Z1-9Qo332S42lS0YZeu7O7J0D6WcSgGVfYLTXY41y0msVn9TzcBpsK6vY_qSahU_v0UCiga1OAH7v9Ftw/PLAYhIrm1pXDxh-BLd-z1A_ZnocZHGxH/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Future of AI Money</a>. Feud between <a href="https://links.message.bloomberg.com/s/c/ImRCvHqnfEnvd9coDMBvuqpAxDuneQVsaAPWx8BFkeFzlG9W3jiIUCYOOVUpdWXc2OClkFd7HU3PEZLF6g4Je5SbwPmWz_Ug5d6kVEadbAxAUpz_0SazLIGV9HNP8RdxKB8SyZOX38YGbMDZzZQ3ojLsgweGhAD5PZ7uiw5rTVt9ugz0YjgZvS-GNRPcIKDEtKOUlzRC1ISnmakpd4J0HFNSkKtMwCX07Wfcs6rW6Npc0meI1eJOvzppnprF5Bh75krfATaR2yxUW5j9UmZXQcTK912zD_cq7d8-bdikTbP2iMY5jLYzjZPnvdpc5AVBv17FiorLsW7puvtl6yVRXCNN_4aKSAZel_APb9xkrtIMb3j3lOlYfv_ivE4/vT49JiIjHbIQIYFGOUbn-5JgTk_nll13/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Two Sigma founders</a> continues to plague fund. World’s top <a href="https://links.message.bloomberg.com/s/c/hm1ladw8OUNIygd_R5_EsKmG1yNlFXAsTr0JJxXHAqjN7brzaC_fzmIvfdCibgr2asRLBABkcvGulBUCDLJM5DU4ypYrtJOr66DTntdMIfI19Iz3-NmcfgVxAvAOXPVbpkyfGzehiRlOxxdr8KR9LHwRgqn2QZi0Ab6d5xUt8T7SvjF3C23Xu9jqw8N6UYfcVVKw6C0uvAF2lFV79jVphRxV8blVvY1x4shJWDG-p8KWxatttcCoR9UQaWKgGnY7fWuXEPbYMGVszKqvXVedKO8drnAgqnScy0vuwIEgSzUmv6u_Q5HwEmEvFkBmR_02BCAke7v3rre74FwUzWbCClw_8NxMZxHqGaL2gGcVAU7fVKWOfFrO9h8cDOo/qBS_WxJVBGpKxwuWTePXlp6nLLvaph4c/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">energy traders wrongfooted</a> in early days of Iran war. The Investors Moving Early Into <a href="https://links.message.bloomberg.com/s/c/uZ1hjaeKzIEm715ZbFLsupS4I_z_PBa20hWTMX1MRxfwGEK1HTcxktwI4hGgY8UUBTF6JdgW9P1jfPgwdNRpDrMgxM6tlPEt_aB4ia89Sb7BmHZUTCezRXp9kT9LBmw_bmbuuOCWzUEX4tVjmS_zdxFjAbCWbBSPNIcjppxC25NS_vej3Y4Cs6eWNEVttl8GiKatwDyBrYWgvzmmFl-DEfqzC8Rlu8nk-kPmAGn1Z-T-5cJvEj8yNWoZ1AXYATY-yKeGnPAc2izzh-3rZWtOKPuLqFEF9TFe6siOekA1Vui2I5JMHzWOsynDXZTw2TzYOVMT5MegcgxavV2b2BLckmQheobv5THUZhjr0VwGq0IR6HmQN_O5loC38no/HecVNv3gHWDGCQ2Fz5jp2aXCySf-B7_v/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Venezuela</a> Are Bullish and Ready for Risk. Intel to Buy Apollo’s Stake in Joint <a href="https://links.message.bloomberg.com/s/c/yz3G6O_rBhTJOicYT-TdCccgbmeKRPYPdXtYZO75f7UacPblKcSjO2IxsmwX935Y9F52Zlq19USaRC5mHtSGiyrcs6oXN6oECsDNjlIGwZ6JcrhUfXYeve5qJGsKTNWbn3Ve7nLInAOi5hZwNoB8Hvz5Av3Z768gP8emhdbxRwxmtPdvyZl5AJb8DwAgViQe92fgAOuvwtWGvrvJu30oBdUFhtk89kJXQhO12lN5-qplbQQDqSn-VYOr-v_QkOrWxFpxT-Bv9NlYZXRA4SuBRrPW9gk5VwyX_LcQ-6c7Vdf8d7wq3CCsguyLSQ-9LT71atnogFGKwe0vrR1VM0mRSgVTIENeLUTtouK7RDuwMir-Pin86z_NC-yJlo4/yJ41_wcFmH-xhlszab6d93FoBoTJMgkd/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Ireland Chip Manufacturing Facility</a> for $14.2 Billion. Maine Is About to Become the First State to <a href="https://links.message.bloomberg.com/s/c/GsWOZpFa_WqyS9k5k77rgzoppkT1JxSoJo0o4ezyhH2f5OMkZfZo9-3oin14ny6AgDKMbUa1cp7buLR_7tUsnzRBEsBrJ-cVTe0tzx3uSrXWO5a-VqSuxPCRi9fWwVbBSfFh1D53x-FjCnFZGKEOxpB0AiFnopwqidMUiVJuX_u-m-Sd54mCg7Jdlx2Nah7TQujRgfXUaUiFcZA_0zDE_R5AV0LMwLxA_HzMOHL2y4VN0gpSG9zxGtIQH6hNbwdFa48GsCuP-n1_BOqLZrILpXNTdJw6Um2wTbwDBiCeEeLQVaI3s5byHygmSPe8aVJ6gP0kVNQfRQNtHYb-HpeKb78Ghz-a9JIZeGlYf4w3obQnPZdN00MJp6NocuE/iSpoW-GAMlKOAIBi9-kGZJuzp3fOxChT/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Ban New Data Centers</a>. Goldman and Citi tell Paris staff to work from home after <a href="https://links.message.bloomberg.com/s/c/zdJXig2fhfZHCRB78WPHzcnSB7JfT3tfG9lbJy9PXRfs_Ky_9ZvttxIi7o_t-ZyinAvyePIjn9eg23KzSMcprp0ifhpjJFd6H02nAIAgaKqmtZdO6vknNY5jdfEzbQbTQFuk6R3AgqDHsDeXmgzsMFbyXF1JvNu-uRalTBoGke_lBcFwralnuEyB0KwBrg8Gp-5uzNCTfMhmoJ2Ngm_A163oVR0Dyr9Jrvi6ogKF_Ig8NbCxAVKucbzRvKsEs4ti7-ZbyHbg1NrKVCrQ7AxdtEy4q-GpQ9MtRtvrKQz9cAIzaoBzZXXhcv2iotGVebsiYCuIkx_Xd6glXkSEz9lTzIYS38O1A5DYIDS1fJa27DKPhXs0CWz3CerkjW4/SUIYbms9iatnrzHze9I09UBp8luIGjXE/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">thwarted BofA attack</a>. Starbucks Dangles $1,200 Bonuses for <a href="https://links.message.bloomberg.com/s/c/lVri4Wfi5hGHzcrQztS87zuDXeeiDqQqalLxkWoaRxwVhiZk0CZBfKVTu_w90GE9zdlEKebQMuPhp9uKxawnP2EBL_WXq3YNsk-T-yXeJCJwFdQrW0mSHSO6v9QHJHcTG6UPOMQL_JrcHm2EaYgY3bvYwaSkvsaFshOKFzgdRKgZZ4Xf9kEk12xhPaVSbdS9Wdsh6YwpR5Y7o08DW6uE9SzlwndFL-7uJPIxCwdI-fJ8beG9KZWsHyPcKjlPVd8ayzUadEXO3yVKotVlvfPp_7nEO0Nw2_YFLVzO9p1oVL52x9vf--Lpm-w0LJEjEacOGNl1Krj0vfe2T9kZaznIZTtDOGKWBRKeHDw5t4DAureMpLhZarCs-_Ua8qk/0bEC1bX0au3n_vY62iz4BlqO5pAnWQ0D/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Friendlier, Faster Baristas</a>. The New <a href="https://links.message.bloomberg.com/s/c/A8WZWM_cSU5DjeqmzE1kreQuQWsaRtUfLpH6FjJVkyx8rqDlCXhDlTFTTxKQqhhM81ep7BvzAbuFkI24J2djNKVsUYM5g1jFyuq6BaYqBjRO4BdY4YYDNrx7dXm5w0bHl6ZKHRj9N1Qeur_o_RkzeEUvhm4MeQ7VZQ3p1-un8BZ-dZdviOjLBhqFZaRL92ByeagWdSNd-W5oOBiFdggFDeL112defA03RQetVyB1KO1SgCx1oPU2lqFvvs6q261Z1rIHD0GSHKhylCBHbTJxAc70qoMz8Q2VsoYOrme2dc43A9qgYXujO7UxkqAtbQLamQk_lggdqPfWYtVNdYImoEuZn_C3Z-6wQa1mtK-gjOcGkh348twLEhj5mUI/UmEongFmQRMAHm5VIKAVfSG7u1aCNRdH/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Museum-Heist Playbook</a>: In and Out in Three Minutes Flat. </p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/7aLyOvjPdGh4VH7ozd1-bNkxgr-cVsX9EVriC4i5eiJY__lRzD5fGNo-CvAfHQWizyOaCpSWegiBapu02IXgHXc_ARhxz-hSSylFaKoqudwUoTLEJvivI2IsQWZF-MWi3V5QNGMxyQPULQ4Xpv6GY7gy2jgwvXLseaRWiHTG45YnzHPhMcjA47TmCnCayyI6lP5gK6v32Kjrw5oAgv8ZHwfPlcqqXCpG3S5OFjv2ZOfMbmnnBsdIfqsnmKJkmsCrkqWGfigGkOD6laf2L6ve2QjknMC2q-KHcgExbkYIEBIz05BIhED9oBhomzt4vUdmfSu4QmYkApio_C-Sj6353Rf_RHPEh8Z2BOfn8mpkNzFk7oUYHFu3WB5saYE/sdviGCjtVutD0dtrXt5RhSS5RjLCQtHG/19" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. 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Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] You get some unpleasantness in that the payoff profile — put in $100 today, get back $100 or $120 at maturity — is only perfect if you invest on Day One. If you buy the thing in the market in October after the Rams win a few games, maybe you’re paying $105 and risk getting back $100.</p> </div> <div id="footnote-2" style="font-style: italic;"> <p style="margin: 16px 0;">[2] Every number in this paragraph and the next is just casually eyeballed and not financial structuring advice. Loosely speaking a one-year bond should pay, like, 4% interest, and then you gamble the interest. So if you gamble it on a 50/50 proposition the payoff should be $108 or $100. Note that in my hypothetical trade I generate the $100 payoff by buying Treasury bills, but that's not really a requirement of the structured-note form; really the issuer can invest most of the proceeds in its business, so the right interest rate is something like its own unsecured debt rate.</p> </div> <div id="footnote-3" style="font-style: italic;"> <p style="margin: 16px 0;">[3] To be clear, it *shouldn’t* be: You can get to the same place yourself with proper bet sizing. The whole point of this product is that it splits your $100 into (1) a large safe bet on Treasuries and (2) a small fun bet on Kalshi/Polymarket. You could just do the small fun bet yourself. But there’s a reason that people buy structured notes, and presumably a lot of it is the psychological appeal of that pitch.</p> </div> <div id="footnote-4" style="font-style: italic;"> <p style="margin: 16px 0;">[4] You'd hope that most private loans would have recoveries in default considerably above zero?</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/tGbaIVUeAS2CXpQOKHqStjY5lBWLIWcpin29RkvqwHET08DfjFfm7eKIkGsQ2cG-1Qezdtb9yGyEwtPmyMpCsrzgJWucSiLv0WwJ_AUeEwH_o2XHiM6xTpzRj71YokcOC2y5mrxoVO7PZa2Ij28IDoWSmKaUaDZCj8BsPlH2xLpYP87msgbJgViD92KSqIjayouehwB6HMNaiPfkkAzJFOREOH-pCq5pyz4P9Yaf2YdMvVvv4t4pKwUI5MlL5EhBezWuDiGprPkmEz4xnL2KZKEkSXya3v9dHZ_W3F5ZgrKmU48hjPNzkcCDVPUrQWksf9Nm8oc4fbCqBvw8MPRwqlDeZlJ6alWJawQ3c4hhFkcyoQmvuCBLkplphS4/l8wA8FAt2M6n7pNcJ2Z19brkRBd4NaZr/19" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  2. Banking Brief: Sticker shock

    Thu, 02 Apr 2026 17:36:42 -0000

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padding:0 !important; font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word"> <div id="preview_text" style="display:none;font-size:1px;color:#FFFFFF;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;" lang="en">Data-driven insights on how banks are adopting AI ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ &nbsp; 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color:#222a43; word-break:break-word; text-align:center; padding:10px 20px 0px; font-size:0px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJw03hKBlW7Y8-PT6lZ3mrW74TnHY5PgwFVW2bdlBV3MSYfPW2fjWgX5Js80dW6SvnGW6bf491VqCMcV6RbvqdVQD6RT1Lgf8zW3M4HK36BlRZSW1zbtts6wlh38N7mx_mW_TdwmW14sxwV1MXR49N1Xv_tFmbqq8W1gd0bh6BmjTzW1gkSz27pHn84W7ZgP-P1rkRrGW7H3Q_j8bKs7GN4c8xpvShNgRVLGXBK2WMwK5W4scN8z1ck1WzVTG1Bk1sm7Z2N7PmjWn39HT2W4P_rzQ7H8b2yW2h7v685LZLJNW95BLqs8pMqVJW4mtdP878lDR3N7S4SrQh7yR6N3_8yvJx2VsGf6VhB1q04" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="BhIZrmuS"> <img alt="hsheader9_020426" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/hsheader9_020426.png?width=1120&amp;upscale=true&amp;name=hsheader9_020426.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </a> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:3px 20px 16px"><div id="hs_cos_wrapper_module-3-0-2" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module-3-0-2_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:115%; font-size:12px"><span style="font-family: Arial, sans-serif; color: #222a43;">Source: Adobe Firefly</span></p> <p style="line-height:150%">&nbsp;</p> <h3 style="margin:0; font-size:15px; line-height:115%"><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">TODAY</span><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">’</span><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">S BRIEF</span></h3> <div style="line-height:150%" aria-label="Leave comment"> <div style="line-height:150%"> <div style="line-height:150%"> <div style="line-height:150%" data-selenium="content-module" data-onboarding="content-module"> <div style="line-height:150%" data-test-id="element-mouse-events-handler"> <div style="line-height:150%"> <div style="line-height:150%" data-selenium="module-module-3-0-1" data-module-wrapper="true"> <div style="line-height:150%" data-test="overlayHtml"> <div style="line-height:150%"> <div style="line-height:150%" data-hs-cos-general-type="widget" data-hs-cos-type="module"> <p style="line-height:150%; font-size:18px"><span style="font-family: Georgia, serif; color: #000000;">April 2, 2026<br><br></span><span style="color: #000000; font-family: Georgia, serif;"><em>Hi Roger,</em></span></p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="font-family: Georgia, serif; color: #000000;"><em>Welcome back to the Banking Brief and happy Q2 to all who celebrate. This week: AI is going to cost a lot more before it starts making things cheaper. Why bank chatbots are back in vogue. Plus, how CommBank uses agents to handle emerging threats.</em></span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000; font-family: Georgia, serif;"><em><br>People mentioned in this edition:<strong> Jensen Huang, Marguerite Bérard, Marco Argenti, Hari Gopalkrishnan,</strong><strong> </strong><strong>Brendan Coughlin, Anton Frolov, Rohit Dhawan, Lambert Mathias, Aarti Gupta, Karanbir Singh Mann </strong>and others.</em></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="font-family: Georgia, serif; color: #000000;"><em>This edition is<span style="font-weight: bold;"> 1,763</span></em><em><span style="color: #000000;"><span style="font-weight: bold;">&nbsp;words</span>, a <span style="font-weight: bold;">5 minute read</span>.</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJw03hKBlW7Y8-PT6lZ3l7W70YRlX8_mrbbW95ZQfH6JP5bZW68Fhrg4YRKKrW57jhhn5NC9FdW6ynS5D2XPFcBV5V7fr3m6zLTW3gxxdT10wJvKW3cJC3x6249pyV7m74D6FssPpW7j7Lkj7D5G2CV4kGJM8pMKNdW2NN9Qt6RKMr1W69MpFH35W0JHW4tvFZk6xcWzVW1q6MgT4tcDg3W3C8Ky97vPVk-W552YZQ8C6TxsW53HfsP7R9p5BW1y6YNv4JmzD8W38_lMW29V7w2W7M-CW736-_VQVrF9xK1G7Hw0W1j4xyf8t6RmtW5W_0YG94HBP1W7BNfqt6Z7KD4W4jrCNV6zLlmXf2c0Rzd04" rel="noopener" style="color:#f4854f" data-hs-link-id="1" data-hs-link-id-v2="hdEK7poB" target="_blank"><span style="font-family: Georgia, serif;"><em>Check it out online</em></span></a>. <span style="color: #000000;">If you were forwarded the Brief, </span></em><span style="font-family: Georgia, serif;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJvK3hKBlW7lCdLW6lZ3mlW7GVc8y7-5Zm-W2YRKcH4MHvkWW6rM11t5mXrbKW2bgshR38xPYPW81bYD25JRXlfW5ZMJj585XbPBW8YbkFD1LQ0LXW926JJS48srJZW2SLPZV6F71RXW4Cx3C51QB_K1W7TvmPY3f-LFVVC0lj556CTQcW2cqRq83C5pNhN8SCtHBYztv7W1T1tGm4w48PCMq--m_DP6xBW1tc2dR1ns5lCW1QKD8R2cvYZGW5wZW3n1s2xvpW20Lt142yw2lKVbRyg_7mNXnzW2Pm52X4jHN1MW8VLzhg3-4dxdW54P7Wr17bFKPf7K_PH804" style="color:#f4854f; font-style:normal" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="XVqnWoFf" target="_blank"><em>you can subscribe here</em></a></span><em><span style="color: #000000;">. We always want to hear from you at</span> <a href="mailto:thebrief@evidentinsights.com" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="tJjfnY3u" target="_blank"><em>thebrief@evidentinsights.com</em></a>.</em></span></p> <p style="text-align:right; font-weight:normal; line-height:150%; font-size:18px" align="right"><span style="font-family: Georgia, serif;"><em><span style="color: #1f2a44;"><br>– Alexandra Mousavizadeh &amp; Annabel Ayles</span></em></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17678606542433" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_176176966277723" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:10px 20px; font-size:0px"> <img alt="top-of-the-news (2)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/top-of-the-news%20(2).png?width=120&amp;upscale=true&amp;name=top-of-the-news%20(2).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 0px"><div id="hs_cos_wrapper_module_17745172256961" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17745172256961_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>TOP OF THE NEWS</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>CFO-PHIE’S CHOICE</strong></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Banks are getting more candid about how much value AI can create inside their business. Just don’t ask them how much they’re spending to get it.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">More than one quarter of the 50 banks we track now share a real or projected figure for AI’s benefit, new Evident analysis shows. <strong>BMO</strong> said $720 million ($1 billion CAD) will come from the tech by 2030 at</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwC3qn9qW95jsWP6lZ3q5W2LWxK55lZJm_W8qMLL25w2HJjW91TRw971tlXFW1xY7cQ3Wp8z0W8hwpvV5qgJWcV1tW_58srsZCW63D0VP8bYhlcW4m9nYY8lyQHjW57cqMM91BX0SW4qFf252GHs3_W7ncVRs7M0JdDW8LmlNb3MCG2qW97p2Wj15CtKyW91WbxH82jPn4W4jTJKY7BH-hJN1Y180rPDHkhVkNZT48XKH_1W1l0FF169H_DfW3r56vG6GDPV6W8MGYKS8J_CxrW69fL-j4rbY8hW7sc-Ty4VtJYgW5_69TT2DgF9tVSvl6W43tfx0W7QN6J72bTzfZW28Gjht8bPqQdW74rFhr610yDkW3-wJcd3lYfxCW8zrB883nTcqGV73MlY4dJ7Zlf4_Xct604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="OXALiV5Y" target="_blank">last week’s investor day</a><span style="color: #000000;">. <strong>Santander</strong> put it at $1.2 billion (€1 billion) by 2028 at</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJvK5nXHCW7lCGcx6lZ3n0W6Y4tGn1jqb13W6KfskQ29ZjwPW404T8T4vct6rV3pp4T5hnsRgW6s7KWn8ZZZMHW3ztzrC1TfT9_W5WM3C010QxvlW6hxh6j3ccBV2W3yjfPB8TLsYfW2H3kfk97y4KYW8FzkFV5WXDRDW73zNp446Nt5GW1H4cnK20R8zfW1nFNfj9m1tjyW8tGlmM8Tfy8xN3nl0ggKBSzqW6LQwR_8JzNnrW4Mt66t6z0D__W7-D8KG7vkQg7W4CdMzF3Cpdn0N935HH7yrgmzW7-ppPv7wGDjzW1MSL012Bm-cGW7sRLgg1Fz4qcW2WyNdG39NL4lW8vQKkf1V1s0nW8fRrJ_4LY7WzW3-1mBc3kCHRwW7sVv0H7nKY-DW6y9LYG6gysFjW1SJ-Vk7SmJJ8N6kkqkNMF8wGW4Vty5Y1XWVnlVg_Gf26spGQHW8MKDK063BcN1W7h0rm565-FsJW6JptjZ5ljP7-W6w-LDb3QWF4MW1rhfkS1fsnCQW4ZW3yw8z_PYVf1Ttxpb04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="Ly1dJGGv" target="_blank">its February event</a>.&nbsp;</p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">What those numbers leave out is the other half of the ROI equation: costs. AI is working, but it’s making bankers faster, not fewer (see: <em>“</em></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3hKBlW8wLKSR6lZ3mpW3np0Wx8vGtbDN2pKSt07cWY-W1LR41w7ZdpJgV7NynK7JW5m0VW3p_T2HP0v4W2ndDF_5FqF_yW9kRMc35j83N4W7flS3W33jMQwN5YHMmTg_8PrW47VFB350wHL1W2XH9Lz5PSrW-W2L8mwD7VGbjqW3Sqg4t5hP6MVW2B4s4g76fN-yW9ljjpP2JzKLqW5HLnrC4TlbLbW6vl3v45v1hmXW69NYG64sjSgmW5frR0y8PJpVfW7xjTYm3NBpdDW4Z3Md977vWdjW35bkgl96Tb69VWBbXq6g4PKPW77MKGq8tplHNW7w4Kxr50rjhGW7pjNZy4b8yLYW6S6nNS2_R1LrN66GpZ3wBbv5f2Y-l1204" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="nKi1LPL4" target="_blank"><em>It’s not the AI, stupid</em></a><span style="color: #000000;"><em>,” The Brief, March 26</em>). Until banks can fully transform their processes around the tech, they end up footing the bill for both the old workflows and the AI they’ve layered on top of them.&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">That overlap forces them to make a choice: Let AI usage – and costs – run so the bank can transform faster, or hold the line on spending and risk missing out on the actual payoff.</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:15px; line-height:125%; font-weight:bold"><span style="color: #000000;">DOUBLING DOWN</span></p> <p style="font-size:15px; line-height:125%"><span style="color: #000000;">The number of banks reporting the actual or projected financial value generated from AI has more than doubled in 18 months.</span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17690792541101" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:10px 20px 0px; font-size:0px"> <img alt="returns_chart" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/returns_chart.png?width=1120&amp;upscale=true&amp;name=returns_chart.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:0px 20px 10px"><div id="hs_cos_wrapper_module_17726618839451" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726618839451_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <p style="font-size:12px; line-height:150%"><em><span style="color: #000000;">Source: Evident analysis of bank investor materials<br></span></em></p> <p style="line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><span style="color: #000000;">How much, and fast, costs can shoot up shows why it’s not straightforward. One bank told us its token costs this past month – the meter that runs based on how much AI employees are using – has grown 250% since the beginning of the year. In Silicon Valley, it’s even more pronounced: </span><strong><span style="color: #000000;">Nvidia </span></strong><span style="color: #000000;">CEO </span><strong><span style="color: #000000;">Jensen Huang </span></strong><span style="color: #000000;">last month said he now expects his top engineers </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtR5nXHCW5BWr2F6lZ3lbW1SWpyc2skmm_W26RJrr4pfhNhN81C93TmYSS8V66vnP8_l8kZW5sl71J1l2-1dW29kwxQ33RdX6W7YzfC96vW0xqW1g9SqH95t8TSW4Rf2Jy7w4K2JW6BdL9h7R-MFrVCH6kR3Y7vyFW5zc6Z374Rp7gVX2sld4YH7XrW3D87Gq18KkkBW8y5kJp5b_QkmV-y27H9dVfcZW2Dnh5-3smj5DW8Kwrmb5PWkTWW8c_1Sf51ZlL4W2nd-yc5l4fXxW6k5GSV65jVFqW4pMJHr6cwY-2W4CtW-j59bPKjW91dd2d5cJ78cW73N46h4926k1W7JTfm21MDy6hW4ZtpMr4C6R-JW9fBMd-8-3k4YW4kcynm6L0LlCW6lPx5c8BTF_6W3CL4sv7McDYBVHSnXM2wD5gLW2nC0XG41vXqmW6d-G0G4j3BCBf3x7hvC04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="O3o+FS6T" target="_blank">to be billing</a><span style="color: #000000;"> $250,000 worth of AI use to the company, which comes on top of the $500,000 salary the firm’s already paying.</span></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Not every bank can stomach that cost or unpredictability. <strong>ABN AMRO </strong>limits Microsoft Copilot licenses to employees that ask – and pay – for them with their own learning and development budgets, CEO <strong>Marguerite Bérard </strong></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3mrW8G-Vqp3NN6SwW93Hrk02ZKLZYW75tNpP54TmHXW3h5TTD4p91kBW18wmnC98fY_5W5z3G9p1cS4lSW1vf5736KQlhNW3vq_3j6R4NzlW1frYjZ35B_yPV44Nw75n11J5N3MpkD5mDD6pW6RHKB23KM-b2W77Kf5w63VQkxW94wPqk1pVlj6W68RSYZ5rLW4qVYq97K505bB7W2TG4P74kd_BSW8M9Qqw5r45jVW6GD13q2ScbVtW5DrScw4VkgC0W7dNmx02rGdfsN4p05vcxdCLVW8-spG04CqJXZW8tCqgH4HCQQ0W48b7GH6yknZbW21_Q8D1VTl1lW26XbvD4Q30lFW6KjSp44GF-rhVsM2Xq7wmtWMW9c_bB184Wq3mMhD_XZXGg88W6PLXPf5qSmypf4bcdW804" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="pqz57dS3" target="_blank">said this week</a><span style="color: #000000;">. That prudence is easier to sell to investors in the short term, but it also caps how quickly the bank can rewire itself.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;"><strong>Goldman Sachs</strong> is taking the opposite tack. Most of the bank’s employees now use its platform, GS AI, multiple times a day, CIO <strong>Marco Argenti</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJv65nXHCW69t95C6lZ3kJW5Tc6Nm87y8csW5SL4nP6GPXHkV8J4N19cc0mgW6pZQJp8_xJwZW6_TwHc6HnGVqN4wDrgKWN3tfW89myL42N1VdzW44TSc-5pTjRcW7-PhVW3PZLVkW4z3FCW626knLW5fZBzS5D2-vRW79ZxQS8MMmBZN4p7VVhsbfQ0W67mSkh6qNMr8W7cF3Y28MJ2vRW39PWFL83P-YXW5Kr6hy8LpcM9W7QlSly541qGQW3MpPDz614pXkW3MJWT55Jpf8PW9hFb-p2hjMtQN1y_vPRs9sxpW8cvWSY8X9P5tW2MnwJT3nhyPvW5pY8md2fdg54W2B_2pJ4JMCVcW10Y8fK6dVX3-W7tpK111YmnBZW1QPdRv7MJxJKVCdXJz7HSf3MV7D4cv71NqNkVwZrgw8wRgByW47zQ9K4Mh4XtN7MfvftKC-XSW8yFwL22y186sW4y17XM2NQBT2f6td2Fx04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="ed9eCooB" target="_blank">said on a podcast</a> <span style="color: #000000;">this week. That usage is informing how the bank is approaching transformation (see: <em>“</em></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3hKBlW8wLKSR6lZ3lRW6gv5wr1mkn5bW9csdL47N5-93W6prYkz7YF2T2W968S5M8BG7g3W710BYG6szGdFV8xDfY33JXmPW6N1D5R63hsrtW5C7PXy3GRmqlW2hfGHT4hBR6FW3CKG0G79pgvQW5jSdvg2D03dmW2h13xJ3hwT9NW4pwHjl7JqbKLW1yTJLY2kQtvkVTGMTy8gFdHXW1kn5ws3rDMQqW6y6Z3L5dKp35W2ShsYP3hsjSBW8ZTyv91fqq2nW4jNHG510Q3VgW717WnC5mJLR9W3KvJzb2yQ2hYVXrl0l1ZR0K0W4NhYLQ5gZkSTW6NpjNj429DndW8JtJqt9fgJN4W3xPY4J42ML1HV6VkKT67FTd8f5RCY8M04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="yzVetxqk" target="_blank"><em>Goldman’s gold mine</em></a><span style="color: #000000;"><em>,” The Brief, March 26</em>). But it hasn’t come cheap: “There’s going to be a token sticker shock for CFOs.” Argenti said, describing how transformation changes AI’s economics. “All of a sudden, they’re going to start seeing bills that they absolutely did not expect.”</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">It’s up to every bank, then, to convince the CFO that those bills still pale in comparison to the cost of watching from the sidelines.</span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1749644496936" class="hse-section" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#F0F8FF; padding-bottom:15px; padding-top:15px" bgcolor="#F0F8FF"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#F0F8FF"> <tr style="background-color:#F0F8FF;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:15px; padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1749644496936_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17690725323883" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:0px 20px 10px; font-size:0px"> <img alt="Roundtable-Speakers (3)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Roundtable-Speakers%20(3).jpg?width=1120&amp;upscale=true&amp;name=Roundtable-Speakers%20(3).jpg" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17708974973902" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17708974973902_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%; font-size:18px; font-weight:bold"><span style="color: #000000;">JOIN US LIVE</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">The two-week countdown to our next virtual roundtable starts now. Join us and senior leaders from BMO, Wells Fargo, and EY to discuss where and how banking leaders should be focusing their AI efforts in 2026. On the agenda:</span></p> <ul style="line-height:150%"> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">Where banking leaders are prioritizing AI deployment</span></p> </li> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">How strategic investment and partnership decisions are shifting over time</span></p> </li> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">Where enterprise-wide ROI is really materializing – and where you can get the most bang for your buck</span></p> </li> </ul></div></div></td></tr></tbody></table> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17696769236024" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; 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font-size:18px; font-family:Arial, sans-serif; Margin:0; text-transform:none; text-decoration:none; padding:12px 18px; display:block" data-hs-link-id="0" data-hs-link-id-v2="fTm7O1VB"> <strong style="color:#ffffff;font-weight:normal;text-decoration:none;font-style:normal;">Register Here</strong> </a> </td> </tr> </tbody></table></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1756987234667" class="hse-section" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-bottom:15px; padding-top:15px" bgcolor="#ffffff"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff"> <tr style="background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:15px; padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1756987234667_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17726631164509" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="trend-lines" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/trend-lines.png?width=120&amp;upscale=true&amp;name=trend-lines.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17696766291882" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17696766291882_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>TREND LINES</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>COMEBACK KIDS</strong></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">More than half of Americans now use AI to help manage their money, up from just 10% a year ago,</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwC3qn9qW95jsWP6lZ3mbW9fwKjW2Sft9NW1hX8Y52rL1NBW3-9jVz1V3v65W6KbS_q3gtn9XW3f8P9C9hVlV7W6D2Jqv4X-NBsW23blkk6Z03LbW4RSN9b2-lXZGW8rxTRw2ngm0SW2xM43d4zdP08W8CCdLP6XhgCFW5xm4LS5twzC4W8y4k0X6qmXM7W46TGsX8nfRt7W22zfg136sm2JW9lmWHw7rkR-tW3gQfG57FvsDrW6RrhYF6nJTfCW1LfXmn7--bmZW4LF5hx5cdy6RW4-n2rZ3JcwC2W3qd-2q3VdWDTW8srHzq2nglmvW1JRNKl5rCfT9W2fl5cd3ZCqNqW44DpBh2yznbjN2VyCszGfBJ2W1WGt-S8bSmtCW7kwbhk1fZnFDW4QxCp44Vz5Ktf82SS5604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="tFeUBfR0" target="_blank">new data</a> <span style="color: #000000;">from <strong>TD Bank </strong>shows. The surge is giving the lowly consumer banking chatbot a second wind.</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">These tools haven’t always been the crown jewel in a bank’s AI portfolio. In many cases, far from. A </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwC3qn9qW95jsWP6lZ3m0W1N7ZNz2f1k01W7Sxygg6KWkgpW3cD1DD7Z36T4W7jKhns79XK6yW4DbJSl8_B5z2W6LM7hJ423GC7W33ZdG01kpnfrW5C_xsd8QXlr6W1s8m3l4tBMfhW1s1MnQ7L-w2sN5N6YFptxbtKW4RYm3N1McL5MW3y_L7_8QmGnXW7RCv0m88szfBW34cS828hMvn5W23PbB627sYNTW9d5M0P1MnRSYW55-pTD94wbDLVdb6HH1NwBSVV92f415ZfWcfW7kyfT96JvRh9W8Rwrfq4y8nKfW21rZ3B17zn_lW7hhmnJ5cW7j7W3n5SMP4rjG1fW6gcTc26p6wgFMxXZWzztSMQW85gRKr6JYHfyN9fZ0G9rxzLzW7Q0_1L2gdScHf4cQSQF04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="MSvRRdaN" target="_blank">survey</a> <span style="color: #000000;">from Swedish bank <strong>Handelsbanken</strong> last year found that one-in-five people had actually shouted at their computer while using them.</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">For years, the tech just wasn’t good enough for what people wanted. Customers expected a tool like Iron Man’s Jarvis and were given something closer to a Magic 8 Ball. As lenders have gotten a handle on Gen AI – and now Agentic AI – that gap is closing. And banks are now betting that they can transform these once-frustrating tools into a point of differentiation.</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">“We’ve learned, in a way the hard way, and over time, that by investing in a foundation and these capabilities, the third and fourth and fifth build is much faster,” </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3pVN3t5ZVvWN5vKN5wPCpPyS4tbW2DDTFV1NTP11W85Ggw088G8HyW3GT4MB7h4pxTV5YDrX7C3vwMMfBJfjFNctBW5hTgTp4hXD7mW8p1QDQ8JB8x4W14S8458PwpyPW25hwyY8Q69-TN87rv_c6fjxzW60FzSN3j4QSZW4_hWj54k6_TqW7ZGblx76GQftW4WdH2B1GcNJcW7LNF4x4Jz_Q4W5McyXx1sV0dGW56Jvtq1-KDQ7W3QfmF510X8BRN1mPfqmbssV-N7YlyNcmtPFVW3bG8dB841j_DW7sqCwQ7X_rFgVLWDd_7HZm6LW5_VZsg5rbWvQW1H6nCH3W2RgPW14Mwv-2m6z23W7SyMvp79kHKcW3zQ2fH2nVjDSW2c2q0b4stvtHW8_BjSR7xw1Fgf5SXwyg04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="YyQEJD6Y" target="_blank">said</a> <span style="color: #000000;"><strong>Bank of America</strong> chief technology and information officer <strong>Hari Gopalkrishnan</strong>.&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <span style="color: #000000;"> </span> <p style="line-height:150%"><span style="color: #000000;">Those later builds are starting to show how banks will break free from bots that just direct users to FAQs. <strong>NatWest</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJw05nXHCW7Y9pgv6lZ3lgW8K6T-f2Z55QRN1NylVyMwBlPW5rGVy86Pc2p1W1WmVw44ZSkbpW37nn0-6XYhVfW5SfknH45sbx8W1LGbFt50zXDpW8v1Kqv2Jxv0DMr7yMsF-Mt_N8wtzNW8zKf2N70ByXNrxMLlW8Gl9Yp36bWNKW5D7HhM2cYPzBW3q14NS1Fh9GpW4d_ldb4NNSCZW8TxY8y6vc0smW5N8Ygb5yjHzXW3wqCBv3d4SKcW2ZFmbg53QBx7W6RPWh24BBNdQW6ZzX0W5SJxHbW3-86bw5zbXTgW3nNRTj3v5YsbW2Hq1PX64rK--W2Xh3YL2glvV4W91sQyJ4HKfQjW8zy9nM2z4GN0W9j5Vvr6JjNMkW7Rqfvt5vMtTHW52Yf0V7lqQ7JW5syHjP4mBhGvW3HPk_S364gyJW8CpWdH6L-21mW1ZywL45BVpx6W1mM_WD76jCXPW7bK9nc5-_kkwW3y4Qt_8RbwNMW95KxHt57sWB_W2V8F597mktyHW7-Vnt52T63p0W1TKQgs6LFwsQW286Tdb4Qzjw2f7BCn2-04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="fNu9f0az" target="_blank">put Gen AI into Cora</a> <span style="color: #000000;">so it could answer spending questions and create data visualizations rather than send customers down scripted paths. Satisfaction jumped 150%. <strong>BBVA</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJv65nXHCW69t95C6lZ3lyW2JMJzH5GsHytW3Qf52_4Nh5cNW7h7wcJ3h0zN8VFtVSM35F9pbW99Z7cB8SjNP9W83m7Zt9b3r87W7dGLD64F84KGW3rszmW6ShRkpW1zVkKx50tJqmN7l2YvpcDYfzW3BBlFp4KWs00W40ygsX2M_gjRW3t-x115B1RcfVFm_5H6vKmRKW5QPn2S180KfpW1HKhyt4d79zXW60W--x60fs0NW7sknj24b-gpxN8gts88_tTdPN3Yk4nhjsGDSN51v5S1VVZTYW2w0bV86BrMf2W3tq2gW8PpKh0W5x4dHx7JMrF_W3kfsc38lhHx4W8jgY1C3XD5KKW30kvcS3Yh8D_W330VPD4SbM8HW37qzRm6yVXt6W6qHNtX93b5lHVPrshY35wTTpW2c0msT4SylsMW748rRW4dJr5VW11P3gb6yGMmvW56p2TX4YhcnNVmLkZN76PDwjf6-dHhK04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="OGdqfVP/" target="_blank">put</a> <span style="color: #000000;">an “AI coach” into Blue, a Gen AI tool which suggests steps to improve finances, tailored to each customer’s particular situation. And <strong>Wells Fargo</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJvK5nXHCW7lCGcx6lZ3n5W2gsLPZ31y-VYW6DBsm515r_8_W4yQ7XT5nMQbhN7wbHFG7_67yW7p6B366lZncGW82SZBJ2D0npDN2blGb4dFv7MW7zql6P5WnMxCW6ZJ5QB3Sds1CW2qs-763ld7XYW83lYF322HQc2W7rb21V3vBpWJVgcPjW3cN6mGVz41B93PlzdSW7VKJ6Y30R6zJW3HYlsd8HSzL5W23GQnR27dg_vN2lPVqjxcQgGW4s2zjj2Q09bgW46bzmf7y94RQW1Lf2vF2WsbV-W1zQqnT8yBFRCW7frhd72sLgdmW4DZT6C5W75_9W8myrL96Tn2SyW66RwsL2vslMVW2zkCX52spmBlW6JM2jt2H4WlfW7h43Gn4rYS2RN7wlDt_x_bWMW70XJyr3VwZtZW7s_N7k8d9QY_W6j5wdb41CpDGW6ZbFD460PSN8W27hgNY4w-chkW3G81Sd3hwqftW5JwNLT7hmQ8VW80RSx04nTsNMW1d40MZ1SfNXVW4hmG0s2yd889dgSHld04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="9px3ETkA" target="_blank">rejigged the architecture</a><span style="color: #000000;"> behind Fargo so questions were routed to the model equipped to answer a particular question best. Usage has shot up to more than 1 billion interactions, up from 250 million just a year ago, the bank </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJv65nXHCW69t95C6lZ3pvW39hkDF3Y1mxvW6NFTnM4tsNkHW1GGHDf6_ZPd0W27Vqx95dNkVPW6WXxLZ1HrR3_W8Zkmqn6sjY93N2NhqPFQxJdKW3gl7cT4905HSW9bZxhp7z5dnZW2l8w3F607nJnW3hvVFy7ynsLwW2g5SF56mtmsnV82qzH6l-ldPW8J6ZmL1s1xs7W4jyXTZ54W1VCW4lyLgk51M3DZVS3pPd5gg_YYW4hMF_R5Zb7tNW1cNnTF5Mm_c3N4QKnGjTGDq5W1_WnqD3r8XjqW6Mp3yx8_wnjqW6qHD755PW4ZrN1nntZ87qNJCW76VYg63Knv1GW3FXrch6s_nQDW1rcm6b5XM34cW5ShLFx5PC4syW7wt-ZQ2lC9FfW2tBr4Q5TrCNWW6HJYWx5HdMP5W1Ht5C38Xphv2W7VZNMZ4gRRhtW5LfGBj9m4PwSW5sfG0T51HxWgW3BKnJp1Gdwb4f1Vqw-x04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="oDyG4UkB" target="_blank">said last week</a>.</p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">The next step is turning personalized insights into action. <strong>Bank of America</strong>’s Erica, which has 58 million customer interactions per month, gets halfway there through proactivity: More than half of its exchanges are nudges the tool sends on its own – tips about deals they're eligible for based on their spending or warnings of upcoming balance issues. The challenger banks are showing how to go further: <strong>Starling Bank</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3kyN2nSqQK9RD9mW2Q_L4L1vPhFGW98JQCX12xblDN5kD4P6Ydm8cW8MPVF-7wRLY4W8hgW2d6Xj7YLW4Z9s7Y4VZ2h3N7wk9VhDq2_9W2RJnwb3b7JtRN6GFnd2VS9f0N2fgJy-nC-qZW5Sds1m4y1TWjVmN2v42jJBnWW5FMH8782MCBvW94JkqL637R3TW8kXKsw77LcpzW4QTtkj86X3pSW6b5GNj1cKLZSW2rlHm87LMrp6VnbZpr7yNyg0VkTnbh2T2BCgW2NHMp42l4Mg1W8rsdtK6N0shMW6bNKnd3TLWWqN3C9G_ZhRz6mW64HlQ84BnfZVW8CByBQ1pD5p3W142ywV1_cf6xW36z9DM842nZKW4pF0Rz4WzcMgW121tph6RGT0rW6Bj-df8dKT7Xf1DGq8004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="TXtflpqv" target="_blank">rolled out</a><span style="color: #000000;"> an assistant late last month that can transfer money straight from chat and take independent actions to help customers hit savings goals. Brazil’s <strong>Nubank </strong>is developing capabilities to let agents handle debt renegotiations and card servicing end-to-end, </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3q5W80R3fM4SwzGjW6nc7Y91BtXyqW1jHSGz7FTgx4W98Xh6R7KZDnHW2YB5tJ63NhSRW4ygdRy100g36W37dpyG4sM4p7W4dZ2NQ37GHZFW2rRDzS6pgghgW6tj5S-72Nc-CW2dyj4X4LwMT7W1z0jrq2th-SZW94DLc07qzQGQW1W1d8j8NHWHGW5M94FR12YHJ1W5DckRc8ss08gW2tPSMQ5k8V0GN5vbr7pGqGnfW77q5-n5ZS6NbW2-kxXq2VlL_SVHDyBc8JMRS3W8Lwlh75dhx84W518VnW7Hv2BXN1Znymp25bhHVLVJCp4j5mhzVh8z-v1D0vGBW4gHgYb207S5sW5tFXlx1PhmPZW2-8WYm2qbYn4W4v-2gs5fDpxlW8-YCl32Zck0XW5hSgDM3TwLh0f1FM9Wx04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="D4A2CIWs" target="_blank">the bank shared last week</a>.</p> <p style="line-height:150%"><br><span style="font-size: 18px;"><strong><span style="color: #000000;">Bottom line: </span></strong><span style="color: #000000;">Consumers are willing to give chatbots a second chance. Banks need to make sure that when they shake up their offerings, they don’t just say “ask again later.”</span></span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17745181430492" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17720438312065" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:10px 20px; font-size:0px"> <img alt="stat-of-the-week (1)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/stat-of-the-week%20(1).png?width=120&amp;upscale=true&amp;name=stat-of-the-week%20(1).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17648494286741" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17648494286741_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">STAT OF THE WEEK</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_176967893566510" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:0px 20px; font-size:0px"> <a href="mailto:%20harley@evidentinsights.com" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="4+hGPKp8"> <img alt="Stat of the week 27" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Stat%20of%20the%20week%2027.png?width=558&amp;upscale=true&amp;name=Stat%20of%20the%20week%2027.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px; border-radius:1%" width="279" align="middle" class="stretch-on-mobile"> </a> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:0px 10px 20px"><div id="hs_cos_wrapper_module_176484767944413" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_176484767944413_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%"><span style="color: #000000;">That sums up the ambitions of <strong>Citizens Financial</strong>’s AI overhaul, the bank’s president <strong>Brendan Coughlin </strong></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3pKW6Q7Zs88f5z0QW7L5QS85QQxHJW3bf-tY1RgZDCW2-B4kJ3TJ50WN1r9PjLVXcgBW5c50Zy86PQYhW7y_9sG1c2Y51W1r8j4Z3W7Ln0W6GpQnz1vXXnKW6pCCvc7Hc3F-W3vF6zg6tgghXW2W8RxR4sp34gW84f10W4lfVsmW6CYhkN1RPG-gV_hVl68SVQn-W88dj3Y9hmsJ7W8Z23TR6R0C94W70QDKc2mXbxnW7JDmzh2mX7mqN1PBDsdGfv12W4D7V4Y3cJjK-W8wh-4F1F-rWGVtvR2c3rs7ttW58pJ2M3fTBFxW5ywLWg3J7mkVW1Jt49J7zJ3LdW3cQqlV9hxgJGW7f0v885pVRt7W45x3tL2QL8hCW8-fW_58sTpFPW8sHXX78qfT2bW2-ypg-5HKKFCdbccrY04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="5WYAP8jI" target="_blank">said in an interview</a> <span style="color: #000000;">this week. The bank is investing $300 million to “reimagine” nearly 50 banking processes – from call center operations to anti-money laundering – with a target of $450 million in returns by 2028.&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><br><span style="font-size: 18px;"><strong><span style="color: #000000;">Zoom out:</span></strong><span style="color: #000000;"> It’s a test of whether a bank can skip the line. Most lenders have spent years layering AI, and then Gen AI, into the areas Citizens identified. Coughlin is pointing at skipping straight to agentic workflows: “We’ve actually started deploying — it’s in pilot — agentic AI into our call center with the goal of 50%-plus of our phone calls will ultimately be answered by a nonhuman in a very effective way,” he said. If it works, the bank will have compressed years of incremental build into a single push. If it doesn’t, it’s a reminder that while AI may provide shortcuts for tasks, rewiring processes, controls and teams still has to happen step-by-step.</span></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17745183691163" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17702988878326" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="in-the-news" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/in-the-news.png?width=120&amp;upscale=true&amp;name=in-the-news.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17702989514899" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17702989514899_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">IN THE NEWS</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">AI IN A DAY’S WORK</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"> <strong>JPMorganChase</strong> is getting ever-closer to tying AI to employee performance, a </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJv65nXHCW69t95C6lZ3nHW4V7hrG7hMbwsW58vPnN9g__RJV3QXLT3KLGRTN1P3qJJ_DZ62N2TcC-2zhDdWW3_jwYb6794lRW6q6YHD5bSDkFW6MY-v78zrVJXN1D9T3n8StZRW7cwlGf2kzY-gW82tj9z6zy1VWW5q4hRm5JrcnNW5yf6mc6HWXlBW7tPDq68sdGw2W5vRGFR8qhJVKN2SzHMwJTgT1VHXR8N3YnQmSN1njKMgbx26PW3k-ltZ8kg62JW7cXmnr86MVP_W88lKWg4TRg9kW1F7Vc76FzXHfW3PnN0956YMf6W5xh9777pMR4mW4jgrWm30mPpVW8TLzKT3ltMRpW1MXD6Z4xkCqzW5M8CV08Hs6L5VSMH_y5cvNCfW8Xc0sd48f5dVN826CrJ4Kh3kW7Np76r7wLMz8W5xyDQx56CS1MW7kFSYY2Ky9PBW5ylWLR4mHMDqW8Md2-H6rbFR6f3ZbRMC04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="bWFcFSap" target="_blank">leaked memo</a> <span style="color: #000000;">last week showed. Developers now must “demonstrate measurable improvement in code quality, speed and productivity through regular use of approved AI coding assist tools,” it read. The alternative, one developer said, is being seen by management as underperforming. The bank’s message on AI is starting to mirror CEO <strong>Jamie Dimon</strong>’s stance against remote work: If you don’t like it, go work somewhere else.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Lloyds</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJvK5bYhvW7lCGcx6lZ3q2W952kNv6KCz-3N4kfDhTzN4ZjW6JVDwz5tTT-BW1dzr2s4MdxzJW6cQzf86lKwNvW6pqZxv35sv-nVbQKZt4f2WnxW42hWQK7496PgW6X-g4T3hL5MlW50wm1G8N2gpKW7QtSVT6vFsBnVXRFd-1y3T0mW1r9lBz4VKvZkW2S9Brc1YnTw1VSBn2X5NzdVXN3xgfmT824KDW6YZ5j62g9_QVW2GztLY2t4v03W76gNvK3N5ZdqW6LM6Lc4X3ZP6W5XYnMJ2V2KLSW2JSsNS81pZcrW2Pr_sV98y6CyW7Q28768BHJjSW1Xm-xW9lrrf7N4h0_hRDYhrSW5Q3hMC342WbPW7R57td4fpG0DVQT6p02YhD6LW5ws8w089gM7rW4-H7Bg1QY1JkMPZKPNwG7m3W2p9VKG6t9RZnW3qWx976nxgMKW38Mp_-1M55LrV9l3Gg18t84XW8G0Wzv8dgzB9W7jMtRw8fnkm2W2T7LxM3T-KLpW5lbtZg92GkfNf3pxQ0H04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="AuofcM19" target="_blank">inked</a> <span style="color: #000000;">a new four-year research partnership with the <strong>University of Glasgow</strong>, focused on “how agentic AI can support software and data engineering at scale,” the bank’s AI head <strong>Rohit Dhawan</strong> wrote on LinkedIn. The bank didn’t disclose how much funding it would put into the program, but these academic tie-ups are taking up a larger part of budgets. <strong>UBS</strong> put roughly $21 million into a partnership with the University of Oxford earlier this year (see: <em>“</em></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3p4W6_h6Qc3Q_zxlN5dkLGVhxlHxVF_H2W7Ms_TJW412Lzh2C250bW11djjk7wl2x2W6-lK5X7J9XvzW2S6dl63t7QzwW7vGndx2RlTG-W320ShH3Sjl8RW2_TthP31L8hvW7nkBFh941fpvW6vDfBR3HB5GNW3BZ0Nj1hpb-KW5Npy2B3zNsbsW3QqVgW78GMjyW3M7wMd1FxkFqW3QmxRv90M-VYVlX76d8ZpFW9N2lxyW9ChDnZW98v7b43f721FW7nK7tC59ZC83W8BFwtB5w9VmYW465hfl7V_6LcW8lM7T-5Vs_B2W1Ltbz56XD4CxW17G4N_6qNK7nW7XyH_W3wkY6MW2xwP8w7nTLbvW5Dg3PY76jJT6VVSPnp8zLL4JW5BG1Sh4MG_f6MktPK2sqD5Pf4GFFTH04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="uyD0Ixvq" target="_blank"><em>Stat of the week</em></a><span style="color: #000000;"><em>,” The Brief, Feb. 5</em>). And <strong>BNY</strong>’s work with Carnegie Mellon University clocked in at $10 million.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">Want to know what it would look like if <strong>OpenAI </strong>owned a bank? Look to Russia. <strong>Sber</strong>, the country’s largest lender, built a foundation model to rival ChatGPT back in 2023. This week, it </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtR5nXHCW5BWr2F6lZ3pZW7kwDgB75q-y6W650Y8M8GcJtKVzPbrp3wHQCJW6_mlZd53JlzFW1ZsmLz4x2CTMW2Jjpq-8TyKKFW2D6nXf6skWCjW72CX6n3_TyfhN8lC49nLXBmlW8GVN793_RWJ4W54gH1Z8TGQlsW6_ctpP964XsLW23tLk57nrZglW8fvtYZ4YpXkCW2y_ZHh2jNkRDW4BWMd34zX9cWW2S9lc01Kt7qFTqqx16FVXwdW26KWW-4rK_rxN4KQKY6HlSHTW6qWgHd1xzp78VNY1pf9kT6HKW22qDVV4fY9KzW1Cbqxq4NfVShW2D8SQC5HSvydW7hFn911J31BxN97TWZbgvT-vW5Z9dK32t7bh5W2CS_4x9hQTWWW4NwPH14gg1QkW16nl2T8y5gtgW84MTtc91ZWqlW56qXLP466vntW1gYnJQ1XM3V_f210cwY04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="jbN75Rbx" target="_blank">released an update</a> <span style="color: #000000;">that improved the model’s long-term memory and integrated it into its banking chatbot, GigaChat. “We are moving from being just an answer-giving tool to becoming a multi-agent AI assistant,” said <strong>Anton Frolov</strong>, the bank’s head of Gen AI development. Its true ambitions though are bigger and more in line with China’s approach to superapps, where one app can connect to every part of someone’s digital life: “The era of dozens of apps for different tasks is ending,” he said. “In their place will be a single assistant that knows the user, adapts to their life, and is even capable of changing its own interface.”</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><br><strong><span style="color: #000000;">Ping An</span></strong><span style="color: #000000;">, China’s largest non-state owned insurance company, </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJv65nXHCW69t95C6lZ3p-W1RnL_S36WZ9YW77QK1s2xYCPBW4dXhtL8K5xJ0W3Nbb7Y668CrLW1Bn9Xw6BwxXRW61ZLhB6--8QJW5bGrVw4HYwL2W4y6HcX8GsxrJW8-9swL9fVrGYW5SPTkP6V0qGmW4_srFx27KsFkW6MZ9_v8t5TLsW97JWS61M8mkrW3jh63x8ZvHyMW1073bR5h79X_N7GpsJ0--syKW7QqjDm3pt_chW1z0qHn3CmkC6W89G1q898jRPrW4MJx7120bBfhVn59415RVTYCW4DJBzj7qGkckW4KfYrJ36tgZ7W3hWZBN8CRlW7W91-xPp2xbxJlW29kDK15m8jKSW3tH7vL9hlGMHW8nSTgN98fRCPN2W2gjYH858ZW2TMz6R7wsbRTW4mGP3h7Y6l2gW39h2Rb3fTGhbW6SWdrt1sCGwFN6P2PJ7XX01TW37T2zN7F5F2nW6PlMdJ7-sXSbf58FWSY04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="JeTX9O1y" target="_blank">says it’s aiming</a><span style="color: #000000;"> to double its price-to-book ratio through the use of AI, which could add up to $174 billion to its market cap. The firm already has AI embedded in operations: The tech handled 70% of its loan recoveries in 2025 and handled nearly 60% of its accident and health insurance claims.</span></span></p></div></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1775132477692" class="hse-section" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#F0F8FF; padding-bottom:15px; padding-top:5px" bgcolor="#F0F8FF"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#F0F8FF"> <tr style="background-color:#F0F8FF;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:15px; padding-top:5px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1775132477692_0" class="hse-column hse-size-12"> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17751325295714" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17751325295714_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>WHAT'S ON AT EVIDENT</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>NEW INDEX COMING SOON</strong></span></p> <p style="font-size:18px; line-height:150%; font-weight:normal">&nbsp;</p> <p style="font-size:18px; line-height:150%; font-weight:normal"><span style="font-family: Arial, sans-serif; color: #000000;"><span style="color: #000000;">The Evident AI Index sets the global standard for measuring AI adoption in banking. <span style="font-weight: normal;">Now, for the first time, it's coming to the Middle East and Africa</span>. Launching later this year, the MEA edition will benchmark more than 20 major banks across the region.</span></span></p></div></div></td></tr></tbody></table> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17751325464735" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate!important"> <tbody><tr> <td align="center" valign="middle" bgcolor="#f4854f" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; border-radius:8px; cursor:auto; background-color:#f4854f; mso-padding-alt:12px 18px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJw03hKBlW7Y8-PT6lZ3mLN8VyD-28hFFfV7lHqX1n6H6bW9dH1Lk48WTYvMw2dB-S1VqMW7Lk57w48rFtBW37mWsl1s9jhmW4KdyrG52JNDYW1mZ0l184g2XCW2B7YxW6ZZXt4W6Ppn_j63-pJqW1-wpxp3d5L5vW7ljzmM3M9l1-W2QQZtk962rMwVq1y_P78qDhnW5Zgjnl3vsd3mW5PjQrD8vMtfmW8hGy317wsw1dW2vZ7DB5T4v6kW9f-wYg1TG23mW3krx7S4tFSmRW6YKWBW7VQ1XlN5Xtl_08LKLnMgTW7B1XjRdW3zQx7r99k0XzW8MjBTT99ff2wW8bNbWb2J8WYpf2_jn2-04" target="_blank" style="color:#00a4bd; font-size:16px; font-family:Arial, sans-serif; Margin:0; text-transform:none; text-decoration:none; padding:12px 18px; display:block" data-hs-link-id="0" data-hs-link-id-v2="nIe87tTf"> <strong style="color:#ffffff;font-weight:normal;text-decoration:none;font-style:normal;">Learn more here</strong> </a> </td> </tr> </tbody></table></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1775136218595" class="hse-section hse-section-last" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-top:15px" bgcolor="#ffffff"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff"> <tr style="background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1775136218595_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17726623025422" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="misc-usecases" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/misc-usecases.png?width=120&amp;upscale=true&amp;name=misc-usecases.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17751268515561" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17751268515561_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>USE CASE CORNER</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>CLEAR AND PRESENT DANGER</strong></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Through the 2010s, there was a running joke that a company’s head of cybersecurity existed to be fired. In 2026, they may just get replaced by agents. In this week’s “Corner” we look at a new agentic tool from Australia’s <strong>CommBank</strong> that it uses to keep up with a surge of machine-generated threats.</span></p> <p style="line-height:150%"><span style="font-size: 18px; color: #000000;">&nbsp;</span></p> <p style="line-height:150%"><span style="color: #000000;"><strong>Use case:</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwC3qn9qW95jsWP6lZ3m3W96G6RK1ckwj6W5K3hcd180S0FW28nr1Z6Hkj2mW6c8G634kCL0jW8Hmq36457CjZN2vNfBlmwNQwW9l79qG4sxZrbW1ZSnC5824XztVy4JRc4g9GPWW3294Fs2fy3NZW2X-XVP3j3B9DW8DjH4P4VJQN0N73nmMg4x3fSW1TRfxH7L9gHGW8zLlPn7M_-6yW2sRR8m5fkW0hW7Xcngz7SyHsGW8dN5Cc2GGPnGW8HrTBc19-x8VW3SrmXv4ml13ZVVDvht1Lc5VxW2FN1vG5d2YHYW3vcJBQ6pMj93W8jJTN16fJNf7W4Q2K3v3hvh3ZW55RbNk3fK0MfW4J4fKy1z-mSzW91MQcl4FmMW2W7_F2t467JDG7W6lk2KL6z5cTDf1yDLjx04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="WvBd+/X+" target="_blank">Agentic threat hunter</a></p> <p style="line-height:150%"><span style="color: #000000;"><strong>Vendor:</strong> n/a</span></p> <p style="line-height:150%"><span style="color: #000000;"><strong>Bank: </strong>CommBank</span></p> <p style="line-height:150%"><span style="font-size: 18px; color: #000000;">&nbsp;</span></p> <p style="line-height:150%"><span style="color: #000000;"><strong>Why it’s interesting: </strong>The cybersecurity tools vendors are putting out aren’t equipped to handle how fast those new threats are popping up, Andrew Pade, GM of cyber defense operations at CommBank, said at a conference last month. A</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtR5nXHCW5BWr2F6lZ3lVN77yH1CMsXQXW3wRlrG3w86JbW8Q8_0R6CwFdHMgGHYqrJ20_W92d8ff6LXXKyW4TCS4Q1BC296N87pCZy9r6jbW1cgFGW2hdy9BW7c7lfM5DZvyrW47B8fq6bjGrmW7LLdzT9g9n64VhhKcC1XL2zGW96_XXM2H5_sTW1YS5F-7NpKtXW5y3kSS4DDRyXW6_gZBQ3B1w-FW6Z4CJv7rvp6pW5BJVj_38Sfn9W1mTz-m8sSX9tN5dwFS-P06FxW79Yvfm2qZdhjW2YMhKK7yWj5XN45L61rnmSXQW89PTJL2Lh0bLVWG10z3zzRLlN52snk0k_g3cW7pd1H28V5g6GW1Cml3-7KW1RSW3wpxS63XhMlNW85WKYw2TwC8mW18RTy24DZ173W2_Yy1v48MmS2W3cPWrD7n2FVyW4Sn-GW3NXB4CdPcqqx04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="ZSLWncvy" target="_blank">report from security firm</a> <span style="color: #000000;">CrowdStrike this year found that AI-enabled attacks grew 89% in 2025 compared to the previous year. The scale of potential threats banks need to defend against is growing even faster. Since Pade joined CommBank six years ago, the number of threat signals that the bank needs to track has jumped 5,000 times over – from 80 million per week to 400 billion. “You cannot manage that with traditional cyber defenses,” Pade said. In response, the bank built its own agentic tool to take in threat information and identify spots across the business’s tech footprint where it could be vulnerable.</span></p> <p style="line-height:150%"><span style="font-size: 18px; color: #000000;">&nbsp;</span></p> <p style="line-height:150%"><span style="color: #000000;"><strong>How it works: </strong>The bank uses two AI agents in tandem to wrangle the increased threats. The first agent assesses how serious a threat is. That work used to take humans two days. It takes the agent about 30 minutes. A second agent then scans the bank’s systems to see how those threats could be exploited inside the bank’s systems.&nbsp;</span></p> <p style="line-height:150%"><span style="font-size: 18px; color: #000000;">&nbsp;</span></p> <p style="line-height:150%"><span style="color: #000000;"><strong>By the numbers: </strong>The agents reduce the amount of time it takes the bank to respond to threats, but they also gives the security team a better handle on what the emerging risks to the bank actually are, Pade said.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><br><strong><span style="color: #000000;">Bigger picture: </span></strong><span style="color: #000000;">Banks still play cybersecurity use cases close to their chest to avoid revealing information to bad actors. In the <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3qn9qW8wLKSR6lZ3nJW2RXrNq72kPcFW742FdT8PcgsMW3HPNBP3_TfG8W9dvkP84x6fLRW5yYPB38vctM5V_w-Rf2nfYsDW8z-FvS6yNV8KVHknMx3NpG08W6yKJcv51sP3FW5LGfY65Bg9mfW4x90kL4w2tKQW6NbVJf2SGH4_N8MpvLB8nxQ9W5VSwC06WlS0cW1_LqmM84s9HWW5m5Bpp2_DNXVW7Xvv8j88Xj6PW7vxcD56RqLV4W2VdpmG3SxJKKW89DlsM6gQXt-W84T_m96spy6FW2pfMPQ86D6b7W8kXbzX3cF4zXW46Czh63y7HtQW7DKqLq4_bXZ6VqrZzy7YX9y4W8vnPVD6xPDgcW7nrdsD1r1-TVf8f4C1v04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="SrYZbmmt" target="_blank">Use Case Tracker</a> – our database of the use cases publicly rolled out by the 50 banks we track – CommBank’s build is the first new tool since JPMorganChase launched its threat modeling co-pilot late last year (see:</span><em><span style="color: #000000;"> “</span></em><span style="font-size: 18px;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwC3qn9qW95jsWP6lZ3p-W8pTgPv44nB4RW8-qrCs3p9XyrN8TjTr1m2gsCW1j_l_K3Dk6DDW8cN7vp645491W1RKHH71BxsfLW5fMvLM2J-MfbW2YlQ587XfqTkW7TGTS_3s3dVFV6PFNW92tSBKW8NwXxl5fRKFMN8V84vHf7_T-W7SCQT91Z69-JW5YsBcs9lgKW0N7Y0ZhBl05-bW5Ld4s67JGllPN5PtxX4h9p7sMs_SyNPKcj7N2qgzVhG8H6cV1pcKJ810_3hW8_Jw-11yKv1nW2tk2TK4mk3wPW65Bg8F3qccnBW8l7Qx-7l1smqMSPB4fZt9VfW8zrQ762yCqBwN9b0l6RJkfjfW1ngnHW4j3N0tW51t1bZ5flVqyW4gKthv2ydF-jf4gT-JY04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="SLCe2oJ1" target="_blank"><em>Playing defense</em></a></span><em><span style="color: #000000;">” The Brief, Nov. 13</span></em><span style="color: #000000;">). But with </span><span style="font-size: 18px;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtR5nXHCW5BWr2F6lZ3mKW18GSW445f8zwW1nT1Hk2DYdgdW3mqymZ79Hb2bW4n5d482TGHrJW8LDTt91CXfB1W61fK0m4xv25DW5FdpZ55dKmvWW5kK3H42bG_PpW64x-pC3vT7rjW46-7505Kjbn4W8qNkdS8PxbYKW6TSjVx2bC1ZSW60fCQx4vrt0fW4-5lGg70KTvZW9j-knm6J3hpnW1mp4cz3r17YBVnDPmg95DTK4W81Gtjl3qdTphW28LY1X5-5yWVVnVZcp1mwMQSW2tvcVW1WmQYRW1c1SzH4TJL8FW1mQPjb7p1hszW9hf8-T4N0h-MW1B4Clf7G91qGW683vZg2hH_yrW5LGSMR6SS4TTW7CCvx58SjzgbW1cxG-27Ss8tzW4Cr-gK2XX7FvW3C6_Zf4ZpRwcN6zWcSdBgFtHW7xqglY2vc48mW95RgXP27_hWZf2Z1DQ204" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="vu0cxJWh" target="_blank">regulators now warning banks</a></span><span style="color: #000000;"> of increased cyber risk due to geopolitical turmoil, behind the scenes there’s an uptick in new tools in the space.</span></span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17727037736571" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17726625220083" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="notably-quotable" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/notably-quotable.png?width=120&amp;upscale=true&amp;name=notably-quotable.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17726625246574" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726625246574_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">NOTABLY QUOTABLE</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="line-height:150%; font-size:22px"><em><span style="color: #767e96;">“One of the advantages of having forward deployment engineers [from Anthropic] is also that there is a little bit of clash of culture that is happening around the table. And so people think really, really differently. And that pushes people outside their comfort zone.”</span></em></p> <p style="line-height:150%; font-size:22px">&nbsp;</p> <p style="text-align:right; font-size:18px; line-height:125%" align="right"><span style="color: #000000;">––<span style="color: #000000;">Marco Argenti, CIO at Goldman Sachs, </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJtx5nXHCW50kH_H6lZ3n7W4y5JQp5XDjFwW93c88T3vwHSsW8D64dn8_dpnvN5zPfbCLRqjNW2DGSgz5gXfVqW8kLtVH52TDPJW5TYBRc1gBShBW1kjBNp56xm5vN5l9DTtGFdgnW8DYsRq4bkj50W5v_DQK4QXsQ6W5m4JK47NdnFcN7bc01BNr44bW1hQVGX6rjPSQTBlpV1Swrm3W5qk6Qs4GzgClW1jM7kP6G-Qp1N4vrvflhYnzmW3zYsgJ5HlDGFW4c3k3W5jglbsW14rYd74XvLWCW5_-kvY6p1bGMW2l_qdv3Jx6tMW8x_gQy4dqrrlW4mdrp_2ZRFw9VxL6XQ7QWJdhN2z99mgmnQ4SW7pHt2m88QC54W7R-G3_1JWQccN1slPGjPQwnQW8349GK4_B72hW7d94H194nzwZdDDF2H04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="eoIQ1l2b" target="_blank">on a podcast</a><span style="color: #000000;">, March 30</span><span style="color: #000000;"><br></span></span></p> <pre style="white-space:pre-wrap"></pre></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17745249582284" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_176786237098810" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:20px 20px 10px; font-size:0px"> <img alt="talent-matters" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/talent-matters.png?width=120&amp;upscale=true&amp;name=talent-matters.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 15px"><div id="hs_cos_wrapper_module_177089863916011" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_177089863916011_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">TALENT MATTERS</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">NEW REALITY</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>JPMorganChase</strong> hired <strong>Lambert Mathias </strong>as a managing director, where he’ll be “designing architectures where perception, memory, reasoning, and tools come together to operate reliably at scale,”</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJw03qn9qW7Y8-PT6lZ3kCW56yq2_3D-RyYW6Bckc15zHppLW3ywnYk4X21ZmW62Kq966McNwBW31xfpt6-B5ZwW209s338KGPy6W4wsRzV8Tyl7CN896slxyzJC7W7cBX-Y7KZXvYV1Nh7K3dfdY9W6XYjp_3_m_4bW7Pvjf06QK7nVW63QmXl1RL0PSW79_SzB246DyzW51LGMj331Xv_W3R4Pc-7-HYjvW2BrNp-3bH1tqVMGtQM1lmGfpW3D2wnB5d4RsxW7k_3xm8-w2BqW4HSgZ-4d9nCpVHs--x4FNmxgW4LhpV57WycWXW83r_Hf51fLWmW7KRtCh1WTgflW3kY_gm92lWslf5WBThq04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="VyKFUNQT" target="_blank">he wrote</a> <span style="color: #000000;">on LinkedIn. Mathias was previously an AI research scientist for <strong>Meta</strong>’s Reality Labs unit, the division working on virtual reality and AI glasses.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Aarti Gupta</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJvK5bYhvW7lCGcx6lZ3l8W8cN-pw1YpzxPW7-6YPQ1msnfrW2r_w4y79mKXLW4D_yJ-15N9wqVP-NWL8m6XWBW4C40dx1LQjZRW5262Cj9lpmMHW2BPCm68F40lZW2KTBFb4FnZXFW6yGQ9Y7L2DgCN9fSwRrDmB4WW50VpVv85NGW8W4L35HV4nP9whW7QfV7s31_DJyW2-mtgP4JpDxyW8TRxKr5qhpPsW5tHvlX5836ZvW3Q1v9j8SV8k6W3Bt8Hj8DfzNdW2tgdgf3qvQkPW45Y1nN4G0KzfW3SdD9y9fTlXCV7M2756wG2q4W4cSCnL4NyTyLW34K8r56bMHmCW6-tzzw1lCY_BW1qzSl31btsh_W4-Pj4B8ccb9KW6VLN9J8831pzW12XJ6B1vnCXcW7W0lYL1Dh_-QW7YFXDL72ZZ0CW7HrDw27vYLf3W8dCCGg2ZxCBFN6YYXVNxzSfhW57_rC_6l6fjWW4dCF9T3GV4LvW74kN-r703JmVW7J8q9p230kvBW85R5VH22jJk-f2cgJH-04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="kwHiEFIa" target="_blank">is now</a> <span style="color: #000000;">head of planning and enablement for data, digital and AI at <strong>Westpac</strong>. She’s been with the Australian bank since 2019.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Karanbir Singh Mann</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJvK5bYhvW7lCGcx6lZ3pXV5P3LH2bvyQTW2mDMCh75xmDmW4yVzl74z64jWW8QjhSm5hTt0rW5MMRCs4VJYQpW10Tm--3gnHwwW7Hqg1h8k_2hdN4kvrtdr9kz2N2yQhx7MDjR8W7tLRk-7pXMF-W2vblkb6ls9f0V2bj525HLv11Vc_Y8Y71_8qrW5PGgsn4Q_zScW75-J7B9f2f6sW43RDS03C-SfJW1GPpw5385gDyVdr7W15YMWDqW8s4fZ_57W2VkW4zPfWv4HnVySW5J15938SVKn3W2hS6_t23bJJSW91Z6gz3JphkKW2Z3R_h2Cwp7lW1B6gnW2PrmtvW5HS6KL2KBDwqW8Qqmns9cVzbLW1PDmbP6HjTtfW44q2NB9h4t2sW16m_qh1t1YFrW4s8f3m2MCN4VW891DdN2v75yKW4KPDSS6zK06BW7lmckP5plKg8N3BqcBMLnk0VW8V3xKH327_gRW5699NY7hckM1W4mZSR_6N0kr5W8MWXfF22rBlrW44Kp037-DzX3f1zVjKn04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="jcGhchTM" target="_blank">was promoted to</a> <span style="color: #000000;">director of software engineering at <strong>RBC</strong>. He’ll focus on “bringing together strong backend engineering with emerging agentic AI capabilities,” he wrote on LinkedIn.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><br><strong><span style="color: #000000;">Morgan Stanley</span></strong><span style="color: #000000;"> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3qn9qW8wLKSR6lZ3mbW6Gb9_d8XttDrW378wXz6Kk-TmW5WnQlG45CcSgW2XBNK248X_XDW57fH6J7dP95fW66WTXJ98k1NWW2tnWWn4ZDWswW7xQL-84vsgNPN5P6w7d2Bh4sW6jnRbY8VGstsW58cqsl7kX4ZtW5hmhJp59RvSFW4n3KG88C72s1W7V-lkD6Wp4sDN89dX5jcMskwW7nXPq-9dFt2nN60TYB5gXz8CW70H1Qh72rv1mW21yXFK7P7_tmW1PlCg-65wTRcV8Rdv88PvZKQW45KGn03LCwkLW7694C51gS6xkW2L0nXh5kllycW2RGP0R4_WLZVW5l0Wdx6K1rRcW4p4FxL7Hy3cMW2xf4qd85y4q5f8stMMs04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="Tu05+s+Q" target="_blank">is hiring</a><span style="color: #000000;"> a Gen AI strategy and transformation change management officer. Among the responsibilities is tracking “metrics to assess the impact of education and engagement efforts on employee literacy and adoption.”</span></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17751290732563" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:25px 20px 20px"><div id="hs_cos_wrapper_module_17745356447151" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17745356447151_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:125%; font-size:18px; font-weight:bold"><span style="color: #000000;">WHAT’S ON</span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><strong><span style="color: #000000;">Tues 14 April</span></strong></p> <p style="font-size:18px; line-height:150%"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3hKBlW8wLKSR6lZ3mGW399JJY5SC3lnW2jDqcT32Zq1sW4khkNR5VNcbvN880NvxNLxF6W7XDSyj5B4MbFW4_HPhN5ZBv0DW6WCQNV6WfSC8W6JvMGk4Vs1XmW6__fh38Ml-zcW74fLCf46JqTNW5rb2dk8_nYYXW6QVrF74b6R9zN13LgYF_qH7RW1WRFW381b7WTMds3d9M_d59W2WbZtL63Qmq8W49Qwt724B3SQW7CDPzt1cRGQcVTCkS96d1MC9W2fPmk06bWBZQN71ksSggPt_cW8FRbrn4RCfhMW8Gd0Cw3GTqf6W4gGr0562d5P0W7d1dm76V-G5mW795VBc8d_G7xW89p_9269f234W4QvKZb6DmjW3cDvqx04" rel="noopener" style="color:#f4854f" data-hs-link-id="1" data-hs-link-id-v2="DJeNAuVc" target="_blank">Scaling What Works: Where Banks Are Unlocking Real Value From AI</a><span style="color: #000000;">, Virtual</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><strong><span style="color: #000000;">Weds 15 - Thurs 16 April</span></strong></p> <p style="font-size:18px; line-height:150%"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3qn9qW8wLKSR6lZ3kTW4TRQP52qcgM5W4hfBt73S4lkPVkqBzn575HNcW4FD9cb6-PdK5W3Yd4q1514mDDW3wGQZY8B0NTrN131glsnb1V8W5b7CSD3k_QWcW8F477w1zsJ_zN5Y0N_Hqbq87W957gtK7MtdPxW3Y4BSc57wYZVW3D054V6xKhzqW6x-l5p21DjPLW60ln-g8KDyS2W8N1mTC8261SjW1klmgC9dC4N7W33350J3tRqQ4W7B3hWl4WnCXqW320CSf3wBfV9N5rmNL63r6x7W104N9v1rmfcXW4xZfvP7t08zQW5W4lSz49S5HdVrWPVK6wwF8RW8RPDWF7MjLLXW6VmDMX4KYlbdW790rdc1_1g7_f2wT7v804" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="Uez0qjRG" target="_blank">AI in Finance Summit</a><span style="color: #000000;">,</span><strong><span style="color: #000000;"> </span></strong><span style="color: #000000;">New York, NY</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="font-size: 18px;"><strong><span style="color: #000000;">Mon 27 - Tues 28 April</span></strong></span></p> <p style="font-size:18px; line-height:150%"><span style="font-size: 18px;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJN7jDJwj3qn9qW8wLKSR6lZ3m3W6M_Hvy3G7K4pW9425VZ5BQtfXW4Mbtr46DVBB1W5Tz6Rz3yfWGvW31BqLW7VDBG6W5hPzRC5jd86WW3HTmkP84VvrZW26wkdt2Sxb6TW1_MfGN5W_j1zW2F0X095_WBPdW1XlgFq8HLHtzW3VkpKz6LsT4KVmd6Ny8n61mCW3LD8qn87HkPSW6GZ0921cjTY1W16nkq84fgcppW4SN0XG1xhgjQW8nMW9S4Zdb3QW2cdRsy95GrG7W9c-DH13GcBqbN4LJPl4K8s--W1HKXPs4CwZ6cW9jbWfx2TnKhgW3330vY4MK8fNW2hH7v_4ZsfqYW6M84hK5DqlY7W3S51d74nXFrMW7tgStj3GxXPkf6Cf4xj04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="5Gw6JyeF" target="_blank">Momentum AI New York 2026</a><span style="color: #000000;">, New York, NY</span></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17726625320245" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:25px 20px 20px"><div id="hs_cos_wrapper_module_17751290704082" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17751290704082_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:125%; font-size:18px; font-weight:bold"><span style="color: #000000;">THE BRIEF TEAM</span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Alexandra Mousavizadeh&nbsp;| Co-founder &amp; CEO |&nbsp;</span><span style="color: #ff7129;">alexandra.mousavizadeh@evidentinsights.com</span><br><span style="color: #000000;">Annabel Ayles | Co-founder &amp; co-CEO |&nbsp;</span><span style="color: #ff7129;">annabel.ayles@evidentinsights.com<br><span style="color: #000000;">Colin Gilbert&nbsp;| VP, Intelligence | </span></span><span style="color: #ff7129;"><span style="color: #f4854f;">colin@evidentinsights.com</span><br></span><span style="color: #000000;">Matthew Kaminski | Senior Advisor | </span><span style="color: #f4854f;">matt@evidentinsights.com</span><br><span style="color: #000000;">Kevin McAllister&nbsp;| Senior Editor |</span>&nbsp;<span style="color: #f4854f;">kevin@evidentinsights.com<br><span style="color: #000000;">Daniel Shackleford Capel | MD, Banking | <span style="color: #f4854f;">daniel@evidentinsights.com</span></span><br></span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="line-height:125%; font-size:13px"><span style="font-style: italic; color: #000000;">Contributors:</span></p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Maryam Akram | Senior Research Manager</span><br><span style="color: #000000;">Zachary Groz | Reporter</span><br><span style="color: #000000;">Alex Inch | Data Scientist </span><br><span style="color: #000000;">Sam Meeson | AI Research Analyst</span><br><span style="color: #000000;">Gabriel Perez Jaen | Senior Research Manager</span></p> <p style="line-height:125%; font-size:13px"><br><span style="font-style: italic; color: #000000;">Design:</span></p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Jay Prynne | Head of Design</span></p> <p style="line-height:125%"><span style="color: #000000; font-size: 13px;">Marcus Gurtler | Junior Designer</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17400439881576" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="presentation" class="hse-footer hse-secondary" width="100%" cellpadding="0" cellspacing="0" style="font-family:Arial, sans-serif; font-size:12px; line-height:135%; color:#23496d; margin-bottom:0; padding:0"> <tbody> <tr> <td align="center" valign="top" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; text-align:center; margin-bottom:0; line-height:135%; padding:10px 20px"> <p style="font-family:Arial, sans-serif;font-size:10px;font-weight:normal;text-decoration:none;font-style:normal;color:#b5b9c4"> Evident Insights, 9th Floor, 107 Cheapside, London, United Kingdom EC2V 6DN </p> <p> <a data-unsubscribe="true" href="https://hs-26807565.s.hubspotemail-eu1.net/hs/preferences-center/en/page?data=W2nVjwf3Y2wXyW2MxH6C3JJLL3W2-LvBj2HTwprW2YGZXg2z-zsKW32bpxv1QxKwtW2CNxHs3dfWvlW3_ZxR42YykPsW47RVDf2xP0qJW45yj803Kd1_6W4fQXTD2CL5x2W2sVmz24fNqY9W1SyNjg2MvwVFW20WbFD3__DVCW2xMh0M3g2v9kW4hrHkW36vy-mW2nXvBr347FKkW3KbVBt47R5WgW2FGXJY2z-_0ZW2xFYgK30dC79W2nXTBT3jdkhKW4cPp5l3NF4g5W4pK2bh2FYxrgW2sJNXW4kG600W2vZKWs1SynkbW230--T3ZVBpFW2-rFr44mrgxgW2CYjkg2YrXFjW4fM9wJ3Vztl8W47DGHt3QMWxXW212r_v1QvyMFW3zhtyz1XxYdNW400wz12Mp93jW1SbZW52YrSq1W2vM1YC4hs2Z_W2WdWSJ1SlZzqW3blm1B1_sLKFW20T5RB4pzC1zW2B0GxS3XYKqbW3y_-mS30bBWzW32lkfz3__HlyW4mytmB2qStsMW24T1Bk4fj0XNW3VNMrd45PF-YW4ft_5636mYH0W3XWHdN24_FsBW3V_V8C3H9PfhW3R6WQj2-bpFMW4crKVP2sKDvFW1S9lQW2x_9RlW41VCwt41LfD9W30DTxN1NfYNzW235fr04fHqF1W36xk3l2D0T80W2sBbLx2vRGDDW2t6KMD2YdgZXW329_p72HsZn8W1LC15-36BC_QW2D0vFn30qh_s0&amp;utm_campaign=83923185-Brief&amp;utm_source=hs_email&amp;utm_medium=email&amp;utm_content=132516645&amp;_hsenc=p2ANqtz-_tiYnqrLuWMp_JLRQEIVriB5IDlghzs-Go_suDYtl7VCIOtb-HAnKEyrUh9I9Eblwg5JSkqc8vghWBjAn7xe5G06cqoTMQp9b2aYeW5b85agzFnLU&amp;_hsmi=132516645" style="font-family:Helvetica,Arial,sans-serif; font-size:10px; color:#979cac; font-weight:normal; text-decoration:underline; font-style:normal" data-hs-link-id="0" data-hs-link-id-v2="qjPJqCop" target="_blank">Manage preferences</a> </p> </td> </tr> </tbody> </table></div> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div></div> </td> </tr> </tbody></table> </div> <img src="https://d38fgp04.eu1.hubspotlinks.com/Cto/X+113/d38fgp04/MX0GpcCHxlTW7BvFFV1Vkh8CW7jDgJ35MnNwJW7jDJfx8fYy8q31761" alt="" width="1" height="1" border="0" style="display:none!important;min-height:1px!important;width:1px!important;border-width:0!important;margin-top:0!important;margin-bottom:0!important;margin-right:0!important;margin-left:0!important;padding-top:0!important;padding-bottom:0!important;padding-right:0!important;padding-left:0!important"></body></html>
  3. Money Stuff: OpenAI Is Almost Public

    Wed, 01 Apr 2026 17:59:14 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" style="width: 100%;"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> <meta name="viewport" content="initial-scale=1"> <title>Money Stuff</title> <!--[if (mso)|(mso 16)]><style type="text/css">a{text-decoration:none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:antialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color:#000;text-decoration:none!important;border-bottom:1px solid #000;background-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@media only screen and (max-width:480px){.lihide{display:none!important}.lishow{display:block!important;width:auto!important;overflow:visible!important;float:none!important;max-height:inherit!important;line-height:inherit!important}.email-ssl-image{width:100%!important;height:auto!important}.body-image img{width:100%!important}.logo-image{width:100%!important}}</style></head> <body style="width: 100%; -webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; line-height: 150%; margin: 0; padding: 0;"> <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://post.spmailtechnolo.com/q/-OyO3W5D9IFkEvJZQpQtpQ~~/AARGbBA~/j0rsSlRLew-7xQ4VAXzP1D2TmBYwvm9A0WB1ACUzHoTIUCs8ztXiTTl7sy-EQFDlm8D6IEOaH33IvXySW2r5u9vTSQEPZUc4J-p9DdNbvdw~" alt=""/></div> <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;"></span><img src="https://links.message.bloomberg.com/s/eo/pXi9u7LnLM0FVAc2sSqOt8tRqPlFliPdGx72KC_0zMT5LUGS1CvVBu_omcxMGTHVv9kU8wmbPR7tFxhUYJcVgM1ku9EDhZxtz_wMPYxf8sYL3aIXXvdnA1IZ6iPB-btVBzn65qcKbJbfwVeVviZ-38EUuNr_vPbJ4ZZXuOPpxzNIfCgaQ2r8wmDkjjEcp8BlIzna8GHcHBVGwAHRWl_nEty4YmZYqRTUuuBW/7R2JOI2FcYsH3b1KmIeY-KB0MAcdBJwS/19" style="border:0;width:1px;height:1px;border-width:0px!important;display:none!important;line-height:0!important;" width="1" height="1"/> <table id="wrapper" width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="-webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: 100% !important;"> <!--[if mso]><center> <tr><td> <table border="0" cellpadding="0" cellspacing="0" width="550"><![endif]--> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <div style="display: none; max-height: 0px; overflow: hidden;"> Snap, karaoke, umami, swears. </div> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 15px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> <a href="https://links.message.bloomberg.com/s/c/wYuoMCoflhYSP9m3d5M2UEuDApuWXSt0PcZzzxmmKk3EexSu5jRJXYxGTFRtABhlVB0JlJrw90fRfZZoDUPCZaddKizCS5Mxlm-xTQPFtWy06xyZ9iWWP0y6ZbUGCMHCN62mZYKI05IgG2FVHnSX0iLeNtEjWMMHUIw2gluEa5bExaJWQHilOr-vbY9fDql5U2LUZAvENFjo3fj8L-fcoOdAQ3nIifyEJSVmVuu52I50WS3HFD-HhILti_ZSFVtC8kgk6A2j4XYD06Q9P10aCwq6rf9ImupDoCoKmrX5V1260ujotvck51bFWCVNW6kHUfzohH4xIv9Rx19R4hD1lwklgg_lf__kUqHj2y_Ezb640o_uzHefWBoxiw/17SFBHL16viFDCcygGV4XWE8AgilzmcI/19" style="font-family: Helvetica, Arial, sans-serif; text-decoration: underline; font-size: 14px; color: #767676 !important;">View in browser</a> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;"> <a href="https://links.message.bloomberg.com/s/c/jZLvULGR3jvs1t3WU-dbEtaKXpYgS5pZ7xYshiFKgxPEWJwlvOCddxcf5g0YGtD2mxFDeZg39Y480ruEiFEt-rGFwUlRWE_UWoDkTUN2VWQObcDxvzKkDTgOqh8xv-BX9pQzBqLGk3rAhd3vvW3o6Df0R16tKAlEZvlmG2Dy_nMkwy1E2DXqqLyPvsG6KqGz4CIGQI0zvIl781C2zePtORdWdcqB0cCRI0HN29GFXuF5yyIwqTo2ZVJu4w5d8dWblquoHNRHkQpG8Fdjp8HjiPr4_OQN7mQ6ly3q4J7KwXPy2KMINPwcUIG9ltceF_NVZJRHmuAOskj6qqz_-zyqH-nkNpXY_dkbI4iOAssn80qyI4M7VTl5g6aCEQ/dfPro4ujhb6Pqzv49f57NNAS-TfzSirI/19"><!--[if mso]><table width="550"><tr><td><img alt="Bloomberg" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img class="logo-image" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/img7rZ7yYddA/v0/-1x-1.png" border="0" alt="Bloomberg" style="max-width: 550px; width: 530px; display: block;" width="530"><!--[if mso]></div><![endif]--></a> </td> </tr> </table><table align="center" border="0" cellpadding="0" cellspacing="0" data-lt-version="3.0.0"> <tr> <td colspan="2" align="center" style="line-height: 1px"> <img src="https://sli.bloomberg.com/imp?s=1149004&amp;li=17522219&amp;m=4c6f36cb7bc27023b5890c47a7e79821&amp;p=04012026&amp;lctg=c5f61690-dee6-41f3-a7ca-09184f83151d&amp;stpe=static" border="0" style="max-width: 550px; display: block; max-height: 12px !important;"> </td> </tr> <tr> <td colspan="2" style="line-height: 1px"> <a href="https://links.message.bloomberg.com/s/c/bFrAANuhGGSqBMWCmtZKtBdUWXvLqGGXzQjV_5eBcrbUCXXpBn21mXuBFqDcUv5nCXu6Bs46XMcBOFtjOHDFoTyDhyLE4JTbKESbzSF25ukJ878uKSc84Va3W5DavFCCnMnRNzvPf_gcWPiONbSInTjDKTSM115SnnyFRdT3yUFxrYxuqqwQoVvLvKyaA6gb7j8UmBb8MNQ7L9MmIUQ6TQbDK9khRW2ihCEZ3D69o6BTAZmhgXpCgQRV_2a2fFpkGKnmkwzixZU_WyTkB3Mhr5OE6yvIpZyMigAN4XF1-ZsXv02tTnd54ZUjBW2dcrTWIjjn_QXdDDU67jmcFcvF6RT38PWRPr7yOZmr6bmB9Dw6Y838iklExQwffT7U0uoaVQ5obc2twmLWbyNESfwSji5xsNplwnUzuUldVaSLSr4eF7J8u90ic9N2vPGOAhzepOOjzDdvFKXgpPD4am53_RYQgxrk9G1NhduvnSBsw2ohK75rTGo-vK3_5RCLU4NeC6_xmrNqPwh1kqc5ueoCX5hq3tF4tlZ5RHByRHGwva6korNTcq0BVyioQh_lkjecKl92dRWr28Iqlh4p6pDjl1nF_ojh8ec-ED6jiqXPPXvzJHrzaeW_0OE_vLDGaL_lw43EZZ5cjK7QNJP98_g88cGPfrr4GalQB9DSBRRD83Jo9HqztRxIi9Uz5grCdi4/nn7u-UfM-qfmUrLDJctTzq1_XuTaUmEY/19" rel="nofollow" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=1149004&li=17522219&m=4c6f36cb7bc27023b5890c47a7e79821&p=04012026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d&stpe=default&li_coord=desktop&collapse_width=550" border="0" width="550" style="display: block; width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--[if !mso]>--> <tr style="display: none"> <td colspan="2" style="line-height: 1px"> <a href="https://links.message.bloomberg.com/s/c/2Nfd4aouWUYbGRjCBc-RVwvoehpdY7dvKMvCTxSCt5bIoHNFp45iPHk07x5Jf4X4qSt6BqkNWqSjFLMtNZ7OY6XrGDljOCJI5Suvj8P6-gqclPq09WDzQH233fpBRheBdZCezcey8sD0Ukr02FzLSe2oSpu4DbMCpdxWEOEud47LvXQMoHuF_ko4DyW-WTwlO8M483gbX5Fxm93u30a3aPOy-usQCwe7ngL6eiQ5gPMzeAynh5o2JinlJl8vBLV2_BaXSs3rqEP8bIce5tpl-5_QZE2m64DR4ySNJWwAfzggd4qubqEW2F90iN6K46IHELg-URojWCKwvUrKBenJrURl52qjT1cnH8zpJpORz64Kq8r9tjTh2rBQxKQbYU0UyDarGU4DWsPBAKs-872jtEb_OUdPzRV3X7naUNwQXjJePHeEjOUMBQmHE-8YpMLNw7u3uUxsF6TjtSLRE075kLquNdeZwrXYImgcG4hF2vQF81DBFhHpHO3yd4KnBS6P36nAxer8rJUwcP-3rYnAIeuTEAxul854fdNQmWolPNU_5O7shlUqfbz0epofSZGE8lXHGmL5WbyH0XcyGZydJ2LndpsDKNhyT7ohZWuUhdfnU9pgmjYSGWXcuoBrjVH85EV2fGArfE6H3UCQJg3DFIi_5Mv-n3MQz0gAezKA8fRo6tkRAuQSitIS_ZJw4Uo/fllQX1ZzPLGLwbH5e_4HG9k0u1VUEKfc/19" rel="nofollow" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=1149004&li=17522219&m=4c6f36cb7bc27023b5890c47a7e79821&p=04012026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d&stpe=default&li_coord=mobile&collapse_width=550" border="0" width="550" style="display: block !important; width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Private markets are the new public markets</h2> </td> </tr> </table> <p style="margin: 16px 0;">Today Bloomberg’s Bailey Lipschultz and Edward Ludlow report that SpaceX <a href="https://links.message.bloomberg.com/s/c/ze8vG1k3IPFtmjRkqniFxitOb5KOX5kXVIhyWmPkpYPc-3vZflaMPTNJvul8mMHHTjT_FtGUhkVr3PwV13GxOZWgTa8MhDdyeayikPkITkIbIhpHkTKkILXYfHYNYZ4BGF52KQwrmQjyNm-eRs08JGkaQctSnufcqIgAdIFfHB1THA8kNJG-HubLC2u9q9G9xR0ajg-vqrw7Co_t5p8chHJiYItM2BBsJxOO38iAk0NvgzDcL68fEchcROFEyoqVARTZHYmj6oy2JdN53PQFOpt3kX_B6bk3KZjLgDCtqPdzB-KoRaXcz492wGQzJ0z0mr-AssodGeWSqyMXB3QFuouoN8lK-22wAkxO1mTQj15psNgC0XwSyqxiUQ/ypRevJx5rb13Mne6KxFvnbKSitk6A4B1/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">filed for the largest initial public offering ever</a>:</p> <blockquote> <p style="margin: 16px 0;">SpaceX has filed confidentially for an initial public offering, according to people familiar with the matter, bringing billionaire Elon Musk’s rocket, satellite and AI company closer to delivering the biggest-ever listing. … </p> <p style="margin: 16px 0;">The filing puts it on track for a June listing, which would make SpaceX the first of what could be a trio of mega-IPOs, ahead of OpenAI and Anthropic PBC. ...</p> <p style="margin: 16px 0;">A listing for SpaceX would raise as much as $75 billion, Bloomberg News has reported. At that size, it would dwarf the current record holder, Saudi Aramco’s $29 billion debut in 2019.</p> </blockquote> <p style="margin: 16px 0;">But Bloomberg’s Shirin Ghaffary reports that OpenAI <a href="https://links.message.bloomberg.com/s/c/qc2eBkWwjQh5Sj_lsF_Dzwruhs38q_Ta03dTYcr3U_R6D5JB1VIeQLlZg2wuKYv7RkfPEp3N_Do4OeZ5Sb6HL21t13e0LyueR3x-Ll4pEYGQgbDZ-Qs4UtUjN4dJ5_-ZY7TcEpkAkyuVbX3J0d4XRBR12qMtskXJCGQ528PiFKtRzzCaWqzoe2ZJg_JI0rPVO59-fKUNb2GF14AiEnPR-YHeTSzMlyFElEnoXor2Eyk6sgmaAC40j0wKJkCc7SudwXl4FyvTiosYhbsj3GN1uGNWuyAMy0k2Qg8IObes5lcYbdAwlJsC1spcGIZqhToSnVRiWYm7JJsBCZspIsT1oN_YVnwn6R8uC987ZNFuQPXbZsnUK6qaRpq_LA/gbJtUnYf5HkD7Q-YN2bpkij1Yyvi1rXO/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">did an even bigger deal</a>:</p> <blockquote> <p style="margin: 16px 0;">OpenAI has completed a deal to raise $122 billion from investors at an $852 billion valuation, marking the company’s largest funding round to date by far and bolstering its costly push for more chips, data centers and talent. ...</p> <p style="margin: 16px 0;">In a first for the company, OpenAI raised more than $3 billion from individual investors through bank channels. The startup also said it will be included in several exchange-traded funds managed by Cathie Wood’s Ark Invest, with the goal of offering more people exposure to the AI firm.</p> <p style="margin: 16px 0;">OpenAI Chief Financial Officer Sarah Friar said the financing “blows out of the water even the largest IPO that’s ever been done.” The deal, she said, is meant to give the company “a lot of flexibility” to invest in computing resources and its AI roadmap at a time of broader uncertainty for the public markets, including from the Iran war.</p> </blockquote> <p style="margin: 16px 0;">Private markets, I often say around here, are the new public markets: You can raise <em>more </em>money for your AI company in a private round than you could in the still-hypothetical largest IPO ever. You can sell $3 billion of stock to retail investors, or quasi-retail investors anyway. (Bank private wealth channels, ARK ETFs.) Going public still has some benefits, but if your goal is just to raise $122 billion to build data centers, sure, the private markets can handle that.</p> <p style="margin: 16px 0;">Of course everyone assumes that OpenAI is <em>also </em>a near-term IPO candidate. Presumably it would raise more money in that deal, too. The appetite for data centers is insatiable.</p> <p style="margin: 16px 0;">Another thing that we have <a href="https://links.message.bloomberg.com/s/c/62mdx_qN3YratLhx_gUoo2Ils7EPawpfiQStuwGSTkxn1zSAFUlWcVm8NL1tuZbRXeieSGdgTO_6n2B27ElbCkZ3kcEono5amyQvNTlxDhUYCFVLcCXTYlbO4ag071apoB6g2jOK-Lr7QUQtoS9mf0hJLyQlu61ub5HzDSu-snk0AkHQWWVh0WB0Mb0gVpyyAKmOcRRvl0SBcJy3TbNXURW0S9S_chH9pwHZiS_EMhvrUG95LU7g96v7n2UKecH3IRgd33wkHpLlZuzKnNez7iEqnPj1NO2frWZ-3zA0HTPv5NAwvHwdniejt0V8yELnDmotFwQICTM2q5-i4E6atQsuHIRDG-IhHkVq0vDR_-Rynf2eJrA0yvGSGg/B6WpxizvduJNHiAfmRljF7Q0GqBcU8JD/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked</a> about a <a href="https://links.message.bloomberg.com/s/c/st3aTTaR7wHiI85s8LjqXCg3UDTeQ9PcQF4D_8gV5tFmZW6lwJBR6_G-vqX2ncGabNqExf6blzFnJ7cfSkh2GILGY8iecCAQGkVQxJANXHnNlksqNGnpqkxPc0qXhIaDWWrDsYQ7e_qjKTH0o_O4W4gqDYGTclOegUhcyhMLprTkzIIp_Ul-wq3Su70RF_J--H2CdKFZqZI1vVYlyuzKZhmmj45279yqtkEr9BaCiEMpBqCfqV9-E4uM4H_RkgCi6NOuHkqZsc2hbxZEsEtiNAqlD7e7xRPhocLjpD7ATqRusE4rNG0Gp_34cKaC42PtMx8Q8WhTHg2iT84iTmKZ7PoT2lBMncRIJ9xIBKa_M-yo6GxN-HIF-gL7tA/OH4hy-KGnn8iTHoDGW2_EeDXISCzPbui/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">lot</a> around here is the amount of demand from individual investors for stock in giant private companies like SpaceX and OpenAI. Broadly speaking, if you are a wealthy individual investor, there are a lot of people who will sell you SpaceX or OpenAI stock, in some form, at a 100% or 1,000% markup. Why do people pay those markups? One possibility is confusion. Another possibility is that, when you buy a hot private stock, you are not paying exclusively for future cash flows. There is a certain cachet in owning a stock that most people can’t own, in being on the inside; you can go to parties and say “oh yes I am an early investor in OpenAI.” That is, apparently, worth something, and I guess OpenAI might as well monetize it itself.</p> <p style="margin: 16px 0;">The traditional simple arithmetic is that a lot of people want to buy shares of a big company, but when the company is private, not that many people can. When the company goes public, many more people can buy its stock, so it should be worth more: All the retail investors and public-market funds and non-ARK ETFs will finally be able to buy it, and they will, so its stock will go up. Therefore, if you buy shares while the company is still private, you can get a high return when the company is finally able to tap into that demand.</p> <p style="margin: 16px 0;">It is possible to over-learn that lesson, though. “Boy I’m going to make a fortune when everyone is finally able to invest in OpenAI,” you say, when your banker sends you the exclusive invitation to invest in OpenAI’s $122 billion funding round. And then you go to parties and brag about being an early investor in OpenAI and find out that everyone else is too. Who are you going to sell to when the company goes public? </p> <p style="margin: 16px 0;">We have <a href="https://links.message.bloomberg.com/s/c/PxDbjkXoekQvqUMXr8w5GPJ6_nDse0lScDb0Uo9t8HgiFEJjeqY3FM1eUYk8802t7DxAHvallOKEC45mmUAyfCnpnYLwLx3_ZF_N2Op02iQbXd3jur8qgF7dbd-hAYz6N0XSoemOxhwNFouUxUifCQpiGmoAzmeHo6wShF8jdx-EIukVBTqTevpzJp-tziMjzFimENU2hwI22GAhD8H8OZ3wt93c9fDGKXWuP-6cUPR3XgYxF3RnvCM2Pz4qxDvX3JfKWHpGcsEu-mYAs9IQ4tZpHYIQ-kSvEc5BKoK0c5Q15XfV1uHqh1eqxycG4T8edL7lytbKMqqTxg3ZbARwFdgAIwylsu9mmtkNVmd12j1qeau84x3emT--Fg/vYqiWq-x4z8GMrFUDfPBy95csQV1CIgX/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked</a> a few <a href="https://links.message.bloomberg.com/s/c/U54LZFCUwU8DB64nYE4ehb0N4ztXe_p888Iu_PvCOGiZDpE4RaejNBiF5usD_hnC1RxO3hihi-NJlrUw_VlG_8VNZ8FXIrOGjpvsnFkhqB4LrpUsgBn8epOd1O0Em72ThS85IDs4DtJOit9TkrNfTxE24ixmT_ZUCgwYrR1KCFeA2wvO8ovFlDMgM1M1z_MYiNYNbPd0hO9eH5jYFeTvJ706Fc0MfsttCeWS8EdftEABGVzFOgaL9ifOvQDcQwNnS5dasaBnNrN-X0NdjsrIKBZdvsyR1uZUac3dUfg7Z5kyPY-84bmNWkmIuc663DivhKKZX3Ul6KBWS2og8kE6Qq5VoRRlDU-fM4NSSemMsugZw87F_kK4VwnwJyU/b1CFB1n5mwZ8Krlq_mR2fhJMh9JC0Dmp/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">times</a> <a href="https://links.message.bloomberg.com/s/c/JEz07JVj8Rcf3EWjeYTyifcmCAA-2XCavXUUH2XWe6pm7ZY9Q1Gk_WKu0cJfQucyKnPEwa362usSr15DNeZu0tnfma9puZvs2fwmI03nxga9hXWxadLzIXyChkYbzPcJEkmlfm9fil_jO-uQJUFn9JBWWXgMf4mqwIK-FxHy3eujW5Ca69B4ivmBTHNE3IKvy76jVFe0zLaknoTF6o6WJI-SqFvmUMTnLNAFFyh68vkv3TlgSK622ValRWL8pgKvJBwLOO1q7Hn3VXKCUSRO-3Me2cuSlTrpfFQ8TFlxbo3cFSmW7TDAduHUFHirGR9lZBBmDmKeqAICel4CcezfEZ4e6ifjyjJ9QSwBllNiX8xlQrq3Q-w5UO-1QVU/ZlHdhc10plBEOpwfuAm8sA4MN0Jp8wbJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">recently</a> about the push to put more private assets in ordinary investors’ retirement plans and, you know, this. “Private assets have higher returns than public stocks, so we should let everyone own them” has a certain appeal, but if you act on it it <a href="https://links.message.bloomberg.com/s/c/0ZmRAxD82sTxpdHhM2a7c3iNta7fo8MD-wxZ3fi2p3wc3LtnCFQP-lIdire7xwzMu7D-vl5hgn4BXP2FvpWjyanKMOyltRIuri2orqlhdn-3nqXqBJHWwx0t_M1WCJZ3et_1G-nbuN1wbmvU1N7NJZet1OPqpOBy8vOajKNApJg94mj_r-GBAQ1Rn96qYm2RPFwsh5KszsAT3ZUqUushuyHIgRi3CsyAk4xpKlInj3UbujMcOCTtKIWZoUbj-66ksbH2-9NWTHTD1GYc6slxQRmTL76XdDYwk_8fUcYzQSkf91u9V-vhj6zQ6hMhrGMGqB28yNzeDebaqzOsPyoFXjD6VV9oAMaRdqnJprDMEiXFUSiBiLkv20ysCl4/QR7gnRfxyfPsC8p_egrlur3BYCr83jkK/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">stops being true</a>: Arguably the private assets have higher returns <em>because </em>not everyone can own them. If everyone gets access to the exclusive investments, they are no longer exclusive.</p> <p style="margin: 16px 0;">Meanwhile, a traditional advantage of staying private is that, if your stock doesn’t trade publicly, it can’t go down. Having a falling stock price is distracting for employees and annoying for executives, and being private mostly <a href="https://links.message.bloomberg.com/s/c/DNDqyIp50p3ok9e5ju3zHiBp2sdvDnEvlK11qY856BdDjcdkpF8XtYEhxiU9dz-gpZnpXXS4xbiS-eDKSiEK2iNebNwsToB7hGKA10FBaaHx3rPUSJGJZVUciIC4xUP13rtsVGeSKrn4zh5vIe2ZXK6kd2HwtwSGaLNOHiGw42Cza3Pf2A_6cfG9x02Pdj7l6ZpgXVCPVFf8rRar2s4hgfb5Br6NgXby4CmLfzXYVa76n5o0gOImcg4epCqJuyACP8zjtlCE3YKR8pk7r_zhK5Xqc_qo_7S1OFmrdbSrzX9zJpWiK_brliFB9DFvO_HGi87INS-oB51ykClu73l2x4WHKq7k7R-0svMsXNQV7elXFEBescraUOhX1LQ/xMO-lx8ZVq8clQmZO1OFvPshb2lVV6e1/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> lets you avoid that</a>: Your stock doesn’t trade every day, and its price only moves when you do a new fundraising round, which you should try to do only when there’s good news. But when you’re an $852 billion household-name private company, sorry, private markets are the new public markets, and Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/Ph3d90A4VkhhzRhqoqzLrxlhJ5vAK-EfV3HLxyCZN1PrgEyXA_3cw54mfSO8tnh0ztqPyMxeALErebwqT3WuYTzp0CDd7ZQoO9eopyeYM5G6ctQNT5eIRWpWkl7njhzO-gYcG2sq5nehbE-l3Dph6f73PGHrtHWqUitKDK2k9UVnv1jxMTl-lMuHXYVm48gQHV6QJMMIeShDyD4p-UzT6k6LcyRcJft_836BMgGM0mXX0ScTkYYp6trn1zw2F2bPYwTICHKMYM7Hif4zg2fYfy1TRCgUVMcZco1zryKrN2PTecZfRfcgPy3DzsQPhdZ06bmhgl5izNoH4pMYO6jSdmxVvlQMng9zHgqqrdq-hCd9bZIi01tOnU8PxRs/OnWqX4DDLwkp6KIpFFof7IK6C-_D_Fpy/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Hema Parmar reports</a>: </p> <blockquote> <p style="margin: 16px 0;">OpenAI shares have fallen out of favor on the secondary market — in some cases becoming almost impossible to unload — as investors pivot quickly to Anthropic, its biggest competitor.</p> <p style="margin: 16px 0;">Even as OpenAI raced in recent months to raise tens of billions of dollars, Next Round Capital founder Ken Smythe said his secondary marketplace was seeing a drop in demand for the artificial intelligence giant’s shares. About a half-dozen institutional investors — including hedge funds and venture capital firms that hold large stakes — approached his company in recent weeks looking to sell about $600 million of OpenAI shares.</p> <p style="margin: 16px 0;">Last year, they would have been snatched up within days. But now, no one’s biting.</p> <p style="margin: 16px 0;">“We literally couldn’t find anyone in our pool of hundreds of institutional investors to take these shares,” said Smythe, whose firm has handled $2.5 billion of transactions. Meanwhile, “buyers have indicated they have $2 billion of cash ready to deploy into Anthropic.”</p> <p style="margin: 16px 0;">Other marketplaces are also seeing record demand for Anthropic, including Augment and Hiive. The large gap between OpenAI’s $852 billion valuation and Anthropic’s $380 billion has investors rushing to grab equity in the latter before it rises, according to Augment co-founder Adam Crawley.</p> <p style="margin: 16px 0;">“It’s just better risk-reward right now,” he said. “People are betting that Anthropic’s valuation will catch up with OpenAI’s. But if you buy OpenAI shares, it’s less clear what the return will be in the near term.”</p> </blockquote> <p style="margin: 16px 0;">See, OpenAI is practically already public, and if you’re a sophisticated institutional investor in private markets you might be better off putting your money in earlier-stage $380 billion companies.</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/UHjRYF2fYxvFa34d9OxhUDi_WbDRiZtemWnKRLuWyuPMrjO0WQcDtJk_pplW8XQymF3QuEYdRTR2xphkkBVHo7i9r2TCmmXjDxXHZeUyaw6RdYhC03GOuueQYZ3ybl1QvU10Tv0E_VJZkRECh4xEAn7V52MUe6vmBYcJRLoGPWH2omPi45YaWTMSNOAjbdUiSW1uovN-fZuMTtmMnG7C9OUiLn7EP78lIBEoGJc6umKSOiDKvPR1g7TQ8bQ0lc7npwWdmZPOnuuKRDqqP7ND9qkpKwvSoZSK4WAjsCLeg8QAlOzsFV_YiPjGcFLbGjJJZIzPD-TrNgzdBxxYy8WLNZ2AE6l2ZHKVH9W3gXbVWwg0vtGhrq5J1rkzYQ5VtKa-O1iv6OMEayt6n4MsfKDaxpzsm7URFrFUhR0gdbc_J4gbUfwjzCQoI4pbr4ceP5jjszdPTuGPDFqITdW76p3kHEG7sf1KS101Uzof_8BK9A6dWFcXccFKnKGn1ZCjOLGMsdj-FMT5NjZAGcKjTYfz9HzRq9XwUoVNpxrsoiDTVIq7KVvzvFGwSP9uIlzGcj0tF8EkwluFzwc-OvzInikMew05KU_VjVemQ3yp9iVlhcDTH2RcClPV7AAmVo9Nd0Pv3nt1LLCrtUGwppD-fYc5FA6zx49ZSS0lU_jKGH0ESzSC0Xu0hDPmU_UKiM8J7Q/cPSA3iBfOCeGpXvxaK2vtWIMazCMySdY/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=17522219&m=4c6f36cb7bc27023b5890c47a7e79821&p=04012026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="550" border="0" style="display: block; height: auto; width: 100%; max-width: 550px;" alt class="lihide"> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/cm9M0aeIeAOzd26NHm8GYqiuCdYJ7PcDIVqkzjHY-qRMNDuUAWhNd8541J3CZz4zpqRMV6pV05QdEhe1FLNxMd6Rhphgs6kV4fnsndd3VctICeWbZKdhzOF22teMtL5qU4hJ5FquQOCDEUaok5RQOjkvZbgj_DX3XlrAfKHH3bcav_ybWsqLcRG8SqFFsMCDNARuDc1nhpYyPXe96_Xgh0tIxoXenRNXcrZ-MfW4Eq04jJi5ObbztsPnv0wo_HWOkP_HY2ItqkIwU1vbAv7Bccxd_V148OQ2rpCl351L9vWAJRiYf0XCQlfXiGmqlAXcCSfJViVKXJdxlayKMHkQlWk8LLybxP0jZcoLlYu4lt2aRc6ZithTpVLw330txFPqRvLvt6sKIJLRLRQjG1TEQsqCyqF8Hb_IMIhk4iJ5Zz3ggnh4eE4vahdzrpyzZCbSdU9Q9CCJjpnHon5lXScuHM8YoxXUK4br9K6qIyO2H7r_lLcDcBQfdwVqm9lmat3EqlcfSvT-eANyCov5RsGU-7tLsGMz1rElQxFkpM3hRaqWQinj6H3p0Xr9P23h4Epl8CsYBP7GfdQzTsiUWp284K9tQPvGCFbX1vwTAi6VFUOs1Cxe55wAf-re_w0vhnA5eRCyYnmeNGpBR23QzxNagHg0QtiUVpr-RiEGFAF7De82EHu2xVU83vTN9BTt3w/J8HLns5s2MKbdFziWyc0ded7jsUTeYij/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=17522219&m=4c6f36cb7bc27023b5890c47a7e79821&p=04012026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="100%" border="0" style="max-width: 550px; display: block; height: auto;" alt> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Who controls Snap?</h2> </td> </tr> </table> <p style="margin: 16px 0;">One model of shareholder activism is that shareholders control the company, they elect the directors, and if they don’t like what the directors are doing they can vote them out. In practice this is pretty hard: To vote out the directors, an activist shareholder has to launch a proxy fight and convince a majority of shareholders to vote for her slate, and the board has tools to delay or impede this. But at least in theory, and sometimes in practice, shareholders really can vote out the board and install new management, and this possibility gives them leverage. And so the directors and executives are responsive to shareholder demands, because they <a href="https://links.message.bloomberg.com/s/c/7BoKw5lwj1K125R6Uvtiz_JOphYoOgwBlyohbrrtkxQhoTyZSieOhWIJgVAPUyX-biLfHDuh9TUZci1L9UVeVFbrWaKuWihU3gSriP1mMaBtWSy2WzsVat7TILHMw5nNIYzt-b76BNoNbV7B1Jq0bnlkAQ4f9rBDt92FZASYCseRl_mvsqTcSD9duB3WXcm-wiAMLrBGS1gf7nZMhjUH2ephPxakRbaS7YFUGaRnSYxhBPSGbvk1mRIu1fhI5BVs7PhskfRJW_GZ658YIS1e4lA2F0ANXLLb97oveVqtzwRcLOLIWyDVd1NcxsbqGvHraiP7AiBnN1wFrqZ0YmV_-y_XhVXM0H6VOhCRKNUn0cf6YtOy4IleS5N_3nw/ZcjyFAGHDyd1fMWeo7d4mJBQYpKVoTMq/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">operate in the shadow of binding shareholder votes</a>.</p> <p style="margin: 16px 0;">Another model of shareholder activism is that directors and executives are responsive to shareholder demands not because of the threat of a proxy fight but because, come on, we are all professionals here and we all want the same thing. It is good for everyone — the executives, the directors, the activist shareholders — if the stock goes up. The executives and directors have fiduciary duties to the company; they are supposed to make the stock go up. They are chosen for their skills and experience and energy, and they are compensated with stock and options to give them the right incentives. If an activist shows up, the board will thoughtfully engage with her, take her ideas seriously, and either implement them or provide some rational explanation, grounded in shareholder value, for why not.</p> <p style="margin: 16px 0;">And if the shareholder doesn’tlike the explanation, her main tool to push back is not a <em>proxy fight </em>but <em>embarrassment. </em>Directors want to do the right thing for shareholders, and they want to be seen to do the right thing for shareholders. Being a successful director — one who presides over a rising stock price and is beloved by shareholders — is good for your career; doing good work on a good board can get you more board seats and other business opportunities. Plus you’re probably in a golf club with other public-company directors and executives, and you want to be respected at the golf club. If an activist is out publishing nasty letters about how you’re destroying shareholder value, that is motivating on its own. The proxy fight — the theoretical possibility that you will actually be kicked out of your directorship — is a minor footnote.</p> <p style="margin: 16px 0;">These theories have a great deal of overlap in most companies: If a board is doing the wrong thing for shareholders, that might <em>both</em> embarrass them at the country club <em>and</em> lead to a proxy fight. But there is an important area of non-overlap: Lots of companies have dual-class shares that concentrate voting power in the hands of controlling shareholders (generally founders, etc.), so that the public shareholders really <em>can’t </em>vote out the board. If the managers and directors are doing a bad job, the shareholders have no formal power to change things. But they can still write letters. They can still try to persuade the board to make changes, and the board still has some fiduciary duty to listen, and if the board ignores the shareholders and the stock keeps sliding, that will be embarrassing at the club.</p> <p style="margin: 16px 0;">Snap Inc. is an unusually extreme case of this in that (1) it went public in 2018 with <a href="https://links.message.bloomberg.com/s/c/UYo07FhnKRklsFbCnppfw62hZaaDCI_1B9bYEOFTHoE7VIOahGsE9I08EmXcDmT5P6lXYfgpwybrbbQVjYM9IxrF2zsNG30zVnPxdXYxH-oL2la-jcYVUBR8NocqXNlU7fvljqe_Mxn6CKkkNZHCxb8y813yaIU-NuGfzk8u8yXKJNqHrzIBr7r6qWNcvcPcJU2QCgG7tvp0ZEGapheYr9GCBT8S7oyTvVqdEkL6VACuWQYbTVry7XghdDotD9cekVvLf3HwlUrlM1YA8IOLXsGAFSKQq46R3knuyzdiHMjWLKB9dcTQ5YToUP7I9dw3An9oYjxf4WhJ6091WlZZGOwgrS1QEFROpT3pPLK6fJDRgmmB-5fXG8i-U5U/WT06mnoNkBE90ooX8Dp9EFjZx3TG8JjU/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"><em>non-voting </em>public stock</a>, so public shareholders have no voting rights at all and (2) uh, it’s Snap; it has not been on a great run over the last few years. Still, worth a shot. The <a href="https://links.message.bloomberg.com/s/c/sWSfspQucYwMEN84dhu-ik6cj33KjALY0fwInjts78-iSOpkYEbW-7QS8lcpI-0kMDNFwc9kuQ0SeFOlAqRN6OmQD510hr7U3qgrv17OTx1qVTagcf8wyZPEpN8Mz8qBUiGJw5TLCtJihcXSjuFmKoBoyeC7OJwXEO21ULn1-IknqFFnK6oNWLSAoyug-5wyK7egR2gN_0wKhNqieXriErgnTdsLurhkyOXCzPO4HHBtEpo3kdnuiVTV0V6bLvLAjTMk6QgYpj2Nn75OytlT55kgq8Rlc1nu5bcVGWsr4K_2hbTICK5FuGt-XG-O3n5OGvgRtWEZH1ZbKlAh7jhg52CgWsWlEgJqlf8wYwE1H6_eRi8RAALOgKNG0yQ/OUA5dJtUD95jIxitA2zwByr3j5pRCcj9/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Wall Street Journal reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Activist investor Irenic Capital Management has built a roughly 2.5% stake in Snapchat and is asking the company’s leadership to make a series of changes to boost the company’s valuation, including laying off employees and closing or spinning off its Specs business. ...</p> <p style="margin: 16px 0;">The activist investor said Snapchat has underperformed the Nasdaq by 444 percentage points since its initial public offering, adding that a dollar invested in Snapchat at the time of the IPO would be worth 23 cents today.</p> <p style="margin: 16px 0;">“We are taking the unusual step of writing you a public letter because Snap isn’t a typical public company,” Irenic said. “Shareholders like us do not vote for Snap directors and we can’t tell you what to do,” Irenic added.</p> <p style="margin: 16px 0;">“We can only attempt to persuade you to do the right things for your shareholder-partners,” the activist investor said in its letter.</p> <p style="margin: 16px 0;">Shares of Snapchat jumped following the release of Irenic’s letter, and were trading up 13%, to $4.55, as of midday Tuesday. The stock has fallen 48% over the past year.</p> </blockquote> <p style="margin: 16px 0;">The stock jump suggests that, even without any voting rights, shareholders might have some influence at Snap. Underperforming the Nasdaq by 444 percentage points since IPO might suggest that they don’t.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif;letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Algorhythm</h2> </td> </tr> </table> <p style="margin: 16px 0;">In the 2020s, meme stocks were invented: Some smallish US public companies’ stocks went up a lot, for no particular fundamental reason, because online retail investors got really into them. This was arguably something new in corporate finance, a new sort of asset that a company could have. If a company became a meme stock, it could go sell a lot of stock at very high prices and use the proceeds to pay down debt or <a href="https://links.message.bloomberg.com/s/c/c4xqVfnS6im3cN447XgJUT6Bk8KvBJ8OPkQCyd2oApRgnU7vFe_HLu8YPM4jMCCx04C2GunuzvJMapORuwKmF9Y4kzm_Vtp15KzhvXKaGFm5Q2pm0epilUhptDK71WadVdZ4YPimK2Vh928VL7VwjZDlwAJe9XTwtIP952XhyITF7QFJ7FQrvrlkZPO4iyXmEu2tSuChGnPBoUZyV5m9on6WRj75m7cWV-RhZACOPayh20LTSm2QcTn-Xjn_JfY9YvHqF6LhizsyAFAAhKa2XTMBRhT9j0rcBaE6Q8wloKQavtxh2yZyAS8VrJ9sEEZ6T4k1dTi5vFHBoWbaPHm9gFXKLEAp320HKdJlIzrqozs-5jCClkJ17imSTRo/ys8IN7Qt9p3Who7foiRw325saInS4brz/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">hire executives</a> or do acquisitions. Becoming a meme stock had a real dollar value to the company, and as the meme-stock concept became more entrenched and better understood, companies took advantage of it. AMC <a href="https://links.message.bloomberg.com/s/c/ASbvvHh8ap2fo06uMATFAayo64rLHHxj_f88hUO9XZ6iPBe2eGujyRffgWptS9_m1QBYRYSxhivTDlWrZtVoIN6znthQu3eRoiMLj_y8pmtot3hHlOpOWn08VkqcAXD_lxVo1msF6PDf4gb0dbXrdasqCwws6ye_RRf1-L_8_M40Y0hb23xwVuTRlgozRYO2Rpco8rCQTiYAfVO_L6V0bQ_rOCuJeVKJok3qDY-JREnNNKaFAn-TDYaqB5zEufOIRXnQPSuuRKOa4TQ8MxgygvnTx3aROYrRloAIbV82vZpgX3gsjLbIEDZe5ppzDV2G5GO3pMl16wKr4TDKbnJ_Nhr_e3q_xv2TbN27R3lmnEdrhfhaHvdQvnvle3g/aGqlbYF20CSGzeskqVQKTpTz3Pkoaf88/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">bought a gold mine</a>. </p> <p style="margin: 16px 0;">If you are a creative financial engineer, though, you might not stop there. That’s just the low-hanging fruit. The deep analysis is that the discovery of meme stocks gave <em>every </em>smallish US public company a valuable new asset. Every company has some <em>probability </em>of becoming a meme stock: There’s always a chance that some small random company will catch fire with online retail investors and its stock will zoom up. And so the trick, if you are are a small public company that is <em>not </em>currently a meme stock, is converting that probability into cash now. You have some asset — your chance of becoming a meme stock — that has a real but uncertain value. Surely some hedge fund would pay you something for it. But how do you structure that deal, and what is the going rate for it?</p> <p style="margin: 16px 0;">There’s actually a longstanding, though somewhat disreputable, financial instrument that fits the bill. It’s what you might call a “floating-strike convertible.” Schematically the trade is:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">A hedge fund gives a company $100 now.</li> <li style="margin-bottom: 5px;">In return, the company promises to give the hedge fund $100 worth of stock, whenever the hedge fund asks for it over the next few months or years. (And the hedge fund can split it up: Get $10 today, $20 in a week, $30 more in a month, etc.)</li> <li style="margin-bottom: 5px;">But “$100 worth of stock” is calculated in a weird way. For instance, it might be calculated as “$100 divided by the lowest daily stock price over the last 10 trading days.”<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a> So if the company’s stock trades at about $2 per share for a week, and then the next week it becomes a meme stock and trades at $5, $10, $15, $69 and $420, then the hedge fund will exercise its option and say “okay I’d like $100 worth of stock, at $2 per share that’s 50 shares.” And then it will sell those 50 shares for $420 each, or $21,000 total.</li> </ol> <p style="margin: 16px 0;">Usually there are other bells and whistles, but here I want to focus on that lookback. Because it can convert its $100 into stock at the lowest price over some previous period, the hedge fund has a valuable option. In particular that option pays off if the stock goes up a lot, even briefly.<a href="#footnote-2" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[2]</span> </a> The hedge fund hands over its $100, it waits to see if there’s a meme moment, and if there is it cashes out.</p> <p style="margin: 16px 0;">If there is not a meme moment, the hedge fund just converts its $100 into stock at the market prices and sells it down over time. This tends to have the effect of depressing the stock price: The hedge fund gets some stock at $2 per share, it sells that stock, the stock goes down to $1.50, the hedge fund gets more stock at $1.50, it sells that, the stock goes down to $1, the hedge fund gets more at $1, etc. These deals are sometimes rudely called “<a href="https://links.message.bloomberg.com/s/c/08n4Ht__a9U-wdk1sQI3ROv4ki8bp0uZ9LO1GYULaAYlad8C3knSe6M5L1LHlZnsrn0A-W4P7bx8474quC-KVG-1e7ugsXRE9fQ7Jceuv82LSsyaaMDIr7nzVdwH6hGQ2PaQRaC0UegqwyPLh00fpGUNQ6ifCt37xmO4Qiv-VLh02QShv5F1AeBXcGSrM9Ln6shMVS7fUnXxbkMZyrwm8fkNb6zaHBnSB2zCjLoWF4UTEwpoimNN6T7EOuz4gUF97I_YtcXFw0gFRzTPOzqpoBN_EIvq77125TPwFJvpLgBirTVupHp_jzJcsfWJiPAmZYVYZWD2FF4RHUfGJYjSuKDKyTgZozzLwfzyBMWd6M9tUnLHkSmBXBPbDR4/gE4-o3s3V5zz-onoUEl-8JwysgOvCY7o/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">death spiral convertibles</a>.” The bad outcome is a death spiral. The good outcome is that the hedge fund sells the stock into a meme rally.</p> <p style="margin: 16px 0;">Again, this technology has <a href="https://links.message.bloomberg.com/s/c/4-jdCvGRZ54ZOLjxYJG6QMEfOI_guP_66vd8Kwk9S7Bp5Iu-6zx6TutTcSi7_RpjuyGR6babHIF3u8Ef41GYxwoCgOhBAkNjWCBG6LSb6xZ0AC9IUQ_C99RyWPA8OlmOAw3-xr6LCiKZ5PaDHWh5EFM_ysXY3iYGIN3xVnSZpIHvzBDEj5taI3_zwCDAJtzXrxNwWuaMHTS8ujXHy6_Ci6zJWsMeV4JstrioAPIGoUVOFJoKl3vaEY1CaHE9lxbZqmS8l1qLo4Zc00_d0y2fND3Y-EVK2n1zKd6MehlvxUnOMjMCT-KzzPrmYc_lWPj2BJp5mzqskcsutKZbVTQdlyyxkGbEV3LnqwJ8H22oGG4tWi6Nfm-CmT-qb_A/0RFos6JkuYNZgIav-WNj8Q6qVKNMi59a/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">existed for a long time</a>, mostly for distressed companies, but in theory you would think that the meme moment would make it better. There is more upside now: If you are a small distressed public company, there is always a chance that your stock will moon and the hedge fund will make a fortune. So in theory a hedge fund should want to assemble a portfolio of these trades, on reasonably fair terms for the companies, and hope that a few of them return 1,000%.</p> <p style="margin: 16px 0;">In practice the terms of these things still seem to be pretty unfriendly to the companies, oh well.</p> <p style="margin: 16px 0;">In 2023, Bed Bath &amp; Beyond Corp. did this trade with Hudson Bay Capital. <a href="https://links.message.bloomberg.com/s/c/JDYIPpsnPmPvZ1uq3-B_BfPqrWhvfpVbQnHquLCyDJXcCQVw-HEpgc4jIbNuD-RH_PZeh34hLApqVA5DG9jsxHYo5c81m5AIotabkvV1_TvEGdVGXvBP5KNuj859Gj1dLElmZ3OsDpD65bbeiMmc9rM8y7LTn91Tic-8wdOPQp8P2AaAMvrjr1t9RTNvV3xM0XQMKBN1x4gtNflrV7LGph0YSFVrXbAWrP42NShjvQOLQpKBWbopxTFmq-T1ZclG8XG0xmkXz5r6sc70iuvUQSfrBnJ3PcRJTrausP0gZEr-P7IO8_MQnmS0anc8syVwlrAp0Ep0A7ZDL9fqZ6KwMbkCsdps_EzkVQhJhg-5xYH9DUDFCQqemmihKqQ/Eijv0SUQRHMk9vCrWOWYfEwqhYy0IyWV/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">I wrote at the time</a>: “What Bed Bath has done here, I think, is that it has sold the right to do meme-stock offerings to some institutional investors.” And in fact Hudson Bay seems to have <a href="https://links.message.bloomberg.com/s/c/icqzRSGYheSEoZ8QrtbK9Y8Z2yeApZB_62bUHN7U0zwoeAJBSLOjinsy6zAmisXCtOglXmTfIjSgwafPoQjNpquUDpY2rm65DEB_tQHtYDpG-Cc5rN0K_vBxx5GcYrfLeF9ExBoIsHz9Royhl8LtGFXpZL3p-bf4SyF0xFhV32bhZ_6q695Yz4YP4Gmb9Hg2tgVI0iHZqtCH0WE5q1d53otKrciIVnEeieV2Xd7bsqD5MydtD-FsbkRldwv0I2MV4EKyEbqcRg5MKhtbK-AKSeIN-CV0V35NU9yu9fiPEGHjJm0mhX_hYpIGmC6yRfpLxyLMl2YSqO1YMRafO7aRRovwBPKeAFtjFgBbRfYZmKlumdBVcnGqMDqEQXc/lXOpXq2n6u2LZpH5d90G_MoA5Rd4Nb3e/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">made an enormous profit</a> on the trade. But Bed Bath’s meme days were mostly behind it, and the stock <a href="https://links.message.bloomberg.com/s/c/mNETHB5AqadXVRdrekNo5qiPr6E1h3wozrM6tBZlN7jwFx3wfhMAF7zNtdRQ_sdltywQNScxGILvg8VN2QfjEu-9LjmlUE3zEWza0aT14VYiV8REvSIr9adlvXioXhsUUo19zX9KwfIuroTMeuerk8zcbvShuUYwloYU12mhYJfoyEaS50Gkk6HlZ5CiswTI6zUqNmbARTA8N7xO8Emg0iIemGXpMEYse5noDjzSSaTKKnP7M6nqFq1zMNGvSGXPb55-8o2tHC6AeBkLsT87YFI4jGzxxEYR23iXlPIKL3c96Jjk-o7bpvZygOmmDYCMMs1iY_LkVbLMhyWRkV134DpAKqT1V85bH-9sncAj0ktlx7yQg2saI7Pu8oc/EDxTzbjEHXwo2FPSclwu_C2u5rMCE3Ge/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">pretty much death spiraled</a>. </p> <p style="margin: 16px 0;">The <a href="https://links.message.bloomberg.com/s/c/00-ru-u8vHqZlPc0U2aVPAiMKNtfkDjc0SEVO7i5zRSoS9g9_mL8eSKCv_Mg5mb6nyiIwgTqJN7QtgEYv5JniBwPA6Kd5OOthfZ2m_wTZJHCa7OlffPRHnpfNxMTbDU2D1BT7mg6AiBxVeWmmbtY0Tcg8UxN838dAxMxLtopjb_Nj9S3-pdKaw23UU0SpbDj2V-99hllwtCMeG0HIWx3O7xinBYW7vDqEfYJ7bPCa5PFYptVtxi4nnXINnNfVU7v1UKEltrZ_Q_wH67a-V6d_eNKU2vaBAfcrTdOpirGCLJ_HJ1u4uBcj-HR0Z2yhE24kZ5Nygr-q5NLbmZTlVTQL9A055gS4xjr3e3K5EYsNLg7D82Ch4-EE4ItsXM/T5tadHLILhgg1YhLPlwPyK_rE_TiHme0/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Financial Times has a story this week</a> about Algorhythm Holdings, a tiny publicly listed former karaoke company that last month made some bold claims about artificial intelligence for trucking (???), causing (1) trucking stocks to briefly lose about $17 billion of market value and (2) its own stock to briefly go up 450%. (We <a href="https://links.message.bloomberg.com/s/c/0g1ZsBNqB0Ej25c_zBA9eVJHeSTkGma3ixBXwW-ixOtKmcw_YjORUIbyRJqKYlap3EAIIXl1Iy4vpwR6NAFz6YsmE5YqXv3pcu2DnTr4CcBi3sdACvJxrh0RYMGgTaHo9LtDIT9CKbFtAKppxWG0C1wQrlLleAqUQTQKMmqHUI40C3vDwBS0M_t80lDJ1agDSvw4YyLIblZe1ApYuDEC9WH8qRBjWl3ENngc6u7SXhBrvNiqm31S5aU7zVIfbYTd5C9Oq8xjPIY0O6dew68rFABmWPbNH562oNuf3_Lfr7tP3T1W78I1M0cGd9nk1S-g0MHFCtyDl1DdjhgWHNjMKA53s7WF-NEAztQJVxwHsf6pYQPQmdSyJhTgwi8/Xuj2cevlEsfaWCRox9wOJbcxNAFnKS88/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked about this at the time</a>, but it didn’t really make any more sense than that.) Conveniently Algorhythm had previously sold some floating-strike convertibles to a guy:</p> <blockquote> <p style="margin: 16px 0;">One shareholder well positioned for that surge was Chicago-based John M Fife. The 65-year-old investor and philanthropist has made a habit of backing tiny stocks in hot sectors in a career spanning decades, tens of millions of dollars in profits and multiple brushes with regulators.</p> <p style="margin: 16px 0;">Fife’s firm, Streeterville Capital, invested in Algorhythm last summer, in a deal that let it purchase several times the company’s market cap in newly issued shares at a discounted price, over a period of time. As the share price surged, Streeterville offloaded millions of shares, according to Algorhythm’s head of investor relations, in trades that could have earned Fife millions of dollars in profits.</p> <p style="margin: 16px 0;">“Clearly, now in hindsight, it’s worked out really well for him,” Atkinson, Algorhythm’s chief executive, told the FT regarding Streeterville’s investment in the firm.</p> </blockquote> <p style="margin: 16px 0;">One problem with this sort of thing is that these convertible deals do have a bad reputation, and Fife has irritated regulators a lot over the years. (“In 2020, the SEC charged Fife and five of his companies with unregistered securities dealing, calling him a ‘recidivist violator of the federal securities laws,’” after he “and his companies had purchased such notes from around 135 different microcaps over five years, with the investor targeting hyped sectors such as ‘the marijuana, blockchain, bitcoin, vapour, lithium and gold mining industries.’”)</p> <p style="margin: 16px 0;">Another problem is that the trade works best if the company becomes a meme stock, which creates incentives to, you know, make that happen.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Pivot to AI</h2> </td> </tr> </table> <p style="margin: 16px 0;">Algorhythm is a karaoke company that pivoted to artificial intelligence for trucking. These days, pretty much every sort of company wants to be an AI company, and if a company manifestly <em>isn’t </em>an AI company it might pivot anyway. If I told you “a food science company famous for making monosodium glutamate is pivoting to AI,” you’d be like “sure right whatever, just like the karaoke one.”</p> <p style="margin: 16px 0;">But here is a pretty amazing <a href="https://links.message.bloomberg.com/s/c/4gJc360cbKhRwVXH_ftb7T7-2RCLb_UFOmv33O9Qw1J2hYPnfTojWQDfJas1kJNAxvvJVJtNw1Axqkii5XeoDNB6qOVAtj8AbSe2c7-QoPS9hZ3xmMaXKBGl23DjT6hg1nmzCErjbTXsu6wL46AWpa7dD_ljw2MFvbXkdUnYKzTaK90CjMZhh6dk49Y2RrMPZ-j43zU44o0Lp1JJgb41CCwNaw1iEgSn7Iq0yX-e0wiKNP-x7cHdF4IAh4JjeTAHkJkQh6rb8Ey_gHSW5CB38njozs5oU6HClr8BItxcbTPzZr0zxcEh3HMT9Y3FfZUsEyDKwxE3mCGnW9BnOT2C9NPS6l-QXY7BqHbajhlnYmnVIdY1aB1L3jyEVK0/4njRBz3I1m45FFYv6k5q4tq0ty2NiPfZ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">activist presentation</a> that Palliser Capital <a href="https://links.message.bloomberg.com/s/c/oQjStYFwbx0UT5ORN17bnVgDnOztRKoQiHkiQAZ3tD3Q8Hqc6qyoA3jHUJ5VkhTbb49xsZcMHwGE4sc2NNQTMrCTmXb_sA66uEBQJvn7UangUBJeF3_Od91wGjYGaWn3tuakZtJut3GXeakXNU_xKyfJ7g-7dqnulY4s56I4iFJzYb4ffnbk8tUAZ-3AsDNp6zctyW6oIRorphr_o3b0bxnTWnUDmazxiI350PL-RxuB4FcDqOXZrPbIQRSLMQUO8WFB9uuGkqYce8EFJecWNNjYh1EjHl87n58_5_ULM9GDU889DJmZv_S5cmvq5BVVOOzDMcA0f32Q52U9Qzs61KbHPBS46rGZRoGPyprnyMnAcAIL6jTLf6zuZpU/LBhV2fMPHLpsi25NxLJzFCBn0W4W0uly/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">released this week</a>, arguing that Ajinomoto Corp., which <a href="https://links.message.bloomberg.com/s/c/2zGBIUQ0WLFp8AktsyHKZ3V4OogNyrNhZUIun5lkFbFLtb5ieFqLxYsZdPKlsFwikMtoSRdMP79ZDRLtsDwrABOJ6ElBCCV44i8lPK_0SjvwryfenCS2xdFl50V7XMuNZPjYd5-PR1BvLAiuxVHNBvbuHL3KCngiUmz8XytZ0P8NckaZ7xpnq43fuAISOTG21ajw_8HaZqhAGin-OZyRTsnlU7RVyyXnF4vdzkmvAZ27zawhJYZwTu1bbu_9oZOXIYC_9C1RCRxTgIvf4vJ_8SZlM-VZcmF8ltdP694pAG4M2RTaCgGI99uWHQxctR-uSRJAjDbBZNooNU3MSO5KQXQvRkXTbrTk8UKDUF2IyR1TohOqjHmE4U5Amj8/VTs1QCfm_pFVbnSPYOXQ-fEhCKlFbGsh/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">discovered umami and invented MSG</a>, also controls a bottleneck in the AI supply chain:</p> <blockquote> <p style="margin: 16px 0;">Ajinomoto’s mastery of complex polymer chemistry — developed in food science — uniquely positioned the company to solve the most difficult materials problem in advanced semiconductor packaging. …</p> <p style="margin: 16px 0;">Ajinomoto Build-up Film (ABF) – a high-performance insulating polymer film used in semiconductor substrates, enabling ultra-fine wiring and multi-layer interconnects between chips and circuit boards … has become the industry standard insulating film for high-end package substrates, … with no qualified substitutes at the high end. </p> </blockquote> <p style="margin: 16px 0;">It has been making this stuff since 1999. But, <a href="https://links.message.bloomberg.com/s/c/YXxXspm1g1TcbyqlPC0pRl9mUAULKhU6M-N4jnAeTmLA9B7ymwVf-7kVrswjVkQHHMPccw_Zdrq7qFZnimlcrp_e88eIoGC8gMQz742QjGRTgwpVnqHuZaC_T0TB6T24i0XIbermZmjMCeab0Jfg_P13S9yTLTv4yZGg_cRkDnRKTXLVa4FA0nZfZ_iOiDqu6v92zlPWA3FxPojAhB1Ki9Vf_ZU5E2XYdODdp3JFQUi6SFBgveDtt9wMqAcu0rWghrE20MQdsQFUgjr5ut3tWPYcXwjoBdiN1yKg1G6vMNCcl1PzrHUDLcQU2ShpBjyNxXhwP4vofN9USGKD2siYGLflLiZHJXcjP0-XuGLJBk-rMJDUTEZWOMQNjjQ/ta17F5zJ6ChwGYpd7QMJGreIzMvnXRuj/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">says Palliser</a>, the market doesn’t appreciate it because, you know, food seasoning company:</p> <blockquote><p style="margin: 16px 0;">Despite owning one of the most critical materials technologies underpinning global AI infrastructure, Ajinomoto currently trades at a significant valuation discount to its ABF substrate customers. Resolving the drivers of this valuation disconnect could unlock well over 70% upside to the current share price and support sustained long‑term value creation in the interests of all stakeholders. </p></blockquote> <p style="margin: 16px 0;">“The rapidly expanding and lucrative Functional Materials (ABF) business is hidden under the Healthcare &amp; Others business segment,” notes the presentation. You don’t even have to pivot! Just talk about the AI more. (Also raise prices: “The fund is calling for a more than 30% increase in prices for Ajinomoto Build-Up Film,” notes <a href="https://links.message.bloomberg.com/s/c/x2YQ4cDXkdO3uLXH9i9741meRpbL1EON1VV5j0nZJuiaPuc7g7inHJy1_sNFYxxPVZbL0VgIlhR4AgGykxFt8gGTenMoYsebP4WS8IIxvafjsVdHnAxERGGKTNuQNLuR3CB8tZY_E4Hcg5MFfyHvhaIPG4J7IOArqjnHDwIPLmPC3MhKbcDl48MaMQJnFlBZwyd6hvgv52KnCjnibgGmFHWRRawLSR7tvplK27vUSFlBo3FaUp7RFJAGGfSh6u9_yXLtCYiLq4ZKKWBs8zRSpwgCn0J7IqBzuHh3NscGmIxgDhSjXlLRjglscOEiaE6q0Abzp26rm754smuBmfCMQBgQ8J2lLgLfT2JKT-mO7F_qDe6JkPSpfbEylOg/8FmpWfiq_oby5iPsT1qrmyly6G8BOhGw/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bloomberg’s Alice French</a>.) The world is complicated, and why <em>wouldn’t </em>inventing MSG set you up to build AI chips? </p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Sentiment analysis</h2> </td> </tr> </table> <p style="margin: 16px 0;">On the <a href="https://links.message.bloomberg.com/s/c/VNARGLzNnnfhMWriYVELk6nUx7vHcbP86R0thompAiGfbIr6ooBWUh_s6j_JyTC6rX1VYJx7BYlyRfLsiAK7POFpGEceQ1z7aY1HnNR6mV9GhUaAk7LTmNQjqgsKM9VIyoGMNbXObn19nBdN04gIiinZfJZ4bDL7RBivkGhMavO8JTNQ6XCrqNvA3kSCGaQDHXWAGwdowTaiYOearzFoOmUsy2lyWPc3jJzBWVjw_u4fM2wgn3n0B-yq8GzYMx72QmSB-P65cfm7_QYGtR-dv2BDDIasMdCGniu8Odi3ZLGPkW6hbCnzEL0HccJwnpwwXrljzNgyYInPo6bXvBvbZj1uWSP2twknPxthHSdM20w-F9c1IF-cqdwB9p0/wvWAH_bMgvd06f3jQpg-07UfS0L--ShX/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Money Stuff podcast</a> last year, Cliff Asness talked a bit about the evolution of sentiment analysis. In the olden days, you could have a computer scan a document — say, an earnings-call transcript — and try to pick out good words (“profit”) and bad words (“loss”). If there were a lot of good words, the news was good and you’d buy the stock; if there were a lot of bad words, you’d sell. This might work at some rough statistical level, and if you have no better ideas you could give it a try, but it is obviously pretty crude. Sometimes “profit” will be in a sentence like “we had no profit,” and is actually bad. A human, reading the transcript, would be able to pick up on subtleties of sentiment that are not reflected in mere counts of bad words.</p> <p style="margin: 16px 0;">Modern machine learning tools are much better at holistically analyzing a document and telling you if the sentiment is good or bad. Pop the transcript into ChatGPT, ask it “how do the executives feel,” and it will give you a nuanced answer. Or you can probably automate that and quickly get a pretty precise sentiment score that can inform your trading decisions. Still, at least some crude rules of thumb work pretty well. If you count 73 swear words in an earnings-call transcript, something has probably gone wrong. You don’t need to read the rest to get a nuanced understanding of sentiment.</p> <p style="margin: 16px 0;">Anyway Anthropic <a href="https://links.message.bloomberg.com/s/c/l-aiLO7U6wBhfHPH77gygf9nAR78gpGktH56C0kClEODUNHPXk3UAWa9zIIG6L4UdATYksLwpnUoPHbVX2C3jUUBEWJJrMPxNp5ZQxbBo269oTmhnXbJgbebgAW3gU8QlU4v2NI4r10WjaCFscwNy9cZzb0-0XZ65JcVrSj2bavC8E3vv5KaocDkwHIOURty_k3G1sqv6Pm7gcNsccAL9k-CfL6TmzVPUigJtHFMaaNapzsy5Wtv5BuPTwPD_QF3DX7GXfLvbpxsTPZ8NeC_xqMOgYwOOzmX6-9FynlvWJd8KnsHPMaGSRpA3oGJ-95ImoouUa-dZ_zgRS8lPFFKQ3oZCqFgSq9U68c-2ve9fmjMsbIwRRrj3x1BSxc/8GXjf89KE3U7URRivU4xkcBUzi5Jfvhh/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">accidentally posted some source code</a> of its Claude coding agent, and here is a very funny <a href="https://links.message.bloomberg.com/s/c/RbvGv_0vUefx1lOVStuxFwx4aYaoKWvCMRUWfNCfTbIxrnOXArWkMs7CG-rA2F7pmT4mwwriqrY9AoA7pHAepQfz3DAYAlPrxChf0lNG1XvB5nq1Vd9PUfqbaTeSs21uiqQDjcZ6a3FVlpjybS3xwF1lcxvXo1ihXyDBBtjCFW1rVQ4ZhIpVzoZLOXDafMplCRtx5-hsazOZC3ypOkl0P6b_dStLsXKQuHljtp8KBnQGAtCg6kTeeC1BNzxgdQDPeFe6X9GkTOk0tIICoTfli0tfDNyg0yq6kYmj2oHrhkiVHeBI6j8TaGF8l8WTQInyP-jSdAO4j-Su-sPsvNu1DoFhXRTJP1yg3iqXkOotQU49no4-7m7A-7YPCyc/6SIHvt0iS3X1TGbK_9UiqwKTS0-qLdD5/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">post from Alex Kim</a> about, among other things, how Claude does sentiment analysis on its users:</p> <blockquote> <p style="margin: 16px 0;">userPromptKeywords.ts contains a regex pattern that detects user frustration:</p> <p style="margin: 16px 0;">“/\b(wtf | wth | ffs | omfg | … (ty | tiest) | dumbass | horrible | awful | piss(ed | ing)? off | piece of (...) | what the … (broken | useless | terrible | awful | horrible) | ... you | screw (this | you) | so frustrating | this sucks | damn it)\b/”</p> <p style="margin: 16px 0;">An LLM company using regexes for sentiment analysis is peak irony, but also: a regex is faster and cheaper than an LLM inference call just to check if someone is swearing at your tool.</p> </blockquote> <p style="margin: 16px 0;">The ellipses there are my edits, not the actual regular expression, but you probably get the idea even without the words I deleted.<a href="#footnote-3" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[3]</span> </a> You don’t need that much nuance!</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">Freed From US Punishment, Wells Fargo <a href="https://links.message.bloomberg.com/s/c/_2mkhmOEWIkaJNU5d8XP0Rg8AXYbMhFM4HAYL0YNchietuMn8ZB5ozRYAp1nMlBY2CNuV_9s_4ZT2N0F03M0AtjTN9U6EiEStKTfzZIspAfqZAqJpg7AR6unlzffNuDRyA3ALaqFWUqX43MHj_Wu65CctV_5aNte7IEHtATVOd93Qxw1dTG3GL30-OagZr9Rgv4y_HaNDXhNcSfHD7QqBYoIvNMFYbev015-eQqFVq-jgvm9bcsrFqc-oyZFeYokxKZqK6UBKMvgoiaJr-OTFvU1ex2aYsRUShesB6b4_WCN0omMYKNi0X0NI1aGmzj8_WPYOSnciQCi733CyzPfrliN9ZcqKlZ26EPZRNk4dTqbo19NPHtnT4qBClo/ePL-Z9C8lLjE7qoeAqJkFCaZAivpban_/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bolsters the Repo Market</a>. Goldman Tells Clients Eager to <a href="https://links.message.bloomberg.com/s/c/KO0XWNW_CzckxGkLni1vpg5mVsqqf3TP_KqSL5WVyk22mLwIszOpnj9vFu2abrV2jqSyWLHWh83CMECDVfLJDIoRjTuYgYM7h2g3D8ZyZqdhKvQVIjGQ9QxgO7V2UM_a0FmFnY8ouqv3vGoHpLRQ3jRQCf25Dw3D00HdvyVUIeprd_QnFALT_AX3LVVUPvJrbz2hyKL6w_shegEF9LOVbHU0dfEWwwtLMc5y6tJ1yJ7A8fNDwh1MFY2uKwP4uFqH8UFr0Rzu2s62vtSDK4R5C_2weKb0Uh7GmyPqfcgrNfWTrSKaUCbYalOxGCOiid20ErFN2tsVmnVrrbC_l0dN8GIrbIg0Crtq98gK0n_vaCF62zoXH_AgWouwcNk/GabyC6WQ7epWi8nmYMjtfP55Jaqwtxg4/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Short Loans</a> Its Tool Isn’t Ready. Foreign central banks <a href="https://links.message.bloomberg.com/s/c/A7T3W8gu9B66HWnscLHUca2xQfl_DSD0NjHEF7YgL4qMJsux8xm7YMYZknss9qybSYo1Pgl7fNvoVawyn0s20uPb5HatECNUvLfS65lALu00BAf2lkYzgC6EdzQ5HUOITqrHJdLPco_ZDWqgLWkVDkranZgO4IygLOKrUQvfulyV7wZ_njiIgnRZsiQIpOCXG_7BY_eBZMJXFsvBqsaD1K3CcitYaiyJwFYFnSpzvpwi6mS5irkv68umRKKJzq7HMbBPpZQGZQC1jaicMtqlVrcOfVY3e5rmzoCCHSyTrazzE22vtWgI2jz4HjFuwLCC-E-CBwOEPsJ8ILPGhKJx1bJq7g8FGuA8mqp5btOuD9pS6Ur76sRgs36zveo/zleNhBxdjyg_N_J-ek3_QHS_CkJlmII4/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">sell US Treasuries</a> in wake of Iran war. KPMG Faces Allegations of <a href="https://links.message.bloomberg.com/s/c/EaFSxo5Wdbrz0qxClOVkx4WaUFOG7ruxaZtGha21cVfQewNcbFyi8JT_T1h5qQjC3tnMpu940YizjrMn8vqTJtz46lEFJPQfu6rs4hgBw4voje6-bjNxG9hiyPDYdXj0c8lY2s_AOuzcEGFg5OXM8GCYHsJer1cpL_atGMETde_6GgdboVRPpZp_SwXkKcNPLgcgPuHnNV4p3q6h2F5mdK3VoY9eUyZ8wsM4opbYFMtFURrgImf9-pMG_ctjovqRXSeq6Bzc_pmzF3qIQ24OhpGjrhFvnNSvZWk2P0N_Pkku-PTAd_VUuE3Ox5X86uQq3E3ObdCZTbvuAj9bfj7857HetH15pK9hFA12eLkK8SDwHkFUyFesyVzuuIY/iSbYo_LFZAC5TnyQKWOkTtmsO7MgKRuN/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Blown Audit</a> in Private Credit Collapse. Blackstone, Ares, Rivals <a href="https://links.message.bloomberg.com/s/c/rT2haBTskx8RgU-N_gwaW3DvNWhpgd4EQh9MB_JJwUxjP0Qzy8KH_udSiTYDpl4-mEoyBKNYM1-BIlr1ng7o-zulECUcvSLaGCBM82n7gduqu0bckR9coo_TKDdSvCkKQy9eLeHKeslgcsKcb25sXINU1hn0rc8NzievSkEwAvRHJGPkU2Hxhprj7RJkk3oeHuS277ezGZjLrbKseupdJ9CdCOmkS_Rdpdb_kKfLcVQyrvqjaH5BeA2vMFPeB9iW-NWFLLfigNlTLFFX-QR8-lb995D8xRc3VSZZ1vvMVpF_DMUGTBJX5pWo7TdSrpRpHaMdwOGyOjd0G4D7WuoDVGNhTG6SHZwp29m8_nsGnXM2oC1zu1hyWll4Mqw/ZU0D5QjM1uUiwYVUDIdm51iQ89IErZMl/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Grilled by Congress</a> Over Private Credit. Record number of <a href="https://links.message.bloomberg.com/s/c/Z5LLWp3v2I0WnTCqWKgXDg_qaSo0id18BHe2sXW3F7pfLsjwt5oVLXLbbQ-fa2ftjFVIB-XUZFrv09BhvJ5qxHFtU3TRy9XOY8dMzuqh03Xq97UcJZPKv28X85PR62RLOZugDpbSERME946TggnArqSbGjWdAKY0HVE9NeFHm4-qxCtnqqsLdNxt1l_1uoAbKwxJ66yVOcAKJPPJLO24tcjD8yDaq8HFJ0lcmSLLsxIxBI8sNN3A3Onx-hL4I_k1NqBlnp43F7gu47f7fvYduchTBtJg912zb93X8ue8dOSKcOn2xztkEcA9BuC5zPanDv8XsXkbgBL4MCb-Uu0CQEAYdPD90HzlZ1Q1FEtWGDdtGbscBL-4gpZ9FSY/PzZoJANwl1sMsTWqfYY1BWCoRcndNWVM/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">megadeals</a> agreed in first quarter of the year. Spice Maker <a href="https://links.message.bloomberg.com/s/c/qQlLvv-SaAAuoIte4COiCrSB1Q9g78I6QrWXiK2t1JpySqmskDs2TA2cja2QeKfnUQErb8uknUl187-BCh66V1FbXi9AUBY2lIy4oFKjF6qWIb53oKfHcrOJUgcBG48ZHFhaHfgnJL16HyxYr06pwt6-fIKe3lGlx6lPRYzsaKJgTVo6sbZwCZBZIXI72Pr0Z0yAtWjjB48ny5iaeoCLQVv7HS0-wPwXAnKV9XSEb_DG-EZcZ5yG1pR70_L4bVRKL8jtYKXkmDGBk3hCOno3sFhuvWSp14yx-Ka3QOkvevSIp6pydBCPMZPvxuko6ydbVei5Gx2DQ_OHhmStxy8hg2qWtjrAqSynTfSpCjFkksPIO1X_tIij3L4lLX4/SsEiuWJftK_pjgu9s0712pvSM_Ziso8g/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">McCormick’s</a> Rise From a Baltimore Cellar to a Global Food Power. Franklin Templeton Agrees to Buy <a href="https://links.message.bloomberg.com/s/c/Ai_A_N0fghhnwNKvWf_e1_pdDGxkevxGskplHNqXL58wE3TZhFM-nwB0pF481-HDfEVONfVPya2ECFGNYFP7GwA3radvi4W4sHKG6huKDER4mOgh5DeX7bAz-IW-TL-Zf2P7RBvD4r4DTBOi3BrIVhVpu2Q7DC90hrmuHIeeflaNX2Fce9UTfbIkGCO_O9E8BJQNBRE3rX78zDuVls2P9gb-nyv2k1YNt_GHr1f8Ou4SHuf1pvNoUJJft6EioMMsi-NBAMMsyKhHOKLtxvX_y1sfQ3RwTfoGvDdA9kc0IPDrHPg4JV1bhnMHtCzNtjfOjy8CEZ99dxOKyrJMRFCzEmgjAjFgS-YT6ccoeyBoc80PFMThGf2yMPapTZU/R8RIuyq-IulA9JXQpaA9O-f9jmaaZUcN/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Crypto Spinoff</a> in Digital-Asset Expansion. Modeling <a href="https://links.message.bloomberg.com/s/c/aaMRG4YzT6XVw6vrYUwm4z5xoinauYHbAByMlteFSdcbFT41xUDTtI0QhxXzBXfVhgqSomNfX3UQSB5x4PDWt6KBCb9yF7AxZcd7FjMRvr3JvzHVRz-bHlVrdb56UiSOhe9w6sbpE9AWmewA-RnyODog9_RygXFM471l1qrgR3JMQFs86eACoSOHWsxtJjryWWI8paRawI24ACRcxnQO3G6_zRrk4GLsCDacFWMDU-48QBE8_k8SF_eXTltGtSnOfk4LK7jKUafbqtRPzjf6MaGdbC036K-AhpZ1dsDVXtuSqVabuzucujMKGV_26IfUXbfMuJTuXYfVhgw0JtiRBX8uLv-4azlgSzKB621kmno8Dn-HB8lwfv2ywv0/3Rb7SNr5LQCnJJqppHk-N5uwaQbzpUV0/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Prediction Markets</a> As Exotic Options. Heirs to <a href="https://links.message.bloomberg.com/s/c/VJPJY06M5w5e3fgnVxC8z2HZSUTS0C-Svx-6om8sY493pR36SJ9JtRiCC0vmHvUEu5JJF70PY_90gOJQ0BOdflUs3Nyvhehw41OGKVPHUcqHTxFGuNz2v-o4t424VgX68g4DBRKBWMP5D4zy9lesUun_w2BX-E3CY3G7nt0r_iC8m7Gk3ggL3Vr9XENfdDZG_XwqUVPu6OBtO6Ne9_ClFqVsAq47gyBtWn0VxIocIVRobA6B2Zfc_RSp7BIGozH4LCCUi9NdTjr4pzfiVbnX4EHiU24VVkSkxqDJ1zurmg73mJiHExi-t8_xiein5JOICSQS5HbgZYSmKBZGFoR9w4DnsV5XC5Kmk4EJRcHe58ueKJZff8QfNeQ4Bmw/66836cXVr257hB3YL_wIqmNa-5VZeakL/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Bic Pen Fortune</a> Seek Painting They Say Chauffeur Stole. </p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/Fi6gnVcIi44vvyDhLkaHb9WkuGNQzCXMtN0hg5WExmdBThN56HP_7-J3EFUeEKA_fmOwRx3akoMT5IgS4yXMQFxmtY5yUZa1IZFij5mZhogaeGi9WcRl0WYEY3Obj4D2XEHKFjJ928B-50--VtIuKFmrI-QyCTcfabBMSQOB4HKZPkcFyWH-YLF5hMuAUYheJp0fWgYZU1jvDeVLb0nh20jC4C7ijjlIGsu1nIeh-Yad8D2g3tPmid0Tdtd_uaB1qDqYvHTHgZjYKlUXBtrbGWTnFyO_CXwSCk9leAzxCYtiaXWrzFLzPjVN3uFi5RlhcSEen0BHGx5-YxvHwxmTcJrINyRd6iIT2vYRynaBsGXXpGv5R5OGQtaToBg/R4Hz25JrxnOHrxpR7QZC9mKDWAPcMFzs/19" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Money Stuff and other great Bloomberg newsletters <a href="https://links.message.bloomberg.com/s/c/y4XTPh_x-X_T59ebHnDYPWKCdTxVBnRzRB6oQcF9wDk7xmmYfWwn-3rYEKpsw6XZvngw5gPStohNxHXy1FB6-H6tHWLLy7NkVbFOu4DGL0kVRE9N_2AXKFSYeXYOgWa3F1O2Pzs8kt0U_CCwMqecXtSXMEAjeR9PJMxdHf0aHbSbdo0yQkBcjhV-lql2Kh1fLWGn08Xf4gwrR-7nMSWM1BQSXnEfuqvkjNDO90rc6fwLGFZG5QkRJcutmAn6s-8XreobB_TBElDf8fy_M1J3LvgwBXmEyDxmFEx6kR2ODnKbWRWFgSowETDZ-5grpNX4cJOHdIwzhOjcKwI_MZBvdKmm1-11q2Uq1MKvP6it2D-8qrZ1qssOJgZS8pY/J32PKq_LxmdllRKF44HyytNWOnPDkYTP/19" itemprop="StoryLink" itemscope="itemscope" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] The normal measurement is the daily volume weighted-average price. Here is <a href="https://links.message.bloomberg.com/s/c/tgHEJgTVPNA63OCaE9ZtgE3ayoWLuuLkrB-O9CX5sHMeHTep3MjdkkpX67doVbXq1QRReEGnNW6BDVCCPiKu0KGT3n53_Ss85Q69-UI63siat72eZrb7cb2S3atyUF7YzAKehXB0vxMl2lk18dFfCVAr36CuuHvMO6JZAcLX474dOjHt32OIJzNCW9BRjG_oJghdELrjwFZFSTiVtno7L2iEngowHk-qJi0KY1yvDfKQCGbGU63ucRlxL-CXQPS8hNFp_n3ik2jtPc30wgZSpxBvIIOEsnqRsNavkwA2rfQKLzN__3NiEMqwFwWNgRgRMWE6kRjCHdkWhM0bsni3-oLyn2jT4VmeRniWK0_x59JNEIfK5qQnlrm8QJs/VufzXpF7PID4OLKFKJvH2h4WVKUMFEpb/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Algorhythm’s disclosure</a> of its deal with Streeterville, which describes the mechanics.</p> </div> <div id="footnote-2" style="font-style: italic;"> <p style="margin: 16px 0;">[2] There is probably not a ton of Black-Scholes dynamic hedging of these options in microcap companies, both because the stocks are usually hard to borrow and trade and because the hedge funds are not in it for volatility arbitrage.</p> </div> <div id="footnote-3" style="font-style: italic;"> <p style="margin: 16px 0;">[3] I also inserted spaces around the pipe characters for readability in this font.</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; 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  4. Money Stuff: Are Algae Securities Fraud?

    Tue, 31 Mar 2026 18:03:05 -0000

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width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--[if !mso]>--> <tr style="display: none"> <td colspan="2" style="line-height: 1px"> <a href="https://links.message.bloomberg.com/s/c/Y_lKRsWeE9YAUmscAmayQ6GQZuA5GQUfc3AWuklFNxtop3ZhEOBxGiT8d27iNwfpfKbE8TyE7KYfKl4l6jBtwMY25QcbFcOvSC2EkG0RZWsfNdtV8UWtE-pHwS2tLll9NXDEKKDWYoHh2d131AOPmotiWOHmxvdmJnClFtcKb0d-lVCyof7Yvl9BUU2F95F9Boue4fBcJuVdrUZDIsPWeZw4EvhPIbPmgcsJf_fwH4ne4L54Ut4f_Vs-suX3nyoBFSduShBoXEz6M4jmsjF6AnufOPxcm3ZuckziGKuItrJMYV-g3hKugSu6WRcYyrhZJZ5nvuNBvNHxdJ_EIaZFaDOoiDCiKTZmUsSrcBDXgHXHylXY4tyJvXqFvT8KKXTQ1o1uXBENRIMXmNGB8G8vK-k9x68vB85MpB9w6Ynu9Z3hCnCgvMBXsfjEO9B8pWy8f3CELqk73xTDkRuOJphwPbQ6fzQLpdD5M0qJqaDacIK_GPYHqs16bb7Pjf1WN8mrjSHHODns-q6NAJvjXa2ZH0a8aaJyHePv7VFnkP6s6RuPpTCmJHOSXuagsU6qTax1hzRW9cKTJirXU6nbh9xIxO9-nQMs5SRl_mdih4IT4bBKvwLp80EhcP3-4k48IoS8ssUKZvssU-5G89mS1NqEm1XndN1WWRDrTjabk_wwAiW3IPZJzPLj_0Flss4d_gY/4RgQXhr-K7QlNtL4vmmXONUJJ5cLvT-x/19" rel="nofollow" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=1149004&li=17506177&m=4c6f36cb7bc27023b5890c47a7e79821&p=03312026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d&stpe=default&li_coord=mobile&collapse_width=550" border="0" width="550" style="display: block !important; width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Are algae securities fraud?</h2> </td> </tr> </table> <p style="margin: 16px 0;">I mean. You start a startup with a far-fetched idea like genetically engineering algae to produce clean renewable fuel. You go out to investors to raise money. You say “we are going to genetically engineer algae to produce clean renewable fuel, if we succeed we will make a bajillion dollars, you want in?” The investors think that sounds cool, because it does. But they are responsible investors, they do their due diligence, they ask questions like “is that a thing” and “can you actually produce fuel algae” and “will it be cost-effective?” You do your best to answer their questions.</p> <p style="margin: 16px 0;">Do you exaggerate? Oh sure. That is the job of a startup founder. I <a href="https://links.message.bloomberg.com/s/c/E2A2FQ8wQfoGVSINwg37Uy64XbFkW9acU3QbkuRZrinW2DS_qIvpn9-y12zgD6xYKrLxW-NjEN202wId0_uDM1va27r6WF0Q0VUoiTGZeIsw7JuCrcipzAfj4s75edSuKN-8XKnUylPeOLmfADBBCWGiR2ItlEIohgJwOuIE_mV7QHe0fBoJRjw-bD3WeUQmhcqMKK55J-1lWGCsqTTqMHq3W_INACUooWloKP6cNgo2vE0hak88ngjp2nT6qczZC5BxEUbY4Z7w8ip1rmIyzMsu4n66g5gHNlK0Qlal-uqMFxtH7wOX0JelcvSVwdg4pbbzB53bgE3UwC_FQxyBnmh1CNMSirSqWZstqe3Z9azrDjo_El1MAW0OJw/BqPTTsBs7jsh5D_q3iPuPAuatPeHtmkx/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">once wrote</a>, approximately:</p> <blockquote><p style="margin: 16px 0;">What you want, when you invest in a startup, is a founder who combines (1) an insanely ambitious vision with (2) a clear-eyed plan to make it come true <em>and</em> (3) the ability to make people believe in the vision <em>now</em>. “We’ll tinker with [algae] for a while and maybe in a decade or so a fuel-[producing strain of algae] will come out of it”: <em>True</em>, yes, but a bad <em>pitch</em>. The <em>pitch</em> is, like, you put your arm around the shoulder of an investor, you gesture sweepingly into the distance, you close your eyes, she closes her eyes, and you say in mellifluous tones: “Can’t you see the [algae producing clean fuel oil] right now? Aren’t they beautiful? So clean and efficient, look at how nicely they [float in this pond], look at all those [genes], all built in-house, aren’t they amazing? Here, hold out your hand, you can touch the [algae] right now. Let’s go for a [swim].”</p></blockquote> <p style="margin: 16px 0;">Of course, you are a startup founder; you are in essence a salesperson. Back at the lab, the algae scientists and chemical engineers and accountants are looking at your pitchbook in disbelief. “Wait, you’re telling investors that we can produce the fuel oil now? You’re telling them that we’ll have large profits in two years? Did you not read our latest status report?” The scientists and accountants are boring and conservative; it is their job to try to make the dream work in dreary reality. It is your job to sell the dream now.</p> <p style="margin: 16px 0;">What if it doesn’t work? You raise some money, you build some pools, you monkey with some algae genes, you even get some oil out of them, but there’s nothing commercially viable. You shut down the operations and the investors have lost money. Oh well; that’s startups for you. </p> <p style="margin: 16px 0;">Is it securities fraud? Well, that depends on things like how much you exaggerated, and what you exaggerated about (future profits, okay; past revenue, bad), and how much you caveated your exaggerations, and who your investors were, and what you did with the money (algae research, good; buying yourself yachts, bad). My <a href="https://links.message.bloomberg.com/s/c/-lX5wAgqN4zN4LBALHpwrl9ioMWYrGQHXhS4N8qCMaR-U2D9nQqkRUJe5aOPhT0RRadYILOZh0apdrnUl_6iHMnOpNUTA1SvYfGI0w16oIupA20VthgB8UmN29IY2LK56zNj3I1_4ACtvyTm07eEbs9giqXhbe6KavZrloWWXiB1cTKjXShTfDDfSt6NaSfNkYlpzn3CLVhCOQemvaGOuCX8lyQsMfW5WaWFLJ1IKl0g8T4monvB1sO91U5gmoF3hSRooE22KxWvU0aloCPVZfrPWEYmGLRrg-lazfxwxKxr8mJdD3RfLJdnT_IXjvUFm6UaVqBWITv3yGGdIIXB3cvuTLjHd_jV4kCnXlTvT6-pgDkKkpiI52nP7A/9wezwwxxz_UISnTPWxrA4N13l2lPSAlZ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">general view</a> is that, in Silicon Valley startup culture, you can get away with a fair amount of exaggeration. Investors want unhinged visionaries who believe in the dream; they’re okay if you get a little ahead of reality. Not legal advice!</p> <p style="margin: 16px 0;">Now change the hypothetical a bit. Instead of being the founder of an algae startup, you are the chief executive officer of a gigantic publicly traded oil company. You start a fairly small side project with a far-fetched idea like genetically engineering algae to produce clean renewable fuel. You don’t go out and raise money to do it: You have plenty of money, from selling oil. But you do <em>talk </em>about it a lot, to investors and on television. Why do you talk about it? Well:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">You’ve been talking about oil for your whole career, there’s not that much left to say about oil, but “we will genetically engineer algae to produce fuel” is cool and new. Why wouldn’t you talk about it?</li> <li style="margin-bottom: 5px;">The oil business is mature and commoditized, and investors might be more excited to hear about some brand-new revenue source with huge potential growth than about drilling more oil out of hard-to-reach places. If the algae work, they might really transform your business.</li> <li style="margin-bottom: 5px;">A lot of investors are, or at least used to be, interested in environmental, social and governance (ESG) investing, and as an oil CEO you have, or at least used to have, a lot of unpleasant conversations with those investors. “What are you going to do about getting to net zero carbon emissions,” they ask you, and you usually reply “well we’re an oil company so,” and they glare at you. But now you can reply “look, algae.” They might like that!</li> </ul> <p style="margin: 16px 0;">And so you talk, enthusiastically, about the algae. And back at the lab the scientists grumble. And then it doesn’t work out. Is that securities fraud? Well:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Just as with startups, it depends on exactly what you said and how you caveated it. If you are a public-company CEO, you are probably better at caveats than most startup founders.</li> <li style="margin-bottom: 5px;"> <em>Unlike </em>with startups, you didn’t raise any money to tinker with algae, so no one was quite as <em>directly </em>harmed by your misplaced enthusiasm. (Sure you spent some company money on the algae, but you spend company money on lots of things that shareholders can’t control; they weren’t misled into <em>giving </em>you the money.)</li> <li style="margin-bottom: 5px;">But also unlike with startups, your investors are not venture capitalists with a high tolerance for exaggeration. Your investors are public shareholders, and some of them will answer advertisements from plaintiffs’ law firms. If you exaggerate about the algae, and your stock goes down, there is a big pool of investors who might sue you for securities fraud.</li> <li style="margin-bottom: 5px;">On the other hand, you are a giant oil major and the algae stuff is mostly a hobby. If it doesn’t work out, why would the stock go down? Your company was not primarily a bet on the algae. You’re still selling all that oil.</li> </ul> <p style="margin: 16px 0;">“Everything is securities fraud,” I often write. If you announce an algae project, and the stock goes up, and then you terminate the project, and the stock goes down, you will get sued for securities fraud. If the stock <em>doesn’t</em> go down, plaintiffs’ lawyers will be just a bit less excited to sue you for securities fraud, because the damages will becounterfactual (“if they hadn’t lied about the algae the stock would have gone up even more”) and harder to calculate.</p> <p style="margin: 16px 0;">Anyway here’s a <a href="https://links.message.bloomberg.com/s/c/s5i0dtAqZJ1t4HRHrAVEnoR2wq9YKW4xJBDYLhSadjg6gnoymAgtoqpp25hLhwxZ7m3ESI8qaPN1fdUVyB3UVTVOmotdorifEtEGcZ6BLBPfWIx9FepreCJIcBnDmTpcR-nClOafYefF0vUAW-X4kGoGTEqgebzerDI73MFVOAgoDpZPlsyKRSRYcxj4-id4faqGuqrXX4mnR0Q-XDNEl0SfrXfwn8biZVv_2fh-rSkolqHdbr_CJ8lWuE3S8T0PtGhIwieiSituGSfvJ6eC0nWWMceYYgJQJQjSXtJcydM839UOPR6PX525UNNpdKQDNtzY0woIs3or35UkAxGk44Ybgxj20EJMwd5T0jf-ljYgfvnfqriG15qeng/JlOQ3zJS0XWB9VZ1hL26qyNNNC3LPwZu/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Wall Street Journal story</a> about how Exxon Mobil Corp. pitched algae enthusiastically, and its scientists were like “slow down there tiger the algae might not work,” and its investor relations team was like “shh, algae”:</p> <blockquote> <p style="margin: 16px 0;">The Journal reviewed an internal presentation made in early 2020 by Exxon’s scientists and examined other documents related to Exxon’s efforts on algae. Some of the documents—none of which have been previously reported—show executives knew the $500 million algae research project wasn’t meeting its goals outside the lab, even as they continued to promote it to investors as a potential boon.</p> <p style="margin: 16px 0;">Members of Exxon’s investor-relations team and leading researchers exchanged a flurry of communications discussing algae’s low productivity outside the lab and how to highlight the program to investors in the days ahead of the presentation, the documents show.</p> </blockquote> <p style="margin: 16px 0;">In public, Exxon was pretty jazzed about the algae:</p> <blockquote> <p style="margin: 16px 0;">“Across more than 135 years, we’ve evolved and transformed,” [CEO Darren] Woods told investors in 2018. “From a maker of lamp fuel to a maker of motor fuel, from supplying the Wright Brothers’ first airplane to supplying the space shuttle…from filling tanks with gasoline to potentially filling them with biofuels made from algae. Society’s needs evolve, and so do we.”</p> <p style="margin: 16px 0;">Exxon spent $150 million in advertising its algae program over a decade, one of its biggest public-relations campaigns of that time. Starting in the late 2000s, the company ran a nearly ubiquitous series of television commercials touting the potential to produce a biofuel from algae that could one day fuel “trucks, buses, boats, cars, even airplanes.”</p> <p style="margin: 16px 0;">“Scientists recognize its potential to change our energy future,” a voiceover says in one of the commercials that began airing in 2017. “By 2025, Exxon Mobil is aiming to have the technical ability to produce over 10,000 barrels of algae-based biofuel per day.”</p> </blockquote> <p style="margin: 16px 0;">“Have the technical ability to produce” is good lawyering! That’s different from, for instance, “produce,” or “produce profitably.” Meanwhile the scientists, internally, were bummers:</p> <blockquote> <p style="margin: 16px 0;">The scientists explained … that the best strains of algae, when grown in large outdoor ponds, were producing oil at roughly 6% of Exxon’s stated goal.</p> <p style="margin: 16px 0;">They further concluded that even if geneticists were able to speed oil production, it would be uneconomical. To produce 10,000 barrels of algae-based biofuel a day, they estimated Exxon would need to build 35 square miles of ponds—an area six times the size of downtown Los Angeles—that would have to process more saltwater than the entire city consumes in fresh water daily. </p> <p style="margin: 16px 0;">The scientists said the cost of the project would be at least $9.4 billion—an unprofitable investment that would well surpass the value of the biofuels extracted.</p> </blockquote> <p style="margin: 16px 0;">Anyway it didn’t work. Exxon told the Journal: “Our communications reflected the science as it was understood at the time, and when it became clear the technology would not scale commercially, we ended the program. Any suggestion otherwise is a lie.” Exxon pulled the plug on the algae around March 2023. The stock is up about 50% since then, for reasons unrelated to algae.</p> <p style="margin: 16px 0;">Among other things, this story is a time capsule from a time when big oil companies talked a lot about ESG. I feel like, in 2026, if you <em>did </em>find a cheap clean renewable way to produce limitless fuel from algae, you’d keep quiet about it. “We made this fuel by burning coal in a new way that emits extra carbon, promise!” Elsewhere, here is an xkcd about “<a href="https://links.message.bloomberg.com/s/c/itxzrFuhVfHG9VpnIP6496SCwcMu6mNxaKlR5hr9J3guwpwJQfC2SIRb7v_o0gyVWzhPur9ZunFhBPi14kON_wAggsR76bPyAn2Mm_PipYE2ucbQNTLwCwmV79aGbFsl5xZDhCKV2Ewq87T8AehNeMM2qjwnfehh8xScCoxHM0LxYW9GOmXsqibkKj6MCp2AJkHZDoADgA7j1iUjI-910t1lD9Pd-W32F4teZS7n8MO6kVvVuTyuI9demWLmGDj4bfafvu_ReyGYsIqKZghlCRaEjkfuGFBQVElaFc3tLqJRuvS4GTk2NGoMiXyR-yEtq1LHn3to7po-48fP1HTSAvv6vOhUShYvAfNJ2-aM-OmB3g2iBDyg6KTQVw/HB3P5lHR-eXVK0HGTGeykZCl4fyl8jS5/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">carbon onsets</a>.”</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/naX8VQrIMPtqp123Fzuz0wkPffw-bmWEl6Q11VA6lS3-bk7nf_gDOltRP9MKDAhF1P4JzQn1JGAgAu3cqJJj9PLydk1GJJbRYamm27ihbPfxZqQDSOSx8uFDhvbV3Kur5wQxmqpv-6qmnV9jtmu0K5hVpe32W5wlceCRlQY4kFrSmCVD5xqWQsJ9FNBig1x9VLSrOk-sJoyhBJgA_xILYMkqMlMBqP8HHMVl1M81RBN6nzydldt-VdlNL1zVh4z4mdl0jtN0D-0LDL6aBxvOE9TmftjhJuoRBto1Qe9XylhGqYSPQoJne3LlSM04ixgjLRnkOcnNNy3bNrGEgcQ1_1iJs4F0pyyzle9O8jkpjCRd8QD0lokO4p-E8Ad0XC1D6_yphugJUrUGT9-XBYoUcvnWB-_dd8TEqZjUEQbylVLtDYL7juZf8djVskQbBv8wETnEDnFm9TJA_Ei6kuJSx2dw9maDlkJblH_Tvb_oAzuIP-3xP82sOYNYgwHB3YQS1B69cVsEWuHo5IQgjMQCkvBGmZ8SmnnfxPD9ljdP9WOIvarARzLIFXLTTYS-nkLfTYDdcHi1MFzXAkhtb61Q7ASymx4wmChO1-65tdODWbhNnljIo8VFowAXEKu1mLj1FVWMswEAZ179oOPVMO-TTMiUUyH1PyTy191WoknjNlq6phSPBE2G6Zs8kUUW/yVCcTyD5NY_GCZT3g1AkCXSY62ERdxLz/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=17506177&m=4c6f36cb7bc27023b5890c47a7e79821&p=03312026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="550" border="0" style="display: block; height: auto; width: 100%; max-width: 550px;" alt class="lihide"> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/ytsE6z3i2B1YAjxzEsEqqo26GQ0nWzoOikPefgw3xvASWjQtaKFitAshEEgiHNJmRw2Ndn4ook8fW4RcvkrtIUwGtFcE_mY6cnR6S2ZZyFfFR5tL186quAPuUD2LhnzLlYGZqLPZqx2f62_VEnR-FNm7kLFJ1gmxDkXv7vQXOdUuy-u5KaiX92oCQRxBst5nGwYpyC2s-wOzcgUyHuct1iSDjfRfZaLwtetsUAJORS_4wGUG9HKJa4Q59JGKGsZRBJ7bbAx5tcJQi_FQHmoTr-S9xtZ8aFO_-7S-l-sPjJeMCzDdQtcF2Su5CBXgMrbNU0v2PQgYzcork1peM0ne69CSQK3qjcVrsN6evf-wjMn3VBj10HtFb7jEX1MgClxtzqQBl6N7gdhKEVIRLqeiLku_tQyEpDFMYFGpn1nA9rM_eTy6-NiNA9A81Q9-3oSyhRFBOrKK9ASe-RyW-T9-KfqVPMjyqDYfnRHOtPCsN26ndkzzF_vex4ZtX_LEHbJqVb3sGDQNLl2OBUSIPXd4yycy9lRYi2pMziEzUD1Sn4SyTviKaX829otE_ZdMLkzYcZGd2unzLjXIPHoUOEjhG6TbITlx8k_Wm5_14Qnk5RsidYtVg4SPkGhiZbrAUgYpEDtSPAZpaku6t5zRJjYQFf2irZ1sEebRn_hiSjwh7__mBx8LWKaH2RoWNSubWw/21qI0q0IzWsYiaszPKtWNkZnMt-mMtMk/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=17506177&m=4c6f36cb7bc27023b5890c47a7e79821&p=03312026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="100%" border="0" style="max-width: 550px; display: block; height: auto;" alt> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Hedge fund for dentists</h2> </td> </tr> </table> <p style="margin: 16px 0;">I feel like the <a href="https://links.message.bloomberg.com/s/c/dA6HETv_s_mFEGhiXkdbFB4UdaczjmTlve0jBgAW-5XfkQz8AUaA6HJl8JEXdB9LoFloHsYMMW7dUdAe7_0ebAZzcZbXWxVWBhRqpoVZH38WTQr6ifzjG1j8UdQ1F7XRgOrK62iAuiyY4DjSV2zA9zsuhOfG1tdpiBpWgFH_cO9t7UHcKHBdQrkGL6Fu7toiG5FwaE3JLQR9CmA_oNzhecHHNRlTrDnPP5XmMTAXoSkJpaMhimdE9aqO2TAW8v43_PnpmHazS6LgkieLD9Oz6l93RVeKS7CSo4RFe9PllIVjHsiIX0gcKwxmE_QYHy1AK1jO5a5UDScyDHdoPaCzjKAwVKH6Xjg-OpzJYEu5_aRHOUyzacLu8kOD3vE/co3bseQSZuBpAtN7rtcvCrM-wU0ZCAyS/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> high-level analysis</a> of the modern asset management industry might be:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Once upon a time there were mutual fund managers who took money from retail investors, invested it in stocks and bonds and charged 1% fees.</li> <li style="margin-bottom: 5px;">Now they have been replaced by index fund managers who buy all the stocks and bonds but charge 0.01% fees.</li> <li style="margin-bottom: 5px;">The asset management industry, for obvious reasons (the fees! but also, like, a feeling of self-worth and accomplishment) would like to get back to the olden days, when the fund managers picked the investments and got bigger fees.</li> <li style="margin-bottom: 5px;">That ship has, with respect to publicly traded stocks and bonds, sailed.</li> <li style="margin-bottom: 5px;">But there are still stock-like things called “private equity,” and bond-like things called “private credit,” that are for the moment not really the subject of investable indexes, so you can charge big fees. Also there are hedge funds, which invest instocks and bonds and other financial instruments in ways that are complicated and uncorrelated enough not to be lumped in with mutual funds, so they can still charge high fees.</li> <li style="margin-bottom: 5px;">Historically you couldn’t charge those big fees to <em>everyone</em>; private equity and private credit and hedge funds were essentially institutional products. You charged a high percentage of assets, but the assets were somewhat limited.</li> <li style="margin-bottom: 5px;">Just wait, though.</li> </ol> <p style="margin: 16px 0;">So we <a href="https://links.message.bloomberg.com/s/c/sFa9cu5ACJ8-kuXVjDKrkC6zBKUIdI_dG0mTyZIEEE_STLxbudTHlYrOQmzRZ0RBq_Zg_x4f41R-e_f9Pj9Iej1HqYNofYk6kxrj1st4otmCTK_mByY_fRTFTqnb1eFawnSygTaEdHOvxxyIEdCNI8e6asTJdl6Tv7eqnMe5xEjo2JHfBLbd-1wJAUhHad0DWnrr4ZLYQSbI4_ycDWLsUUtgGS0_-COAP1xbR4fM5Am3QlyUviM9BqvPCdtuA9giPkaHlTRC8qCRIg4JT82oIfYGSoxbnUkYuZo0gi77lscpzB7WdBzFsEqyqUSjJVvj81Os7RqK35G6Iva5ooNvXWx9Hr3JkqvkDIkCprnndZI6jbfHWmw1LWLv-MM/X_QWs5Ro5a70Yv4ZTlR6MjuBfr_77a6N/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> talked yesterday</a> about putting alternative assets (private equity, private credit, crypto, etc.) in retirement funds, because retirement funds are where the money is and alternative assets are where the fees are. And Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/2U3xNV5SnvXKjwDG16FCWgd_V0eODoHLG0nd8eyVz88RH25GlmMoXYm2LDtnPElD_OxX8m0af1zKf1gOb9hJW_SEktfhQH5BM5zDRBP9C0gZKx0-5gkbB8XqDkRTj0zRijoz9aPEhnA0vb6dAVb-4tSa5Lf3IE2k04GE1dvs1ahcjR37HV48uTauYp52MPvTMnd6A868-EUQV_z_UdKeYuwFe9jZJCmY64JsCELsMzfE_eO-t5EPZo6lYcPY-6CDYYouxAmHZ2IFX4pjOAxoLIQfAAejsjcLV9mFqvrLwjxSFaYC424uOEhUdbd8AKdoWNg97tr0M3om8dNCdePNqboq9Oj9sAe6Du_fRL3R3X9X5hFTyWmLRlQZd08/iyUwAip-Xxd8Zy6tx8ZN5hcn9oOuK02x/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Hema Parmar and Preeti Singh report</a>:</p> <blockquote> <p style="margin: 16px 0;">Blackstone Inc. is launching its first hedge fund for affluent individuals, as the $1.3 trillion asset manager intensifies its push to bring alternative investments to doctors, lawyers and other professionals with disposable income to invest.</p> <p style="margin: 16px 0;">The new fund aims to make relatively liquid bets, meaning they can be easily sold, across an array of asset classes including credit, equities and so-called special situations — one-off events such as corporate spinoffs or supply-chain disruptions. It will invest about 30% of its assets in other hedge funds, according to people familiar with the matter.</p> <p style="margin: 16px 0;">The Blackstone Multi-Strategy Hedge Fund, known as BXHF, plans to start trading this year and is open to investors who meet the requirements for both accredited investors and qualified purchasers, defined as individuals with at least $5 million of investments, according to a filing.</p> <p style="margin: 16px 0;">The trillions of dollars sitting in the accounts of everyday investors and so-called mini-millionaires have become a holy grail for alternative asset managers, which have been searching for sources of capital beyond their traditional base of institutional backers.</p> </blockquote> <p style="margin: 16px 0;">Like, crudely speaking, there are three things in the world, “mutual fund,” “index fund” and “hedge fund.” There was a cheery equilibrium in which everyone owned mutual funds, but if everyone abandons their mutual funds for index funds, the asset management industry is going to start selling them hedge funds instead.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">SpaceX indexing</h2> </td> </tr> </table> <p style="margin: 16px 0;">The approximate theory of indexing is:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">Collectively, investors — fund managers, retail investors, etc. — own 100% of the stocks.</li> <li style="margin-bottom: 5px;">Some of them will own good stocks that go up, and others will own bad stocks that go down, but <em>in aggregate </em>they will own all of the stocks and get the market’s overall return.</li> <li style="margin-bottom: 5px;">It is hard to pick the good stocks, or to pick a fund manager who will pick the good stocks.</li> <li style="margin-bottom: 5px;">If you just buy all of the stocks, in proportion to their market value, you will get the market return, which is what everyone else gets on average, and you will pay lower fees.</li> </ul> <p style="margin: 16px 0;">And so index funds are a huge business and own <a href="https://links.message.bloomberg.com/s/c/VcjiKCkvVPKDKefmkXTcSIRkLbuopOSqdTUnsGJoW6PM0NlclqM3ChnHoAESwGPF0X7d_cLIYfVCEE_ur0yPiA1-mBlBgi1ZYxibEFEcXXBst4xGbpz2BaxCEJ4uQiry2ka6Hj-qC9B-zQcFj5Ch-Gs1m_LMw1MWmXmn6E9Wj1dTgZf9pIx4CzvGxnzFkBN3NEvu1o-Az1XSNug20_DYuH9yMMjpz-NNGozqzfuDLftdb4seG3UnuT7iOaI1-hVKQzVooEOXmNh8_Afzq1nuRxVHbYk4Xz16XnN3IoDhRSGEqxdAP1hnmd7nYQm00PKE4n4AmhLedabuuEZgfXCWPFhNkySXzVYvrO7gDRvDzsmkHjkPePUR8Gu1zwc/PlmWAC1CdTu1aoZt13kGBrHpKrZb0_mu/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">something like 20%</a> of the stock of big US public companies (those in the S&amp;P 500 index). There is some variation — index funds own more of some companies and less of others — but in a crude theoretical sense there <em>shouldn’t </em>be: If the idea of indexing is to buy all of the stocks in proportion to their market value, then the easy way to do that is to buy X% of every stock, for some constant X.<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a></p> <p style="margin: 16px 0;">One quibble you might have with this theory is that investors do not exactly own 100% of the stocks, or at least, “normal” public investors like fund managers and retail investors don’t own 100% of the stocks. There are plenty of public companies whose founders (or their families, or private equity firms, etc.) own 10% or 20% or 50% or 90% of their stock, with only 90% or 80% or 50% or 10% of the stock in “free float” that anyone can buy. This creates two problems for indexing:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">The theoretical problem is that, if index funds are trying to achieve approximately “the average return that active public investors can get,” these founder-owned companies mess up the math: If your index fund buys 1% of every company, including founder-controlled companies with low free floats, then you are <em>overweight </em>those low-float stocks compared to the average active public investor.<a href="#footnote-2" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[2]</span> </a> </li> <li style="margin-bottom: 5px;">The practical problem is that, if there’s a company with only a 10% free float, and index funds own 20% of every company, they won’t be able to buy enough stock. There’s no more stock to buy; the founder owns 90% of it and she’s not selling.</li> </ol> <p style="margin: 16px 0;">How do you address these problems? One approach — historically quite a valid one — was not to worry about them. The first problem is pretty abstract, and when index ownership was small, there was no real reason to worry about the second problem. If index funds are 0.1% of the market, then even a 10% free float is no problem.</p> <p style="margin: 16px 0;">A second approach, more common now, is to weight indexes based on <em>free float</em> rather than market value.<a href="#footnote-3" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[3]</span> </a> If there’s a $500 billion company whose founder owns 80% of it, then only $100 billion (20%) of the stock is free float, and the company will only get $100 billion of weight in the index. Index funds that buy 20% of every company will buy 20% of its float ($20 billion), and their exposure to the company will track other public investors’ exposure. </p> <p style="margin: 16px 0;">Anyway! SpaceX is planning to go public pretty soon. When it goes public, it will be (1) gigantic and (2) everywhere: It might be the biggest initial public offering ever, it’s Elon Musk, it’s space rockets, it’s artificial intelligence, it’s data centers in space, it’s even Twitter a little. Everyone will pay attention to it and have an opinion about it. These are all, I would argue, reasons for it to be in stock indexes. If the point of a stock index is to include all of the stocks, then SpaceX should be in the index, because it will be extremely a stock. It will be more of a stock than any other stock. If you walk up to a random stranger and ask “hey so what about stocks,” she will likely reply “I know, SpaceX, right?” If your goal is to own the stocks that everyone else owns, you’d better own SpaceX.</p> <p style="margin: 16px 0;">But it will have a low float. Elon Musk will own a chunk of it, and various other early investors will continue to own a lot of shares, and a lot of those shares will be subject to lockup agreements that prevent holders from selling immediately after the IPO. If SpaceX does a $75 billion IPO at a $1.75 trillion valuation, then its initial free float will only be about 4.3% of shares outstanding.<a href="#footnote-4" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[4]</span> </a></p> <p style="margin: 16px 0;">Traditionally, when a company goes public, it is not immediately added to some of the big indexes like the S&amp;P 500 or the Nasdaq 100. Those indexes tend to add companies that have been public for a while, that have “seasoned,” that have established themselves in the market and attracted a lot of normal institutional ownership. This tends to have the side benefit that, by the time a company joins the index, its IPO lockup might have expired so more shares are available in the free float.</p> <p style="margin: 16px 0;">But SpaceX is SpaceX so everyone is scrambling to change that. <a href="https://links.message.bloomberg.com/s/c/0dxFALo4zfmAzb6wuS748JUYNh6AfO9tSrL7nFtPb-kORMl1G-yooPjzkVQjRuXJRdoJ6VVtUu_MLgudMK2Le1DD7wfmutN-JZhxrLHWlBgc3wmhWUdVuSeqeHwx5xIIvb9cXLrw3VspzRF-dck7E_LMEWgpEpnoyZDHvRsfuOJzi5AwC0OvPQfMu1GMvjI28hoG9n2JDQNWdD8diISrkzwfvkJG-ZoUnGStRLtyQX3uR03jGrAPwlckko2vTwm_ZaJvkQyTrUqJ8QSjCTpjm2hVCxOMa9lwsztjcD8qnjXskUBX2rVBfW2bEooSY2FRof_urXovNzgg3Z4moPrtmCk2jfypHn9EsarE9wyMqQ0FSq568rK9rmZawjY/l5bQCOdWbJBsSgPc1Y_sWHTua7O7T1xf/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">The Information reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Nasdaq will change a rule for its flagship stock index to allow newly public companies to gain entry much more quickly, in a move that would help SpaceX and other companies expected to have gigantic initial public offerings this year.</p> <p style="margin: 16px 0;">In a rule change outlined Monday and effective May 1, Nasdaq-listed companies will be able to join the index after 15 days of trading, down from three months currently. Nasdaq said that industry professionals it had surveyed were “mostly supportive” of the proposal, but that some had raised concerns about whether the change would reduce price discovery for IPOs or “direct passive investment flows to unproven or overvalued securities.” In addition to the fast entry change, Nasdaq will remove a rule requiring 10% of companies’ shares to be publicly floated.</p> </blockquote> <p style="margin: 16px 0;">Here is <a href="https://links.message.bloomberg.com/s/c/IKHDId8PPPdRz1XmPwe4UL6ToDtRmvlkSEXEuocReiD7k9i6hIs-_vtqSHJxJCNJIkVieG82gkU7_0RcXFLRINbEMRzUJMPnwZtzFPFYEjirIce7s6HKNQSK-p8dT70nODKjrCk_0GqPsO0LA7z8x2I50xhY__IKbe6GXp4Ue6eAJCaGPfR4aarn63sJ0t_zWpXdu6mVNo_gM7VMKs7URhLyk8zfRHplbxCi2KbgpdSaqANjWA8ijctI79h5HViNW3Wb4q5jNlqISlmSVcSjDIElbweHLhnWEOiNZBzH0ukjSfCvpe7R1ClJafucSqy1NpTD1967mCwBKRIO9UHa0UP4hPbmCNCmdxjJSogT8NbODQfokqPVUzaeQ4k/yZxhZw6HoVNi6opoNj5SA5xKYGDz0I37/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Nasdaq’s summary</a> of its rules consultation. The Nasdaq 100 is <em>not </em>a float-weighted index. Instead, <a href="https://links.message.bloomberg.com/s/c/8hMP4wc4AtfEgUfP9Sc8tab3Uze0OEglLV6xgA6yxunCdzaXleIvgvH356SIIh7t8LHp4CJWg0qxYWA8u05qzy0bYNVjg5gN_Slhu_UTqXimjqNGYv4UmQJPssnvMVMP68AToA1zG5gWpd8V6l_QbZ4SbbxiKMJt7fxrU4yDJ3tzYy7syR1fQqHThoVWrETk92sk0qakzgmXmVm9QMgzBkQeIW2ccMDSgH9cgY2F8u_I0u-1z9gl6WFumGItLZv2s0a30LG1eR1_FrY7yq1EDEInvtY28nMAUCLsMUG-EVnCs6kvgG8bPvVCx0iTtbF51ctVxLqpkLa4NElXQTe_OT75XKDdaVyK3R_XCJLJlmSbBAKDzkLK0_1C_Oc/4Z1kB5hqeq9ZLtQ0ajHYP8QplW0flgw6/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">it selects</a> the 100 biggest Nasdaq-listed stocks (approximately) and weights them by market capitalization, with the restriction that each stock in the index must have at least 10% free float. It’s a pure binary cut-off: Companies with less than 10% free float get weighted at 0% of market cap; companies with more than 10% free float get weighted at 100% of market cap. That is arbitrary but mostly good enough, historically, but it won’t fly for SpaceX. Instead, the new rule will be:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">There’s no minimum free float.</li> <li style="margin-bottom: 5px;">Companies with more than 33% free float will get weighted at 100% of market capitalization.<a href="#footnote-5" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[5]</span> </a> </li> <li style="margin-bottom: 5px;">Companies with less than 33% free float will get weighted at three times their free float, capped at 100%. So a company with a 10% free float will get weighted at 30% of market cap.</li> </ul> <p style="margin: 16px 0;">The result is that companies with more than 10% but less than 33% free float will get lower weightings under the new regime: A 15% float will get you a 45% weighting in the new rules, rather than 100% in the old rules. Companies with less than 10% float will get higher weightings: A 5% float will get you a 15% weighting in the new rules, rather than 0% in the old rules.</p> <p style="margin: 16px 0;">Does this make sense? I mean, no, but neither does the old rule of not float-weighting stocks at all, so who cares. <a href="https://links.message.bloomberg.com/s/c/HlnRuA064Q9wnKOb83-lnlNpNCJqF0kUwAspEC-JIgnqrTo1SGHfuzY-fbBNVoA3p3yd347mUkeuZgjEWE3T9I9Se1n7ME8YgTEC-n0XBd3C8J-Qt-_MaE57sDebR16cp07npIhvsMYgC62tFMux7TLydgFXXDNLKjgx-990dpq4fmNy-x8g9mdsj1msjXA1u7qoaXSq_20SGOb5wXxb7LCooA_dIumE4riTDz7KoIvpt9NLs8XZP0XamVva4mdPTrqL-jc6WjaYtymHlcMymdNnafufMftC3F6O-EhLCB6pbvlvVuhriNxDF1-Z6K1Ua1fvsOYSXELFS_VSXMAI3PqCyMsE1tU_1uLwtRPPziewmoIT1-9Uf59j6D0/cleU7h4sVmmKh9vXrgbPqtYJ4KsiGtUS/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Nasdaq says</a>:</p> <blockquote> <p style="margin: 16px 0;">The low float security weight adjustment proposal also elicited comments that suggested a degree of misunderstanding and confusion regarding the intent of the proposal. Some responses expressed concern that index demand could exceed the available float, along with a suggestion that rejecting the proposal would “maintain a link between index weight and tradeable liquidity.” For low-float securities, no such link currently exists in the index, and the proposal is intended to establish one.</p> <p style="margin: 16px 0;">Some respondents, in their analysis of the impact, appeared to assume that the index is currently free-float-weighted; however, this does not reflect the current methodology. </p> </blockquote> <p style="margin: 16px 0;">Right, this makes <em>more </em>sense than the current system, though it remains a compromise. (Here is a Substack post titled “<a href="https://links.message.bloomberg.com/s/c/LD1BGHAbrGTpulE2i5wKc0mBKHgV6JDM3gDEMGzonHuwAqeGF7lXh6uU3uCuAfQ8C2ESTwmqhhbHbW5-RY2E8vO2yB2_OYYY8M5cOgfyt9k8zM-KJ8crVBshmIBftUqS0x2QB_M3_UIpD_aqygLXC4C3q5g2ku3Ey6CfJ_OFBFqWtWGDmceQ9ibKg0Uj3X1D1LmnsHPpQdnlDLjSoBYDuuHaGmF_QORqj9mgOXZyqo92UhcDx2mBWDphuDFuAu0D0OQvEX0TpziMUaLs2gCf_fGcoc3FzN-gyfkjjlDiEo3i77Yn3R-kUwqB9wS_IBkUWMUDRHOtiRV25GKMzlgTDKahCcRtu_FYh8lxIOkBMhr9lWEQ-OO8LJIT1OI/r5gAWUxpd1aK3Q6-Jy-8zinKBuJi2ccH/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Nasdaq’s shame</a>” from a few weeks ago that got a lot of attention and is very critical of the float adjustment.) It is perhaps helpful that there’s not <em>that </em>much money indexed to the Nasdaq 100. Bloomberg tells me that the market capitalization of the Nasdaq 100 index is about $30.5 trillion and the total assets of ETFs indexed to it are about $500 billion (1.6%). The index funds aren’t going to run out of shares to buy.</p> <p style="margin: 16px 0;">On the other hand, the <em>active </em>funds have a problem: If they want to track the index, <em>they </em>will have to buy a lot of SpaceX shares. <a href="https://links.message.bloomberg.com/s/c/ng0X1DKZczED7fFt0mYpZQ67R41bf8TglWtqJmf3-C2tG1rCyYXZOJ8JqOjgplVG-Rnqich_TRV9Df2DutcUbhS3mW7GVYv-jhkOmhpncjITIBYvInj9PVh--Np4x5d13Lot4cBhfBavQSO6m5kOck7Cbo6Jd39c1IYY1eUTmCP7aRXcK7slWd__Ga90FW9SSwHtxe-Y2DABcDnJHGyOCJ4SKiVHobFRYXbHnVdexScdsZRlf1AoelPl-RUlOrb-dTitvfYay3ytr6y1hndbZluUl7q8OBaZjTGhOb_I1E_pJZ4LYL7hLriVptIghOD0VjZP9RAO6jZmNcNTDYkCCov8nXANutvGycgmygVlAgdPU-EXubvkt9vArc4/gQmlDa6dCcqUQdbVZobvV55CXgU_d2W-/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">The Information</a>:</p> <blockquote> <p style="margin: 16px 0;">Fund managers fret that if they sit out the SpaceX offering and the shares soar, their performance will look dismal. If they buy in and the shares fall, they’ll have safety in numbers because they’ll look like everyone else. That’s particularly true for long-only institutional investors who manage money against benchmarks, said Karen Snow, former head of listings at Nasdaq, who now runs Rose &amp; Co. Capital, a capital markets advisory firm.</p> <p style="margin: 16px 0;">“At the end of the day, institutional investors are rational. They get paid to be rational. Do they have to participate? Yes,” said Snow. “If you don’t participate, the risk is way higher.”</p> <p style="margin: 16px 0;">Musk and his bankers are well aware of the buying pressure they’re putting on fund managers. They’ve got something like $75 billion worth of stock to sell. And if Musk’s army of small investor followers know big buyers are waiting to pounce, they’re likely to bid up SpaceX’s share price in the first days of trading.</p> </blockquote> <p style="margin: 16px 0;">Yeah, man, I don’t know, that’s what you get paid for? Like, your job is to buy the stocks that go up? Not the stocks that are in the index? Buying the stocks that are in the index is the job of <em>index funds</em>. The active fund managers are supposed to make decisions; the index funds are supposed to get returns that reflect the average of the active funds’ decisions. With a lot of stocks, the decisions don’t matter that much, and most active funds will be pretty average. With SpaceX — huge, new, Elon-y, low-float, volatile — the decisions might matter a lot: There will be more dispersion, and funds that buy a lot of SpaceX might perform much better or much worse than funds that don’t. If your goal as a fund manager is to beat the index, you have to choose right. If your goal is to be average, though, it’s pretty easy.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">‘<a href="https://links.message.bloomberg.com/s/c/6khNMXk75ecM3Snk-zykXCkAhUi-jndZpzCbJMdhWX0Vpetgq1o8YtPQHNmsw-Iv0YxCw3gP64KhBEJHkF-cxfLee7OdgDPFPoxvYtVoLBw9zMkP9moawBKE1XoXHM2JIsLe2v6rEB9CQLjO6yNLkb4RWDEh57NV3sY_TD3lXxfw_9xWhbjEb0Hhe6z8sTQi8GEJbL_m13SDt5DVtEbEr7kODM-B3PaypYKwEZIBs-OcGZclg02R7Z3ZT8DhKNaalojKS47MbS28QQjuFA-oA41BwrUuPstV9QodoQHCBqIoMVhrKwaAJ47CQqJs95o4fM4dvvvBPgGdktKI6YI8xFsYZA4VmJmsu5OpjmtnFQptJRC3NLStdw71Zzk/YqqU7Qrf5tT4axhyeCRQDGCaJpVKlYZq/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Powered land</a>.’ <a href="https://links.message.bloomberg.com/s/c/Zn4cW_xwrtqPgyDL6IK7MSnp_bIQDN8-zyUnlOI6xUOQVBT0rS8eX2GD99-7Q1T5oyrcTjvwieCmz_hFZn5DjCeSb0Zy6yAn4LNcRuGUh1ODO8IZpndHs4OKFN68zhBygulwO4li-L7sC86mA2E-Vr-D08dVBGmSq6VmwB7MW8MMsCySCVL_y8kMm_0gA6ltEzirNmdab92cjNfbgvyszb7zoeeTxPf4PXXhebl2cFcXhyaULlOoeHWpqQflipA0fry0ALonG4LthysIRQNDL6e3aOAPttJ_wKURy2sfq1sZ4DptxlWAM7LhHtwX7XHHyhacWo36vDGu98cuPuReLsCbMyHtA5WbdhfSKzASs_ZxcYlQHHxJWKpgZNM/XFAzAxuLCynvkoSyFdbjP0Kml_hmltHe/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Non-Cash-Generating</a> Private-Credit Loans Rise to a 14-Year Peak, Fitch Says. European Watchdogs Review How Insurers <a href="https://links.message.bloomberg.com/s/c/7UIyE-MrWzf6IlbPSXY3QkDp6RWx4Fux0H4DIgOdPaL5ke35k5NvJIcdpUJ98enNaRVt1YdMMY4LcmwWaOhP2tMwAu8n32om6-R_FZGG4y8P4CYDkhs07WynsJ9fVGcTYkBJnIPPhH4f_MM788Bch48XSRLyCR6ONtPIY-ZuATBPyLQL-BuB-7s8FEpD7ChKgjqhtVshgjj2eL2tBMeYTYG0tuqUdbgvxXZzgZkW8WQsvog4f1vPiRRBtMzolxGSdb2eHmAjzGFUsqrPYsWPCic_5m54GJqbMIv1rcU2J3qf2NxM35jZzwUv_MjGIS8ySulGA2qNkNDgg3JeVIyBbLT3U-n_d0OgG7RyKX0xyg7neqYEpeWC8XvtJiw/q6Igds292SNF82sLbAzFG6UZHfD1SucW/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Value Private Credit</a>. 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Unilever Food Arm to <a href="https://links.message.bloomberg.com/s/c/QItdAODvFpPfNMiTZGBeP0NRnReyKgEbjBlVrcGpcZguQiER_gT9fpaGLSVsvHDuNRTabNpmRjXrmJIQoSlKrz0aNXw93-0tefo4g8CXwQ_vcWwq3aaCWFN7JbWfyi8DzmGGiH8IOe9ovbzbnQkb14HjyE4nevQmVg9ctJCWh4-JGPOQj635EbEUcVuXcR8t1rsRRI-PxLYUmynUhag5EdpX7ghrut2wprSNeSO1JLMgdQyo2eqtmwzZb9VyZsz7xrO1bULkPNKHmiPDrOs0zXDYlx78AWTnzmiukzoFUxuwlyHURJo4iUO5_Kr4yoNsYEbLuc6Q4EVwNqDTCcD4q55SR8-5QtGlXUxwwqhWIuRy-iPaHsdKS2Rnu9k/enS_K1A2MqSzutwiQTV9-hV--07qjdXV/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Join McCormick</a> in $44.8 Billion Deal. Iran War Chokes Off <a href="https://links.message.bloomberg.com/s/c/EU4VayNpjhB70Ssn9Hx4MEAfOlLOGKssBuRys8m6_ew-gZC_MojTHCz7FcIXKo3f-md4glCp-14lF1wbBnt8ohZn3o-dACefEBtjFXs0GyeVfIT2U0IT-PxqXNJxA-fC7C3OsSnpxWGBpKsfrINNw9CG0ovj7ALW0K-UjxIB-GKMTr2BF34zVek54p-ZcMa2OwXCfBTdPIpnlycyA_Z9bst6w5eWYkJjECu8PKlM1ycHjRC6uyLBOu0-3okx6cZB-BtJ3H97Z9EIxwEqmHr0j_j98EctgiTBPIk29CMoHW8-n0RSPI8Kk0cqf6J7qjkJPmkNYmXeBVfuQvxSnZZtxNxt0mqemfJ22rJaKMqofmei7X5nAEv_9fzKHgk/rdkJ32bSq1MVpJRAWwEuVqeyDG35y_rw/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Helium Supply</a> Critical for AI. <a href="https://links.message.bloomberg.com/s/c/jgNitm4LwjetWfGR0dTxXq1ewvlq6C4qou0YAsClZjR7TLCcYS-ivK6nJHOibv5tyApOZ8VWo_qEuD5Eoq5a6-LV7PekNFJg0fELQx4P-I8P85o-Ql6KmPHnhlIcIdaZDauVYPa_y1ISiRdIN4s7SI8RUmCX2uHpz7tDZPYWznT8GR7tRxtJ18ztgAVPtWhOF371Yt7OOIpbsuj4drf-Vg9FUs65TaNkBsasc046_LWY73WSCulVzp9CwzBcsO2KaDuHJZf0Q_QEV0phBGf1hEpCKdOZBKGsbqRpEe_ura8KwsGqdJAuMZBSL0N3EhFP4OATc6xUa0No4fqvAQRJd6mKxM6BOAle5etdNlFAZ9RjkpR2Viz-x4GFcZA/ErauxJ8T_oNw78AzfaB3IHk1L_em70ax/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Aluminum</a> Set For Biggest Monthly Gain Since 2018 on Iran War. Tether Cuts Top <a href="https://links.message.bloomberg.com/s/c/kPckl3l8G339f-nZQjtjewheOosfWrXRPrjNuCUsRDIlI-hZ5zbbrGK8P1i1DUIfh7QtjmtwW7JW8IAqeJzu5BKVTCNgs2ztFrxaFYnTEEf6p_Vk731LWNxWig3f75sdNUbZfNmwlpscp7JuOTFZsjjoqJYOWoSS4ZZwxwzSPw6O_6qJST5bKWKkAyW8QXh7tZpHyRm4TmpVMszUtcD7oJv96TD22ZEGExSTdqQPQI777zSqu8K0dRPwSQbyVkJpi9I97z3D9a4gGUTuC_H_Q-QUxjnWnhTPyZNcDIoz6sIzvQYN1e3FYtKOC4OEVwRiovyfi6mK3RZ8plaLd85Kz7VztoM_AoUJuAE4wwBx-NXvt5F52R1mMOjJd8Q/bLADhD9l0i9qUctOsKeP1O9w2ORMpSnR/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Gold Traders</a> Months After Hiring Them From HSBC. Credit Data Firm <a href="https://links.message.bloomberg.com/s/c/SQHdJJuIJSNQjKops21-Vrum_ZPXBD18Qvpj03uG4C8_NyfDa2xUJTJWbRk-EepSUYdEUQuKnAHdMQNNbGlpZEGYwkeM6REOsyLaMUB11FbaMYmRWQUIQpVs4VejZCKEneKkUUuSIAB2xKPAHEQAI5vhMyDNDrharO6SZtINLu0gggTHfHc3qcIs1U8iLv8kNV1Uwr7gha0J6kwejBizBNuK3frigUuH1kpke5w-ddf415pJwrUptbeim2G81OEyDVIq8sRLmEJALNyWwrrElOlSCGEd3Fnoz85OY-N05d7vW61tDlv1QDiD-DHJj1gUx7XJdOWapcOpqr2vR7lbw5pI_IruzdyLaEC02SPKpUAJLoz59JHfBaBoHXc/6WDw6rdKSS3fS0wrrJxeejavWJi_Udrp/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> 9fin</a> Is Valued at $1.3 Billion in Funding Round. Hedge Fund Manager <a href="https://links.message.bloomberg.com/s/c/kB_fakLNDjW5LWOxCs_NOsbxJgcKu_bRFsYXt1Eg_5wZJIXXGcfWvWqm96Xa7GoyQieMw9KyoxbCWunYqlNbnIcU6Py1ETMsbbi3cZgFm7TT2eZK6ZzmAnNXxN_2F2ZvVaWdPmboxmeEDxTOQHvc1V1_J8Mest5lSIqPKUwwnWeB-E0hxR0L8seaqyHDy2Y4stleIQ_SQr23K9lA6YOwdgtx4I1u9omwQzNPgRaH4-vnOAUExhFM4gkR34vNGkPfR3koFmCEoO9_lLcxaBD4DI7fpXMcZREG2c8b0GnHz45AZhbgMiN8atSALStDqHh8Dn716gWl2geAWFmrIkvvLN2nhUsPRQPlEylgJMzBJ28BFH4-Lt4lVFx1R2Q/0glExBoiiV74o8vxi2n42ckogvxyqQSF/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Rokos</a> Gives Record £190 Million to Cambridge. Pete Hegseth’s broker looked to <a href="https://links.message.bloomberg.com/s/c/1X1f3T7DoDDWlS5po5N2F5yfChHZ2Xpl2J7D5NgqOLZ2mJjcrchhNmSEcr76DICn2IcUt3mQSnTpwJqjZcG2uQReV5jDhkq5uPK8B55vURfF0QiIpBmguDro82hPsmD4ffkYfrLDBKV-4PYmvAn3hWOyIabM4UKpCAXkCe8VgaqJ5BpINi9JGXSUt3O4b5RcLTKzFrFegWGVGavj4ekSne9R7ndVAMFogzC0o-gbal7oYoLwHMbDC8CVMfOl6cE4IU-rDGWCJ1iTbvUPSnO1KaluRjiUoCPFQN_NYiggw37LujYeUXOu0l_521D0AzuyyQcNFbFPF6kY4G2WlblTP4jrQtC01ZXi8a9jp4f-rKki2OSvBjinQeX-fFA/9u37wlSYOfkqtjmnVPgVfEZCZLutE_3L/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">buy defence fund</a> before Iran attack. How a Massive <a href="https://links.message.bloomberg.com/s/c/Ge4ODmPUA2xyOIN43xk-Fj7vNGg1JNw0cbh1Giq0PuatIs-CjpJoaWwAaJyW7a2qvVXl-b5XxmHXKs8CITfBEcrK2l4nXrLMyFDd0RH3GgpQa5UAlUuP6hrCHyLJT84xWAKsOozosqPzXyxJFlfYk7yLMopV8CmFrSv3tTLNPUQHuDyJoN2cQ31emfIKrHPl18Z01uO1fI4h1lFErfGjkA6YOFLh1-lJ21c88a2Gfa0UakGYFE-K_cJhEy1Yg5XV9gdgLngZcUBv91MmrJUMZyadOJkQ7_cxBzgI1bYUlnzsjkogiqTCIgC6m_8Nf3Ef2Vr22kwF-CNnz-lMTm-jcRKsO0nsTkL1UNryJvjWh8Gy0L4MwMGmSLMBgpA/mWpDjIYLN71yhuxDRjrz_3-inBW3DxCy/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">KitKat Heist</a> Turned Into Crisis PR Gold. The <a href="https://links.message.bloomberg.com/s/c/SxNBh9KW4f8dldNZGixb7vzlUStC1sdlWFlTZ4rd7ccYQaM08fxc7jd-ADyhvps4MF7lEUxlKjxCd2fOhZcVp3a8608PAI0MI0kQ2vRsAAh5j3D30vGGqrm-hGkPGAUch_0huLN8ult9jOULtl5ywkSAbioMjlpGXNMCCUCPgeJJgJkXkzLKWSI0gNGTimntoOj6sf1RbG2atrp_iovvdLrgJTJVtoCf4M555ob7r1ObTZwW-jZIK2b8onUIm_myphg-R5gRWXXFhZPDSIr3QhtQ1w4MGw4W5RfirCPsUX4i3oKLOvfNqjDo3bdFT3axroqpOMs-WZQaewJquNDZ6GxLYIvW-QoR5ebJZoLjnd7pjZo4AF6w1OV5DBQ/pVXIuVFCmPnVuBexNtTd2D0cWqIo7L2a/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Bigfoot community</a> is being torn apart by a documentary's new evidence.</p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/Ca0SEsUR2VSIQX-Zg9aSBUkLoFaqwwqj1vpCa2a3nDXxnq1SwhJN0f_zeubZMK0YBXu-2Um_pTpQFDvO6yIUFUGV_MOcxi56HZWZS2NZcvidpqjWcGisrBppXX8cVbf9s0Dk9UPk4LIXnBAp1eM8XDoaQcklUpAd6C6qmG-v6EiHroVDJEnIxOVYbxo1WGVvxWI84EwH62hmTMx2fOGbsQrPTpGRF2PEDcnS1xATjjO67Quy9avBRsIcbHHahKI9z9IJrzzROk7OT4ked7J9_NOP2TubApSXwKK94cFjakXGgFHJ2redjjvIMrzBjBHPmO1_pJA9Bt1nspmc__V2gf438rMJCNmKdk30SqdWJtSrn0TOJPdfSZPxVeE/KO_yNshVnnHdyVAap7YFScFujTFMbmhP/19" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Money Stuff and other great Bloomberg newsletters <a href="https://links.message.bloomberg.com/s/c/O_jT0UxaXm_zUa_qS4QFlUG3auKVid8PiXgQcQE2LvUsGdqYDfEFLtvog9O_6E7F3ebpJ8my7O49cKOsyg4jFgYv5eMn6cLiRBSWR0UAYTMXdAmFrvxhQsJzaUYtp3OVmMYqFOIIRtDz3fEobLLk7sDPbD0Kl6rjjCx9mbtEGOgeBswXo-D9B63ZYKHSta-6I92LBjmPAlKzYTs9TxLqcoZ33OQ355EkorDhh20ctreq18xoNlhy4LiR7ovJpMh8g5q53K4nZdJS3tKHoTyCv90rbcvKlPeUVUJRlAofdiWkFN88wKwh8fg_p7bqVqMQqVj2Y33s-tzUlTTvHKLQqCICt8Vn4-WrNWG04ClD1lSumxBbhhq4w0SXwWE/TCHIrGYJCd-DnEuVmxnYZNWFH5rAhVd6/19" itemprop="StoryLink" itemscope="itemscope" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] Why isn’t index ownership constant? One reason is that different stocks are in different indexes — the S&amp;P 500, the Nasdaq 100, sector indexes, etc. — with different amounts of money indexed to them. Another reason is the float-weighting of some indexes that we discuss below. A third is, you know, miscellanea; companies do stock buybacks or issueemployee stock options or whatever and their share count varies faster than the index updates.</p> </div> <div id="footnote-2" style="font-style: italic;"> <p style="margin: 16px 0;">[2] Is this even a problem? Depends on what you are measuring. If you think that the goal of index funds is to replicate the average return of actively managed mutual funds but with lower fees, then this problem is real. If you think that the goal of index funds is to replicate the average return of all owners of public stocks, including like Elon Musk and Mark Zuckerberg, then this is not a problem. (Also I mentioned “private equity firms” as potential owners of non-free-float shares; are they also “fund managers”?) I’m not sure there’s a strong theoretical reason to pick either goal, but the first seems to me to be a bit more practically relevant.</p> </div> <div id="footnote-3" style="font-style: italic;"> <p style="margin: 16px 0;">[3] For instance, most <a href="https://links.message.bloomberg.com/s/c/5ect_3-G-fzP6g-6KtWJx2S310Jsb6OsJpNM3M54aGZsxYQUHlVA_Zct51XlVhVz6G6f1lz262Fgg3gcEP602Z8LVn5fnhvhy00hruQgsTz_0tEQ9lxQLTdfXLH7kVCMvtyRGzlp1F45U6gk3q8Bpwa-PbCjuezXO0tkLP8HBjviCR9SwYiGu--LVEow877fm9I8T77otOsGyTD_0azgM4Uuy8Urokb7n4e9csiH0WAK8XDvg61fcYTH4rxpw5CfTfKN7akgsv7inyp74-KlJh3gibXG4NaaQYi1o8kcRbp2gBnOu4ZjIBWTOREk5wYkMQnUmV5bpVWujk3d-fwzae6zPBLMrrkM4FFIHA6x1HyQZbuedqlEP1sQkig/hyQnV8NdAPPuCB6lF6BNuDQfc3H-Tewq/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">S&P Dow Jones Indices</a> use “float-adjusted market capitalization”; here is their “<a href="https://links.message.bloomberg.com/s/c/qA_DJ1cvId5HfavxAdRsJcgQ1YnTrK3wL6ggGUbLBeE35SNHmYhPMqrEo6Q9AyIx_azHy4usYcMRhnUPgB1sHofHN0fMq3tzJ-nE0JXGZFbXcAnG-76OiVl8wCfTqvxc5_TvhhwykACZJC-lsAX1ToBTmqqlaZRFPjPHbVbcX5LpmNoQPNOR7-cOks4rQG6rmGuFDOSHk4TP0BULaTyBNFP_9d2MglSYjSbW_jRTk4fhi69yU-xlh7vT5Jsu5k59wz0PWzXS_3-aCpDB6Jd2W2wYhgxt8Y8LwphdI53EcUK_aN5QIryaxsJEQ3Hkt9c3IGvENC43mr0UDviMlxTSiYVn_SvVpqiTJ07UqxMALhMuroTasyKCIENwPTk/IpbP7kDzDMxODOLMEmDKVzuUO-vvUycv/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">float adjustment methodology</a>.”</p> </div> <div id="footnote-4" style="font-style: italic;"> <p style="margin: 16px 0;">[4] That is, 75 divided by 1,750. I’m assuming 100% of the non-IPO shares are locked up, which is unlikely to be true. </p> </div> <div id="footnote-5" style="font-style: italic;"> <p style="margin: 16px 0;">[5] Nasdaq <a href="https://links.message.bloomberg.com/s/c/DOGM-SfJ7N48IrIt7zdZBLjpGdT_Qx0QNonqwapPh2c2SJPazg5MT4SLRenvLLz-GfxOUgjXkq_fb-i9j2O-8661wiPNkcTZbCwF1bOZFsZOzsyBXEh18PeoRKFdBbsvE2hUU7eRNUnu36PSVl0yMbGSwqtcAAIfwj9gE5jwiaefPJf05qtAtd8PM-xKn-5NBZKndIyH7C0wTgVxg76jXuqrg4WMyvx7kAe_S1hiApHsd8hXVAUo3nop7PuT1ZCVGAUlkPiMbZENQAd2LHp3EI77hzidRbPX7hoeT9EQuMtE5tg1_4TRK1i1buj-qiEK-1fUPjAcJEnFi1t2sRzHgoaIQOCpv7ddDy_azzESiVAon1iS5amjqeggZL8/riG69ZJ1ikejePOZoL4Kj7AAHzb3s9z9/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">originally proposed</a> a 5x weighting for low-float stocks (capped at 100%), but moved to 3x in the <a href="https://links.message.bloomberg.com/s/c/dxDi6NRjtebDXvyMvrAW9TGFrX4BDr37BDtznXbB-G8XbAufmlZ1LJ3P3TRxXsNkQHq3KR0qiWZjRW5bUv_0JR5prxG-Ypcm_kbayh8qCn9P3Ml5c1YeFHl0l26LiiLXKzoq48Und7XxkVtmE7Yr_ZWeDFfMKkxnt8-2Id7xolN2oeE1Pq_wqfHTGVXRIa5AbXntMsAS2Tz2Yhjvy6XX_v_DXlOqWNGQWm8TTqS5rys19mB9_Bcq5R1wROA_y1wqHoyPzI6DP7BqgIcqFdCqcLpaz5XpJ9BQhTBC_P34h0YQQkvhsWAvESouXyjOkcFenzeuYAzzLP4kjQqiM1VTU_us0-aXnOQ4DNH3WfZjXdmq6LKgAQmQPnnVUeg/zO-7yLaKufm6DvzVzyrXMjAexx0qtavT/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">final rule</a>.</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/nGq5XOrqM2br2sth2XO4y6maq1N0sreHuHrIGw9ryKRhIg6XaOQ5p0tCuKb1u_iVwImX7mxNu3EIrHj15j-laIl_RRGlTAhZwf7lxM0-PGoQ3lGhiw3ikLlupytAAOqrPYBXYTCllcUmVhyc1szNaOrC5V6g6zSZGLSvbPKr4EEQfGigVDaaN9-xvVIlMZEI0oCQlcE7RnuHgVAd-yu2XqMKZgE1eWa_9yXiVNc3hoALUOTHXIMUiu69HEOsE7aN6nDFiqzVoEeEUUqj75Sktg3Et9eEBwvRfPI-L8UH2U4Yzg3rEsdVgJGnOPyc369HxVfg_UiqQrS84mhly0gFZCd6ym_TARBrxhqW00KY9Ye3OGMHT197SkM5pew/-xwzkTTamLhgxwccN8lACLXa-iBR3XBe/19" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  5. The 2026 Credit Card Program Management Platform Market Analysis is now live!

    Tue, 31 Mar 2026 16:15:20 -0000

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  6. Money Stuff: Private Assets Are Coming to 401(k)s

    Mon, 30 Mar 2026 18:37:06 -0000

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width: 100% !important; max-width: 550px !important;"> </a> </td> </tr> <!--<![endif]--> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">You can put private assets in 401(k)s now</h2> </td> </tr> </table> <p style="margin: 16px 0;">Yay? Look, the timing isn’t great. Even a few months ago, the big story in financial markets was the rise of private credit, and the push to put alternative assets like private equity and private credit into ordinary people’s retirement funds. But now the <a href="https://links.message.bloomberg.com/s/c/2a9ikcOoS28Pw78z3FA5R_95KReMi8NGk0R-4Juo3zLz1q-8dz1P6nDXLd5J9R-65BvvzLIRTTwKpjaaHKVYvhyCtvesTpFzzfBuVQ5BOALXaR1fNYb7LAd9su8q3gGMCcs4sVckFGj32i26nCMkvvZr9sBEktnm-4iSixtARXbBSLrFQ6tghdCf11RYe37c43_APz0blgO4lACsBau_vE6oVQ2YPW9ZHIXlM4SIix53cvN1k2pYAZS3vGFFLW15zPPPHBKvkivdZ2iINR0RthherfZ_J2TePPcwD8r2IX5I7eyU4UMZkehr7K030eod8aNcoBOx_PWvrMf1VoQmhFkkRZoLLfrepV7kQm7g49Eldgeq-bsH5-PhrA/JcZCVkfzkfvXdzAqXLGZUa9yqb59vgUK/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">big story</a> is that ordinary people are <a href="https://links.message.bloomberg.com/s/c/_3JuXGqbSoDRwlTpUQ-Jg0-iIVqPEg3M7guOjTGDXuAW07jK9mkX6xOKjZcGfV4MzaMj1yqVeNaXMJ65-AZLirSSxfuElW_IQYQfdR5NqyIMSMCHzl8VR5EnNBbcLUKCA4R_2ILXiBwAatOGcFhjuQ_p8jTqluO7OlK5KEGBwNPDCBYY8hP6BPuORYIPmUzYs-Kla7YX6x2VQQriETeWUkjbnlGMDNRzV647lEWJV54DTiLgrQTlHegLNGd8a3P-e2y7eW8DR4GhHoXVP50MtkQrkpxzqPL9FMwSdWfNAUk5SVAbJ6U7uxJVhoMmpsD0jvph_C0yd9G3FeAzg-pYHzFdOKrB81ONmsIVJuCwfilgqiCtYSDn8YZVNg/rkrELvwSXSOhDa6oEk_YjTJrFI5R4tj3/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">trying</a> to get their money <em>out </em>of private credit funds, and <a href="https://links.message.bloomberg.com/s/c/fexkAEFzWWUKyTkmsFo8ZVT42mg02BQBDtw37XS42ZSCFYhNGooIM9BVNRUn_s9iYkFmzN47hABSgros_WmOCuY6zGWIEXbC1p-MDgI8wKa7Tmf4DZ7r02AcpuWXJb9gYbtl1mnf7snOHprJkW7FjnFkm7kxwGgNym81f01JTfUOOf1gPC3P4fJNZ_QRRaocWNIPTlkypGT6e8ML7Wqi7_l5Xaavwx7dNA8VpeC2_mEyLpfRMEGJQsAfqo607qAcdAy8mOf4bmRF_QuHmsI6EQxX8_7KY8J-iVlSQDMZ8RjF128vQCk4L1JL6srtPPPQ0d5WZoNLd-lq5i_jdCb33FkMgAcU2ttlgJC-6zlPk9Fraf-qioXy5n8j9A/R-W177jeBUrxr1k9PTFJdSLTmE5-VsBt/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">not being able to</a>, and being upset. It is not the most auspicious possible moment to ask people to put more private credit in their 401(k)s. But financial-market memories are short, and regulatory timelines are long, and maybe by the time 401(k) plans are actually offering a lot of private credit everyone will want it again. Also private <em>equity</em>, at least in some forms, is still hot. A lot of people wouldlove to put SpaceX in their 401(k)s.</p> <p style="margin: 16px 0;">Anyway Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/kg2YNqe0j9sJK_FuSnWia7xP4wYN8830Fy66qre8yDFzkPZNaubuFt1U7q6ZUADBWhc4FZ3WgHzU6KFsRolik6OFdIhZNYbFRzfzAwKKW3KGc5IbJ6lFT-SrbIFk-IIPrfp2GdiNrfFM6MWE_lssnTrzsWSMpVoyGtITvBzLTQKtdO72uFNcLCZShxp1_dUJabHMJaHnyB5uBfQdIdOhsQAye5LU3KIES9drMv3K8qTMVabgbXCp4rarHvbVvGkPqvg-ibM5yemWamTwxbrYN_IFXrVCczrf1pr5l_aNkVfpn4OG7ZLCjI-oj3Ll7DHeGb8g1CYMBP006SE4t3pVEfdAETJy9nfNWPdw73Th0RePzHARVifU1oslxg/OzA-4UJ5CSPHblN2bxOYcV9szXWHiagn/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Lydia Beyoud, Loukia Gyftopoulou and Silla Brush report</a>:</p> <blockquote> <p style="margin: 16px 0;">Companies offering alternative assets in retirement savings plans would get more legal protection under a new Trump administration proposal, potentially opening up opportunities for firms like Blackstone Inc. and Apollo Global Management Inc. in the $14 trillion market.</p> <p style="margin: 16px 0;">The changes could make it easier for 401(k) plans to include private credit, private equity, crypto and real estate investments. The Labor Department plan, which is subject to public comment, aims to blunt threats of class-action litigation that has discouraged some employers from adding alternative investments.</p> </blockquote> <p style="margin: 16px 0;">Oh yes, also crypto. Here are the Labor Department’s <a href="https://links.message.bloomberg.com/s/c/83wCXgwNQyv-nx3HWcN77MpVlYzjU2B09xADxjRUWi4qzsOFNUcNGCpgX9UVz_mcVIYh1T439JWPEvfoAgynwUzGLTaPZzXcpfL_CvO7ef9GaWzDm7Wc2ial-1PXzrv4I2xdNbszUiA4ylaHPanuODeyS1Y1mv3OxRh_ySCIgJh3Mn2FCNwfqg-ylyr1V5V1-aqlj18DFcAJH5xa_ZNjVKVvyEh3CfDHxyecAY1VP8O6VOgd-vpVS5Wgs0M5ZnEtepvbxKBiSzf72QtcYMKcXdDYmmcBr4WVeua41UsDUD8By-DkOd_QdS-zakPFJEawVOSSBes3sqz_9AvnFLlpGZzPF0C04BWGBdC6G7QIjYawgSUjVJJbCtOfJg/7c5tGn-lBmpSo5YgxXn2XcR00fgqqK6v/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">announcement</a> and <a href="https://links.message.bloomberg.com/s/c/UVYTrAu8Nu932EsCLDNoNqqFLxiUG0iLyuiiuaKwEGsctIvZ9VhRoYaw0YVJXeH_zSqv6GS4JfrCVaxnie5Lh1pcOUegvsSG-YIse2I0iDYyu81hWMwGruq0exNGoIkw2XHha1bwfbAHO0qNc__T1hvv5BKgYym2cXWKbAzzNIN7NILOx-LDCeO0EVszZQq7myVfTGnZgbPdR4D4CM-uxWNTDHXWU6Wx_xD24z80URtAhZRTT4VtSOrnJj2Ie7Athy3o_tRSg3cSkrb-GWnTO7vtQt9lYrR_qYjYecvfR9E-JrcICC_n7DG4Sd547Jm77xXCkZ89NDhqR94HMNHBkycKvPZKSN5qZNp1Rkd17CAOAyzinA0MBJ68PDg/FQKPYZJT5sK1GoT3LHlbKvjoT_mPWu4s/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">rulemaking proposal</a>, and here is a <a href="https://links.message.bloomberg.com/s/c/2WPZvLivN9ZWcPKxcXwpDEt4i5s0uCmpTf8vq9GxJiIoQ-yZ84unkvZFUxEbF6W6ZAse7FZYjFSDqw6indubrWNUR70B5qOXAGpkTibEADJay7KVd2PTrO4w2dXgveVVsw2Y09CcYJKJr3XoJvjEnjCF3vmZeYhYZfS1wzQdjLCSoqLVCiit5qb71l_A3OzN8ZJU_gdhBxUcVaB6L_qhSMxirhDZoi9SOezxED4mpqC0ETRg7yurdsJMGM7e8c4O-w-mRtTVDTO9qb3TykjLtlb-urVr_ZsH5x1FFa48a48NjA9RIlh_urk3oadBnVvj5T4fU4pcnknah_Avgjh6nAP1W-BkVhYtRQb_L_v0oWvjTpLY499vEmo8un4/COFZU18Vgh22XIhRljLbP9CFiQs77Vy-/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Wall Street Journal op-ed</a> by Lori Chavez-DeRemer, the Secretary of Labor.</p> <p style="margin: 16px 0;">The basic situation with 401(k) plans in the US is:</p> <ul style="list-style-type: disc; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">A lot of companies offer their employees 401(k) retirement savings plans. The employees can choose how to invest the money, from a menu of investment options offered to them by the company.</li> <li style="margin-bottom: 5px;">Under ERISA, the Employee Retirement Income Security Act, the company has a fiduciary duty to the employees to offer them good investment options (and not offer bad ones). It has to be a prudent and loyal fiduciary, choosing investment options thoughtfully with the employees’ best interests at heart.</li> <li style="margin-bottom: 5px;">If the company violates its fiduciary duty and offers bad investment options, it might get in trouble with the Department of Labor.</li> <li style="margin-bottom: 5px;">If a company violates its fiduciary duty and offers bad investment options, it might also get sued. Some enterprising plaintiffs’ lawyer will find some employee of the company who is unhappy with the investment options and will bring a lawsuit, arguing that because the company offered Investment X instead of Investment Y, its employees missed out on $Z of gains. For a big company with a big plan, $Z will be big, and will be pretty easily measurable in hindsight. (“Investment X went up 8% per year but Investment Y went up 8.2% per year, times 10 years times 10,000 employees equals a lot of money,” etc.) </li> </ul> <p style="margin: 16px 0;">The main way to defend against those lawsuits is to offer only defensible investment options, options that a prudent and loyal fiduciary would put in a retirement plan. I <a href="https://links.message.bloomberg.com/s/c/d4PrKAtfBXMxnvIaordhzj_LIaukhDGmUsHP-QIb8iCG5f_7YxDeb1oZHYPzR0oqPl1DAVia56mrzr2urH8n7ruE9WL2KtaEcKvibVsuXXqXUZEBsH5R94J3MSNcfBvyk6bJcDIRozsdCs0DqMu7YYzvgLhSF6hF90KAgnysUFd77V2uMqYTEJ8QEl1Yj_frWyQd8o_7ILV4zm7BqB8FUV42hNtYWjBXuAUrjD3C3-HgOaEfc5oEhZU8uRhwlQXs7Idnitw3PVYSonsW4KpkcGSa_6wwz37O6wkwUJfNl5We3hDKXrbeu9x3STE8Ygb1FQBCCtExILFSrmgVF2qSZy6r-cxomcyTerFCGONG2EzjBpwUceNfBv38KQw/Y0qRxjfJbCr5OXGaPFm6DmgXX9fabZmU/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">wrote last year</a> that “there are shifting norms about what sorts of investments are prudent and thus can be offered in 401(k)s,” and that in particular there are now norms that investment options with high <em>fees </em>are bad. A lot of 401(k) lawsuits are about fees, but we have also discussed recent lawsuits arguing that <a href="https://links.message.bloomberg.com/s/c/StVLBPXaDua37FbZLmfr7YZDPt_yH7rOaTiaWLljgjD8s2YsGf96BXJmmCKDwSInEp2m8d7k9MRGgP1Vk-EVTqcmvmFrFj8MrQxQcN6Ul8MZudzA5GPdowkLfuUsPd0i6CDx608bLZO7K2-0chsAs5FqJ5dDvmprNWlsAUbEe1ivZ7O1gkehepHynvGE71rs4ilFoSP5SBKU8jIimFplqNLUxDFJvlnemO2ZmiweLL41k4j22WgV249oGPWYt1ttFv6c2-C9Vo2d4dEslnVKd8jstbvin4hMdTSC-n5KfjhAjpOVCuQ3vm8GcoNgaDIeDwOh6AWtsQao9IClZvpO3SX4YVJiCG0CJ8J7ZqVyU3sNOMa3EJE_z7_w7FQ/T8Uj-uGXk84YpkHpcSWzLUL-YKOEoPjP/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">doing environmental, social and governance (“ESG”) investing</a> in a 401(k) plan is a breach of fiduciary duty, or that <a href="https://links.message.bloomberg.com/s/c/a2rxSM1JSixLzm3mLvw2aT2iavkoErjTzb1-4Sl-xg7kI0f2Cho3luvRb_Eo1vM9xBc6ROUPztaR37ZOOit1Yl-4Rt4P9cW8N4uA8tEOOODLVKCJbigW8Q4PN9rLIpg4s3m3gIaywoEJG3raGnGhMZEBHUAYQqlP3u7IByvxeLS1i1aLWEiazOF2S3VsYzW2TmRmi2mGJEB8egpOucZ_aSXD_zF0HZhz_x8Um2X0ywscP-oW5T8hbcbCfSK7UNaLUp2OVRb7ufEHBTaQXvptTwRVs1qMUptoKTeFowqf_ra2KMtNBcwnKXfTNyVUTdwBPx6ru60l_6B4X0-7wT_NBCWYdk-hOYnGbR6XsvS0cBjc6zT2JxpmSgBEEtA/hBAJfWIHTBrXWSDgygQkvifE1XM5UmOw/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"><em>not </em>doing ESG</a> is a breach of fiduciary duty.</p> <p style="margin: 16px 0;">And then there are alternative investments like private equity and private credit. Those investments tend to have high fees and also other arguable problems (low liquidity, limited disclosure), so they are tricky to put into 401(k)s. But asset managers really want to put them into 401(k)s, for a combination of good reasons (you <a href="https://links.message.bloomberg.com/s/c/vMsKqwXTen8jf8Ih_oXW1yOoiVlNi2wo2g1Y_fA4S65G-wRTS0oA1eIyttvRFLom_TFlKrb2AdDwH4qQGvtN1a79C-pOyOETDYuBQA8mEQyDQeZ8ntCsLFuyJePUNBi5X2lmyx-EEQJW7dCdZvtd7EnIk9q36B9Of52L0u_e_wr6Ndm3q8q3ScysKqTl7RbJX2VtuVJs7nZv4reUcFN1aMOgE5t-Uii5xxjJNb2YnNXBF1ntQKiQqABj0LQxNKUzlymy65qDhBo-y8YQPHLQ0rElNho4EbScFNPTPNOERCUo_0xaFTHSAzcGWyaEaWMXFGwA7AlSMDUhiGkTVshIXfgaAsMKEIkhFzNmrr1tvKjIAKSTnAZ_C5NelJY/xgDkpA_Wktk4xbTCHEVfTtOED6OzXvER/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">don’t <em>need </em>much liquidity</a> in your retirement funds; private assets sometimes have higher returns) and bad reasons (<a href="https://links.message.bloomberg.com/s/c/IiVPXZLRcDg59cn3rkn1Y5iZ5xqEX1-1gFhBnAeeGwIUWdMulbIfPytGqS8HGLgW-XR7eHYwPhik1sq57lcZyxBs6uwl2pHBSPwUGucpxyZlhzWUmQMtrTkqB6j9AkJruvnaOMR4vSAuwRsGgC1YbjF0ySqVNDY8g52xxBOFx_isSTw5uHa-oEut8fYf-0Cmw-Zi4w9CHSnJL6tx8IUR6askAyM8-ifHyqjthMY8wF-FuWtSgacCuRY_8bTjGuNW6V3EUUJoC7HU2E-uzM44GIGUHL7YzsJ4KhAj8P3fuDG1jmp8LLCV2Zg_8AtlEgG3DpdSLDgzs5sfb2fvQ6EatBNdUf9X4O90t_jxBF5cE0RJtDkzR50ktDyMdKM/Yt-2uDI9ju4mwsBEsbDZ26KayCnWG0kQ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">high fees</a>; <a href="https://links.message.bloomberg.com/s/c/EOQasq-EdRiKQvEnYKc70qroJZRxhsz_K_faS11xjpt0yUSDiRHoFWRw8OidTgEdl9A187m-sQlHR3fUrR7Pak5ttFF8EKLYM4eKnRt6URfe3c9r3HtQl8gNL1qa79AA5ZTp2gmb1G6Kgn-pApavu03U0K5eVU6s1fT7M5E_9btx7_cehjdBG6P3GHELBU6XYhood9HWzZpHcRzT5IQ49fnOfXkS_pGe6gqtEsAj-z360inLjeWFVx49AqqHLPEBNcM5HWHXoktnNJOCtZsUDO0geayXtUCWnPsJemHhyNafDYtS7QqURhnCW1giao7pLCbEROZkSwwSu7w1bGKEnh39M2lwGYnH_DU6S3jjGxxJXGQoNEiSXOH9hjw/N6AuElGofyBdSzef6xABLftc0KjBu_qL/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> top-ticking</a>).</p> <p style="margin: 16px 0;">When we talked about this last year, I <a href="https://links.message.bloomberg.com/s/c/yGLaRLajfpZsp9q4Lxo-0b6mKnXxT7S3oj5azpSlJjxC_XmQ1jLSmiyRgbajhkq1WKkXoBrWKyNkxPaK39ANauORyrw0bREA0nCVT7lt5gxwY2vEul3Q_M8aYi4Hiklglgnx5Cpu9cJqXYsL7W8kPL5zNbf9cOmA5UtjAcKhZl3WgBP5FJXV5ade_KAJB4wLqZ3iHYHyUyuDvK1vxsbZvEJExSoFfSYpGAXQzPdAg84Mfc50BewpnFAenqIvIyeyyPRlfSAnvGSiG8ZqFuvbKeWiv5AxwM0KeOkIvPDLw0YvNGnIv24BOivyWzOynX9qyCAdmYgFMx-pCrX1_wSCdh-M8PAGNBLqP7CSIZuq9PRu9YuLP1v0pqTWJJ0/l3F1Ilyq98CUGnQg2OKl8VG3skY5WosI/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">went on</a>:</p> <blockquote> <p style="margin: 16px 0;">The essential question is not whether you should be <em>allowed </em>to invest in those things, but rather whether you should be able to <em>sue your company for letting you invest in those things</em>, if they lose money. … Are those prudent options for your employer to put on the 401(k) menu?</p> <p style="margin: 16px 0;">I mean the obvious answer is “last year they were not prudent, but the norms changed and now they are.” That’s not, like, a financial answer. It’s not that private equity and crypto were volatile and charged high fees in 2024, but now there have been structural changes such that they are safe and cheap. It’s that in 2024 the US federal government was pretty skeptical of crypto and of high-fee opaque investments in 401(k)s, and in 2025 a different federal government loves that stuff. </p> </blockquote> <p style="margin: 16px 0;">There is a subtle flaw in that logic, though. The flaw is that “norms” and “what the federal government loves” are not exactly the same thing. To the extent 401(k) plans are regulated by the Department of Labor, the Department of Labor can change how they are regulated. Chavez-DeRemer’s op-ed says:</p> <blockquote><p style="margin: 16px 0;">The Biden administration stifled plan innovation by warning in 2022 that it would audit any plan sponsor that offered alternative investments in retirement plans. That bureaucratic threat stopped plan modernization in its tracks, leading to a retirement system dependent on the stock values of a declining number of large public companies. With this proposed rule, the Trump administration is restoring the neutrality toward various investment types that predominated for almost 50 years of retirement law and regulation before the Biden administration’s radical departure.</p></blockquote> <p style="margin: 16px 0;">Fine. But to the extent that 401(k) plans are regulated by <em>plaintiffs’ lawyers </em>who will sue companies for offering investments they don’t like, I am not sure that the Department of Labor controls that. More specifically, there is a guy named Jerry Schlichter who put himself in charge of this; as we <a href="https://links.message.bloomberg.com/s/c/0Lf_Q8nrAXLLkl40HWdtFatX2iVU6dHtOfYi3mO6BADGsC_5Dpo-cQ1eBVwfSIqqr_4sNfu9uazJU1hWjEY5F2pWopaqXJ1HJsCuXSDPSCYuR50i5Ntfg6D2ki2arOiP6JvBD8wOjDGSmw4oJggwVnZXlXqFDB2Il_g9bX4WS4YIRF-3PwCXSdHyLO4nezHI1Rhhv96tdRWy6OGpv-ksuc4kNdqb5ZbnwVS8hLGnf3_XuqEhjwQuZTEi2whlCPm0yATcUux6ewENfGMy2ATN5sARq_18gPMPbZAQuuqcqeItlomw7Mt_rHTdGAcBblKKohiLRqhagaL5T7FY0xM2EOxwkipZtIdwmZpMyXE8asw0F4pmNp92kRDml34/kV2oBBX3Umfn6KXkHY3PahqoNyewCLOy/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> discussed last month</a>, he kind of invented the business of suing companies for their 401(k) offerings. I bet he’s <em>thrilled </em>about the new rules, because they will give him more targets to sue. If he sues a compay and it goes to court and says “look, we offered a 401(k) plan that is entirely crypto because the Trump administration loves that stuff,” (1) Jerry Schlichter won’t be persuaded and (2) the <em>court </em>might not be persuaded. “The Trump administration doesn’t get to decide what a prudent investment option is,” a judge might say. </p> <p style="margin: 16px 0;">Oh, it wants to. The <a href="https://links.message.bloomberg.com/s/c/GtiACBYpBdeJbIJIHRXo8Trn5fYvXOTPEbPXWwIsNOPosK089xp09Aj_KRQ8iVHtKsIGEAHCRDMj1Ho5GSVQ9NRNpGmQci9EkAwCLxMfAJS2iaNRbd4VVgudXkIxpdxxyf8LGKNw585iOlj0LSwvFymC5KiwFcVrw1ghqx8ftYVs-LF01wiPQh5LKa75oQFMLFK_qATi8WuVt7rrgi9VRKQ4zXF87O7856IIVXEuZ3UGpv_YGra5auLOFC6StaWJxApq4SKY25wvtlZkKgMNyN0LH5g5K3EXSPf7lVee2HyHcwOGawXb51Dslsrx6ZhRB1sGQuSIoHJ_qH8WYwoWJEPOqyGnCoQoZFh54FA020KBU8hHRWnM6iVjGpU/ND0qxat4BGccRHCy2QXk94Rq8HMC1U3B/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">proposal says</a>:</p> <blockquote><p style="margin: 16px 0;">The overarching goal of the proposed regulation is to alleviate certain regulatory burdens and litigation risk that interfere with the ability of American workers to achieve, through their retirement accounts, the competitive returns and asset diversification necessary to secure a dignified and comfortable retirement. This goal can be achieved only by clarifying that ERISA gives fiduciaries (not opportunistic trial lawyers) the discretion and flexibility to determine when designated investment alternatives, including those that contain alternative investments, offer the opportunity for participants to maximize risk-adjusted returns on their retirement assets net of fees.</p></blockquote> <p style="margin: 16px 0;">The way this works is that the new rule has a “safe harbor” saying that, if a company follows the right procedures in evaluating investment options, it is presumed to have acted prudently. “When a plan fiduciary objectively, thoroughly, and analytically considers, and makes a determination following the described process with respect to, any of the six factors outlined in the paragraphs” —  performance, fees, liquidity, valuation, benchmarking, and complexity — “its judgment regarding the factor or factors is presumed to be reasonable and is entitled to significant deference.” </p> <p style="margin: 16px 0;">But lawyers could sue anyway? In the olden days, if a regulatory agency like the Department of Labor said that some judgment under ERISA was presumed to be reasonable, courts would agree: The Labor Department is in charge of ERISA regulation, so its interpretation was pretty binding. This was called “Chevron deference.” The US Supreme Court <a href="https://links.message.bloomberg.com/s/c/QR1rh5xcEvYDsCtsHMSfFl450jws911KDPTIfJuURr94eN9T5-rQrSz9wXropxxJLZO96Q2m7tHEUzTp7Gnmaeamchzg9HalzymQunaNxXyfl_8ccMDtkGXymGReBZ9yt9ws-erBFbsns1fOqLfFyIcaNAr7Q3q8cTP0ojypQfwV2JMGAy5gnLRE6u-v6BLXAxWyJHXjPRgsj5Kzhnp1dmaYV7LGgtDg4HxzQsltFO4nZEXxoqhoX5Q-1dmdqP1uKf-RzT7Qb7efHIICCaYfFmzFMmtZ17181bHTl8zXenQeKG-hf2jfpUlHB_YO6u75cT_Ln_5digrpQpwa1qRWv4pSxjJ-piT1uaBQol5lfVGJkM0x1G0o6x3Sxzc/d9Kgg8a9AbQtQ8bl73MzHBjv5lW5LlHJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">got rid of it in 2024</a>. Now courts can make their own decisions about ERISA fiduciary duties, and it is not obvious to me how much they will care about the Labor Department’s views. We <a href="https://links.message.bloomberg.com/s/c/VxKyZo31CkB3bUVJOYPKVRl_Df4H36DESy6w-97rmIWAdmg-ffgoL3pfKsQpQ3rz4bi99eEbSH8L2p5c-2Jtj_k8A_YWwVZW-oAmW7dLVEzC7MLY_bi_8R2j98l-lGkpzqJR7N4vk9ighh5MryDckwPCr1qdNwNoe69SGqiCZK_3U7qwg0pmBumZ2VtxzFkwel8xL2spXK_4Ru5Hyqix819_9M909ssxGQQ4p5ffbjzk1Fm4BqhiM4DWIRYP8wDVP-Ot0e8VKtWDvkeEii-ik4xRxqA5EKAnD7UWAWStFku6ufexX1CUVB-VGHLa1JyeVCkGrta_HiMCExEneAQjTCipT2Tc6WLa7G7oc6_73z2i9CpQy4wUWT1U7NY/xATBiMZ55AaWUxxJylY2v09S6lmeuH54/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">talked last year</a> about a court decision finding that ESG is a violation of fiduciary duties; in <a href="https://links.message.bloomberg.com/s/c/NeklKHQm1BN857Fv9-4cQ5drHG1Ou2YyxB-8r2V-zMgc2DUZL_vxKouvPXGfhQnVZuncEsKqYEjkxX_3F9bbEyk3XtAI4iQ43faxUcP6JOsgWYu96LBbLwh8pTSEBXInZCZqXrKBH3E1kVqtl3YCYq9KlJVFShhuOVqJKpZle9gzTjRR22_nt4UGx42ya2isLlEDylBT85LwahmQBwc634ox7YPYxx64Q3aBaHu99JTrzJgz1N3BohLtBk_tUYmmHNgPb84Sq4rBVaIsK93vixRCxhONrblm6LO-7mmVXjvnW4VxonBqMlXssrueToWemMlbKXs7NnDZrTV77jyT2aEYxDmnqGTU0a4n12D_fSG4_iI60hiNzNZI-LU/altxMpj9fnJ0Zn9TRUKt2ESsjzGZefbS/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">that opinion</a>, the judge does not seem to have cited any Labor Department rules, and he said that “an ERISA fiduciary’s duty is derived from the common law of trusts,” not from Labor Department regulations.</p> <p style="margin: 16px 0;">And in fact the Labor Department release spends some time explaining that, while its safe harbor is not exactly binding on private lawsuits, courts will <em>probably </em>accept it:</p> <blockquote> <p style="margin: 16px 0;">The Department has clear statutory authority under ERISA section 505 to promulgate safe harbors, including safe harbors regarding the fiduciary duty of prudence. ...</p> <p style="margin: 16px 0;">The Departmental explication of a prudent process is entitled to Skidmore deference … as persuasive authority regarding what constitutes a prudent process. ... Accordingly, this regulation should carry persuasive weight to courts under Skidmore such that fiduciaries that comply with the regulation should be found to have followed a prudent process with the result that their judgment with regard to the particular factor at issue (including the relationship of that factor to the other factors) is respected.</p> </blockquote> <p style="margin: 16px 0;">Maybe that’s right. But there are two general points here.<a href="#footnote-1" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: none !important; background-color: transparent !important; display: inline-block;"> <span>[1]</span> </a> First, <a href="https://links.message.bloomberg.com/s/c/7i7Ovr8sMf4OGierjIbsY2g8aFAdPpbfdjQMx6coo8JupWK0oSDfXQDOv6JeJURjghOCed9OcxA_friCvi_tq_HATo8ea3Qu5iyd6CXRA4DvDAhc4R7b8tCyT627m8jarpnBswJHBVKjOxSWZFwddBVsfJK8OpdDFLRrDTl2g_jYJhcybgHTrxPaM6oxJLoVe1VoWQWTB5lGOiutzUC-WrJfmEATmVs90klz12-A-qhWXqNKKPS3Xsx9RDSahmZI4YncTnd42zAG4TAua7tVe4C8vot4IZ_uMCa7c0NCAV5Es4JS9TT8UOay-YYeu8GGqNvx8Ir5pWCM1lbyisTz-v1Put8zGmxXagalzfSE72HHS0n3qG4VbL51Z7o/u6sPn0bdA2HecWI1lL_S8ysoZQGWQ65z/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">you need regulators to deregulate</a>. New rules — even deregulatory rules — only have “persuasive authority” to the extent that they are persuasive. The substance of this rule is not “lol go ahead and put private credit in 401(k)s, there are no rules now.” The substance is that you have to go through a thorough and documented process to prove that you made a good decision in putting private credit in your 401(k) plan.</p> <p style="margin: 16px 0;">Second, in the US, the rules for financial markets are not just set by regulators or by presidential decree. The rules that actually bind markets are often in fact set by entrepreneurial plaintiffs’ lawyers and by what they can argue persuasively in court. “Everything is securities fraud,” I <a href="https://links.message.bloomberg.com/s/c/VEyW5wymcwxNx9DSmfZIXz703l0LVdrxYuhSs_M74Cx4iSH9KNlsxz9x41FzZEXhAfVXSnuf4BXSt_ElXDFWONqtuBkbPq-V-6OSE3XQRHXAT8LA4xSgnhkvZ6EKKPKtcLzXTLoHHplI1D3gMTThwDW2a3n8-GHt9KsHoXapFj123YQuAGt6S4MviVioMgdrCH0hLnsIi2QIpH8-e4ySgt7yoc1aeNf7u7qGVkhXcZylzSRVnewa1KSnZZkPTHP3tI01hFnWVcr8bM1jjx9AqknJGfzmUi58BkcteeSR1GqKnDDxXLWkfE863RslaBrcMRm91i6dFepKCOyxNGMnuULI48oWsIFR9TpjjZWS9GspOj4nUVfs2OGkTrk/jC6gYm_LZ2whkqDB-au9ieLaonaF7ZSJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">often say</a> around here, not so much about US Securities and Exchange Commission enforcement but rather about entrepreneurial plaintiffs’ lawyers; the rules about securities fraud are out of the hands of the SEC. Similarly, here, the Trump administration might want to stop “opportunistic trial lawyers” from telling companies how to run their 401(k) plans, but I’m not sure the trial lawyers will listen.</p> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td colspan="2" align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/yZVI19rur0-ynku5cuZdF-sJGHTUCF9_yRGEwLj4LTrbUhfqxmhuIPsRIPRQ0Kxv_9UNfbSeb8l6ml1JMzKPlxBT8W3psmG9QZrga2uKNebk_ZvEXBdCdCZqII-Woklvt4tHYD0AqH5GT80bdT_i2AoGlzPrEufY2uYE7pryvDNmd9CD1hkPYhDhILK3WjrFeWmryE4Rt0t-qh50P8uMj3PS4kiVnwOez2JavzrL90Fq-GEf_PZga8m01jOcBJQKW47oqdR1C_Ul3mH2ulVLQ4UisHcjUWQs13xg3U0k5RIaderGiyUEdZU7IdpS9iD6Uc7ezEPDl7LUg9ayJrUUfwkM2IsPvggLWf1x668mbEubEoDFYzfpKeaa8i2AaqBKrgGquKSI-eiT710i7AM3s5kKM44PJPORPIpWQOuuW2ZJHr7nXh3dmd14Y__N4KJJxoXW12eoEHIPkIUpt-v3HzcTRA-kuqzEetXyNcRrnZKm6virdpecXMX3d2WPmNxyY_vReN2vp0BUmD3VLTMX4oS9-uV-lNY0on4IX3ygKp9csDXp7XdtUQWV2e7UCWv_FWe1MIcFpDjgNPRfTxrugbmHJroqZOGvOEMpHAolA1HPsOsBZAGuNGZUyM5xdd82RIsptXDrvR5EU0ZkYG7tR8Tp5S2hPCZpx1ZBU0n4-CbRtPxBBpczKbv1zEJo8Q/Ysc-o_N8MgXj1gRSDqhGEBK3JUoEKBi1/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=desktop&collapse_width=550&li=17489858&m=4c6f36cb7bc27023b5890c47a7e79821&p=03302026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="550" border="0" style="display: block; height: auto; width: 100%; max-width: 550px;" alt class="lihide"> </a> </td> </tr> <tr> <td colspan="2" align="center" valign="top"> <!--[if !mso]><!--> <div style="display:none; overflow:hidden; width:0; max-height:0; line-height:0;" class="lishow"> <table width="auto" cellpadding="0" cellspacing="0" align="center"> <tr> <td align="center" valign="top" style="padding:0 0px"> <a href="https://links.message.bloomberg.com/s/c/4BRTIa97aFl-Qw_rNbPZ8ur1yZbXwnEUJ8Yun-ppk09erskMQtJIYiAwWsM__-VqcWYE6-v2YcaC-FX6ksm0RiiXCrJ-e1yco3j-DbT0ZRCe6X17_TGGtjJR3TT3aWbmGVS8AAEos8k3wQEpCFxLn0ykWD_3Kr5OteXDMnGnBhTPHVhAUIJKU8L6zuFtgo3OP0c3xY0nxqgTVacLfIgD6HCtJbmXeinWAwk2GSQtk7CRJy0Rh21V8Q-vSNsBGhREMNX34scYvNIXmNwXMBE-THdyxn8H2lyFsx8Eho9ahlKOYleXdh3u7hHzkap2fnWKvk6W71Rpd0yaoN9QTqqwz1otaC3lKtKPQ-oawr9n6nYIilI26TtwEYGo1qnTwbSiP0sZE370MOrag6xQzKg-OnkMKcbOVI9XPw4DslT3JPoxjcWaUvSt_zUkxldjXf2vEk3gK2B2QZb2zcqLIRHrMYpKKK928BxtWe-6bfLqjG-NYOCJF_qrBxkDE3pPeBvfX4jitVTPUWH_M1pMfdMYD9B2Y2iz3dIvsh3WdQQn_dpyl8eSwvPRKmpWDO65JxiXToDFN44-xWwctqjv--SBNwp_JFXBub1c9HZtFSoONF5G1OXtJ_UCZTpE4-rMD9PtSvOErQSOuDpHZbKD2qLS9_00rNTqAysmt-vr9DEFMqAWnr-LIguYjbPBxNKmog/aJwYNylcKw2me5--I0x48hpaXEF4Ct7l/19" target="_blank"> <img src="https://sli.bloomberg.com/imp?s=868432&stpe=default&li_coord=mobile&collapse_width=550&li=17489858&m=4c6f36cb7bc27023b5890c47a7e79821&p=03302026&lctg=c5f61690-dee6-41f3-a7ca-09184f83151d" width="100%" border="0" style="max-width: 550px; display: block; height: auto;" alt> </a> </td> </tr> </table> </div> <!--<![endif]--> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Coordination</h2> </td> </tr> </table> <p style="margin: 16px 0;">The way modern “liability management exercises” <a href="https://links.message.bloomberg.com/s/c/lJH1mzLrZ56QcpmKD0LYuZsfIc1NQk0CHjAlQqEfwBZnaghso_QNN4QZY8Br-MHFROyj1P7uyBHhD4HMCiWisYdWIliat741GsUrf5vnA4gb_l0Y_04IUz6Hl5bp876lAgEcT7gsgbg0hwW2K_4BYbeEAvkhaiLMD8SlVf_dOXVLlvRW7PngV3LpUXxsjg3LEo36-JzSJazuK3RXsmOIIChjZhQNjB22q2KFXaWQc2o18JfVHJb9z4wlSUqLzGvcTKgsT0NqxSV5dtK4DYZ1GjWCiFhT6lEZywGNwDQVFpsIPVL5UlhdHFPLI5U6OOrlbtL9ShVT-tbfElbhp7Q50xgxwEh3sjZEjRk6LrHSAMC3sWik8GLAXgpiUYs/AjzoPNJ5keU62sxo7XI0YvxYYmoAagyJ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">work</a> is that a company will try to get holders of 51% of its debt to agree to stiff the other 49%. Holders of the majority of the debt can probably vote to do something bad for the existing debt — to strip out collateral or covenants or something — and the company will get them to do that by giving them something good — some more senior debt — as an incentive. If you’re in the favored group and vote with the company, you get a bonus; if you’re in the disfavored group and vote against it, you get stiffed.</p> <p style="margin: 16px 0;">There is a certain amount of fairly obvious game theory here: It is much better to be in the 51% than the 49%, which gives the company some leverage. “If you join our deal we will stiff you a little, but if you don’t then we will stiff you a whole lot” is basically a persuasive argument. The company might not have to offer that much to get a majority of its creditors to agree to a debt restructuring that is absolutely terrible for the minority.</p> <p style="margin: 16px 0;">One way to thwart this is for the creditors all to get together and promise not to do it: They can sign an agreement promising not to cut any side deals with the company. As we have <a href="https://links.message.bloomberg.com/s/c/iGwhDp3f40990RDYpUyIVbGqVcUGDJYL_WwkiFbEciuWwCpyVU8FC34cj9_LbViQjZRT33R4dBifQl7gEalmfxvnFu4fzniyQ6Y8DQOH8_X02DgIyO1bFuz3WObi4cLJzYF1hj0d0Ixj7deBWdHo6gv1ekqbP0kBk1w0NiKeecW6Uibhg-51XwGn9WR4T8ROFeoZXTTYlUPiPfgBcQ3Ceqglqg2X1C9BQitSHkGg0qD36uizK7rPqqQfaMT_FkdepqoqRcN80ikn6_ImOhrF35-PnUAFdAqCn1KK45gt8U4A_Mj2odgQ6ugZ2ZkGBbixYXkyzzGpP96kA5tlpkRGbbs-W149rVy5Rvnj-4QtOqf91HupFciGaC1t3Oc/QQfJiIPyX2urSOTguwoXgBOlESMEbpA8/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">discussed</a> a few <a href="https://links.message.bloomberg.com/s/c/omhg0N5QuWflb4zbV0716RHSeR1XpkxCy5m9AcuKqnWglgPFRrzDfD2G9_T1mph_40czFHOTjF0HJ6mqP4O1N-RZElXV8xUv2nF0TYceHYw6MtKEQQYgalgtBhfBKNZJvF6me1PaNveLKpWmoyWU2HM-r_0UHCLWQiaME76U4XKRnPVY0J9ZvrkdXLCLSBqlmah2jdVM5C9ylagQ9jlKWMiwqOxdfDMHTMPWv-y99GJRYsx4CnLAqjeBQeHlsFTQgZsz5ZOOXC9ht3v1wwdjWy-_q5Vh_tf46RKivdFQjVAcamqim_CFyEZAt9WZLVOOKwBt2vUz5KZovKpKczzp5ItRUhdhaDia2ILMZRprWz_pUk6Db5HIn2xMpgg/VC2sT5HRKIRnZrKmjEm479Wets4_-n8W/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">times</a> recently, this is controversial, and at least one company has argued that these cooperation agreements violate antitrust laws. (Here is an <a href="https://links.message.bloomberg.com/s/c/0vZ9hlCnu3Gfo8K1YTRXFOs52lJ4lfubLlOOiZcbGA9QvGBc8PjjQvZ_eDWs1SDLMaTc0EF6BhUisskl-XcLosRn5dUFYQTwAEnEmI8bzmZluvvzjnk8O19PDfVranS_imsNDMX9ez6uJMd4FcIDTQSvorTqIL8yayxSg7XD6YmRC6LxEFeSDbTV79FcM9gs_OY_FPqKqX090OMzem4D2LziphGMLwJFckAtaHRaQBMvQ0ywLIumUpe8w2yp7HOo9jAes6y3NSCojrBeKb9875pHmS88qNZmln1cOedgfhCZvoY3drWgOwSXzW6aOYiNYmfoEkQxCZ6_Gz-uQeHjeD6X8ZzC0dElvNNYZyY62o6x4N8PYrY4MrDF41Q/deeqpfJLLXeH82qVg7xtG4iQwRwgzJYK/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"><em>amicus curiae </em>brief</a> filed last week arguing that that’s nonsense.)</p> <p style="margin: 16px 0;">But the company can play that game too: It can ask creditors to sign an agreement promising <em>not to talk to other creditors</em>. And then the usual game theory applies: If you don’t sign the agreement promising not to talk to other creditors, the company won’t let you into the good deal, so you’ll be stuck in the outside 49%, getting stiffed. And you don’t know if other creditors have signed the agreement, because if they have they won’t talk to you. Very unpleasant! Bloomberg’s <a href="https://links.message.bloomberg.com/s/c/keZMF6IoTpzujnFhp_paemNWVIYTcuy28a5WtbRfoGFJyUq6yIOzf7poPcT3ha615YuXfk4OAjpcOZ7FtS6ncN3jIFimtZAKU7I3lNMBEMKc9Qky4LfJRM90o0BnLfWQK1lbD5O6igHiZNY1v7lp3a-XcJpq2g9vyWfiRFNTfvbObuwD185dW4KtWJtuw6vYaJafynfGRSl5HEelYXsshtVNcS33GDUo95klEIOqd2SU6EKuBrDH1MDHfW9wPNKybHlvbuYLxTiCec-U1rdkSTAkoeiR0bD6qXLNGrTUYH_eey9jIqqj9UreAKDaxleVCu5hYpKzENAvl1dbeDIJI4yLeb8DtqysfBHw51oSZXpzZ_H_M3kj4lrczsM/1x9QTHvxn5TDt8HDhCzvuLTxfLJplG2k/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Reshmi Basu and Luca Casiraghi report</a>:</p> <blockquote> <p style="margin: 16px 0;">When Vibrantz Technologies — a paint-additives maker owned by a private equity firm — overhauled its borrowings earlier this year, its smaller creditors were offered a choice: Agree not to speak to your fellow lenders and challenge the transaction before it closes, or face the prospect of steeper losses. Some had little time to decide.</p> <p style="margin: 16px 0;">Several individual lenders took the deal with the American Securities-backed company, according to people familiar with the matter who asked not to be identified discussing confidential information.</p> <p style="margin: 16px 0;">To even glimpse the debt restructuring terms, these creditors first had to sign these separate pacts. Vibrantz’s strategy — which also involved cutting different deals with other creditor groups — effectively precluded the collective negotiating that's been used as a defense ahead of recent major restructurings.</p> <p style="margin: 16px 0;">“When a company starts down the path of liability management, it is often determined that lenders will not be treated the same,” said Steven Purdy, co-head of global credit at TCW Group, who spoke generally about the market. “Once you’ve crossed that Rubicon, everything becomes a negotiation.”</p> </blockquote> <p style="margin: 16px 0;">If you know that lenders won’t be treated the same, you’d rather get the best bad treatment than the worst.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Full-service financial advice</h2> </td> </tr> </table> <p style="margin: 16px 0;">I <a href="https://links.message.bloomberg.com/s/c/vFdSY4PrPeC0ZcA8nuPj7LGKgpSfZgcFpAd_iuG9j-tu7mpO1ar8y3qmzya2xiT7xZ53osRxa3tgoZS9HIfEPbqE_NyzIITPJKGJ1LAHmiF_vpJ-Q7Brqub8Ogg4WcGl9D1ma57OUf_B3cwxr2WyPtXuNtpPbt24ee2yausKnXf3CngKdOZpZiKFznx1q88XxoJXep7Q9Dbud13b8Smr0eKlroFx9ElEkfNc5QnA0XiXhcQptOERPShsvwL3wBruTUMHhOsHLk2X3eb-tPiTsCyaGt39KsJ7BtCjqTcOJ_pu0RJwPkhG8xXRvUs46MaugRxe8tmEi6rlF4bYf6q2caWxTdcFo_SWgdeyCeaG1D0Y1xcyL5VboKFZKGs/Ne8HqSjfZspDn2qA1ni89lX0uTFgh0qC/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">write</a> <a href="https://links.message.bloomberg.com/s/c/TcJW8d9E9IHWNOUDe2VNTf1VOWZXbmyrylWRVc4iZVXNONGznd87L59MjTD3T_qExoS84DcWaJwnBTBEoLluzmn-5euOBTZLqVHeC0Rx6QGMaXguBtAe0rbXPuhVKEcm3bpf3ulkIz4-b-kOdgBcNMdMsRYI58WPodjTJfaQm8yvptYm_tEqQlm0YT7uEih8fJQQxPehSVIqxY0y7YUe6NUEA8bbXLzH6neM8b0D0VWLaH_znBfxN8pyAHSTRtiC6Qp3CQPGIfCXVMjRWXC_sYPGQXRMPUY1JIGpMa3p4n5Xfb0ORVEj1bKP_ZoUDUsrvqrPIFrpIYSJjYHcoCSkcbtCIsNs7YqrCalPYYBckMsD7TxefUnVLynmyPA/XF9QblPnu3K6cY0lMJ4j8K2JWiKeWRWd/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">sometimes</a> about how big investment banks operate in a gift economy. If the chief executive officer of a big company calls up her coverage banker and asks him to model up a potential acquisition, or update her on the debt markets, or recommend some candidates for her board of directors, or get her Knicks tickets, or give her shiftless nephew a job, he will leap at the opportunity to do it and never think of sending her a bill for his time and expenses. And then the expectation is that, when she decides to do a merger or a debt offering, she will hire him to lead it, though she has like 20 coverage bankers with that expectation and Knicks tickets so sometimes they are disappointed.</p> <p style="margin: 16px 0;">Banks’ wealth management departments also kind of work like that: You pay your private banker X% of your assets per year, so you might as well get your money’s worth. If your assets are big enough, your banker will absolutely get you Knicks tickets, and that is just the starting point. If you are rich and need to sit down and talk to someone about your shiftless son-in-law, a therapist will bill you hundreds of dollars per hour, but your private banker has all day for you and will never send you a bill. Or, rather, the bill is X% a year, but that covers everything. And so in fact private wealth managers compete to offer concierge services to their wealthy clients to win the business — the asset management — that they really want.</p> <p style="margin: 16px 0;">The <a href="https://links.message.bloomberg.com/s/c/eY3L6oxLC6GtdbLcVU5x7K_46pBsVy3ns25Uo4QGOihm1j_0M5iT7qM1cJviA1hQ36yuepiYI94RaROeO-bxcmwuorSN4RjnBjVJgnhDGmlrF_cpUjKdgKSdOE2IRuJ_d5GR09mAfjHFCDSDe3VPTqTDN0hNmCRNh3t1thaf1hRFpBrFT9eYSY--u_nHMYW82oEzNx-BooJ4x5MaK8GaQvINOmnFVAp5nDr_M4XLsr6c-m7Ewobj-RyJcCh-Uzpq39tfV6tKQrhWG7_T9PPzHh1GVVpVHncMHG_LkFxfc0yBcGBKyFEy6yqoGZFxXCMIhU6udnMxb2sH0UH7Yy4PIF8-3SCUNJEb0sVVqXBytLLtPOsRLsP5Bt9OutA/NdpHowYh4bDGkfWg6HIMZ1894F03mQMX/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Financial Times reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Wealth managers are increasingly helping their clients evacuate the Middle East since the beginning of the Iran conflict as part of a widening suite of services to rich investors.</p> <p style="margin: 16px 0;">As the wealth industry consolidates and faces competition from financial technology firms, family offices and asset managers are turning to specialist concierge functions to maintain their edge and justify high fees.</p> <p style="margin: 16px 0;">“We get our clients preferred access to a number of different security partners,” said [Susie] Cranston [of Cresset], “and we also have specialised firms that assist in very unique one-off situations, including an ex-CIA operator.”</p> </blockquote> <p style="margin: 16px 0;">Right yes if you send a CIA operator to rescue a client from a war zone, she’s probably not going to shift her money to your competitor just because they offer lower fees or better Knicks tickets.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Momentum</h2> </td> </tr> </table> <p style="margin: 16px 0;">Classically there are three main ways to make money in investing:</p> <ol style="list-style-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style="margin-bottom: 5px;">You can accept some risk that other people don’t want to bear, and get paid for it.</li> <li style="margin-bottom: 5px;">You can take advantage of other people’s psychological failings, buying stuff that they don’t buy because they are irrational or mistaken.</li> <li style="margin-bottom: 5px;">You can take advantage of other people’s structural failings, buying stuff that they don’t buy because they’re not allowed to.</li> </ol> <p style="margin: 16px 0;">Many trades can be explained in all three ways. Famously, <a href="https://links.message.bloomberg.com/s/c/1XqRh0p03fN6IzwUOnc_JpGcjmfoaY30SMl6pCMy2iREDfsARsgxUNuUAwBn5Dr1xcOf_RgW_ySmoJY8eLHgPXllrmwURACocWadelK8IwYj4vKXvgYZXbvwR2mXlO9IY5QLjaI8-BXlqYf5dY34f_3yUeJW4LD6poAcWAqX03YZPC1PBwelCTL9IgE7o-wEOo17LQ1bg-fPbLII7KCBf5mfxJP1TnpSS_SHSaUQ6x8ID9LuzMuv7eUpTCRHFIY9NGxdQ7hrokT8irklyEc0HwafSl2yrtcapSnCYbWI8qIqj5JXKGBh7f-0Ny1R1XfIen_cWq7qqSMp3RV2BEmaMsGru8E0fYMXrEQ7nPpjfeseqr1GJZTGeONYMxc/znvVr7pb1wpQ9cfYzYNMzvFfQgalUEtH/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">stocks that are heavily shorted</a> underperform the market. You could tell a risk story about that (if you short heavily shorted stocks, sometimes you get <a href="https://links.message.bloomberg.com/s/c/8ptQMxlD4M8bMzPV0zAA2WhN6UoBD1BSi8EXZAjoKiqjj7EavoSDLUMisabFB3WX6yufajkGhubobrtZxb5xx02nnGd9DVhhGOzOw9t2VkpcHTSylfS8JrOKL-PZnrfgNoGpLLV3Vi3hINVyOqZ6LzWoEzd8pt8fZO31bBo4sr_d7ziV9J5209BE4BsWwUSFzc_6f3RYXiW8G846EWlIJmIVg1a77YX_BepptcqXQVu9a1OJTH4oh709vnTRnA8uLU1NqPZtZy3anMTm1GuPk5g_v_SqeD37hB54yijxJJqfTJQqQI9xhEPap6GwuQ6M1tajGw5Il269ULZ94em9cFimhORphcCka9uheum4UInggmvyc60FQtMj2Qc/ESYeYo-Z4s4WSc5QNfrXV2OicHFZ8FoB/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">absolutely smoked</a>), or a psychological story (people find short selling icky and prefer to make more positive trades), or a structural story (lots of big institutional investors have mandates that don’t allow shorting; the <a href="https://links.message.bloomberg.com/s/c/L-2A6y2qD0V5G1rjma7qJrdUKfAT3NkuD9zJS4Xsj9dlKS1R6of7T0jtzpjcpKEPIgmgJH6SnIGzo0J_dbxcoj9nqmx3Ww_BC976VhqzKlc0L7EXxq_UIZ5nlO1w0SRmWbW4hYOnLe5SchLocUEj9c5WegssmpJWvWySVz0vRqunGi9oCkE0TXJn3kH3386vB2UfXTbS3rgQjPmQhd6ItdWRL9EfCaTrcsiwbb6lp2nCsPueSE72X29tIs8rAnmDrZbC9pyz175Im4u3_3Spl6SB-DUwR95uzvO7PFvwCqTKbdPCCMBAqLtGUGU067KKUdvpTNQInmywXMPuuWLbuI-vX087z2GZM674F-Y7zP6ZYD6_T0oE3ckRVUQ/6JrJUf41DMahXj7Am5yUa12ebnduZG5a/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">cost of borrowing stock</a> to sell short eats up most of the profits).</p> <p style="margin: 16px 0;">Cliff Asness was <a href="https://links.message.bloomberg.com/s/c/VOQ3I6pSM8pKKcIEXQvow4CrLKR4OKLTLEWm9R-_7FuEFKg3aig6vvKsFFafT-bfidZnc-oFZJIGa_oZMQrtsSAb_NEa-hKu05lirv3bEFcw-edqjnR2GJPBFF5voe4nKdCFYscR-f-gNrxQwV8J3rRzy_1DNJbIatTOTKPT6GqpKIQRTU3BpLZGCbhy1qh26lpjODxrtfPzEKVAwXVWDjJsc7ZqDS2OQ80sFn4zO0pdWBAikv3IHLUGUDwGBTdkFHyDUKCC_sQi7lyRyhGlGfXq8FM4_NdjcHYem5VyMcc67lsC37XNBuH2Vajwuvc0N9JaEaqx7-9HYibHjjipC5T85y46B5sAmmA-MLi7qbvTifnQeH3Sf0xptnI/WgzaIqCF3Z1Iwz1q5GIhWlcBhKd_pmVb/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">on the Money Stuff podcast</a> last year, and we talked about the momentum effect — where stocks that go up continue to go up, and stocks that go down continue to go down — as reflecting risk and/or psychology. (“The jury is still out on whether momentum is a behavioral or risk-based factor,” Asness <a href="https://links.message.bloomberg.com/s/c/Dv13oDJ_SIk9-m7-xwqi7p9fZnotlSwe_66haclmcCvtXyPX7Y9o6i-Hdbb_hn27pOz9Cpo0MBbQg3BDkJTT31SjKrh5HXkw6UiASKr4K52z3uupz0y6g71T0pyusB3xNJul5wH1fbypolT5a3zHoan5iCcPLnJtMdXoOr9Ywa_dX0zhxdBN8bLrRaPccudv2NHjClTaAl35WbyvPjj6PQJ4dxid-3eHMeuwh_ZgpisGhchDIzn75D3Dk2GQ6Qa1MbtcZFAphNTvQAgPpGICXRwxi5eZafJh1ZR9g1uOiDojP8JGCixpHtZdvGi7ihaimmlkCbcYbSXQDMGd2jCYXaG56Q-UZ5neUMWHO2cBhd9ysotuRa-VAsdurfU/wW4CrrpxYuQGJERz3uPBbZu7KqxhkgfI/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">has written</a>.) But here is a paper on “<a href="https://links.message.bloomberg.com/s/c/VzWsRsXyVfHMXCB_is70bVz7-6njoXMiPXxgVZSqhSUuSXrypens0cZbdVZudWPc5KciFkeQVpKv3-Xj5pkXm2WrUYWLKbdO0pgy5yEiJJlFG7ONDOz0AdAzzqFrKmt0mLKKP4apifxrJLZwZUdRT3bsWviYNRvYhaxEO-71QZ6oZzU6bLVM6o6sEwmKyipffuoMGRoMzlI8a-K_XSyKuKdqo4-9uD_YLfXeLXAK_tu-u4A9WxXIzwl3ayFq_VHGLPsIzpQWJ9NULt23EFhdzH11RILVXZT3ANyq6n8-rZdF31NIlUxYaTxhzZ8s2PB8SQa__KZpA4eBPtrQ97_Yh18vck5fUBz19ygtXknH6T3jt63el4EkThm7g14/DU1rj9Y39B6q3WT_09Wze_7ZoC7tbBzA/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">The Intramonth Momentum Cycle</a>,” by Daniel Nathan, Matti Suominen and Joni Tasa, arguing that it’s mostly structural:</p> <blockquote><p style="margin: 16px 0;">US equity momentum returns accrue almost entirely in just six trading days each month. We show this concentration arises from investors’ dash-for-cash: the need to raise cash before month-end payment deadlines leads to selling pressure on loser stocks a few days before month-end. … Our evidence points to a simple mechanical driver for the momentum premium: systematic month-end liquidity needs financed by selling loser stocks. These findings suggest that momentum is less about slow information diffusion and more about the fundamental plumbing of the equity market.</p></blockquote> <p style="margin: 16px 0;">They have a clever causal experiment: In 2024, US stock settlement shifted from T+2 to T+1, so that if you sold stock on a Monday you’d get the cash on a Tuesday instead of, as previously, on a Wednesday. If you are selling stock to raise cash for month-end redemptions, the shift to T+1 allowed you to wait one extra day to sell, and investors did:</p> <blockquote><p style="margin: 16px 0;">We achieve causal identification by exploiting the SEC’s May 2024 transition to T+1 settlement. This reform eliminated the settlement-mismatch friction and, as predicted, shifted the pre-month-end selling pressure one day later. </p></blockquote> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Everything is seating charts?</h2> </td> </tr> </table> <p style="margin: 16px 0;">My <a href="https://links.message.bloomberg.com/s/c/NNZxi92Mb-Ce1PPDUPVR5V3W1G4DFxYC_HpzMu2Kpr5KjHtWhO0T0zgttCD8hIwzwqrB4uVPm5UZ08xeEpb63etQejTfG6pRgstEBHymtYWeezraNEppnu68uYQa5M5_ebkFh0swuDC5hsB_Fe2JvrWwegEv8zazy_0u-tXMz2HVS_wXvltZFL5BFMFDD7rXTu1tXley35wmms6I49AGFjIPGVRBLUO4TdNN0UF649Mkt8EeyQ9UUIOo7Zaskumibng29VBe0CnXgfk5LvmvH7sF1p7NsdOrgEra628VBI0CAcDN74ko8dr4NvlXhupBwdS_YWWYc4NHW0GwQe9SgRjGUQAum912viPQSHGcLCAd3fM7J5v7Csz7uyk/NKV7uy43YTapU9_tDXscga6q-_9_UTFH/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">approximate model</a> of Bill Gross’s departure from Pimco is that there was a crew of ambitious Pimco executives who ranked just below him, he tried to make them sit in bad seats at meetings, and they reacted by launching a coup and kicking him out. This is probably exaggerated but, you know, emotionally true.</p> <p style="margin: 16px 0;">Meanwhile the end of Crispin Odey’s hedge fund apparently involved the executives below him trying to make him sit in a bad seat, albeit for different reasons. The <a href="https://links.message.bloomberg.com/s/c/NNG5GOEP0WkQjvS817WFTuqAVQkZRCJTJVZBsUh360Rq76mMuUIl6wRBy8Pj--3DsSlHCPuCBhedGRoEovTgMhRF6zvvkBwUH5yEOva_DAE4MI26ns8bkzQvAwEIWyZPXk6A-tMl3xnMprGoYHIXcPxEor-CWnciHyRYyvKbXQBWjj0FlEeTMozrrvSp-hSDYpbYwm2FLLzJAnKttghaYXFrHZ2WsJGPmxYldgqcQRWW73OyLFEB2IHMRUXw1hyP_v2e02Zr1oh7c2lK0nKVTT-Ka9lzcM8a0w7_i0b9nAlNjgc6JU1iuPTzqv8Ka_CS92bkZdnTLOWd-KaEF61hcPDqQ3UMatQBBzBuVMty0n3W4UkchLKiUx1WuFU/dWUrX5bYEZ-pl5jRZn9Su23nUtYtqiCB/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Financial Times reports</a>:</p> <blockquote> <p style="margin: 16px 0;">Crispin Odey objected to being asked to “sit in the dungeons” after executives suggested he should sit apart from female employees in response to sexual harassment allegations against him, the financier has told a court.</p> <p style="margin: 16px 0;">The founder of the hedge fund Odey Asset Management said he was so offended by the idea that he should move to a lower ground floor office segregated from female colleagues that he fired the executives who had proposed it.</p> <p style="margin: 16px 0;">“That’s why I got rid of them,” Odey said on his final day of evidence to London’s Upper Tribunal in the case he has brought to challenge the £1.8mn fine and lifetime ban from financial services imposed by the UK regulator over his response to sexual misconduct allegations.</p> </blockquote> <p style="margin: 16px 0;">Arguably a lifetime ban on sitting near women is a more appropriate response to sexual misconduct allegations than a lifetime ban on providing financial services.</p> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Things happen</h2> </td> </tr> </table> <p style="margin: 16px 0;">Newsom Bars Officials From <a href="https://links.message.bloomberg.com/s/c/kqMSBdPZi3ukBp0Iq18QODHWkwOK1HtWAC7ODom1_Z-p6rskExCrYX8gStL7BKnRG0MFhmcCbJiS5LBLm6fSjh3ZhHLagCpN25dnEvRmiiIvEjqawAWq8TSt7gp_O22hxYAcBEfWyHdxnUVMQa5be-96id-uCfTtJlTTXU7IvwYsOGnGffGNOsBBsRVAXVWILO5HSwVUMdoJmCCBsbKGTR5FP5DZDMPCal_uarH4k5wgIZM81olL392a6baXWzWKoHqpWR-Fj_oUKdO_wIy_tHVu6tvTHvstWPcmYCFlX3_H5uenC6KEeZykaWawp0TA667aaqIOUmOAeNouMMW5P2jutsbCZ545l1v-ra3uJ8CHWGC_-u-wOxjuzMk/LTF51Av8GhU82z51QyQXJ6uAYg9pFdcI/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Insider Trading</a> on Prediction Markets. Event Wagers Face $143 Million <a href="https://links.message.bloomberg.com/s/c/Z0wmPA9L_XSaDrvgrPj6IG53Nf2w0EQrs2qIbSAHqcPSE0SDT0pcQI375w1PWz6J2GGExFZoq5SSsqpM4qKXQS6dJmMdUyx0XtwMEHEZ7tPwuNoUr75VvoHA2MdPdN0F5u88iPMwSU_0aWrNZQxf1rMHsChXKwOz7ICe9rpZuRS7SXy-I5TaAnxd_FC6be0a1jI-WlikhKVyDRFdDmSd0CcwI8J6OHC-CFj4tT8OImFN1SepV_luV5A5zsQhmpAF-TruJhBAoP6wW5iFRpAF_tgLNxLZ6vrsl0ZfOQ7gwq9kF45xkqIc2uRE6oczxE8vbpSLIhfFsHeC7W3c0uNhCbaFzr15JfqNeYkNES8h_SJUS0jUUS3J5JdJD8A/nYlnVtAvcxzxEogBPqHCCsPglsYKLhN2/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Insider Problem</a> as War Bets Boom. US appeals court overturns <a href="https://links.message.bloomberg.com/s/c/HuAlt98Wi9Q6bkq2M_RRz_vpY8hmMsiTudJHhyx3NCZj8XRKjThZWDkh7dZxuEHF00kS19KW1_AGVnoPdxjvO6gag2IAMwbf1APBQRPUs4HiI7GaM1brlFngO_xW_5CuHUWitXaLgYWiMZHmxU9FjJwRYiQy6E4IXijI8E_F_amdUxRZtrOOO_LhEMIvKy8oeFEeY9tY2pM_cOtA2YBiOnqpKB35XLW5mbhSK9jHSxXVccdPkp6mx0zWlQWopgcFI1sFdHKSO0kMifmYwcBx-FD0KOzdVzBc8wavFENo8GJp6vT-AJgoqfFJcxIDHcDEVHD3tPpMo7AUch53JpYk8AFvPsgipI-3kYT4VkklenIJcLHKh0mafKl17M4/G-1wCivabiXiKygeInq29y89mQWuEBFg/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">$16bn Argentina ruling</a> in blow to Burford Capital. The Decadelong <a href="https://links.message.bloomberg.com/s/c/qXMJMBL_wbIfgFDuuU-Qr7xxdgHDI4XSW-ydmWdjPpSti5IDgd4qil5qNiULu3wqI6Ldwtht2d_FsDpLklcyqDJUjMIQdHVz0Lp8kR7PMMqTWP6jCQywfzvfpbpfgNOjQp7kwrQAxRkBXmZsPHWoe2MMEG7S7OEAF6zlRxfRaDvT55aJRmIzS8QpPCr3bZN102Fz99u6tULg8GgGc_YBq-yVMuEJX66_wJ-_UBody9ahw6ViGNyersQwQpsntrL-NP35P3QZMTZYyvW4eWKUn-oSHrFShMDVWz84ynki8DTExjLWIDXkGcoJVnpMLyy1-IW3mfokxi7LLEbVxaw9iOF9AqtZ2cFe-GMdEQsHZLyBLW8G56eEHSDvfnU/YRARPsqMZEbnGHc1XBHFzNUAUORpS4f7/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Feud</a> Shaping the Future of AI. Google Reportedly in Talks to Finance Multibillion-dollar <a href="https://links.message.bloomberg.com/s/c/8vFOugTQjzhgz86eZOyxMwJoqPWssWzqWmfIpDpJxqGe8csAqFIQoxCbF9byjfnAUWJ-XbIPzUDuFM6s84fTOvrhuCbQHuoPXjZrXwxi2R__CGxKSjYUZQdFeoLWjVIdy6JBhqleFX5Q4-0tgtnEAcMGLWo5TvXVea_7R7w4PE7REJKtzISPXYCQxXFb5CvTPSFlspWD_99zUM02gxSyOqCaqrcb-5J_x5aiARfue1X-ioXDlSviOQzMsAxLp_94SJuYNPo1NHc4A2PlTPyq18VpbDkrIyOAMTybWIWLtglIg003BddqHW6mXgPtWCCqUZfCOxFCkzm8NU2wtLMKQJlWzevQCeo4tIF_SYM6OtqrwEDKt6iEjpdxGZA/mQX9qSDK8HvQORW7dF9V2pNik_s56V6T/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Data Center</a> for Anthropic. To Lure Top AI Talent, Startups Are Turning to Cold Hard <a href="https://links.message.bloomberg.com/s/c/urAKrPnr99wHlu6qxi2fGdCN7NAp8GikuT-OtuMSf-swFyKr-SKRRR1OK8cqWrFR8AtHNslbbLqm_OWzS3EPrqy-YIbbBCQ5UPuhS5W6pouTwwKEZqJ7gSadpmwhb-TxMF9bKx95O5x2ZxnRoTbdn5UYwxeqToy-82R0zY3HjbjqdaxPM4uhk6faZyhjatSM6IDLwbZPMcsEEaCIJDmMC7LLpykJny9ovd-k7DkqW-TNFyVWCxSRrYjGODvbUX93GNVb6UZYawcu5ulwBYDtdpZWl8OShuRXVtzEJ6I0YvMqayEYmuTWnWAhNcMQSHE_VooZ59q0v76HtPc_B58L7dH-ZR_iGg0BGb80mGgHBvnADXc1l9Y17CEY-0Q/LAB0trx-noQkeptj76o_PgHa-HB2gWte/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Cash</a>. A 35-Year-Old <a href="https://links.message.bloomberg.com/s/c/rjsD_PtwT8R7N2qD2FDgYWyoOzDpr5prfefcnZSCd2qC80Mvxlw4bgKdV0SVbNnt2Yxq36MqkfM9Yy7KXtuMOJH8V8w7M_UWcoweRNBobaC-6hb0Xgt9mVUUuzfTv9iz3aoC699l2pyLyJIoNbBqhZV6-nGvT0r89b7VNVAATE_kHfXDYsGzaPzoIN1H8MhhEEhBRy6PP4F2gnAvwdJ618-JxKmz6wxL9opcZw8_ZE75vJznT_FCAPaCC6YoPak9lg5o4J50h9U8c5S7DNzqiCn1oOsAVkrBVa54Zg4x8RbVRckxDtUJ2GPiHxxqlm0kjjqKAbt8x4hm_v4XolzwjvekUoyLQdkAtyKESaH2IsWdK6kdwxGqvqgD3O8/eaJA4cPUk3fqqCzsipgTp095AbTJ_izq/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Crypto Bro</a> Helped Pakistan Win Over Trump World. Private Credit’s Exposure to Ailing <a href="https://links.message.bloomberg.com/s/c/ei2y-UTIhJB85-RNQEkLqB2YajHdcat3UvPbwTaYb_mmqCHn5GHH6bfxaBr4FJcH4kKx-EFAp08vceyOidXWrO-b_yS4i2pQfYpIB8VMqa-Y5IIjy7ebo5n1nT7abAlpgf-pvg3mGYlNC4YiQoSnoBk72u4RV83sb4fA8RLgyqOfa1tbWrpp0gMvs-yukDJlsoMomPsgfyRFCYzPrPE3hr3eF-JFShKu1ROYWusbgUlaH1GT2CBCsczunm4VJL-zf1oL19fVfxwMn_dNFoeZl_JmAnFi0rUfAQC9lZq1b_Defxs4sLzef9BGLi3tAF9JGEW6rMlXenLgeqLn8D0WOpP57cHukK5-jfOvMREqtMZBWzBA6rVE_qU2-54/0TOX0ONPPpTGU3laRUPrHBxzVeHNn4aU/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Software Industry</a> Is Bigger Than Advertised. Fannie, Freddie Soar as <a href="https://links.message.bloomberg.com/s/c/Mccsrob9u5bozZtBdcZezXzFLnIrdRSdevUifNvi3P9NxrU53hK5FO6jP-zRjeAYi94YkiUXtbEPqwJ0Z8PS78Ba1u5mo0qyf0fGmq0MRoGVOS5k_FWZETWR_Nstht1Ekam-N118dMG4MYEL7guvsNJEGcmUbdy1_A0UduLHTqVRWHJPSAczESv_Kep-DzT2lJ5KuGE3syCFj0vkvAhVqmAY1Ao-DukPzjWgjYh-pOvp349-1G7EvMOJ42CpougnFbtdY1Fu3hY5tzELIPg1InsbM0TmeAhHDvxs2WhzeddquFMVo-SBSULFOjjV2ugagamFjiOH21ROVg9zpTZL7sz2khQ5OuVZg-gxZFztZJ8adQRu1gVemPiw54o/MquvtMP1EEVPDauZFT0aX7Ck6_fvc4fk/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Ackman Says</a> Stocks ‘Stupidly Cheap.’ <a href="https://links.message.bloomberg.com/s/c/3VNvhqbiY63JgJVSZowU6NdDfcjEFSOnEqNooS5fX_tKk77NsCu_N7fE_z93kHNGkMIbfBlrlItnW2cxRFoOpRy-OztQPOmtPOAHdiROyhcbnL-Xe-H1SSSHMj1oHkeDWQX3lVMTrI480nzx6lUbuWoZMtU1j5CjC4-cEZZe6z8S_PkME6AoQRMHC6fcwDFuH6MQFc_PDuvrc0-2dwX8uqF2NW-U6dcTa6LyjKsLUs3hocyRfQJwP46Lk9bL-CQunz9Pn-0v02D1LmQpWbK96pfTyAcaXIbI2rL5OOk74WDIqFSOdFD7wPhG10mLf54jUG97YuD-UXAGRMyoi1HEA86QLTC2o17-nLRxzlCFlb_y6er1qcGnM0CkXF4/zxKGShS_f2jSBasV7u1hV5od87LUVhXN/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Sysco</a> to Buy Restaurant Depot in $29 Billion Deal. Korea weighs <a href="https://links.message.bloomberg.com/s/c/LI7tCgFstQ2lS8c2dz18sOOWCofbs0YZQODqk7mqfioCNxEevliL6E_u2Sma1Mmk8oRMU5ULuB8lYS2nB9uRKrdEY2IyV8vbq3KMTD-qOIriRxSCxhJoHHUN7inCAdds1JW4Ywjdtj0kBi1pcHFWXODXTOEXQcVYPiDvFWdpXPenNWVjkCiyZV7NUjrZRxUKNVo2ZUNorkkEF5trAqPQ_6WgfyPqO2stPl9jOWNBWf49eortSVxa3l_xoI1iD1zUg01BAS-EgnYNPGxdZ-kzIyey59Pdm2U9ZcOH_WRwhQWL_zKEKCmSgFRsM8HyKxY3RIo0TA6NOwK_IgwDwWM-adlhbdCGZpXLNPsN1Hq_sswxwvGltkKwgJoqYEY/e-K_9ltzeyatioVsDJ9h0t7_5pDY898f/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">inheritance tax</a> based on book value, not market prices. BofA to Pay $72.5 Million to Settle <a href="https://links.message.bloomberg.com/s/c/EvBGHnC7XABhuREeQbHeeEEIqe68MCt7kP3VswPBv2eio1llXrQI30_EtBIzYB66qIO7D4wNQIG5z8_Kc3motFN9srPk_-8-dKSGGShraKDQqyPMJyRf0SSUwom7OiabV-V3fROyxB91iZenS5UnnPhB1OSqMsO_SMfA_gxWBU90y5nxeHxAZEHe_cy3YSCvPclAIScKcb0KZd1rzz-6wRjMcFtNl1dGXhDQihJWSiEQD4x0YBFGnBurS9QMr4fDxgwl6NCwG9s6szNw_3_h3bPp6rWbHCqb17hkCDUDJpow3dp26JxBz_4g48p9c4f5qtizZ1aBZmZQsGTDc9Yrkys5OpU1NzmtQ3MwsVl9QR_eYz4YHir3Owi0aPQ/nSWkGfylECBwIaxW006Svr1hB-uNY11S/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Epstein Victim Lawsuit</a>. Millennium and <a href="https://links.message.bloomberg.com/s/c/8niM7LQeL-Qsq_jLiP6BHrF4_fPgGCU-pBi_Ssrxx1GcX9wMbQCdgfE4u0HrX7oGkULLjC_SLLNkCj4d0GEA12prKfWcKFF9qd6EB-xPvUz5SBJrO7ED-CzcgjvokOlaJcq2tRsO3F51--lS_wsbg8fvqxCkuA4iWFNJA0oNV5hMPyzqDa_berBjzRkjWCmMCSAtj97HUeOfEhrbOPASL6oWa8TLUktnmj93n0U0dZpqu_26tWwtGsDts5uCznn4Wfs-Mf596OqVNqLDE2fiMNOiIr6K7dvmzCm8HM5fx-3_HDRwI1ZJ94JY8F8QH5NTFsttjmfay6xE-8-uqziQRQ11XK0XJ7MN3E2SOjeEInZiUGiMAYxpkpduXLc/QTB-a5WoptxIXNlTGsLy7HbbmLZhh5UQ/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Engineers Gate</a> Wind Down Hedge Fund Partnership. Apollo Pushes to Open a Second Headquarters in <a href="https://links.message.bloomberg.com/s/c/IM2tIiRoWOdMszEh6oD3Rt7ex0Hn4Z_Ks8Dz9TZcK7hU_wyK6hZp2Aup08Ibnq22Nw22R20JASuG8RBN5OBHxW1NK3yPWV0IB120cJ63u2tGfSxR7J2GXahtoMWSqrjOaEwBfcLEIVP8RVbRI_WyYfWZlD-T0GNHAhSezaw3sgrOibN6OG5Zzl1HuaI8r4GAistiJeec8D4CHfQoStxmoBvyrvvZ_1BagQCmKhzOKSeuPXZQeUrJgrE72YmI0jUOjlPt8-4ZTMvgGmmNc2IVY_TZ2aAcunDkaH90VBIikViCipHedY31JQDGIS-_hxuLmiJA7NQ6LCZo3AYH4ybizYz6oalW2922pOSs10_uevZaPe6soDGLldItm8I/yJa4o4hn3r5_DcpiSO0Bu2MmEIaBDU3A/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Florida or Texas</a>. Why <a href="https://links.message.bloomberg.com/s/c/qHXemgm56eoxX0Zl5GmJcY6_QMYMJfVF1ow2lJl_RgnUo1jQPGzyPhJAHD4-w-_a40CoKvnPuVb4dAeqJHZZbi9DNJrZCe7d5zWLwaTu66-rp63IR2C7mPTVW8unHcmHq9S15H-dnT5Eu_aTS7IZqw62DsJ1Y6Socjh_jnBmc3Dj45ghzTAYtWein9-6oAAkC-c8XvxSAnln5gKeBEc6GXIY3D7n4tJeCgpwJNmotd7vzw9xNKPSeuG40DZ1jm44S6hRphZ3W0OJIWw8ZVBYziFC5w106as2NNj2ecMvMX7F8IuVxHUvKTKTcILScu1lJJ9v9V1A7SVntSZLhibDK3pDvPORv44FuO_R2onQx6BunNykv9d5vs1_VwQ/aoad6Dju0_EPi_CTLGcfzDcA1jkSKzHx/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Kraft Heinz’s</a> CEO Decided Not to Split the Company in Two. Brooklyn Preschool Rocked by Ex-Director’s Alleged Embezzlement. <a href="https://links.message.bloomberg.com/s/c/Sf0qrAE2SchOyYsNlN2NbZTreqXQATXZp_uTVRr8KiAkPLCw_7a6biCJzjdQGepQxXGgeEyY9NmJ4vfVCwm5oJ4tL9OfkvaNGgOFCoumd5HjCUsZhBjmuyuQNFobQgQbbQvmiwazghaLFA9bc63qLUIqn1jwImi2tmKu3cF8E9r4dUOAQa9oYa4XkHo5hfUmnq6w5aW1vzuowHe6QsnEkgqq3tj63u0CDrDw_-ea6DKwRFl_GTQ0AvW6xyY-nw3g-Caw8cBoRMaYfhbO25QcrR9cyvV0inTtcTNxEAGdx3vRS3tu00bS_Q-0Rgs66BbDD1W0e87iJQqzNSb0QC6vXa4xQk3GXDXjBRYeLmOvWy35mOssB5IIjP3wcEw/tlCvW5-1p7olCuOYUHRGEAAFS1wTZZFR/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"> Mallmaxxing</a>. <a href="https://links.message.bloomberg.com/s/c/WygzkyiiddOF73OUhbUfPvIAYQGneqmnBIbZtLA4p7uFp3EMnCBtP7an8pfmNuFYhRvYpI9hm6PA-r1RX_tucB57icGaSYKgGG2989ocQIWNjCIGYkLMbQT9mp0hLrWdb7kfXj94IgQNiARWGzyQAtxuHA-g4T9286nKZ-M69J4MtUliccnAbRl5x_mvkbc_Pr9kRvBTukTuH_63ZIUG9kydWS2igSNquiL90vKve4nDdU9VE2LjY8Ml42OBsfCXlB6uSSFcYrSo7qiVx4o5fgVCFkwX6a9AcoOqjATQk389DoqM4ngTzg5Fbq24uom07Sg0UTNjJyAsVuMvkUwX0GxqtJVyZlD2bJzyfyCUb083LWjrlOEzG3Jz_dE/QoAJpZYKaeQCoQuAuX5j9MsqPO2AK_l9/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">DJs Blame Private Equity</a> for Music Firm’s Woes. “<a href="https://links.message.bloomberg.com/s/c/0g7OGqDv8JpX3zILSvF7few31hipe5dFFljXxr4UhiRAXU59dS7ltQbHynl9iTOCUBkp9i152BjELGEngl87J2C8MgxSqChGgCcyeXF8bnEkaBwmw0oVpTpOR_P_a5qKWWTEsPTYrFQpusyVswxbrKUl5vNZMSgN2zXOM-YxR0BMSk62iQ17n3q9qPNqY8QJ47AquIgAe7gB97tBE7SVLoaAlojYeL7MCzxrrrdAn56xaXDCsL7kTmsnMu9J1g-s8ITjOgY6ypB-50tViPMjRTw16JrnBnxxSyyclAePSsDTIRmMVszNI75Dl6_7v_sjz5zjNh3CGiFaO0yT6owU7U74Bmwtby0ggpBvawX1_aC8CMZQkqbcu_mJWSM/ad27ptaMXVP1XEpNVH94d7ChjXtD9ajx/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Sales Are Dope</a>, Never Ever Stop Selling.”</p> <p style="margin: 16px 0;"><span><em>If you'd like to get Money Stuff in handy email form, right in your inbox, please <a href="https://links.message.bloomberg.com/s/c/qoZjtLToBGsghWKiwLQrWXltecDlSa4zQb7myIHN4Q55QOWk_UJlpVtOKNUvG9JHN-4VYumuacJda5PvmX9yXqqmsIOR6InUgEuLgO86jlVYk4mwhhe9kriwpKOUPncU_cTyuh2dMZ6OFq4KqT4wdcltCamZXRN_zXqw99axPatz4wZ0H1dKBbZJMt8XvatqnsnxLgKae-XwY_lSiS43k1IytTqmZuqUyCM2rx0adkrIEzHldC8w2crZic7KyoC3XKiKb2VGt0WUcW71AZ4xUMopzPTHsRXVx8uoPYm5cUNdbDTrSqV8S6_E1QTYUpWbQ5euvUGOBhlstY915Kr1nRqhQcWTcY1CWpJDBiWCOA0DxV7kkPHm083hFQw/2HsXy9mvuxeWW82K56GKom51e3g3r4ZC/19" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at this link</a>. Or you can subscribe to Money Stuff and other great Bloomberg newsletters <a href="https://links.message.bloomberg.com/s/c/ijeXNuJ_xtC-XR4tnwzXhRmdIpmA_cmApDmk6bw7UuBrTXNYU9RBl1PLyP0ks9MYxZCZVsv1ItWdL4uZAcR1MDqWjL1gj2N6I7iIJmtrgmjRWm7HdvJV07B4t7aRrNTstyIBK9Qp80IEloqALfFRTu4BA_NsD3pVOLPrtLWkW6ylhPkQmLkh_t9neRxRU3qTWelcOc9JU-5mkWNGmAw1Z8KUkYzdYXChElW-_uEUKcRXlBLz017UY_WRGIKT6SMVa_84CqON6hlkrhiXefngJcn3tPem7-jOPDVKcjFHrKIuin3QAiNwBrWCpplbl8NEcuyKdYW3n9tfIfUt5KLQ54pInxkPaOqMAaoDhEftrOy7ZdoP84i099ZGmyw/LMRpaokrcRSUBtjQCSMR7lywJGCHKFkn/19" itemprop="StoryLink" itemscope="itemscope" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>. Thanks!</em></span></p> <div id="footnote-1" style="font-style: italic;"> <p style="margin: 16px 0;">[1] A third point that is so banal that I have to put it in a footnote: *Congress* could clearly make binding rules for what counts as a prudent ERISA fiduciary, but Congress doesn’t do much of that. Our system of regulation shifting with presidential elections, and of regulation by plaintiffs’ lawyers, is in part about the difficulty of legislating.</p> </div> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;" width="100%"> <center> <a href="https://links.message.bloomberg.com/s/c/4idbRLjpLxWS1UWIbWTWNMbudQ2GavIaS_kF3s5Hx3fH__ENuA_l4fq0FNc7aoH2DNPiYe5q6QLQqmg6elItp7ZVTkLPvFpyICvkeJ9jVshu7uYp8x_bbzJOPyy8Z01w9tnnW_0RWj_8sGALxavO2wPSsk-cth_38ZfcsDkj_5bfMsz__iy1BC4ewtGEcz3BGyIzwRn1pBfDOT3z__HZzrv-UJMQJ3GG8VPIZ9Z7AquTu_ppFgWxGyPAXQvkmL2NwTGdLOkdZU6FAOs79HUB48uTJDg1TLL9QoudHiUy3MV9ig6cFTzyx2i_iifBO0ZllENsjnZ0KSWaOWBYDDtG8qNrMonFmvTAUNUYvoq5BAF22dvaWGVUQSdrpYo/WTgM7lbs73jrCKIzAkeytcO2ugLz5K4D/19" target="_blank"> <!--[if mso]><table width="550"><tr><td><img alt="Listen to the Money Stuff Podcast" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt="Listen to the Money Stuff Podcast" style="max-width: 550px; 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  7. Money Stuff: The Podcast: Also Sticky

    Fri, 27 Mar 2026 16:24:43 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" style="width: 100%;"> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> <meta name="viewport" content="initial-scale=1"> <title>Money Stuff</title> <!--[if (mso)|(mso 16)]><style type="text/css">a{text-decoration:none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:antialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color:#000;text-decoration:none!important;border-bottom:1px solid #000;background-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@media only screen and (max-width:480px){.lihide{display:none!important}.lishow{display:block!important;width:auto!important;overflow:visible!important;float:none!important;max-height:inherit!important;line-height:inherit!important}.email-ssl-image{width:100%!important;height:auto!important}.body-image img{width:100%!important}.logo-image{width:100%!important}}</style></head> <body style="width: 100%; -webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; line-height: 150%; margin: 0; padding: 0;"> <div style="color:transparent;visibility:hidden;opacity:0;font-size:0px;border:0;max-height:1px;width:1px;margin:0px;padding:0px;border-width:0px!important;display:none!important;line-height:0px!important;"><img border="0" width="1" height="1" src="https://post.spmailtechnolo.com/q/zyrpGq0zrOIGUqyrUj5R1w~~/AARGbBA~/rsV2NAH7usNNFI1kGyVAVtFouXalUXJzbzOANTr4IjpUOevYzw0JGKTelo7UJdjhRNkPuhr-ZzYYUu4PS0Fj1UjzspzAXsr_SdgdDT83nJ0~" alt=""/></div> <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;"></span><img src="https://links.message.bloomberg.com/s/eo/bwn-j6vSszbTOJM-5a4GTrmZ4RyH0a722zd3fRzk97nSVQVFNN1tuW4ED6a3hHV2IEQth1jEnrLb1L-M0YShjLDqV-AifprNK8tS5VdJjPS6DhxDST5sdNwwnIZEyOG60Ho-boFk24A2R4TejL1Jmr_tVFCuQiB9VtCkZFiv1uv46u2VEuF1uHW9ARarI19tYOz_0o62pcjySCcWBurTlPMdeNtbsNvcSQ3r/NaN4KcRfeuhKE4lGEcAdARzFsWvpE5p2/19" style="border:0;width:1px;height:1px;border-width:0px!important;display:none!important;line-height:0!important;" width="1" height="1"/> <table id="wrapper" width="100%" align="center" border="0" cellpadding="0" cellspacing="0" style="-webkit-font-smoothing: antialiased; font-family: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: 100% !important;"> <!--[if mso]><center> <tr><td> <table border="0" cellpadding="0" cellspacing="0" width="550"><![endif]--> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <div style="display: none; max-height: 0px; overflow: hidden;"> This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss conferences, baby names, private credit redemption r </div> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 15px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> </td> </tr> <tr> <td align="center" style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bottom: 5px;"> <a href="https://links.message.bloomberg.com/s/c/rbnLzLDxlKCl8CwQf7okUf5PXlTrkZHxl1Nw-xe14fXErsXng4PzWUcj6GfKpUBBsYuo-9EkAerJ--6ZnJ6dRMgriSdhR6-mXLwaRdZhmog5QLdqlvXbdP6eI8Gste3hSs4kBiEfW9aQsCTDTESCijnIkyjMACzBm1vUbH_sTUF6NpxiDpabEUPzpf1HZAyoS5aC27YNPv6Eq1wF_bMh8Z_NGtIAby55ryhCdvGLGOU9pIqc9K6vsSlBYPwPeSs3l8ZLHYM02sbwRR1SvQz0obGvdcxdzcREKLZ307IRME-rnYCLXcP41S9sj042M0TpbRDWu9SaCjLIPsz0CLyQ20sYa9X1YuyDvlIKul77EoSZ_kfTIfF9CHkTKQ/9D1dZdKn6KRnxFq3xg2Ezbi3bYL1_rh2/19"><!--[if mso]><table width="550"><tr><td><img alt="Bloomberg" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNRFZUq6PpLs/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img class="logo-image" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNRFZUq6PpLs/v0/-1x-1.png" border="0" alt="Bloomberg" style="max-width: 550px; width: 530px; display: block;" width="530"><!--[if mso]></div><![endif]--></a> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 150%; padding: 0 10px;"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style="font-weight: bold; font-family: &quot;Arial Black&quot;, Arial, Helvetica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Podcast</h2> </td> </tr> </table><p style="margin: 16px 0;">This week’s episode of the Money Stuff podcast is out now, in which Katie and I discuss conferences, baby names, private credit redemption requests, liquidity confusion, private credit inflows, Larry Fink’s annual letter, AI taking all the jobs, universal basic index funds, podcasters and fund managers being displaced by AI, shorting the consumer economy, owning everything, the coming SpaceX IPO, lockups, index fast-tracking, a SpaceX treasury company and Elon Musk no longer being amused by 420. You can listen to this week’s episode <a href="https://links.message.bloomberg.com/s/c/p8_B-akTmK_JLD1GwW9Q5PgTmmAeitkvJmZ25LNQI15jFpI9epA32IkjPtGyEFdzc6TkC9R7ZG8CB0qfjhKuUE9WMJrDGtN0rMVeXq87p6vYkLJPQ9lj8trSu_8LW8Ws9kZ2ZtGIwS-TaWx0oh24HXtxODhvBg6N58JC630n8r6xCW3jMDLL_Reljzcz8QMnhezZvZF_JXJxcFJIVB-SOlS8CsxBGCp-k_e73SoI_KBg-Rwb9r6wli-hE175d3IkidK6ay5jTX0BShr0o12HYxvlw6Fd5t70qk-Xa_DaX-5qcphVjRbDhReOezKYmoHgv4HIF5zvO0u4CXdR_umHYB1PsJid2_GsAMnXNSn85EkSV-5GrQWzDSXgaQ/zODrlqJnM2nE-jHmYVqTZoIg2DXOG8GL/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">here</a>:</p><div class="body-image" style="margin: 20px 0px;"> <a href="https://links.message.bloomberg.com/s/c/11NfFu_IkIjnLTN1XKhvQxzd0MP7uB1bcxfuNGQLnXk6pGdaMHhlv8rEkXM8F84DWPyrfHcScwwqLv14JdGBXUnMcrfmS66wYDfd0GaQRDj4f0fdapbRpGhSnPwU7lUrYbMsMGpRFNicmtTkoBM7JJ-Y_Jn1j4AzQ6FceSeJ5lRN6695VNpOluJi1wPWvUXgJqlEcXmWIC_5QoXIEqx_x56CD_mEL0QM4BowY-c3mXIIB_jblVwpsut26-ovLEZuZYhrWFKKUgCOHuW0TBwlATos8arN0a5x5LiLPBdTrfiS432eoj2Jj7NmeO6zPaj465vOF3sAz5fb00D8bIS0gFJDZLrufjN9EB-3UTRxe_qvcbFEhzO2_-_ztw/KV1ZG6i_ng-7oeVZDAbOyj5V5SHCeqCL/19" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;"><!--[if mso]><table width="550"><tr><td><img alt="" src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/id2mF2IuLOk4/v0/-1x-1.png" width="550"/></td></tr></table> <div style="display:none"><![endif]--><img alt src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/id2mF2IuLOk4/v0/-1x-1.png" style="max-width: 550px; display: block; width: 530px; margin-top: 20px;" width="530"><!--[if mso]></div><![endif]--></a> </div><p style="margin: 16px 0;">You can get <a href="https://links.message.bloomberg.com/s/c/Fi6EVpIYD-lQNiWavYOXcZsZGtqLzMN1lu6TJbYhng1kw3e3kWnxUKxBpr3Ej7gZaFZyfmvCwqgMDEcVuJ13QsKF7QOrJJ4dgl2Ap67Vo8JsNKsUN9pPxHavu2vCbISZj3ZzD5iutx9lPkXPrP6Yh4MsTdH2y6yIgbyt9uBLxIcqwVCz5znBsxrsm7tKRk0jiYXMBNazNRHwyJhgKLCuSN2AwtBbB2qZVbnInZLhiTTjfGMmJBtOAXz7rhNB0e1OT5vmi6A7vvYALGYEpXYm49DgPRh8ZaI6MXFvAuyKQbzVgk5vsWAHPTDxXBo8BhQwAwDolP5keEXCSgM4ij7YBaM42mv3H-jW52ioVoy8IayEVHA9JmVimTjInw/Wl0H9-xYVuw4YOmwKrZejvgZjGWk2oLs/19" itemprop="StoryLink" itemscope="itemscope" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">Money Stuff: The Podcast</a> at Apple, Spotify or wherever you get your podcasts. We’d love your feedback. You can email us at <a href="mailto:moneypod@bloomberg.net" target="_blank" style="color: #000000; text-decoration: none !important; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">moneypod@bloomberg.net</a>.</p> </td> </tr> </table> </td> </tr> <tr> <td style="border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 10px;"> <table width="100%" style="width: 100%;"> <tr> <td style="border-top-width: 1px; border-top-style: dotted; border-bottom-width: 1px; border-bottom-style: dotted; border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; text-transform: uppercase; font-family: Arial; font-size: 12px; font-weight: normal; font-style: normal; font-stretch: normal; line-height: 1.17; letter-spacing: normal; padding: 9px 0;"> <span style="margin-right: 4px; vertical-align: middle;">Follow Us</span> <a href="https://links.message.bloomberg.com/s/c/3iTQVK5UN5hhZpVKWn43IZvVL2x-zlWM5a5I-xb3DJBgMynVkiJ0FpLCh-X5HBCkmNGnUPf3MKBFioYwF_ztDPVYqhfIdFIk1v2JKjuqd1PDNEpeqvCBeZvega1fnZXu-8vjKUGR-fO01cuS3u6YKnvEOox6mGK1qX9wPvQ6IW9wVtLAoU6EjtuQI3DKCHUALpN3710alAWxGeGRBVVTI4xJohL2VLi64JWPk85-6xaaIpPegLDLHO-yCjrh-zRQtnj1nN8ZtLnE63m5S36U9MD8TOPf87ra000LgAeAspU1WtGHWMzfElulc6AcqeY7yfpmT8v4PJTCFbFqfxUzc6UlNB_vNjyi0B7lq1mn7Zzny2iruHtW60DAyQ/WlUmc8FgTVd5QBQzHeL_azRMjlpU_l_Q/19" style="text-decoration: none; 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  8. Banking Brief: It's not the AI, stupid

    Thu, 26 Mar 2026 18:30:07 -0000

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padding:0 !important; font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word"> <div id="preview_text" style="display:none;font-size:1px;color:#FFFFFF;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;" lang="en">Data-driven insights on how banks are adopting AI ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ &nbsp; 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color:#222a43; word-break:break-word; text-align:center; padding:10px 20px 0px; font-size:0px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--k83hKBlW7Y8-PT6lZ3nYW7WPsw-3XkBffW7hdQbH3zLjmZW7FCYB62Qh3p7V9Vqlp6xHmP9VtJsz96TctwFW5fMgFb5s0cGBW644L933GvG3fW4yxNK41vcgv3W1rM3np5cVNrkW5tqxmP4ydwS-W2r2sc51PcYknN80HDBMZ4FDCW8yFVp55DWzwZMHt0B0F50XwW7Hwxgw6B0tg9W5D7kxq3bfNC5W5_B1h58VNN4BW2vpN592rb_M1W23QF_M7LyZ7-VDkyG-22N9NKW37s_JN39MZpSW5g-W-34hkThBW6dRVW45R590sW9h7pPQ5hXr_sW72jZHT2XYbgrW2rX3zg6zsnxNf5HCNZv04" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="vlcshD+n"> <img alt="hsheader2_260326" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/hsheader2_260326.png?width=1120&amp;upscale=true&amp;name=hsheader2_260326.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </a> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:3px 20px 16px"><div id="hs_cos_wrapper_module-3-0-2" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module-3-0-2_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:115%; font-size:12px"><span style="font-family: Arial, sans-serif; color: #222a43;">Source: Adobe Firefly</span></p> <p style="line-height:150%">&nbsp;</p> <h3 style="margin:0; font-size:15px; line-height:115%"><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">TODAY</span><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">’</span><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">S BRIEF</span></h3> <div style="line-height:150%" aria-label="Leave comment"> <div style="line-height:150%"> <div style="line-height:150%"> <div style="line-height:150%" data-selenium="content-module" data-onboarding="content-module"> <div style="line-height:150%" data-test-id="element-mouse-events-handler"> <div style="line-height:150%"> <div style="line-height:150%" data-selenium="module-module-3-0-1" data-module-wrapper="true"> <div style="line-height:150%" data-test="overlayHtml"> <div style="line-height:150%"> <div style="line-height:150%" data-hs-cos-general-type="widget" data-hs-cos-type="module"> <p style="line-height:150%; font-size:18px"><span style="font-family: Georgia, serif; color: #000000;">March 26, 2026<br><br></span><span style="color: #000000; font-family: Georgia, serif;"><em>Hi Roger,</em></span></p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><em><span style="font-family: Georgia, serif;">Welcome back to the Banking Brief. This week: The banking layoffs are getting pinned on the wrong thing. Why the Middle East conflict’s effects will be felt in banking long after it’s over. Plus, a breakdown of Goldman Sachs’ AI strategy.&nbsp;</span></em></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="font-family: Georgia, serif; color: #000000;"><em>People mentioned in this edition:</em><strong><em> Jamie Dimon, Tan Su Shan, David Solomon, Luisa Gómez Bravo, Mohamed Al Marzooqi, Milind Naphade, Ritesh Soni, Catherine McGarvey, David Rice, Jasjeet Sekhon, Ajay Mehta </em></strong><em>and others.</em></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="font-family: Georgia, serif; color: #000000;"><em>This edition is<span style="font-weight: bold;"> 1,723</span></em><em><span style="color: #000000;"><span style="font-weight: bold;">&nbsp;words</span>, a <span style="font-weight: bold;">5 minute read</span>.</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--k83hKBlW7Y8-PT6lZ3l2W84KvS75HhPsxW5bs9dD4F3QBqW87hBrL85F5YHV3kWpp8SQQ24W4K5Ttt1ghRpxW3JvGcl4YVls9W8dv0Vw5801ynW89G4z73ccxW3Vg6Sb01FrX2_W4G893Q2-QSd_W8F70Cq47sYvfW5fJZmG1hxDCtW4rN5Ym3_dP_JW5FbzNb54Z73tW5q6cHZ4G1z5kW8d9Q022mBsBNW1GHlvp4CQDl-W7_rFd23Fw6WjN8QV2HCGcqXtW62rmrG2Sy0XbW6gN4p44c8HJ0W4VGVSm4lcN8HW7q62qq7x-ZFyW1XQ1nz1mH8FSV8Vy4j2NVLgzW6RpLRt1r0N4Wf1DVQz804" rel="noopener" style="color:#f4854f" data-hs-link-id="1" data-hs-link-id-v2="f4nAc1Wx" target="_blank"><span style="font-family: Georgia, serif;"><em>Check it out online</em></span></a>. <span style="color: #000000;">If you were forwarded the Brief, </span></em><span style="font-family: Georgia, serif;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jT3hKBlW7lCdLW6lZ3lpN2cjH-tV3LFHW8Ysq8l6bNrq9V9NDcn7B6rKHW5zysQ_2rzys1W78J2LW2JCvKBW8rs68h6CtCfWN4gMw6jQ2rP-W4GLQyP8dbqrgVsKnQL1V7h0dV6CHKB9jWs5fW7JVvSd1jtP5zW5Rt_H07_xgYKW4MkgFf5X-p7sW2QYN_x33_yfXN5bh3hYxYgmXW7zzbWK2xXdH2W2mtH068p3MWcW66rvGZ7XWWgCW8z6Yb56-5L72W2s3Vjt1_6Qc8W5zW6bD3fvfVrW8dD6VP8cG5dXW172W2p8qplWWW40KwYM3jV_2nf7PKs3T04" style="color:#f4854f; font-style:normal" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="EWUc6xuP" target="_blank"><em>you can subscribe here</em></a></span><em><span style="color: #000000;">. We always want to hear from you at</span> <a href="mailto:thebrief@evidentinsights.com" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="tJjfnY3u" target="_blank"><em>thebrief@evidentinsights.com</em></a>.</em></span></p> <p style="text-align:right; font-weight:normal; line-height:150%; font-size:18px" align="right"><span style="font-family: Georgia, serif;"><em><span style="color: #1f2a44;"><br>– Alexandra Mousavizadeh &amp; Annabel Ayles</span></em></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17678606542433" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_176176966277723" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:10px 20px; font-size:0px"> <img alt="top-of-the-news (2)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/top-of-the-news%20(2).png?width=120&amp;upscale=true&amp;name=top-of-the-news%20(2).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17696766291882" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17696766291882_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>TOP OF THE NEWS</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>SCAIPEGOAT</strong></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">The recent string of layoffs across the banking industry is being blamed on AI. There’s a different acronym that should come to mind: BS.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Look at all the cuts piling up, in many cases with AI on the wanted poster. </span><strong><span style="color: #000000;">Nordea</span> </strong><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3pxW8Cr_6D8l4jz3MRKz6D5NQgWW2TP8jJ5_C33KVFHYV061B3WjVjfgL63-k6PzN4Ls6Kn_cfljW3YW4hp4wqBzgW6MHfSp1f75RzW48Q4j_4F0jl_W6WSCLL92V0YSVJ10925jF26cW4yFJxz1PthQRN1bX9-mZnxqXW1V0tGf5z6Xb8W67kKSD1q53gQW93WBX78C9ZWPW2J2WYt54MzNKN25SxQqV6JD3W9clV-L3m-K7-W4nqQqV82kfXnW92W5hP2NYdclW5BcrMZ4fG8VxVXFlYY1J4-QmW4xZqKk8HLcZrW4xQZBt2T-l0DW3S3b4M8y6BynN7Wnn-ZZ65TGVX_9s43gHq1pVLCNYp51nS2VW3VHdhZ6dmGJMW7YJ3Fq47JDzRW8TtR_K93XkGGW5YGRQ44w18mwW7rn37G8ld6QZW2xHGW16X0jrcW2jy2XB8Y1KkNdRhLk604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="JNC9q9b2" target="_blank">plans to cut</a> <span style="color: #000000;">5% as it expects AI to deliver cost savings. <strong>HSBC</strong> says up to 10% of its staff</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3lNW5xWwdk7YHJ_5W64gX2418pBh7W5NktT47vl7ftVjQyJD2nnW1VN6qn0pcQdYbCW4pM8Fb70F6SHW2Hx5nn7xbgjWW1J_NyL5MM8TZW7bh5hh6N2_NLW3pn1WC83rLpHVnj2ry1MBSCQW748DBN1-nFY-W7Kl_PB12sbspW740BCF82-vVmW1pv7qT68yc_YW7DzZwk191Fl9W6MVC6Z8H-RQ6W6D9sZf3n2GykW61KvXS36x-8nN3RlJPZnCLLXN5y0hYqVWf8FW9fPRNX6xQwkCW8S8KKq4fXL_kW8YW8wh4D2NvrW58NDh45tYfDCW17k09R25XHjVN1wZZ-TxsFWpW7kR1Nd43-6rMW6N_5Dw3Rz_TVW3FMgV47fWfGwW3LBMGj4YZH2VW7k_WvJ4jfBj9W4DcVCk2KbPLdW3DgkDY552zMmW6fydLk8mx33KW94BcdB98YWN9f30fwVY04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="a5bl2JW3" target="_blank">could be on the chopping block</a> <span style="color: #000000;">in the next several years.&nbsp;</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Tech is being framed. Faced with investor pressure over a fragile market, banks have learned Silicon Valley’s old trick: Put AI in the headline and people stop asking hard questions about costs, growth and management.&nbsp;</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">The fact is banks aren’t nearly good enough at AI yet to explain cuts this deep. For now, AI is helping lenders go faster. Tools are helping squeeze more output from the same people – 100,000 hours</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3mnW8rK1G02wL5ltW7b_ZBY8F_K0zVR3FJs3P2b4LVrDwcf3tXD55W6s7dKT7MW6rgW6Pmn0V8NzHVfW1Kb7hw4ssQX3W4rt61L7Fn6SJW1vWSYc2-2kMkW5G3mq64j0wY-V_jBgm7Tg9zrW6X--Gk7q1tscW7NPD4d2CTZ9wN7C7zPyRyPYKW5ZH1hx8ysRXsW6cmFL18Mds7XW2M6xV-8GWLWKW6rtF2q7HWr6PW2KkPd657qcRvVBYt8-3ywJCmW6NDDKb1RwqPbW50Ty-B7hQ042W6tVn4_70-r3tW7zsbrr46jDV1W6-KXK52zXScmW4mnqkJ1qDxL_W6971q924ks9DW2dXdX64wJqt7W6PC6Pc2wk7FgV2T3kp39DqHGW386YWM7NxbnkN80P5rMPGfjVW13vy8X1mrL_4W3xs3bN7WKyw7f5xhpC404" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="qCKDYnxU" target="_blank">for developers</a> <span style="color: #000000;">at <strong>Citi, </strong>1.2 million hours</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jz5nXHCW6N1X8z6lZ3lcN5W0ZJHR4-HFW3xtH8-4Z8gJhN959w1-jTllFW2tSMHZ2KQ9l9N85jMX89SgvFW5zNch86Kd8fGV9vRpr25pFMjW3Sjjr-1NBF_yW7hxN0x4qBsr9W8_Yjsv2xyc8_W6b1ZFQ2ndv_sW45_pd_5-DBVqW2g23pg5Z8MXVW2nhB8b39yQ_JW3Rpcvn8-NtDqW7CwYhd74CzmyW8bzhcc8t5ZDKW1r95QM2mN8kRN8s0Lp1Sw6bvW5GtZFR1sGty0W434g651gykH5W8qwx432dqPbyW4tQ_4_2SfWDMW1kJw1l80mL5tW5swwQ71bH65PW6bm-vJ2-1F7MVvt6dP3SntdLN3Gfrb1Q57NFN8zdZmfk6ZmdW1ZpFCN3cgDkQN60RhhRTTL09W7RxhjK4PcV7WW9dcBSz7W6N9xW3TJFKW3zZCDjW7nwNys7Vdn7vW3KY5564jq8HpW6wKWC28DbsKbW1C-jcv72tJZ8f1m6_sx04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="F6BSWklw" target="_blank">firmwide</a> <span style="color: #000000;">at <strong>CIBC</strong>. <span style="font-size: 18px; color: #000000;">But they create a productivity paradox: All that extra time still can’t replace the roles altogether.</span>&nbsp;Even at <strong>JPMorganChase</strong>, where 150,000 active LLM Suite users save four hours each week, CEO <strong>Jamie Dimon </strong>says it’s “not something you can directly translate into headcount reduction” <span style="font-size: 18px;"><span style="color: #000000;">(see: </span><em><span style="color: #000000;">“</span></em><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--kM3hKBlW95jsWP6lZ3lnW4fcS5L3sslqdW6Sc6726MMRW0W6x75rV9b4VgHW3n2Mg14yjM3jW4MfQLz7bBlN4W5HWgmD8Q_BnNW3yBVYv2rBvtJM6y7fZBg4T1W253Ncn8SLH-PW4_kJvg2_TRlfW3CwGTD4vJr2RW70_CMG2g-YbnVxyD_Z1zNGl9W8-M7nw4Y9GfwW5BH3nP4vlK-6W1P5TSK8bn5p_N2cxP3wDzJM1W6JTvzw9lbzCjW7LH2Yq8FM6rHW4wGcDN2Y4vnTW2qmn2d1l0DnHVG0m2W3rjsppW3ZymMG5BZkkkW6vPsBJ4jBfVcN6D158tzJRpmW1ds5LH2m8-BvW2qM6TJ1RbTx9VJrB-b8m9_K2W18dmyv784WhsVYVGyH4gnS31f5s9_s404" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="/+AyE4dj" target="_blank"><em>Show me the money</em></a><em><span style="color: #000000;">,” The Brief, Feb. 26</span></em><span style="color: #000000;">)</span></span></span><span style="color: #000000;">.&nbsp;</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">When firms have tried to replace workers so far, they’ve largely failed. <strong>Klarna</strong> had to</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jT5nXHCW7lCGcx6lZ3nJW6G_kTC2HL-lqW1X3wPT2lXrPNW4HMvTC3pdrcKW8hsmFN99537SW8tR9Nt8k054cW6mtQ5J2cw9-LW5TmFHl8B5Bh4W5JgNsG2plz4tW8fw_n68xMHG5N1zSlmtQYPpxW83l8bk555bGLVbkx_Z7Sq0hyW46Xx6R1gNyJvW6PD9PJ3Rg183W4pGntR6b-VyQW2TQBrz26LvFwW8nwxMg4LCHdVW3PJ08G9gFh55W33Fgq22vsLxbW7jH3fP5BWWbfW27gbm73W9JMhW6t7hr62xL2LgW4ly4y386vLDtW7R3wK93V5X3XW7t5Chl2D_4rHW2sCSVH5QfQ8HW3XTBDk1x2J8CW94kg9215W7hDW2gG0FY3_wTw8W8H9kF23PygTPW5kWj6T4KDZwpN7x-63_BcRg7W5rLc7C4kkhx2W7kG2L_4NvJ8HV5ZZSH7RxC84W2-8RHx5VXHgbW2Vz9KV2mb_KnW4HPmyl6SsHlwW320Zlq4vbVqQW8_SjLW2ZwqnPf6Fhc9604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="rwjeBwh7" target="_blank">hire back</a><span style="color: #000000;">&nbsp;customer service staff after its cost-cutting AI push led to “lower quality” interactions. On a smaller scale, <strong>CommBank</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3l5VFJdVy3_VGrDN6Wy0gvCwqVvVmdWqY5d1dgxW3xMKvQ8sHTCBVf2zFP2C93yKW53TCKY342RTwW5y_gMq1qCK3RW8j5-gL5rfbpqN8vqd_QLfyggW1fcXm-7PCWMWW3R-wlD1mwNWxW22_77h6RY1x7W2mbkhj2Fz6FSW5dWXTJ65x-7_W7jcF6_2xXDctW5rbyRl3X7JhKW8vLFy0582NdZVTXsSR8FkjpwW7-nC0W3-zcdDW5dnwyp4wCWl5W7G5BgY5NByZGN4D57Z4L-5pcVhJdgz3GSpM7W6XCSp97prkdhW79GPjd19qXcHW1QZxvj89W7WvW8sxhSL46qJWrW4Rld7Y12qNc1VVFRTh5fXy0jW5wSH3L8NCK8_W1dddt56FSZC8Vv9Gm-5ZYj_cW62d3FK792ztrW7JkvF47vmrxWW2nXP744vBykFW7PgPc62VGgBBf6dnZhb04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="511jyHNX" target="_blank">walked back</a> <span style="color: #000000;">job cuts brought on by a customer service bot after complaints climbed. In each case, technology could handle pieces of the job, but it couldn’t make the cost savings stick or contain the new risks it introduced. People, they found out, remained essential.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">What <em>could</em> justify such large-scale cuts is what banks are only just beginning to do: Rebuilding the work itself around AI. That means not just layering AI on top of what a bank already does, but “re-engineering processes for human and AI collaboration,” as <strong>DBS</strong> CEO <strong>Tan Su Shan</strong> described it this month <span style="font-size: 18px;"><span style="color: #000000;">(see: </span><em><span style="color: #000000;">“</span></em><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3hKBlW8wLKSR6lZ3pCN7lMFkdcTp5QN3Yv6_CHS4R0W5Vq3Lv8pBlrLVY2GhP918pTFVbSmXv6lXwG6W1DD8Q_2MGWPrVjK9jk8WYCQbW69RfHR4LptnBN2rjbps8NdCbN4HYNHXf2yBZW1W62R35TWqvnW99WcJg866HzhW2B7d7M7BlTz2W3YfB4z5lgsZCW5FNy7j1N-r8rW3wVXHP8816BfW3Snttm2hGDDkW5_GGwH8bjHVsW7B0hWT3KP2n6W8fYV-n2t-XSyW6Dmx758-1KmSW6PL45G1qYhxNW6m0hFJ2SQQ1gW6CkQ1Z8txsGwW5fzQ5c4sMw1KVSSHqg1QX8YZW6s-nN65RFrQXW7D8yvY8x5yH2f6-_BtK04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="1evanI/u" target="_blank"><em>DBS’ new success metric</em></a><em><span style="color: #000000;">,” The Brief, March 12</span></em><span style="color: #000000;">)</span></span></span><span style="color: #000000;">.&nbsp;</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">They’re nowhere near that yet, at least not at scale. This past week, <strong>Goldman Sachs</strong> CEO <strong>David Solomon</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3kRW16QCRT81N28yW416f_l7ZhrJVVK9Ky028VlYQW6V8F1j39HYgHVSFsNR3brZkdW3lxjJR4F_fKvW7839bg46xlSZW7P538Z7ppryRW5l2H__2K9ckgW37673K5hTN0NV6MlPw6l2j1JW7_-2rL2WWZtrW7nZhh14hFdLgW81TJyw62NXl2W3SXNsW4Kv0dQN51jPGDmMWG4W4l_Dbb2Rm9s1W9gJCqw3GMf3fN2ptx5jvHlG3N7DBPFvjBYkjW2vmWN58DZX_6V8wM32442V6DW2cyrR_4KfbjDW5YDTZq6jR0vGVBwznt2lYfF8W5Ndc2R1sGcqWW23WGHC1sqVyQN4CQPvtlKV0CW58hwkL6C-BptW8ygJJY6FtzRhW4xw4td5cZcHzW4JHbJp2NNP1nW1SxX-f4tZ93kW1McKqg8Sfp3Tf6NTKxC04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="mk31ZCm0" target="_blank">laid out</a> <span style="color: #000000;">six “initial workstreams” where it wants to rethink around AI, ranging from KYC and client onboarding to vendor management (more on that strategy in “Use Case Corner” below). After stripping those processes back to the studs, it’ll have to repeat the same process for every other area of the bank.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Until that happens, banks aren’t really cutting jobs because of AI. They’ve just found a perfect scapegoat.</span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1749644496936" class="hse-section" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#F0F8FF; padding-bottom:15px; padding-top:15px" bgcolor="#F0F8FF"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#F0F8FF"> <tr style="background-color:#F0F8FF;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:15px; padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1749644496936_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17690725323883" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:0px 20px 10px; font-size:0px"> <img alt="Roundtable-Speakers (3)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Roundtable-Speakers%20(3).jpg?width=1120&amp;upscale=true&amp;name=Roundtable-Speakers%20(3).jpg" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17708974973902" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17708974973902_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%; font-size:18px; font-weight:bold"><span style="color: #000000;">JOIN US LIVE</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">The three-week countdown to our next virtual roundtable starts now. Join us and senior leaders from BMO, Wells Fargo, and EY to discuss where and how banking leaders should be focusing their AI efforts in 2026. On the agenda:</span></p> <ul style="line-height:150%"> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">Where banking leaders are prioritizing AI deployment</span></p> </li> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">How strategic investment and partnership decisions are shifting over time</span></p> </li> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">Where enterprise-wide ROI is really materializing – and where you can get the most bang for your buck</span></p> </li> </ul></div></div></td></tr></tbody></table> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17696769236024" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate!important"> <tbody><tr> <td align="center" valign="middle" bgcolor="#f4854f" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; border-radius:25px; cursor:auto; background-color:#f4854f; mso-padding-alt:12px 18px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3hKBlW8wLKSR6lZ3q1W8DcR8r1HF7tQW14tFGf5Vqxd6W5tRX2p87Y5yNW3cpPHg7QmMN2W1sYl7L7cdwbjW8m8jM183hg6dW7tXylp31bhMkW5bLQM23rZPydW6Rsf803s3FY2W7w2qWq5R1xHcW3kb0hq5F8-y_W26S0m05ySWMpW4F5FL38jhc6MW74SxCv1VGTpbW56PbZV5n9DjsW4wGLP31ZL7yDW7zy9k45hpdxcW8TRsVz2jzdSbVBqH4K5Z7WkBV7jv0796STXnVwC87h6YvY_qW8DCN9f95PSB7W2STW867WF72sW1CBzy759kbKmV7r1xb8LCXTcW2_sygJ4rkQ83W74qBnF6SL2HVW64NF-B5Kktkbf8X13ST04" target="_blank" style="color:#00a4bd; font-size:18px; font-family:Arial, sans-serif; Margin:0; text-transform:none; text-decoration:none; padding:12px 18px; display:block" data-hs-link-id="0" data-hs-link-id-v2="PLbI45pH"> <strong style="color:#ffffff;font-weight:normal;text-decoration:none;font-style:normal;">Register Here</strong> </a> </td> </tr> </tbody></table></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1756987234667" class="hse-section hse-section-last" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px; padding-top:15px" bgcolor="#ffffff"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff"> <tr style="background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:10px; padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1756987234667_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17726631164509" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="beyond-the-index" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Brief/V54/beyond-the-index.png?width=120&amp;upscale=true&amp;name=beyond-the-index.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 0px"><div id="hs_cos_wrapper_module_17745172256961" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17745172256961_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>BEYOND THE INDEX</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>GULF WAR’S AI COST</strong></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">The conflict in the Middle East will be “short-lived, meaning weeks, not months,” <strong>BBVA</strong> CFO <strong>Luisa Gómez Bravo</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jz5nXHCW6N1X8z6lZ3pQW1KH09L9k21jPW91wWG35w3psRW8jQW2S51Zh2nW8wTsp06CtZx7W6x_Bmw2WXqcFW3DBYrn1glDdYW5t1l-T969lKBW9m2sJd2y2TwsW860rYJ8XTrrXW23S_gY5ZYyLlW4zQwKr98MRLDN1Ws8qX15YLsVgRqmL3JR5hkW6w-Qpc4PgP4dW1_prjB6fWGvlW56ByTX5jPH8qW1QZdyB5Fw6V8W271xpR31yxDmMTFX8ZMZ23KW6sM7zb5HcHYjW6WrfQL2YpB3LW81_ZXn3g5xw8W2Wy1d_6T1dwJW7JzLxj3sTR95W4RcwmQ95r8JYW79rBPV4899C-W1P1K-12t0mnZN8zWRGlxG7rJW6KyjhT7-Nxh_W8Y3N375G7YxvW1kZqWQ4zq-7LV2_Lj076MfY4W8n5h782rlKrpN352lnWwY5MtN72D14243wW6N6ksMdtfKWrJW54TjzR7KZbs-W5pGT0K18Q6Gvf4Yvh-x04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="rCGo7wqS" target="_blank">told investors last week</a><span style="color: #000000;">. That may or may not be true, but there’s one thing you can say for sure: The war’s impact on the Gulf’s AI buildout in banking could last years.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">For banks – both in the Gulf and globally – trying to turn the area into an AI Hub, the conflict poses a long-term threat. The AI talent needed to make that strategy work may no longer want to come or stay.</span><br><br></p> <p style="line-height:150%"><span style="color: #000000;">For years, Gulf states have laid the groundwork for an AI boom. Massive sovereign investments to</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3nsW2N93Jk7vLslJW7jJ-Vb5xCfd7W20b7x69kjGfwW1LLR1n2n2PnbW2f3T963VbxVgW5Z7m4K1G0wqNW6Qd4tg8VZjgSW5MD6HX5N-Y0WW1PH15H1jzX7QW1TlXDF7ZsFlrW4z1pyx8c52RZW6jnmBJ3hmjtkW4JJmqN23LCjTW2ynYd84f9ZcHW4BHh7p8jhFcsW6yhDpr3s5_LhW632MGR8R-cV6N1Mwp5HzKC15W8chvxL4Vsmp1W4zY45L1NZXZgW365kFx2MsYYvW7Wt_QZ2jhwfMW7V0j3F2ZYxwRN2H0GRPt_rKrW42Z3Vb6_kzlQW8d00KS8rS8QsW601y2S8gJvq9W4Jmq4r4cBS2dW81PjZx85npRBW5vfZ1p8mSf5nW57d-3p5hbz3lW9lQsXH6tLxFRf60jK1Y04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="sOkn+J4L" target="_blank">lock in cheap energy</a><span style="color: #000000;">, aggressive</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3qn9qW8wLKSR6lZ3q4Vtcy4l5-GhvLW2DQ8P_2JRDjDW8YZg-T7SMk5pW8Dhw106y9xfpW6f5bFQ8BfNVgW640YgD3_tx8xN6912J-yp8r6W88YKq-8FjZlNW87xhBy2LzwbjW6zqqWr1CbSb9W7mTvvY1vRCLyW7qTmgS4QVFqcN16l0bW8S4CSW756hHn8vPxBDW3KcFlr1trpFtW4wGxh64-7VqMW2kB6gT8SWZmmW8znJd498S_2ZW3H63dL9g2Ps8N2mFFYzrCztDW2Wxf9s4T5_2ZW5pXv-N1qJGBNW4xx-yt9gQldcW63TZjN6--wckVHJhYM2DV-ntW4J4XtV5W0WvCW3d-Tmj6wrlTQW5xJYDC2wMPg0f2VWsRM04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="ofSSu7Of" target="_blank">data center buildouts</a> <span style="color: #000000;">and </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jT3qn9qW7lCdLW6lZ3lYW5cRWRh5kyY-ZN3QBbHYdX4-SW8SphBM957Z-9W53Zzb97YWJrGW2ZH5GG8yHvrVW9gp4tf2rZBWCW3ZlYhr299mB5W1CN7mn3Nxj8qVtzmL14mvqzpW7BDGbC3G540FN6tdBsTPbDDDVMPpFd5kgCXRW2z_Ss17nk10zVCMmM18yt7NWW4MtDVZ5dqhgsW89BKtN2XcrGxN7D7WR3wlrW8W92qBLS7Cnhp3W8fjHmv1wbKbBW36mHn982-G9jW8lJJyn597wFdW1KGG0V6CTgr8W32HbRj49CC8tW2ly2ks3XS2CBf9bCmSq04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="LYwVIP0g" target="_blank">state-backed strategies</a><span style="color: #000000;"> to court foreign firms have been used to position the region as a base for finance and technology. For banks, places like Dubai and Doha were pitched as new Genevas, stable bases for capital that could support AI growth.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Those efforts were working. AI use in banking could lift the GCC’s GDP 14% by 2030, research firm <strong>Finastra</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3m8W1DBQjN6wNt90W71p0Ds7f0Zw5W5JSJ-54ft7w6W543lmM4NrW7sV6Cd8m8yfvFcW2fpN7C6LK6_1W1l66pZ88c2YlW4g-VSM6y2Hl1W7G0LL68MwKVtN1h8P4MTFwbtW6BzNzb3HzryNW3c9M2l2qCj7-W1Sc4F_8Z32LfW7ZzNBc6LS1SmW79BpdM6GKGxFN3xNNn1dQqFrW7gRFsq7vrbxrW3j8c1C77qBKnVKG_Mz4CKT6gW4F6pBL9kcwNxW1wH52v2tnBJ_W50WtNz7YgsTRW81y7W62635BfW6vVHYL6DtR3wW8pbNfL23zGCcW5fGcZY10r6Y2N1Sq33mdCvstW2sL4sD13ffHnW3xYbX16bnvsFW7PqtFj6D3v1zW3tDBd674bWtgW9dP2p_3YdxqqW8KP03l80_dD6W3bsvvt211_y7f3zNh1q04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="sNcz+T2c" target="_blank">projected last year</a><span style="color: #000000;">. Global banks came knocking: <strong>Standard Chartered</strong> gets about 8% of its revenue from the region now, <strong>JPMorganChase</strong> analysts </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jz5nXHCW6N1X8z6lZ3kPN49X8bdmGP9KV7mb2Z8FqBwbVfKYyF99yQ93W3HNP4F1gqlyvW2sVlsv7-dYfzW1cylbS9fYc6-W43CrBM8Qhq_LW1_4Hpg4CKzZTW2Yp3M395v1kFW669DYV694jGPW9c4fVL3cckRQW4d7-D524W0fBN96Vh-PP0wKJW6lpMjW8zyPDxW8p-xKP3l2RG-W525kFs8VPK-YW4m6mNm8WkvxGW235pCV1y52VQW7Stj912yQ19lW3hSMYj8s4-JyW6jD3jn547zxqW2lC9hh478nM1Mq97X7xvq29W6Jzq_88S_BCfW5qpCdj40zySNM4jfV3cPGjvW88bR_N2jj9jmW1WC3ky3D49_1W4pVzlg4Q5ChxW7mhysf6f_dSqW7Q6Pnd2S8gwlN93KJNVmckwcW7rXLTr3-GwDyW1Dl2q61RvYxRVKXW__96T_FMW8mZmSq2q5dQhN1qcSyHzxGRBW3CJsvL1dsbMQf2l_-fv04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="dGacSctw" target="_blank">said this month</a><span style="color: #000000;">.<strong> HSBC</strong>, meanwhile, opened a new wealth center in the UAE last September to take advantage of an area “attracting more net inflows of millionaires than any other country in the world,” <strong>Mohamed Al Marzooqi</strong>, the bank’s UAE chief executive said.</span></p> <p style="line-height:150%"><br><span style="font-size: 18px;"><span style="color: #000000;">In this “If you build it, they will come” approach, talent was the missing piece. As of Q4 2025, no Middle Eastern cities cracked the top-10 global hubs for AI talent across the 50 banks tracked by Evident. Last year though, both the UAE and Saudi Arabia cracked the top-20 countries for AI talent, according to </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--k83qn9qW7Y8-PT6lZ3kFW2TjNQb7hM-8fW91b6BH7pbcBqW82VKfd2DRWBKW31Ycm42-bqk9W2Y-g0d7zh5TPN6vkTKZKGCmKW6-RdV39gTt9JW2tCfC-83zp6TW2nYhW04cMXbtW4Ghjx43MGqtBW6Rd9K25LlSs8W4tyZYN4rDhkWW5ht2MK1MdM7_W3YxMpX7V_dTXW4-3Sb-6V64dKVcmVz-9fvxWDW3GvNfs8yZCr8W8Cc4VL15NktzN7VRvJznW0PjW9djKGF1PWf0BW67t3t-4ksfdkW8dZzrx8mZLQjW1P1nGN9l1QThW2-1LCv6n9cL_VRlzC31cS63DW4hnKcL4hDX2Kf8z49hl04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="7ZWmiplY" target="_blank">a report</a></span><span style="font-size: 11px; color: #000000;"><span style="font-size: 18px;"> from the International Finance Forum.</span> </span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:15px; line-height:125%; font-weight:bold"><span style="color: #000000;">MISSING ME</span></p> <p style="font-size:15px; line-height:125%"><span style="color: #000000;">No Gulf cities were among the top-10 most lived-in places for AI talent among the 50 banks we track&nbsp;</span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17690792541101" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:10px 20px 0px; font-size:0px"> <img alt="cities_chart-1" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/cities_chart-1.png?width=1120&amp;upscale=true&amp;name=cities_chart-1.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:0px 20px 10px"><div id="hs_cos_wrapper_module_17726618839451" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726618839451_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <p style="font-size:12px; line-height:150%"><em><span style="color: #000000;">Source: Evident AI Index, Oct. 2025<br></span></em></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">War may well reverse that progress and force the AI talent drawn to the region to second-guess that choice long-term. <strong>Citi </strong>and <strong>Standard Chartered</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3nGW9fDXxx98xHzBW5sWPg43-PsL-W1ZTRSy3gXK4CVGpLb-68CSpzW5193dR5phzdzW2xTtP864Jb7yW6JJdd06hT5YkM6Cvh-jqB4ZW3q923H298fHPW1hRYVr5Fl6LsW7Fl1qV2sGPWQW9gBPwd6YQ_vnW5W5SwG4382sFW5rmlj77Ftp90W6bS2gJ1G-L8HW7Vgkx463QRzpW99z8k13Fn0L1Vr4Vyt898vYjW2Dvnqv4NbpHvW18-z4x57dGH1W95GzPV4tjyPWN7zs0g29_pCjV8sTDk3v1sV6W55Q5M969q2rdVDT8Lr4ZvCHHW36JTpC22vmLrW2mRQqy21nNP9W7m0S3R2cN-31W1pDJhf1G4Vh8W4hRy4L6Y7lnjW1Bt7CJ83QxjMVHGRyG3LgnqCW2h9RK24pKpv7W89rgjv1vsBt1W16pD9_7fP3lCW7BvVsh2HdFSRf1hDsn004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="seliUBsT" target="_blank">shut some UAE offices</a> <span style="color: #000000;">this month and evacuated employees. <strong>HSBC</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--kM3qn9qW95jsWP6lZ3nZW6jy8m15VFnpCW6XjRXn9kjBvfW4-Hg1S3Ft14RW1jYKJs6MsmX_W3bxMwF23q6w1W6WMdg65kh9LzW78csDF8L7ZB2W4smm5f48ZZYZW4dSvRB66HXdlW7lfKZn4by7rFV6nT6_43YtXcW3Dstr77qW4jsVBCpKG8qPQZvW2JPdLJ3P2hfGW9bpyMP9lL1VJW79BKhM3pznkjW6nBNBV7dVmktN92Rbs35vPVvW8JT0p-4kPrx0W33J3Gj8vdLV7W5Nt7gL7X6sV7W8161RL6wFYqqW6DLsbY7ZwDj0W2KRzbF4J_rmtW3V_H8s9klW63W4PxZ9Y44yV3kW9flSlW7_cKb6N8j_lTMD2lnMN5CywH1hRqlmW6KrNcD6vncTZf8RJXq004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="zSQl/N2O" target="_blank">closed its branches</a><span style="color: #000000;"> in Qatar. Even when the conflict ends, hedge fund <strong>Millennium </strong>is bracing to handle employees that don’t want to go back to Dubai </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3mJW3jrCNJ4Wdrz1W6qGWhZ35SZkyW1-stKk6Z6qkXW2Vxr3z1jW_zbW1068tj67k9mcVKDx0F4wzsRzW5vxmpb2fQXhTW7GBPcR5hkdTzW4WDwCv8PVzB5W7lx3ZR6sWXq1N4J2h7_hSwBVW60BQp01cd-S9W9jDrRw1zTC9cW26pmdv4G7b8LV5St3_15x2wqW2hj8DY4ct6vrW7W529x47TNSZW8wyzpH6BpsLCW34sg0g3YlfcNT9Ff32tgfLXW7g3w1L4q9V-yW1nXDW43TywQCW6_dc2-45Wg15W8M18914ZD1hSW3kgRSM5rYsC2W6rV1YK36yNsrW1t8GFL7-cT93W3nWbj_7NBXzJN3DWRkXNxfrVW8r2vMG4gWmZjW2k2hbl8jswZWW87nrRz5bVjH-f5PxHZg04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="sGgnRfW/" target="_blank">by relocating them</a> <span style="color: #000000;">to Jersey. Even if temporary, those moves make it harder to recruit and retain the engineers banks need on the ground – especially since data sovereignty rules in the region limit remote work possibilities.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">That’s not to say the Gulf’s AI push is undone. The capital is still there and the infrastructure</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3plVFn_kk86GZr6W8CLWHk6vvY7xW5w4sT16n34nnW3sKV3m86cy43W8VRjPl8LLVnyW6mMZSp8mnrGPW5k_xbZ6g3B9ZW37hz8s57yxHFN2M7NZtHx0pCW879YdY4jzlW9W2glsfP6SfXTfW6K-qVS56bgq4W5_YpgH1VP-dbMzVyhVWQFznN2b8KbgtRzJQW483vN_2xCCBgW84jB-k5zS4nVN30c-4nKN7GhW4hNMP42fK9nlW3Ls5FF8Q8jv6W5Q_qT44KQXMrW2Zq9ZR2vlrvjV-9QtH2gchsLW1NNf_f3DgYj-W2q2-Kx8mJj9LW7kt86z8nZP4WVRx6gW594CnsW76dNvN1T14QhW1Fc-X962vHrnW5Y6S0m3WM554W2nqQM11PlwB9Vyh7-y2RST4bf8fDxQq04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="SfiPMiLt" target="_blank">largely remains</a><span style="color: #000000;">. When the conflict ends, banks will face a different kind of rebuild: Convincing AI talent the region is still a place worth building in.</span></p> <p style="line-height:150%"><br><span style="font-size: 18px;"><em><span style="color: #000000; text-decoration: underline;">COMING SOON</span></em><em><span style="color: #000000;">: In May, we'll be launching our inaugural Evident AI Index covering banks in the Middle East &amp; Africa (MEA). </span></em><a href="mailto:harley.cairnes@evidentinsights.com" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="a44SIKso" target="_blank"><em>Get in touch</em></a><em><span style="color: #000000;"> to find out more about our first regional benchmark.</span></em></span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17745181430492" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17720438312065" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:10px 20px; font-size:0px"> <img alt="stat-of-the-week (1)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/stat-of-the-week%20(1).png?width=120&amp;upscale=true&amp;name=stat-of-the-week%20(1).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17648494286741" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17648494286741_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">STAT OF THE WEEK</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_176967893566510" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:0px 20px; font-size:0px"> <a href="mailto:%20harley@evidentinsights.com" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="4+hGPKp8"> <img alt="Stat of the week 24" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Stat%20of%20the%20week%2024.png?width=706&amp;upscale=true&amp;name=Stat%20of%20the%20week%2024.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px; border-radius:1%" width="353" align="middle" class="stretch-on-mobile"> </a> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:0px 10px 20px"><div id="hs_cos_wrapper_module_176484767944413" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_176484767944413_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%"><span style="color: #000000;">How much less frequently humans had to edit call notes when <strong>Capital One</strong> swapped a single LLM for a multi-agent system in its call center summarization tool, <strong>Milind Naphade</strong>, the bank’s SVP of AI foundations and <strong>Ritesh Soni</strong>, managing VP of the retail bank, </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3lFW95nbKx5H_2dCW71tv7t8nTlGJVPWXrY3mX0r8W6CNT0-2_0VBWW2tgq_P8F1y5ZW1kfqrR8-8pBDW4t0txb51PwTXW4TQ8535WZY4mW72WZYS7Sx6JxW1DyxtK3YFXfTW3241P72Q4PSVW7KJd4N4DxvFnTPpv14QMhpYW2T-Pf332862_W2n9Rh978Zj5kV5TKtK6sVFBjW4MZPZh3_bZW3W5ZD1Wx5g5hFWW7cX_ls4k8Fz3W7tc6rw4gv3JZW7SVq1q8C516qW7Vq9w679J_G7W2Kt-N_5g-pGtVL-Y1P8czPK3W6V9wXf5bpdlTW68Ht3T4-k5mKW5Gt_gt6MNWyGW17nyz48KdSjsW2YvJrq3JPXctW7g8JX962jf_jW52MFhp5jKzszW7mmfm08XTC4MW74YNVc8Hm45KW79WK4-5s1LVsW4Ztt6b2VF12rVh6nRW2s6JgHf5T24S204" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="H2j/lef3" target="_blank">told the crowd</a> <span style="color: #000000;">at last week’s <strong>Nvidia </strong>GTC conference. Instead of using one model to do everything, the bank split the job across specialized agents: An “understanding agent” works with a “reasoning agent” to list the facts. An “evaluator agent” then checks that passage for accuracy. And finally an “explainer agent” puts the summary in a format that’s easy to read. AI-written summaries were rated better on accuracy, completeness and readability than human work by annotators at the bank.</span></p> <p style="font-size:18px; line-height:150%"><br><span style="font-size: 18px;"><strong><span style="color: #000000;">Bigger picture:</span></strong><span style="color: #000000;"> Capital One is starting to treat some early AI tools as legacy tech as it makes more agentic bets. The bank recently retired a developer AI tool, </span><strong><span style="color: #000000;">Catherine McGarvey</span></strong><span style="color: #000000;">, SVP of developer experience, said </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3qn9qW8wLKSR6lZ3nCW5bVl394kwbGlW29F6yC2kF5gXW2VKbLB7FMv48W3Z2rnv8hpTC6W71djRt3tlHQvW7W7rVK4tY6XSN7bYXLBW617PW91FQzH3kHBV8VG77ts7Lh7BDW2BL53y2vjb59W3dLM-52SdDFBW57tB1Y2bzcnTW5ghk9t7CZphwVLYZNR44WxmjV8R4pm5mRJJrW1ZjY514pbPN_W1lFfbG4l5CXNW3LBkr63lrGp3W3j3wHB8VG5NhW53WTsN6VhbvVW3lD_-v1_hjcCN5gF-XvYMsjGVjcs4n4Tk4ZXW4BQk5_6mW2ZCW4PSrg96hhNQgW6wT0qG130M9KW69GMBX4-40dfW1kLcR17sP7Pnf7mc0DY04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="mwawRq40" target="_blank">in an interview</a></span><span style="font-size: 11px; color: #000000;"><span style="font-size: 18px;"> last week. “We have this mindset of, it doesn’t matter how far we’ve come,” she said. “If it’s the wrong call or we learn something new that changes our behavior, we can [change].”</span> </span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17745183691163" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_176786237098810" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:20px 20px 10px; font-size:0px"> <img alt="talent-matters" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/talent-matters.png?width=120&amp;upscale=true&amp;name=talent-matters.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 15px"><div id="hs_cos_wrapper_module_177089863916011" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_177089863916011_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">TALENT MATTERS</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">HSBC TAPS NEW AI HEAD</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><strong><span style="color: #000000;">David Rice </span></strong><span style="font-size: 18px;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3pWVF6l0x7gxYMTW79FY872yyX8wW4mtjlM7bPB2TW2LlSZQ6x8jmkW6Yxh036s7CmRW4y2rQD4mJsNRW7-M6Q13Hzqm4W439WxH1rNwCdW6rVB0V5f8FxBV5VGlS7TMv2rW3rNsWY2FPFscF3PDG-8wzZdVhfMjd5z_SyhW8N7GDk6sry4rW2-M6V25vnQMbW8H1Zlw6MSB6gW6s9S7n7P47zhW5BDr8x1x9HT6W5PvJSL3Hk8mXVPwtYx6h3mj8W6QjBlv6m53XZW5nvLSN2HJL_pN21DDDcFXq79W5wVSKm8PfG7vVgQSvx5YMLgCW9jtzJj38BVx-W7Wzclp27_7cjW6pJfGR2BhKJsW3Xs3xh7Bb_YVW21VM7S70jSvSW7Bw2wV8VY8Q6W1RDYj-35gSLwVr_64Z62KfYmW1pWKTy7SsYJYf8hYbcK04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="Pjr0DP8M" target="_blank">was named</a></span><span style="color: #000000;"> </span><strong><span style="color: #000000;">HSBC</span></strong><span style="color: #000000;">’s first chief AI officer. Rice has been with the bank for almost two decades and was previously COO for the corporate and institutional banking unit. The move “provides clear enterprise leadership for AI adoption,” the bank’s release said. It reflects a growing push among banks to adopt a hub-and-spoke structure that lets AI strategy be set at the group level and leaves execution to the lines of business. “David will be instrumental” in empowering the firm’s employees to use AI to create personalized experiences for customers, CEO </span><strong><span style="color: #000000;">Georges Elhedery</span></strong><span style="color: #000000;"> said. An HSBC spokesperson confirmed that Rice will report to both COO </span><strong><span style="color: #000000;">Suzy White</span></strong><span style="color: #000000;"> and CIO </span><strong><span style="color: #000000;">Stuart Riley</span></strong><span style="color: #000000;">.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Shane Artis</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jT5bYhvW7lCGcx6lZ3l3N8M52mZrs56bN95h_YFmDfplW3qQrhk2_drcMW822wgM5yvYGtVZscNV7Z4N8bW4x6Bss8Bl79vN10xN8GWKHZ7W94Wx8s802LTXM7ZrS1VDn8wW36q2W82T8TCVW1sSYx65Thk3RN6g5pbTsx3BxW8lfnmy67v5dcVTbh3d2j4hFpW5y8kRT17PRl7W71JkYR3L84f4W4z0F3Z2Tm0R1W1Jt0Zy9cWSTJW5L8tSj7FFqnBN6L_ZCR_cJMzW5Qv6v41MZJxwW331-Ff6sn_zfV4t56L5vfCNNW8GR5-86gS9v8W8B21lY3_7xKSW3Y9p6X4kd9fNVY--Bz5WFsJCVL5qdN15Kc0fW5qcm3d2ZTpPQW63NB665x2q2JW94wrzJ7Hb1SZW4x9hSq3szmCTW7c8pg64mTY3mW36Xvhy8rvKVzW2-8Vld1gXMpKW5vnC9F2K-2lXW2qZm6z1SmYlPW6ND7rR8D5f4tW4CDPZb19NxJnW1dRp6B4jsNxmf9hrpLv04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="sbyq5XfX" target="_blank">is now</a><span style="color: #000000;"> head of AI transformation and sustainable technology across non-financial risk technology at <strong>Morgan Stanley</strong>. His remit includes looking after business-facing agentic AI development, he wrote on LinkedIn.</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>JPMorganChase</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jz5bYhvW6N1X8z6lZ3mpW9d9MDs51FF5mW1P4Y2k33jKdMW6bSFSn4vrM-GW1s4lSj3qD0gSW2GYzJ11K0LcnW6syR6K9bVJPRW2LxZy04w4M7VW5s8xsK46y5CHW6p-tfd4THP69W4hztJN2FlPr9W3bwj-j7KjCbFVmqTxc40dD68W1G9ZnM29hJLPW2-__gK5w6NkBN84j9D-gvCyXW54VxTq7SV6nbW2xQFZT58rjH2W6r21fz56CpWnW3p-tzj4sVJpyW6bd4XV3txrgHW1GKxJP8QpLKBW8lP_Vt3swcdvW1ztnl12RKS42W6pBytz75JxvfW3cXpq68vjxV1W8PFxTz5b2DM9VGgphX5Z14RVW1Mxzq24-v2g7W3hZHHC6vZMfRW4f6HhK4bTP1tN3z_st67tHsQW3VRFpw7RDXv4W68cVjH2h6Ps2W6zBh2R7ZbMDHW9c93h323d1hmVvTZgZ79Lk33W3j36V_20jcPyW46VwJh8019TMf76wDSq04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="fbnMcGBj" target="_blank">is growing</a> <span style="color: #000000;">its LLM Suite team, hiring senior executive directors and VPs to work on the firm’s AI platform.&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Scotiabank</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3qn9qW8wLKSR6lZ3lxW8Rb1_N4_wr2YN4T2nH5LbQt8W3682pT91Q8fHVgg_Kj8KCFmMW4crdXf8hh_vBW4bsmV03YcVv6W28M-LW8bRN1pW45X6q-6bp6RQW6hv14p6RL3qvW6K3x5F31KnPqVMD-ll8hwvT7W8cSB4-3f_YvfW578NwT2PsHzGN4Vx2gJZg97JVm-W3867D3JzW9h3Dj61gWp3qN2C2TrTt8zKmW1fCY7-53_7t8VYwHQl2JBtXyW4PKVNQ4k60wFW2L0hgk5TtDDYW3vJ5yB84Hlx7W6gfl6p7lt8DYW5csn1P6bgqsbW3ZKTBk7FlpR1W24CzTr3W46Q6W8z1b6N55gtyhW99QXQW7jDzKxf7g_J5604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="bdpyfizC" target="_blank">is hiring</a> <span style="color: #000000;">a head of AI and agentic engineering who will lead “the design, delivery, and enterprise-wide adoption of the full spectrum of applied AI capabilities,” across the bank.&nbsp;</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Google DeepMind</strong> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3nPW1R-Ms66QH_zJW7WR5d75_vYM8W8rj1rN99sjsWW7YlcL-8C3vRqW4mnF155L-CXlW6GdpVl3gNR3SW6qyb9B7FXpRJVm3l649jvngNW7rJ64r7jG-7ZW5W6xmm1sglwDW5ThQhm6JTWtgW6dJTrS50vhVKW1867BX6htCnjW2_5nVt8fbmV2V7ZlSY75lzdlW5tvFpb3M05GsW4Ttkmb73RkDmW19JR5494vqH9W9fbrb629Q9yjW4m-M262_p5ttVXvYkb51Bg-BW5D20s94Hc3hHN1hK-W5mwKrlVvq4MF1Bv2fkW7L6j306Xk7jPW2Y_8BZ3Jb3mKW2c72jv8tjCrGW4cjkJK4S7s4kW6ltDJ96r4tw5VGs__P2W1pr6W73yR2F8gzMdWVW59Gs1K9MLmf3VTdrq04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="3MYh/HY4" target="_blank">hired</a> <strong>Bridgewater</strong> <strong>Associates</strong>’ chief scientist and head of AI, <strong>Jasjeet Sekhon</strong>, to be its new chief strategy officer. <span style="font-weight: normal;">Sekhon</span> helped build AIA labs, which is the hedge fund’s AI research and investment lab.</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17715121123396" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; 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color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="misc-usecases" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/misc-usecases.png?width=120&amp;upscale=true&amp;name=misc-usecases.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_176606165238835" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_176606165238835_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; font-size:18px; line-height:125%; text-align:left" align="left"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>USE CASE CORNER</strong></span></h2> <p style="font-size:28px; line-height:125%; text-align:left" align="left"><span style="color: #000000;"><strong>GOLDMAN’S GOLD MINES</strong></span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><em>In its </em></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3lmW4fhN911dDd6TW20b9VX5MSv0DW1Vxqfv2c9FCXW3dQW643vxQr7W7pqcdy79Zrx9W6--71B4s9mybW4pg4R_2Zw6d4W7gZQVX1Vn_TMW7_jwkC5bDk_RW2-zwJF40TbvDW6Tc_9D6_5ZT4W73VVPn4bqmTnW2fWbBH3hdY_LW1Q9NH46BLlJqW95T9rc3Zpr0jW3HGtYT86Q0ClVLqjgq1_D9tQW4-qMkp6b5M06W8p90P86_6K5QVyV85R34y9CGW3n7cFw7GZS5_W6Fy20K60xn5zW7Wy-5Y3CBTr7W106fFv79dSf3W6qGSCM95g5wSVZqmZn8qbYzsW8cJYV99b-PkVN908V6vBx5gPVD2GXp5v-nbMW3kz-vd55vlFvW2cd88J8m6J9hW2M_Xxc8CJQc3W4_S9hQ61ClsVW71lWD84p3w7xf32q4DP04" style="color:#f4854f" data-hs-link-id="1" data-hs-link-id-v2="VL1OFGaO" target="_blank"><em>annual report</em></a><em>,<span style="color: #000000;"> </span></em><span style="color: #000000;"><strong><em>Goldman Sachs</em></strong><em> laid out six areas for full AI-led transformation: Vendor management, sales enablement, KYC / customer onboarding, lending, enterprise risk and regulatory risk. In this week’s “Corner,” we look at a best-in-class use case in three of those areas which preview what true transformation can look like in those domains:</em></span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>SALES ENABLEMENT</strong>: The clearest avenue to a bottom-line impact.</span></p> <ul style="line-height:150%; font-size:18px"> <li style="line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;"><strong>Use case</strong>:</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3qn9qW8wLKSR6lZ3q5W6j_C8Q3NkjpXN3Cvv9J4cmflW72S_X66Spt-jN3nKR6vFsjHdW2d8gw53LZmRwW1QZMpl40Pr5LN5c1V_y3fxYGW90gtrc5bN_8dW8CcBqX7K1KknVHYCN72X_pBRW3GBtl23ptCVxW8pK_jl1t34LnW6_LPmK5tmtCCW34rtwx4vTgDlW7bfcVp7vZ0F7W3sLxLZ6vTmyKW7bykPQ4klkWFW490DBj4h7qhqW1TjP-473KjPfW7X82CG1Rvs2PW9lBQKt1LFMRzW4W3Ntm5Z2LWsW3j24S_68Ywp7Vw3wyM7xDckzW39WGlf2_6hQCW3Z3x6g28G9VZW5hFtss1mQdlYW6XSfxb71kfqGf3Pm_f604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="/N9awq49" target="_blank">Coach AI</a>&nbsp;</p> </li> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Bank: </strong>JPMorganChase</span></li> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Why it’s ripe for transformation</strong>: <span style="font-size: 18px;">JPMC’s 10,000 financial advisors used the tool – which offers real-time tips on how to guide clients – and closed 30% more deals as a result, the bank said. That came with the tool still acting like a helper: “It is a bit annoying…asking the agent to continuously complete tasks,” said <strong>Ajay Mehta</strong>, who leads the bank’s Connect Platform. Translation: Humans still drive the process. Once a bank’s systems go from fetching information faster to doing prep work and follow-ups on its own, 30% growth will be the floor.</span></span></li> </ul> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>KYC / ONBOARDING: </strong>Any extra time spent on the process of verifying documents takes money out of the bank’s pocket.</span></p> <ul style="line-height:150%; font-size:18px"> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Use case: </strong></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--kM3qn9qW95jsWP6lZ3kyVtk87K8zBqJRW3R4mwd5GZfmnW2g9fh34JWVQvW84YsPw4SKvJ1VF54xT89Qc8nW1tWTMT2l4ZfHW6f4gdj8TB8-VW8WhMxw8VjmlfW4wBb_76cF2fvN8kRGqpMgDV2W47KSTb5wMVDtW8dbbBn7K_RZFW7HD0m65PMsMCW5HYV2R2zGtDCW1gHTwg4Cf8R7W1z3CwH559VqpW2VZHFw9krl5WW1cvS1b2jBT5rW5f-wLS5fSfrlW7wZ3H-9d15_0W767Btp2kmzYDW1xqC7l4b_G2GW7bSry_922_0QW1JjHk78QrwPbTNmf98Cf7g7W2g0szq72kl3hW5GfbJ-88g_68N62c876STMqCW7vV-b01qyj7xW3Cy_cD1JcgPNf3L3n1F04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="+NAoSTBe" target="_blank">Source of Wealth Assistant</a></li> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Bank:</strong> Bank of Singapore</span></li> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Why it’s ripe for transformation: </strong><span style="font-weight: normal;">T</span></span><span style="color: #000000; font-size: 18px;"><span style="color: #000000;">he OCBC-owned private bank cut the time it took employees to draft “source of wealth” memos – which explain how prospective clients made their money – from 10 days to one hour. That’s just one small part of the KYC workflow. Leading banks can automate about 40% of the whole process <span style="font-size: 18px;"><span style="color: #000000;">(see: </span><em><span style="color: #000000;">“</span></em><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--ks3hKBlW8wLKSR6lZ3mJW6TfBmn6D5RW4W4NKBWn4Q4h3_W8gVTGT7ZzMvBW4dVS2z1-hCBTW1J895m7LWgdcW1ft2ZL6hfLsMM9kPPjxKQJqW6ZHWTw4McL66W51273j5yvc0sW2nXTvq5hcf1WW2ksHqJ1ztfJQV5WvbM4fcwMzW1K47W75YPV0DN25hSfl5wc6xW3BDCR02VMvzKW8GygpS36tnHkW5km6063cBXTmW5NXnZy6MktYMW9cz3SY7jHdCwW5KptmN8yCqn4N4RjPy7LL7QJVXJjPg80C0-jW9l5pkH2BGTl6W5D62Ym47qQT5N2gt583X9BSYM8DF7dRcMyXW97TxW258KWtsW81149w7CBfWHf6k1drg04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="t/rXRksz" target="_blank"><em>KYC on auto</em></a><em><span style="color: #000000;">,” The Brief, Dec. 11</span></em><span style="color: #000000;">)</span></span></span><span style="color: #000000;">. But if a bank can redesign that process wholly around AI, they will move from doing KYC faster to making big chunks of the process run on its own.</span></span><br> <p style="line-height:150%">&nbsp;</p> </li> </ul> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>VENDOR MANAGEMENT:</strong> An unsexy cost center at banks that eats up billable hours.</span></p> <ul style="line-height:150%; font-size:18px"> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Use case</strong>:</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--k83qn9qW7Y8-PT6lZ3m3W1dbmVp7kYVJcW51x_QT15S-TbW8fhR_j6wsQ2qW789vK-4-hM5wW3_Tfmw29DR6GW1v-Vtx8lTyFyW2QvSfj1pX_rwW5P4BV_1gS_lrW9jnj8076r22wW16XBNp4Hm0ZhW2MDNr937YYPQW5NhthR7mN-wcW8gfDWF32C9SdVSy4wc6wfkwxVy4s2V3VgHpQW5hW-6n27qPDNW3X61t43pWBldW55fBw33FtVYGW37GCLv4cpJYQW89vzfn8tXngBW3vC9g61vxTBmW18tgcB6_6-CXW34d4Ct27zxpLW3ms-f98m-7QCW9ffZWK1QxgMmW8r8wzS362QdKf1pSVwb04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="8SvktIX7" target="_blank">Contract review assistant</a></li> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Bank:</strong> BNY</span></li> <li style="line-height: 150%;" aria-level="1"><span style="color: #000000;"><strong>Why it’s ripe for transformation:</strong> <span style="font-size: 18px; color: #000000;">BNY’s tool, developed with OpenAI, cut the length of contract review cycles by 75% for more than 3,000 contracts. That solves one bottleneck. But true AI transformation in vendor management will come from agents managing the outside vendors more holistically, taking data on risks, spending, monitoring and more that exists in disparate parts of the business and bringing it together into one streamlined process that gives the bank more control over the economics and the risks that come with bringing on new partners.</span></span></li> </ul> <ul style="line-height:150%; font-size:18px"></ul></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17727037736571" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17726625220083" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="notably-quotable" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/notably-quotable.png?width=120&amp;upscale=true&amp;name=notably-quotable.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17726625246574" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726625246574_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">NOTABLY QUOTABLE</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="line-height:150%; font-size:22px"><em><span style="color: #767e96;">“There is no consensus on what AI will mean for the labor market – particularly for entry-level white-collar roles. The truth is, no one knows with certainty. In the near term, there are roles we know are in clear demand, and pay well: skilled trades, especially the ones building the physical infrastructure of AI, like data centers, power systems, and electrical grids.”</span></em></p> <p style="line-height:150%; font-size:22px">&nbsp;</p> <p style="line-height:150%; text-align:right" align="right"><span style="font-size: 18px;"><span style="color: #000000;">––Larry Fink, CEO at BlackRock, <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3mtW410qwV8CC7wWV2Js432fz1SbVx3zcm2zyN6lW8QQ4Qs8z_8LbT76gB56lL9DW2Nn0h86rK874W7rDgyY4nFDNTW7l3F7L1mYm4WW75R8F46xxhLlW2DfF7d6BVmCvW9lkyxq89KTrbW44NXg71Nw177W6Y1CRd58smxSW1j0SYH75WbfCW8t0Vx28G3PYSW3crKrm5m__ZNW4rX3nb2h-0rfW3vzmpH2k6bWnVKPNWM1vbhp4N1gXF6-7gJ49W6DSXwC7NN5mMW5RB8jx7_L34dVJ0bsv6PpbRSW13Y0yx83nHsrVz6zMH5Z6q5jW4SxX166QwsrfW4yDRqc4H4j9MW3WR_km4z5Yh7W6hTWtM5sFt_TW1V_cNn6fC60JV_9KGN19X-dgVCNpZ44LkdgyW2r6mNY24FHWLW82nLQC7mDCTPf4zxckz04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="XiGhbTNe" target="_blank">in his shareholder letter</a>, March 23<span style="font-size: 18px;"><span style="color: #000000;"><br></span></span></span></span></p> <pre style="white-space:pre-wrap"></pre></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17745249582284" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17702988878326" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="in-the-news" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/in-the-news.png?width=120&amp;upscale=true&amp;name=in-the-news.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17702989514899" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17702989514899_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">IN THE NEWS</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">THREE FOR THE ROAD</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Starling Bank</strong> this week</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3l5W3F_rxB3C1bCgW7bKbNm4D_nt4VNTw_P5GfVlLW71jwqS5FZpy8W2jMbRZ1cb4MJN797jQ4yNjR2W23wgCp7G1Hl-W879qgg2r08F-W2M41v36jDp-3W48JHT_1Sx1sYW7hHsTd5L42MSW94rKqg8r33xcW6ClLtJ1VlHD0W8fjTBL2qndylW86lxq29gKlS_W8B8Tj53JB17GW9kwTCr282hxtW24KnCG2FjcqtW88Yy2-2zsp8tVG-zZn1j8YByW9kmbQs7sD7Y4W9jHCMb7bwF4YW58SFkM4_Rk_YW8khHh34DcF41W7Q_2pY7tV3-8W65RtZK1FDNQsW9m12nQ8cdrtfVrR_Nf2f5D7xW7hhVSb66ny4-W26SgrH5yWh86W5DhcbC4rvY4cW1lPrJ21sHymYf44lDdH04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="TXtflpqv" target="_blank">launched</a> <span style="color: #000000;">the “U.K.’s first agentic AI financial assistant,” a tool it says can help app users manage their money and get personalized financial advice. The neobank’s customers can speak or write to the assistant, which can take actions – like automatically transferring money between accounts each month based on a savings goal a customer sets out. Personal finance has become a new battleground, but not all AI tools here are the same. <strong>NatWest</strong>, for example, launched</span> <span style="color: #000000;">Cora Spending Chat, a customer-facing agentic tool in its app which lets customers interrogate their spending. <strong>American Express </strong>(#4 in the</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jT3hKBlW7lCdLW6lZ3nYW2hcK8V7xCXnnW6bSG8t5XhT69W2CC_QG50rj1bW13M8Nq9gBJFVW5441tR1tYwPTW4Fr9yR7LRJKWW69LvhS5dLwkbW14t9Cz7tTgSCW2JC9Vq1kFVR9W7m2ZG_1nqVwPW1xNQM_558qdGVBmXs_7qWz8vW7Wl0x61pbFPDW2fWtxh316vJYW8xr3868TYCYfW6SyThr4-t0zCVtrkjm618_H5W7syQV974YvcCVzl_NM1v2xhLW2f-btp3vN7HrW6k5Pk7909kJDN98qB4YkTQlXW51qZJ08hs54qW8mzSdX4CZ-__f4W4Sd404" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="KMIXEYAq" target="_blank">Evident AI Index | Payments</a><span style="color: #000000;">) is launching an agent that “provides deep spending insights,” CEO <strong>Stephen Squeri </strong><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3k-W37gJ9l6Wf7wMW1gk_hf2XKcdRW5ryYnr78yTQFW5bMctM2z97LCVDnHcG4LQRNJW7lvYMz3JXgj5W8-qx_g8CHwHVW6bQl8-6fKm-NW3RK5dc1KkL-7W8BHMg-5CyYKLVRV2vY34tf4JN1Ppr7Vndzg2W8htsMx6RYz_hW6qc-vV2lXVNFW3Bk17-4CQG0lW5sQ3fX6jPs7KV8V3zV9bkwXjN8j90nVpF8tyW29PVG33QfnBNW5rc1x26vDtcCW9jVyC64d-t1SN9kvX9SpR9ywW7WHsKp76c4W9W4kNg6f1-bKTdW9k1D3N5s6z7nN5Bp4Bwfjn_PW4QjLqq4D8pLcVqNNW31d42LPW65yTj35vRScvW6Wvz6b8jbbzxW821PRk1j6CvwW4PxB-91vhFGJW8CjDm06Dwc0fW27fTD65GQZZJW5sCc9k2NtGL_W52rT1R2jVfYYdXV81Y04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="y9F1u2d1" target="_blank">wrote this week</a> in his shareholder letter. <strong>Lloyds</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--h-5nXHCW5BWr2F6lZ3mXW6HHCYn91-nB4W74yv0J84dPxkW2HdmLL6blCFkW6vwwdS8r_w-GW5bhhwM8nCyqgW1q71W28VZZnnVKZYr342nb3PW2hm5Fr2w2Q9CW5TTj6p63CNskW3vNBWH7jK6mqW3Yt7Zm34FJwCW2nwxws53F6DsVbYrGf4TjdsVW8cw4J_1C7ZNbW8KK-l_3c0QwXMvgD7ym7wD_W3MfNRL1wGWgdVF8fD66-b8vSW8cWYdr8dyDfNW6bTGMG16RhtNVV421l8NVX1gN20SDLJqCYlDW8KKNXW5ycVZlW6SkDyQ96-Xh8W884s251rQlbwN78PxpHPc3xdVt9M_4304hJfW5zVf842Pc15yW8vyjJD5r7Z3JW6BpSpf6fstczV7Gqjg4J_hS7W2ql7hb7fzSSzW2STRGF21wY4FW9lPr0r6Jz-yMdSMmK004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="FEguQPdk" target="_blank">signaled</a> <span style="color: #000000;">in November that it would also launch an agentic financial assistant this year; the question is whether it’ll simply surface insights in a new way or actually take actions on its customers’ behalf.</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Palantir </strong></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jg5nXHCW69t95C6lZ3pWW6xcPqb2cBsWgW4lHD_01qMlj-VqLVvk8jGR_TW6fqHZs2c_d-vW3xd8vN1H-__cVHCPVp4MWGWcW7z_8hT90jKVkN7NxjtT2VQK_W3Kf5c67GSP0lVQdfT429jhjwMqKFsmYwPpwW3sLwqP5zZ7vpW72QjW44L-YYwW19s33g55glBWW2r7_zr5w9qNHN4vd-ZlWQs26Vyfk242XrKSLW569mrL47hpCgW8TtFZM6jFxmbW2cz2vk6gDSyDW29T12F8PbSptW16PVVY5CXzLfW8T_X5m7G5rhXW6kBgMp7PMRQkW1613vD8GF3c_W1RQRp56Q36xlW3YgXHn4k0NjsW5x4cJf3W-m91W3B_Smv2nQ85ZV1RQq3224F7BN8ndgnHKqCsLW6L_5qS9dwKq2W6GPQg987-1c5W86Vgk12V2dW2W3hwDM328qlyMW1H_0b-74ZDj9d4NLYC04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="S2sPfGBI" target="_blank">won a three-month trial contract</a> <span style="color: #000000;">from the Financial Conduct Authority, which will see the U.K.’s financial watchdog using the U.S. tech company’s software to help tackle financial crime. Palantir has seen other wins in the financial sector in recent months, with the Peter Thiel-backed firm partnering with <strong>Swiss Re</strong> in December to help the reinsurance company build an AI platform.&nbsp;</span></p> <p style="font-size:18px; line-height:150%"><br><span style="font-size: 18px;"><span style="color: #000000;"><span style="font-size: 18px;"><strong><span style="color: #000000;">Bank of America</span></strong><span style="color: #000000;"> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--jT5nXHCW7lCGcx6lZ3k_W16S8H41K6ys-W4FrFq53jvwwGW2nhH7Y4GDl37N8jgQyZCsszWW8nvvJ44zgHH8W3q2s5g2sgV9wW6gHZTD5FbH2nW4-gB8z5vwfzBW13zT_z5lLp7sVJRBsH7BL-pwW3yGX3x2ByfZsW73zTF06RmSkBW1tm65d8cjWB4N4644d_pd_vrW1PrQlF7_nHfXN2ypgNbzhm7VW45RGW85KhktLVfYky15Y1vbgW2LSk091gd1QbW4Xsb1y1PKbbxW38sQN97cNgRqW1zh-p-2q3PpkN2yKNNnGRZrZVR0RPS8jfSh5W5fWyH11yBrbmW1YTwVW2zH53RW812Glk54hLtNW2BM5Bs19-Mg4W7zFswL63CMZ4W5knRcw3rxNJXW94w1xG21Jg8yW1pQ27M5t5bxkW78JKLB7FgK28W48nRMg16zCMsW59Dsb31pg6kNN7GPBjVkRBp2W3rZTDM3wKWxtVDY6Jq6nV844W8Gv5c25pmkx6N2pTkfYxPz5xf58hn1Y04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="B/N7h6dc" target="_blank">rolled out</a><span style="color: #000000;"> a new AI tool for investment advisors to help prepare, summarize and take further action around client meetings. “Meeting Journey” was rolled out to 25,000 advisors and is saving them up to four hours per meeting, the bank reported. It plugs into Salesforce to prepare meeting notes and Zoom to create summaries. It’s a late arrival: </span><strong><span style="color: #000000;">JPMorganChase</span></strong><span style="color: #000000;">’s </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3nwW1wrWzd1fdL1HW4g7GV23vVlsbW4QQHB85pfn4TW5yZVmQ4Ms935W2pwGLw5Lrz7HW92WWjj7c-c_LN5G8JCptHskrW2f0wwR7GwRsCW8KGkvF4p65WyW8hzBMG3n_dZJW6lM2NV74c8PPW1Yj3Zb1zN-qWW42J0lD4-YS1qW1_30FX42Jl-YW5gcRg16lKzpYW2N_-jf9jByRbW4KCV579lPG7zW8512bg86ZZztV5VHGV5J5FzJW7XtvfW2dFgz7W3SV0wb5N0YhYW6Y-MhV1FL4NMVKVsNr7KqwdRW31Qpby52dCM9W7qvJ_B4h_5CVW37_V_S8CY4PGW2hcgtN2ZH3G8W5fRrm53mtXwVW6T7jFd3RyFJdVScZ9s78x2zbVPzX275B80JnW3LLrfC53qzQ3f1zfkTW04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="K7Mp6qWP" target="_blank">Advisor Copilot</a><span style="color: #000000;"> and </span><strong><span style="color: #000000;">Morgan Stanley</span></strong><span style="color: #000000;">’s </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/MWyPP-XZFQxVgXl8V7J9phyW5d86_w5M5SHbM1--hH5nXHCW50kH_H6lZ3pnVFY4Ll2tc8y6W4ySx8G7c8BHNW4b9WMy10pFnNW35m6jZ5KXg4QW5PZ_w57V3Q1CN69cGyg9J-V_W1rdLJ73KJ6kKW3RQFT653RVvmW22w_MP6CgjJnW7M97Sz2SB2H-W8zrDqG1w7CLkW88_Vbj27Z2QYW6VN-m62R5z5QN8b-vTZgDZNLM2nhPCypNPDW3461kz1fQPDRVhPz2y3-PRBDW6qJfd87275ZrW20P2dZ1pKx5sW6K9zZ23GndDjN5r8QkxC6--FW4mXJMs5JxySdMbM6v6rk7FvN1cQM2PXF4CHW8NTRlg1TwcrfW6TzXml5rgV8YW2FC6SY68mrx9W36r78B5YxVmGN4D3HNDGz3G-W5Ft2r925nKYJN3BSpD3V8_j4W7wyG2Y4RrcyZf2-tnfv04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="dU5VmwDp" target="_blank">Debrief</a><span style="color: #000000;"> tools have similar functionality and were rolled out roughly two years ago.</span></span></span></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17726625320245" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:25px 20px 20px"><div id="hs_cos_wrapper_module_17745356447151" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17745356447151_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:125%; font-size:18px; font-weight:bold"><span style="color: #000000;">THE BRIEF TEAM</span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Alexandra Mousavizadeh&nbsp;| Co-founder &amp; CEO |&nbsp;</span><span style="color: #ff7129;">alexandra.mousavizadeh@evidentinsights.com</span><br><span style="color: #000000;">Annabel Ayles | Co-founder &amp; co-CEO |&nbsp;</span><span style="color: #ff7129;">annabel.ayles@evidentinsights.com<br><span style="color: #000000;">Colin Gilbert&nbsp;| VP, Intelligence | </span></span><span style="color: #ff7129;"><span style="color: #f4854f;">colin@evidentinsights.com</span><br></span><span style="color: #000000;">Matthew Kaminski | Senior Advisor | </span><span style="color: #f4854f;">matt@evidentinsights.com</span><br><span style="color: #000000;">Kevin McAllister&nbsp;| Senior Editor |</span>&nbsp;<span style="color: #f4854f;">kevin@evidentinsights.com<br><span style="color: #000000;">Daniel Shackleford Capel | MD, Banking | <span style="color: #f4854f;">daniel@evidentinsights.com</span></span><br></span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="line-height:125%; font-size:13px"><span style="font-style: italic; color: #000000;">Contributors:</span></p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Maryam Akram | Senior Research Manager</span><br><span style="color: #000000;">Zachary Groz | Reporter</span><br><span style="color: #000000;">Alex Inch | Data Scientist </span><br><span style="color: #000000;">Sam Meeson | AI Research Analyst</span><br><span style="color: #000000;">Gabriel Perez Jaen | Senior Research Manager</span></p> <p style="line-height:125%; font-size:13px"><br><span style="font-style: italic; color: #000000;">Design:</span></p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Jay Prynne | Head of Design</span></p> <p style="line-height:125%"><span style="color: #000000; font-size: 13px;">Marcus Gurtler | Junior Designer</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17400439881576" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="presentation" class="hse-footer hse-secondary" width="100%" cellpadding="0" cellspacing="0" style="font-family:Arial, sans-serif; font-size:12px; line-height:135%; color:#23496d; margin-bottom:0; padding:0"> <tbody> <tr> <td align="center" valign="top" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; text-align:center; margin-bottom:0; line-height:135%; padding:10px 20px"> <p style="font-family:Arial, sans-serif;font-size:10px;font-weight:normal;text-decoration:none;font-style:normal;color:#b5b9c4"> Evident Insights, 9th Floor, 107 Cheapside, London, United Kingdom EC2V 6DN </p> <p> <a data-unsubscribe="true" href="https://hs-26807565.s.hubspotemail-eu1.net/hs/preferences-center/en/page?data=W2nVjwf3Y2wX7W4mvBWn2xBCz-W36fMD8253hhqW3R5K5Z2-DbtBW2RPRkW1Sh7DRW3VKtCV328N1ZW1_snB13HcRNGW41Bk5z2RMnbqW4czPr041tB5HW365rcz1Y-NDCW2KY1-94tx1hVW2RSmFs2TJdHsW49Nmx54ksHXrW3z0PCC2qW1tFW21k4hQ32qTbmW2CGj_02sT6XGW3dtD5C3LG7fKW4p7bZR4fFM1HW2HZxMY1Lkw61W1-VBKw4002rHW4cjG4K2H-mPdW1Ssmnw2H-Mr9W3XFtbY2vHj6_W4frthm1Xf7D7W1_2Jg21LwTm7W32J2YM2t49WBW1Sbz7k1S3wF5W2KHl4j4phBVVW3jrWp3327XLwW4mC0H12-c8bQW4cs5rW38sNt1W1BL6xS1QbqT6W2MVlNB36ff2FW41Dv1R32DjqzW3P5qMJ3Q_2CCW3M3wTS47ljGHW2nPSHS3BVCLHW2w41y334DWmNW2RN_1s41C9RkW41n4Gc2-wsyYW47lhJK34z989W4hdwVP1_3YCGW2sBZnK3zk66sW4hd29w1_t6wGW1_lv353M166gW1Qy-0C2WvFw5W2HCTjh1XgmyMW2363wh36d5wPW47s_pn3T25R8W4hKGYc30K4KkW2HL3q03D-KXYW3j0djz3QP6LGW2vyfyx3T532ZW3by66V4r6DNQW2YrqHY1QxGVRW4mbpLL2FJ71vW41V-fS2RPRCcW4rDFQs43xh5k0&amp;utm_campaign=83923185-Brief&amp;utm_source=hs_email&amp;utm_medium=email&amp;utm_content=131967890&amp;_hsenc=p2ANqtz-9vq3QiVB7WZ2zFY0uiEvQAKEw3hLIddl-zVPILOgjQJUsgaMrYNLIlZQl17glfq3SN_fK7db9N3W7TsHkalZpvyOTu4AVQKPBzw7FZ5BwbFv1KsH8&amp;_hsmi=131967890" style="font-family:Helvetica,Arial,sans-serif; 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  9. CardsFTW #197: Private Credit Funds Your Fintech Card

    Wed, 25 Mar 2026 19:01:30 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #197: Private Credit Funds Your Fintech Card</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; 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} table.body .kg-cta-minimal .kg-cta-content-inner { display: inline-block !important; width: 100% !important; padding: 0 !important; } table.body .kg-cta-minimal img.kg-cta-image { width: 52px !important; height: 52px !important; } } @media all { .subscription-details p.hidden { display: none !important; } .ExternalClass { width: 100%; } .ExternalClass, .ExternalClass p, .ExternalClass span, .ExternalClass font, .ExternalClass td, .ExternalClass div { line-height: 100%; } .apple-link a { color: inherit !important; font-family: inherit !important; font-size: inherit !important; font-weight: inherit !important; line-height: inherit !important; text-decoration: none !important; } #MessageViewBody a { color: inherit; text-decoration: none; font-size: inherit; font-family: inherit; font-weight: inherit; line-height: inherit; } } </style> <!--[if mso]> <style type="text/css"> ul, ol { margin-left: 1.5em !important; } </style> <![endif]--> </head> <body data-testid="email-preview-body" style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 0; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, Conference Season and Boost Money</span> <!-- SPACING TO AVOID BODY TEXT BEING DUPLICATED IN PREVIEW TEXT --> <div style="display:none; max-height:0; overflow:hidden; mso-hide: all;" aria-hidden="true" role="presentation"> &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; 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mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/4a9a2bb2?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="font-size: 18px; vertical-align: top; text-align: center; color: #000000; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td style="vertical-align: top; font-family: Georgia, serif; letter-spacing: -0.01em; font-size: 36px; line-height: 1.1; font-weight: 700; text-align: center; color: #000000;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/1d51ad05?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; text-align: center; line-height: 1.1em; overflow-wrap: anywhere; color: #000000;" target="_blank">CardsFTW #197: Private Credit Funds Your Fintech Card</a> </td> </tr> </table> </td> </tr> <tr> <td class="post-excerpt-wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%; max-width: 600px;" width="100%" valign="top"> <p class="post-excerpt post-excerpt-no-feature-image post-excerpt-serif-sans" style="margin: 0; color: #15212A; line-height: 1.4em; text-align: center; padding-bottom: 32px; font-size: 20px; font-family: Georgia, serif;">Plus, Conference Season and Boost Money</p> </td> </tr> <tr> <td width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" align="center" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">25 Mar 2026 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/5b391a03?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/4a5e8891?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <!-- MAIN CONTENT AREA --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; line-height: 1.4; background-color: #ffffff;" bgcolor="#ffffff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container title-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-spacing: 20px 0; width: 100%; max-width: 600px; background: #ffffff; background-color: #ffffff;" bgcolor="#ffffff"> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" data-testid="email-preview-content" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e0e7eb; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <div class="kg-card kg-callout-card kg-callout-card-yellow" style="display: flex; margin: 0 0 1.5em 0; padding: 24px; border-radius: 8px; background: #FCF4E3;"><div class="kg-callout-emoji" style="padding-right: 12px; font-size: 20px;">&#x1F587;&#xFE0F;</div><div class="kg-callout-text" style="color: inherit;">Did someone forward this to you?&#xA0;<a href="https://www.cardsftw.com/r/ad34491d?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: underline; color: #F9A60D;" target="_blank"><u>Subscribe to CardsFTW today.</u></a></div></div><h1 id="conference-season" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Conference Season!</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Next week, I will be at <a href="https://www.cardsftw.com/r/f3ecbe42?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Fintech Meetup</u></a>, along with <a href="https://www.cardsftw.com/r/2fa38239?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Ellen Dearborn</u></a>. Check out our <a href="https://www.cardsftw.com/r/ed73b1ab?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>list of side events</u></a> or catch me on the panel <a href="https://www.cardsftw.com/r/fee6b078?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>&#x201C;Are institutions losing balance in an open banking world?&#x201D;</u></a> on Monday, March 30, at 12:30 p.m.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><em>(CardsFTW will be off due to Fintech Meetup.)</em></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">After that, <a href="https://www.cardsftw.com/r/29cc182d?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Jessica Marquez</u></a> and I will attend CardCon. She will be moderating the panel &#x201C;The Rise of HELOC Cards: With Refinancing Off the Table, a New Credit Product Emerges&#x201D; on Thursday, April 23, at 10:45 a.m. You can save 10% on conference registration with the code &#x201C;totavi10&#x201D;.</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/c81148cf?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Register for CardCon</a></td></tr></tbody></table></td></tr></tbody></table><h1 id="upgrade-loves-a-boost" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Upgrade Loves a Boost</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Upgrade is <a href="https://www.cardsftw.com/r/6778ed1e?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>launching</u></a> Boost Money (not to be confused with a Boost Mobile prepaid card product called Boost Money that existed long ago during my tenure at Green Dot, now called <a href="https://www.cardsftw.com/r/4b5d1aa7?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>OmniMoney</u></a> and no longer on Green Dot). The new Boost Money is a mobile banking product for small-dollar checking accounts and savings accounts with 10% APY!&#xA0;</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/boost-money-visa.png" class="kg-image" alt="Vertical blue credit card with the EMV chip at the top, the Upgrade logo in the center, and the Visa logo in the bottom right corner. A small Boost Money, all in capital letters is in the lower third of the card." loading="lazy" width="282" height="446" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Beyonc&#xE9; Knowles</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Positioned for low- to middle-income customers and issued through Cross River Bank, these accounts provide both a Spending account (Boost Money Spend), a secured credit-builder card (Boost Money Card), interest-free cash advance options (BoostCash - no space on this one), and a high-yield savings account (Boost Money Save). There is a $ 10-per-month subscription with a 10% APY on up to $1,000, cash advances up to $500, and other benefits.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The $500 cash advance is not arbitrary. For more than a decade, that&#x2019;s been the magic number that would cause most Americans to go into debt. This $500 figure has been researched <a href="https://www.cardsftw.com/r/afc8f7c9?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>numerous</u></a> <a href="https://www.cardsftw.com/r/cb1469a9?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>times</u></a> in the <a href="https://www.cardsftw.com/r/ebc7de2c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>last</u></a> <a href="https://www.cardsftw.com/r/23c5d5e4?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>decade</u></a>. An offering like this is an excellent way to bring new customers into the Upgrade fold for further lending and card products. Let&#x2019;s just hope they find a new word, as they definitely used &#x201C;boost&#x201D; enough.</p><h1 id="marqeta-webinar-replay" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Marqeta Webinar Replay</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Last week, I joined Ahmed Siddiqui from Branch and Rachel Huber from Marqeta to talk about the growing pains of fintech. We discussed research by Totavi on how scaled companies manage infrastructure decisions, including key takeaways and a practical vendor evaluation framework.</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/1be05d0e?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Watch the Webinar</a></td></tr></tbody></table></td></tr></tbody></table><h1 id="how-fintech-credit-card-programs-get-their-capital" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">How Fintech Credit Card Programs Get Their Capital</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Fintech credit card programs differ meaningfully from traditional bank-issued programs. In a traditional co-brand program, such as the Nordstrom credit card issued by TD Bank or the American Airlines card issued by Citibank, there are four major entities in the stack.&#xA0;</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The brand that markets the card: Nordstrom.&#xA0;</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The network on which the card runs: Visa</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The issuing bank: TD Bank</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">An issuer processor.&#xA0;</li></ol><div class="kg-card kg-callout-card kg-callout-card-blue" style="display: flex; margin: 0 0 1.5em 0; padding: 24px; border-radius: 8px; background: #E9F6FB;"><div class="kg-callout-emoji" style="padding-right: 12px; font-size: 20px;">&#x1F4A1;</div><div class="kg-callout-text" style="color: inherit;">While most issuing banks use an external provider as their issuer processor (most platforms are owned by Fiserv and FIS today), some very large issuers, like Chase or Capital One, use proprietary software or an offshoot (a &#x201C;fork&#x201D; as the technical saying goes) of a processing platform but license it to run in-house.<br><br>In this scenario, the issuing bank runs the program as the program manager, conducts underwriting, handles customer care, manages collections and disputes, and provides the capital lent to cardholders. The bank issues credit card loans to users, and users repay them.&#xA0;</div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In large-scale programs, issuing banks use capital markets to offload some of these loans by securitizing credit card receivables. In most cases, however, the bank is lending directly to the cardholder.</p><h2 id="the-fintech-stack" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">The Fintech Stack</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In contrast, on the fintech stack, while you still have the brand and the network, you also often have a program management platform (PMP). (Some brands become their own program managers.) Companies such as Cardless, Imprint, and Stripe are examples of PMPs. (You can learn more about PMPs with our market analysis in the <a href="https://www.cardsftw.com/r/da7c2ac4?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" rel="noreferrer" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank">Totavi Pro</a> subscription.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In U.S. fintech programs, you also still need an issuing bank. In most cases, these banks do not put capital at risk. They are simply originating that loan. (A reminder here that credit cards are open-ended, revolving loan products.)&#xA0;Banks are overseeing the program for regulatory reasons, but they&#39;re not really taking long-term risk because they originate the loan and then they immediately turn around and sell it. Since the bank isn&#x2019;t lending, the next provider in the stack is the capital provider, which is sometimes also known as the warehouse lender. These are companies like Victory Park Capital, Keystone, Trinity, and others.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In the fintech world, it is unlikely that the brands (companies like Coinbase, Bilt, or other startups like my startup, Vertical Finance) have large amounts of capital to lend. While the consumer may view these brands as lenders, and the brand is responsible for buying the receivables from the bank, it does not have the capital to do so as it grows.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">To set a glossary for the rest of this post:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The Brand (e.g., Super Great Fintech&#39;s Example Card)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The PMP (e.g., Cardless, Stripe, or Highnote)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The Issuer (e.g., Celtic Bank, Cross River Bank)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">The Lender or Warehouse Provider (e.g., Victory Park or Trinity)</li></ol><h2 id="why-capital-gets-consumed-so-fast" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Why Capital Gets Consumed So Fast</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Credit card capital gets consumed very, very rapidly because it&#39;s a scale game. If you think about 1,000 users onboarding in a month and issuing each of them a $10,000 limit, they&#39;re not going to all spend that much ($10MM in aggregate), but they might spend half of that ($5MM, which is still a lot). As you scale the program, a lot of money is outstanding in the monthly credit cycle. Even if those users are paying back the money in full each month, because of the dynamics of a credit card, that capital is floated out to them for some time.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Let&#39;s look at two examples.</p> <!-- POST CONTENT END --> <div class="kg-paywall align-center" style="text-align: center;"> <table class="kg-paywall-hr" role="presentation" width="100%" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tbody> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212A; margin: 0; padding-top: 1.5em; padding-bottom: 3em; font-size: 17px;" valign="top"> <!--[if !mso]><!-- --> <hr style="position: relative; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb; display: none;"> <!--<![endif]--> <table class="kg-hr" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; 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  10. Banking Brief: How to unchain your agent

    Thu, 19 Mar 2026 18:30:32 -0000

    <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html xmlns="http://www.w3.org/1999/xhtml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:v="urn:schemas-microsoft-com:vml" lang="en"><head> <title>Banking Brief: How to unchain your agent</title> <meta property="og:title" content="Banking Brief: How to unchain your agent"> <meta name="twitter:title" content="Banking Brief: How to unchain your agent"> <meta name="x-apple-disable-message-reformatting"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <!--[if gte mso 9]> <xml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> <w:WordDocument xmlns:w="urn:schemas-microsoft-com:office:word"> <w:DontUseAdvancedTypographyReadingMail/> </w:WordDocument> </xml> <style> ul > li { text-indent: -1em; 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padding:0 !important; font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word"> <div id="preview_text" style="display:none;font-size:1px;color:#FFFFFF;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;" lang="en">Data-driven insights on how banks are adopting AI ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ &nbsp; 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color:#222a43; word-break:break-word; text-align:center; padding:10px 20px 0px; font-size:0px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1-3hKBlW8wLKSR6lZ3lqW1Jc6V092SMGwW43l3zF6cT0cNW98N_g455RpGLW6h1SVT8zghJQW6twC7S50Ycp4W7cQkgg1Wnbp_W7Cs0zl7RvYwFW2K4_zX6qx6GcW78_RNV49-2qtVyDmR8865RBgW2_JkKz93wrwmW5BW5Bd23bVGjW1wjChq4LM_h4W1hdBJ4406mRkN81Xqt2D5nBQW8Qbd0T8l0_D4W8ccXlZ272sSPN6vfqzHJjBVJW5Vjx-64LDX4wVL8KSk1yl7ZCW8lt06Q8k8xnNW590jns834F_wW111g9h3BsRlQW92dZz51XBWqWW1kv6021FL7mmN3DjCfFkk6MlW3hd2XD4kGgl_N92sj_5Pxp08f60GK7K04" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="QvWmJAuM"> <img alt="How to unchain your agent" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/How%20to%20unchain%20your%20agent.png?width=1120&amp;upscale=true&amp;name=How%20to%20unchain%20your%20agent.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </a> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:3px 20px 16px"><div id="hs_cos_wrapper_module-3-0-2" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module-3-0-2_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:115%; font-size:12px"><span style="font-family: Arial, sans-serif; color: #222a43;">Source: Adobe Firefly</span></p> <p style="line-height:150%">&nbsp;</p> <h3 style="margin:0; font-size:15px; line-height:115%"><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">TODAY</span><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">’</span><span style="font-family: Helvetica, Arial, sans-serif; color: #000000; font-size: 18px;">S BRIEF</span></h3> <div style="line-height:150%" aria-label="Leave comment"> <div style="line-height:150%"> <div style="line-height:150%"> <div style="line-height:150%" data-selenium="content-module" data-onboarding="content-module"> <div style="line-height:150%" data-test-id="element-mouse-events-handler"> <div style="line-height:150%"> <div style="line-height:150%" data-selenium="module-module-3-0-1" data-module-wrapper="true"> <div style="line-height:150%" data-test="overlayHtml"> <div style="line-height:150%"> <div style="line-height:150%" data-hs-cos-general-type="widget" data-hs-cos-type="module"> <p style="line-height:150%; font-size:18px"><span style="font-family: Georgia, serif; color: #000000;">March 19, 2026<br><br></span><span style="color: #000000; font-family: Georgia, serif;"><em>Hi Roger,</em></span></p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><em><span style="font-family: Georgia, serif;">Welcome back to the Banking Brief. This week: Banks’ biggest technology hurdle isn't technological. We explore JPMorganChase’s new agentic payment play. Plus: Why AI costs might not be so easy to predict in the future.</span></em></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><em><span style="font-family: Georgia, serif;">People mentioned in this edition: <span style="font-weight: bold;">Jensen Huang, Tim Spence, Bobby Grubert, Chintan Mehta, Sarthak Pattanaik, David Hardoon, Manoj Bohra, Manas Ranjan Mohanty, Jessica Glanfield, Dhruvin Barvalia </span>and others.</span></em></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="font-family: Georgia, serif; color: #000000;"><em>This edition is<span style="font-weight: bold;"> 1,716</span></em><em><span style="color: #000000;"><span style="font-weight: bold;">&nbsp;words</span>, a <span style="font-weight: bold;">5 minute read</span>.</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1-3hKBlW8wLKSR6lZ3phVQ6lg02NQ6RBW5XnzjJ68bDQVN3wZw1w-q2lnW7788VZ7NBfrxW6Ttw5Y1B3WSDTNs691P2K-8W72WPcB8mvmLnW2SGlYP5BMjL8W8hMH8B5kMHHXVq88nX70g12dW7kyXv21W7FhVW2ZTcP032jJ6BW2648Vv3df6KyW68-D9b22N29HVdkHn27QHzBcW38pDj14Ll21xW1vXCSW2Xk_fyW3sHQyR5lJNfmW2xMR934qdDgbW4Zm2GV7FgmTHW1Z7vHt33HJDYW78wxFv5ln3nSW8lfCcT7-jcSlVsW1606RtRnfW2mKCyl7r6tY5W69FXfP3QDTpJN1KBVXd93QTVW1DTYFP6nrNxdf7rbHPn04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="uOJMK4nF" target="_blank"><span style="font-family: Georgia, serif;"><em>Check it out online</em></span></a>. <span style="color: #000000;">If you were forwarded the Brief, </span></em><span style="font-family: Georgia, serif;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1n3hKBlW7lCdLW6lZ3pMW1Cjwgh5Tt40LW7Lf0VZ5GyZGqW2x46g_94FKSjW78sC9B8t6KSgW2kc8zs8LXrXMN1R40TRS3fkdN3w1hyfyKv5HVhFycf7j2_9KW5Jc-6-7PttTDW5tLplT6hHt4QN5D34-0dQ3FmN6-Xw1Xd8qzKW1C8f774VJfbhW9bqgm81Qk_9NN4BQ6yWdn7v_W2HzWRN3hhnH8N4qCbp2NBp9cVW1WvG653Nr2N652HC3P_QhNW2ZyvWT1-6VZVW4MGb2Q9dWBJ1V79p_R6_m4k6W46FQnj4kY7K4W5nTxT25WVFsrf6lpqxM04" style="color:#f4854f; font-style:normal" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="zXnIJecI" target="_blank"><em>you can subscribe here</em></a></span><em><span style="color: #000000;">. We always want to hear from you at</span> <a href="mailto:thebrief@evidentinsights.com" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="tJjfnY3u" target="_blank"><em>thebrief@evidentinsights.com</em></a>.</em></span></p> <p style="text-align:right; font-weight:normal; line-height:150%; font-size:18px" align="right"><span style="font-family: Georgia, serif;"><em><span style="color: #1f2a44;"><br>– Alexandra Mousavizadeh &amp; Annabel Ayles</span></em></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17678606542433" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_176176966277723" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:10px 20px; font-size:0px"> <img alt="top-of-the-news (2)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/top-of-the-news%20(2).png?width=120&amp;upscale=true&amp;name=top-of-the-news%20(2).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 0px"><div id="hs_cos_wrapper_module_17696766291882" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17696766291882_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>TREND LINES</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>WHAT’S HOLDING BANKS BACK</strong></span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">At <strong>Nvidia</strong> GTC this week, <strong>Jensen Huang</strong> pitched an agentic utopia where AI tools handle every process from start to finish. What banks are actually putting into production makes Huang’s vision look like science fiction (for now).</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">That’s not to say the rollout hasn’t started. Nearly 10% of all deployments announced by the 50 banks we track are agentic, according to new data from the </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1-3hKBlW8wLKSR6lZ3njMgBGlZ6_6wGW1lqBTy8wfhlVVLx19G4wTK-QW3msV814PsSvPW3CJD2z4B9gB9W12Y1X31BBPlgW8JNZ385NBl9tW6_B5Wh61YWYgW4bPC0F4CsCyVW3L8ljK1Qm112N4_ltg1csD--W6kPYFl7M_-lcW1376Cd8Khk-tW4ngnJB4qPShCW2FkShJ6K0lg3W4vFdXM3pf6jwW13s7Fr2n81X4W6s-h2t2MwMdMVRcSLd1gprfFW3Gjy8j3LnbGxW15rpjN1qfStNW92XjlX6fbMdJW5jCP6Y2HYCpFVDTJ9R2M4ZYFW5BPfhz5l1LqnW5vtfy_2RNCdxW4CWv6v2lnzlqVR_2Xq8zjRDnf2WBsD204" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="UAuUyorU" target="_blank">Use Case Tracker</a><span style="color: #000000;">. But nearly three-quarters of them are internal, and less than half are in full production.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Banks aren’t short on ideas or technology. The constraint is governance. The way they govern these tools hasn’t caught up with what they can actually do now. But if they want to move from agents that automate one part of a process to those that run the show, they need rules that can keep up.</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:15px; line-height:125%; font-weight:bold"><span style="color: #000000;">AGENTS RISING</span></p> <p style="font-size:15px; line-height:125%"><span style="color: #000000;">The cumulative number of agentic tools rolled out by the 50 banks we track has nearly doubled since Q3 of last year.</span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17690792541101" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:10px 20px 0px; font-size:0px"> <img alt="agentic_chart" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/agentic_chart.png?width=1120&amp;upscale=true&amp;name=agentic_chart.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:0px 20px 10px"><div id="hs_cos_wrapper_module_17726618839451" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726618839451_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><div style="line-height:150%; font-size:18px"> <p style="font-size:12px; line-height:150%"><em><span style="color: #000000;">Source: Evident Use Case Tracker<br></span></em></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">It’s clear what happens when they don’t. <strong>McKinsey</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD2g3qn9qW95jsWP6lZ3ntW5JdY1P5MrnMBW2CFg7f6JVXP8W4mVL6H5XtB3bW2dVzKr20FMcjW7M6njW293qlfW2LSKZT5NvjZyW54MhVz83M75WW1_WC7n7Rq4dmW5lRm1_4_vLGHW3b9Qp21K-HWxW3XY8l62-5rGbN5rq0znZf4-QW40gygj4Y8DqVW3KBJn-3kPbQJW3BKH4n3H0KmwW76JzyD5jHt92W5gkfyk2M5fJwW5gZcff33DQqHVfc9yx3PmySlW7YNYMY1QK31VW893y3S2MBFrVVBLQ0-46vCtWW13lXm56BcKzCW53P5PQ7g_46yN3Mn2lCKDBdWW4rW20q2J3jD3W3gw3KC2Sjd0xVV9P745cVwshMjcTfvwNDDjVkknyT7hyqMPf6J8Gm204" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="TUBlDwlP" target="_blank">rushed to fix a vulnerability</a><span style="color: #000000;"> in its internal AI platform that allowed a cybersecurity firm’s attacking AI agent to gain full read/write access to its production database. <strong>Amazon</strong> reportedly</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD2g3qn9qW95jsWP6lZ3pbW4fzy7F2YP8hNVyhfL65dmq3rW99JN384-HZTFVqWkNr6YBXyyW9kXGf32TYyLSW5DxsbG5Bt09vW4X5V6l2zW41gN4HyL3zCHC60W5bt81W57JDhnW6qbZBN6cyGyzW2r4XBH5_KhsXW2vlGC_7fx16tW1vGlTt1VVNxNW5JzJKy7qwbfRW3sqsKD7dx1n2W456Mjk6Lg_9hW1bcZpZ5hJW09N8Bsrn2P82z3W2vkcPn1hKDYYW5Pf13l82K3-YW99pNW896KvxJW61-XFK4HngHZW4pXGGl8Y9sPNW6_Hbd94kLbrRW8l4-Kd26t8QgW5C5yF72QSm0ZW7p9pYS8yc9BHW2SbDKR2STnDxN1hBRF2DZkKFW1GcRhf5K051Tf3DNng-04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="YXhF7TqW" target="_blank">held an emergency meeting</a> <span style="color: #000000;">to address “high blast radius” outages linked to Gen AI coding tools. And at <strong>Meta</strong>, an agent </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5nXHCW69t95C6lZ3mmN5dPgjbBR0xzN3GyHT2c_F2_W5zPHC65T6KLtW1qrPb91z1b0nW4bwG9m95VlvkTXWDL7Mwwt6W2CGCRQ1jxB1-W84Kpdc8clqtnN7nsjB1_b-YnW8-KBqD2vYcwvW3tkLLQ6zGlfXW6JrFxq3mkmKsVbCkHM58SghJW3sB0xl6kT4lkW8Lgx3-7gTj-2W1rgXCr1vrgRvW4t9LqZ2ZqB0JW6Z0Gnl99K8jZW4zR6rQ99mRcNW4dNp333XVCGMW1Zzk6l4-MymSW3D9Tf74vDQqvW9hf92G8_M8_-W6FvZvl6QBF7LV2BL8C6wqtwpW5VDVgP6Pgz2zW1X1gXG6DYN72W8t9xkw6g5WNDW7TkRG11PCbXBW64PZ3k7wcgkQW8dQ2qD9301n7W8HkXVw1lh2vNW1b_s6C1q54dQW5hwDXq5cM9LvVHrQWk1kvs1XW59d-6366WfVvf6bm5cl04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="rY0NT9+C" target="_blank">nearly wiped a researcher’s inbox</a> <span style="color: #000000;">after taking a “clean and declutter” prompt too literally.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">All that points to the same underlying issue (and opportunity): These tools were given enough access and autonomy to act across real environments, as they're meant to, but what&nbsp;makes them useful also makes them hard to control – and creates risks. There are trade-offs that have to be made, and we’re seeing the banking sector starting to grapple with them</span>.</p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">First, they’re defining what those risks actually are with a common reference point, like the</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1n3qn9qW7lCdLW6lZ3mPW2THp6P2s-_SFW7Y-cHH6xLzF9W74vnT-3CRFWLW5yzYT-7wBCtZW7qbdw925dV6-F5PwJ0yjrTFW4Vr5Pz4RdZfSW9lDGYG69Q1QMW73w2pp5bjC7lW8bp-mp3Yq14_W423kdM7nlzdjVz8_Lb5Rkk6SW4WlygK52rql2N5skpGBCBNfBW85n-D72cV22bW66RVBv4-23VSW6yRRTW3TGM_1N66ztcb1mlj_W4ZRHzZ6j8v-sN13NPJjMpp82W4yLvG58pwyXsW4Fw1c82fL-GJW5hMl1t8BKJyjW2c247z2zN0dsf3mJx6404" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="MKtqThRN" target="_blank">MIT AI Risk Database</a>, <span style="color: #000000;">which lays out different threats of AI tools. Firms like<strong> Deloitte</strong> are even</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0v5nXHCW5BWr2F6lZ3mFV_0JrZ3DfVNcW8j5gdb5B5DZ7W3v1Twb3XLYHZN3xXcrPr4Ks9W2xTTL72nbs_NW7j_bPL4PH4vMW50S2473gVnrHVYF4Kl4zJCMJW51Pc0n7-ygYrVp8LFD1xJ3BQW1hR8s64Z1fyYW5JclRR2ypDQfN6Qh8B5WKJd0W8WkdzS44cb_nW6TWP9484_2v4W8LNpR_16wGg5VGJ9WC64KSFqW4cyc7b17zbNQW2xchKT8qYp8zW5CKkxw4yvRSSVP89tQ24ymjpN3HkhFmK7NT3VqvfrQ3drzbmW6vzbvt59XdfYW8JLwbF816GlWW3QLfqL1462Z7W73_h8T1p3XCvW2NDBZv47z8BQW7fLw4m1sb-WyW7TBs487TNDHkW453M9d7LWnnfW8Z5VxR6phQ7XW2brCdf8BdFqbW86QVb08Vyt05f3pBnq-04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="TUGHdnbM" target="_blank">translating them</a> <span style="color: #000000;">into the specific risks for financial services firms. But they’re still missing a clearer framework for how risk changes with agents – how decision-making shifts to the system, how access expands across data and workflows, and how autonomy moves suggestions into real actions. From there, the job is to create controls that can handle AI tools.</span></p> <p style="line-height:150%">&nbsp;</p> <p style="line-height:150%"><span style="color: #000000;">Get that kind of “agent risk management” right and banks can start to let agents loose and&nbsp;get humans out of the loop. Until then, they’ll have to stick with the limited, low-risk tasks – and Jensen Huang’s vision will stay out of reach. (See more below on banks and agents from Nvidia's GTC.)</span></p> <span style="font-style: normal;"> </span></div></div></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1749644496936" class="hse-section" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#F0F8FF; padding-bottom:15px; padding-top:15px" bgcolor="#F0F8FF"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#F0F8FF"> <tr style="background-color:#F0F8FF;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:15px; padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1749644496936_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17690725323883" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:0px 20px 10px; font-size:0px"> <img alt="Roundtable-Speakers (3)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Roundtable-Speakers%20(3).jpg?width=1120&amp;upscale=true&amp;name=Roundtable-Speakers%20(3).jpg" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="560" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17708974973902" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17708974973902_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%; font-size:18px; font-weight:bold"><span style="color: #000000;">JOIN US LIVE</span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">The 4-week countdown to our next virtual roundtable starts now. Join us and senior leaders from BMO, Wells Fargo, and EY to discuss where and how banking leaders should be focusing their AI efforts in 2026. On the agenda:</span></p> <ul style="line-height:150%"> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">Where banking leaders are prioritizing AI deployment</span></p> </li> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">How strategic investment and partnership decisions are shifting over time</span></p> </li> <li style="font-size: 18px; line-height: 150%;"> <p style="line-height:150%"><span style="color: #000000;">Where enterprise-wide ROI is really materializing – and where you can get the most bang for your buck</span></p> </li> </ul></div></div></td></tr></tbody></table> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17696769236024" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate!important"> <tbody><tr> <td align="center" valign="middle" bgcolor="#f4854f" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; border-radius:25px; cursor:auto; background-color:#f4854f; mso-padding-alt:12px 18px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1-3hKBlW8wLKSR6lZ3m3W7q2h708l608HW2_Vcsz1M_gy-W3XFRD722BlN6W2s9rD13hBF-yW1MC84V47hvhmW19pLWh323J1cW1jChZn5cLys1W3Prpmx2Hjgn1W1BqGRy3MhFLNW7myXjF2jyxGtW8hL7d-4YPz52W2kfXvc3zYQbbW3x-PKJ6zwjccW601wBp6WTLDCW7rcZ4Y6B3C2kW2hgXDZ76sXyDW2zYff04XJdZdW7FhHzy9bHt4nW5grqYm4ynrPQW8gMGv88ytmzZW6Cbpd73gRsgYW8R7mmW4WSXdkW983wlM1FVnC0W4_MC199hmjVpW5jbMW159mpcvW29MBPC9m4qPqN3N69MT7YFtZW8859HJ1MX-mrdhwmx-04" target="_blank" style="color:#00a4bd; font-size:18px; font-family:Arial, sans-serif; Margin:0; text-transform:none; text-decoration:none; padding:12px 18px; display:block" data-hs-link-id="0" data-hs-link-id-v2="RpQGZtyg"> <strong style="color:#ffffff;font-weight:normal;text-decoration:none;font-style:normal;">Register Here</strong> </a> </td> </tr> </tbody></table></div></td></tr></tbody></table> </div> <!--[if gte mso 9]></table><![endif]--> <!--[if (mso)|(IE)]></td><![endif]--> <!--[if (mso)|(IE)]></tr></table><![endif]--> </div> </div> <div id="section_1756987234667" class="hse-section hse-section-last" style="padding-left:0px; padding-right:0px"> <div class="hse-column-container" style="min-width:280px; max-width:600px; margin:0 auto; background-color:#ffffff; padding-bottom:10px; padding-top:15px" bgcolor="#ffffff"> <!--[if (mso)|(IE)]> <table align="center" style="width:600px;" cellpadding="0" cellspacing="0" role="presentation" width="600" bgcolor="#ffffff"> <tr style="background-color:#ffffff;"> <![endif]--> <!--[if (mso)|(IE)]> <td valign="top" style="width:600px;padding-bottom:10px; padding-top:15px;"> <![endif]--> <!--[if gte mso 9]> <table role="presentation" width="600" cellpadding="0" cellspacing="0" style="width:600px"> <![endif]--> <div id="column_1756987234667_0" class="hse-column hse-size-12"> <div id="hs_cos_wrapper_module_17726623025422" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="misc-usecases" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/misc-usecases.png?width=120&amp;upscale=true&amp;name=misc-usecases.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 20px"><div id="hs_cos_wrapper_module_176606165238835" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_176606165238835_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; font-size:18px; line-height:125%; text-align:left" align="left"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>USE CASE CORNER</strong></span></h2> <p style="font-size:28px; line-height:125%; text-align:left" align="left"><span style="color: #000000;"><strong>BUYER DON’T BEWARE</strong></span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;">Agentic commerce – the idea that agents can browse, compare and eventually buy things for you – comes up short without the right controls around payments. In this week’s “Corner,” we look at how <strong>JPMorgan Payments</strong> partnered with French commerce platform <strong>Mirakl</strong> to build infrastructure that lets agents transact on behalf of consumers securely.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong><span style="color: #000000;">Initiative:</span> </strong></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD2g3qn9qW95jsWP6lZ3msW66G8np58vqdVVn8LDZ7RXvYbW2jVmBC4Y35NcW4ZZnL18ByR8JW2C-MwC6z_PcnW2H1ByD6hG6PgW1s_y691-qrzgN6SFx2Vnwb72N3Z83_HK8cGgW1Z-cvM4mWh5kW8fS7PM6pVP_RW7Pny585ZTMLpW653cTY38-ntYW4dQ7qN8XZQr8W4HT5py3L_-ybW5xB78L481r1hW1s4q5b8F19xbVCh-8P8KFq5RW6Ltt3Q3nYj4gN5hfcbsxQ5pVW7DSW2P12m9xFW2yRkQc1H9rrLW1tkQLH2Hk3SCW8-YDh14dl8swW9k9Kdt5RybghW13YdW51N9G5XW4hqrnZ8CK8ZbW21dwx71t6jKjV_wM3d8JfkKBN7Yr65n9MZMBf1nTD0R04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="fO9kwGx6" target="_blank">Agentic commerce partnership</a></p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong>Vendor: </strong>Mirakl</span></p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong>Bank: </strong>JPMorganChase</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong>Why it’s interesting: </strong>Right now, agents can browse and recommend, but the final step, transacting, requires trusted payment rails, fraud controls and identity verification that most AI commerce startups can't provide on their own. The partnership means that the bank handles that final step and brings real agentic commerce closer to a reality. JPMC is effectively providing the infrastructure so that businesses – and ultimately consumers – can plug into the agent economy without needing to build their own plumbing.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong>How it works: </strong>Mirakl Nexus makes agents better at shopping. It optimizes merchants’ product catalogs so that agents from platforms like Gemini, Copilot and Perplexity can discover, read and rank products. J.P. Morgan Payments provides the payment layer underneath. That means the bank processes the payments and handles tokenization – the process of swapping a customer’s card for a one-time digital stand-in so that agents can check out&nbsp;without actually touching the card.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong>By the numbers:</strong> The two are currently being tested&nbsp;with select retailers and merchants, with broader rollout planned for later this year. Neither the bank nor Mirakl have disclosed figures, so we did some back-of-the-envelope math to size the opportunity.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;">Start with JPMC's merchant acquiring business: It had roughly $2.4 trillion in</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5nXHCW69t95C6lZ3mBW3lY2Zm7JWp9yVK2_v51nskhCN2W5PHZS8JPCW1KGl-l1_JK9JW5v1GRc7Hkb_0W6hkRRm99r5BTW79jYRN8XlrNdW56YvMl1w1r_DW8y0tJ22RFVj6W3jHzLZ1Hrk2SW3stpvV15TNdDW6kbgLT5jK_pSVR-R0J1sRq3YW3CsrYz5_tkwtW7k_m7F7jygSFW258kWB5xF4GhN8z59mbXPznqVhxCBQ83GrFKW68W9Rm55QqV9V2XNVG4lr5RrW30mwWG1697sWW8fBrs92SDJf0Vhhdpw81Njj2W2mPzG51xDdhzW57FBNk8TbnQTW3rZHVn1MfCwxW7L3mtk2mdnSJW7LWj2V4q4tS6W4hf2mM8G3Gs8W75dTyL9bPnGdN1tk1x3-RPvKW4gd2S44JhDG2W7Qv-n01Tp__1W4k-SrX34YygVW5MHWm02JXDRVW3QwHyC3sRY6Xf5nRXk604" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="3gBPoXk5" target="_blank">processing volume in 2023</a><span style="color: #000000;">, and was growing at a double-digit rate. <strong>UBS</strong></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5nXHCW69t95C6lZ3lKW8T6kGs7NVKW1W96gDpV48dggCW5M-BW54glFR-W4FKJXz8MgTVZW6mqMCH6Lq3TyW4dNJS15W_4gbW2gS6DS7HX0mgW6RCZkl16s4h6W72C0md82Gt9xVzGMf94plklTW3_pXYv1Zn5TsW1-R1jp5TbBBdW74DvpB4tHdddW3cDb9-6zpngXW6Mh-gP9cBpTtW3hFycW1M2qb4W55FXQ51sW-9SW2CpDzl51hXYRW3BsNgd2p0Zc-VBk34_68VKy-W5Qm1sR4_X_0gW5rj4Jv6kY_pSW5MZ65k8RmjKWW5Gp3ZC87Y--8N3RK7xC6Gpd5W29lfhQ7LbSGPW65GHjD5_qxSHN1z3pkRgN9zJN6ms9HJXkp6vW1M8RtY9b54nWW6Z9tHF7GH80jW2yPlTs69r70xW6Z_rty8Q8hx-W4twLgp51dr1mN7_Gb8k8t1mvW2XBD5136k1QNf5M0b8804" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="1Qj3z+g2" target="_blank"><span style="color: #000000;"> </span>research</a> <span style="color: #000000;">from 2023 shows acquirers charge an average of 29 bps per transaction across $12.3 trillion in total U.S. volume – giving JPMC a ballpark of $7bn in acquiring revenue and roughly a 20% market share. Now the demand side: <strong>Morgan Stanley</strong> Research estimates agentic e-commerce in the U.S. could reach $190bn to $385bn by 2030: that's 10–20% of online retail. If those volumes were flowing today, they'd represent about 1–3% of what JPMC's merchant services already process.&nbsp;</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><strong>Zoom out: </strong>The bank is planting a flag before the volume arrives, ensuring it stays competitive against Fiserv, Worldpay and the card networks' own agentic bets (see: “</span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD2g3qn9qW95jsWP6lZ3kWW55knm_8pxDWhW7p_ymb3LvW2WW5v2wJ169B1VqW4JSfJh4yGD5KW8l0NZg2M501YW5bMT0d4HpxRsN8F2pHM4p1rXW6STNBL6PNJ1vW2JbWBS20Qc51W4Gqctt3ZHqRvW2mf-5_129gfxW24QVP57k3XhHW5q2nYS40rThLW7Pq3sH1lgn7tW4PZc_v3v2BQDW300x3K2LdnNPW2hd8C91-FTv7W349H-N8-jSFQW9ffbHl4c7CxRW8H_9Rx2h-RW-W4vFQW15ptbyVW9lBtcW467TddW8z4FPM3VVKjKW1KFN9t12PY9RW7czXjG4_n70mW8XQ0081wcT7jM1yV6GzkJ3rW66z79C1tMHVpW4r0W4C38JC8kW2T6R_d8nfSTLf5gtQmv04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="wZ7+Ymbs" target="_blank"><em>Evident AI Index | Payments</em></a><span style="color: #000000;"><em>”, The Brief, Feb 26</em>). If agentic commerce grows as forecast, being the payments partner of record from day one is a lot more valuable than scrambling to catch up later.</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_176786301161015" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17720438312065" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:10px 20px; font-size:0px"> <img alt="stat-of-the-week (1)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/stat-of-the-week%20(1).png?width=120&amp;upscale=true&amp;name=stat-of-the-week%20(1).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17648494286741" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17648494286741_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">STAT OF THE WEEK</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_176967893566510" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:0px 20px; font-size:0px"> <img alt="Stat of the week 23 (1)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/Stat%20of%20the%20week%2023%20(1).png?width=704&amp;upscale=true&amp;name=Stat%20of%20the%20week%2023%20(1).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px; border-radius:1%" width="352" align="middle" class="stretch-on-mobile"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:0px 10px 20px"><div id="hs_cos_wrapper_module_176484767944413" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_176484767944413_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%">The share of <strong>Fifth Third</strong>’s code in production now generated by AI. That’s up from 30% a year ago. Since the bank brought Microsoft Copilot on board a couple years ago, the results have been “pretty remarkable” CEO <strong>Tim Spence</strong> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5nXHCW69t95C6lZ3plW8m9b0g6CwbbJW7st5pL3pxPZKW834zd790V7PcW7HPKYC2-vsb5N58jWN8hPLCgVPTgDz4m5NZmW40WRTl61Md25V_1JVp3r3BvKW85jCqh4gZ2tyVdcMYM5gpcJgW6JqXPL46xkBKVW-f7n4wwXP5VM4tpx8ZSzrXW92LGwk3zVyrpW7rq39v7RbMVNW3FyMLd1BCqGcW5zh7Mz3-fnqtW4v0V-m6SQgRmW4N3FYv67-dV8W8NxWJk8Z8SDrW2x8PT975ntjlW8T7Fwq1dTmLBW7BzrcD8HvtqLW6LLt1n8-J2QwM7lJvj8l5MZW8Mmdv17yxy7bW5FqNLM7cHsxnW5x8ScS4cFT4JW3X0cdx6nVp4hW1CcsFV7HSM9xW7TpVhX5PCgd-W1jWZWz92C8_PW6sGCxJ95KQsRW8VK3WS85hlc0W2TRPSW58P9pvVNhwG-1HSxYWdG3LFC04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="o8aueG71" target="_blank">said</a>. That’s given the bank a confidence boost to “experiment more than maybe we have historically.”</p> <p style="font-size:18px; line-height:150%"><br><span style="font-size: 18px;"><strong><span style="color: #000000;">Zoom out: </span></strong><span style="color: #000000;"><span style="font-weight: normal;"><span style="font-weight: bold;">Fifth Third</span> isn't the&nbsp;</span>only bank to share how much AI-generated code it’s using: </span><strong><span style="color: #000000;">NatWest</span></strong><span style="color: #000000;"> last month </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1H5nXHCW7Y9pgv6lZ3prW8BFDZW319ZmWW6jlqrd6YzQlQW8nYcNc3qwjFgW7TZvjl5NGn6JW47bzw72FyJs1W64Vwtx31wmMyW6zddVH90DJ4WW2hWSQv2Zt12yW1n02s-6G5ZjpVn5Qgv7ytyxhW94MPct4-g5LqN3pQMHN_r-TlW7p5Xjg5vWytYW1r5PCF4yX9s1W7LpNmV4N5980MMBtGh-5j3JW7K6L325GZY0MW8cYrpY5_QNr6W7s_7p98HdKtcW7nyWbL8X9FFYN8hk1Rwl6LJ2W2Q449F51S_QmW69HD5N3x-nwSW4Nq-jh6tY4FxF3Rc36nwmMyW7-SzvN5FLzSRN8GMNknhknlSW6BrCx137QZ14W3xQHnr5db4yKW864mC83BMSgXVDMMXK28rZjVW2B2yWw568GJhW7V1FMh3B3tBnW3K7wB76__DwKW1JjfMh8m_3YnVV_RH27dkKGvW36sLV098DbWFW2j1l8B7LsWkPN5_VbDDCBt4dW4-3Hkj1gk-lQW3dxRr47HR7J7W7Hyf3S3rnmgxf9m3hWR04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="MS7GPPde" target="_blank">reported</a><span style="color: #000000;"> 35% of the bank’s code is now AI-generated. Those numbers will continue growing as more firms use tools like <strong>Morgan Stanley</strong>’s DevGen.AI, which uses AI to translate legacy code into different languages (see: <em>“</em></span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD2g3qn9qW95jsWP6lZ3mqW69-MpN8h7ZJwW4NjYgK3Hv3ccW1-61gl4X34yPW50GB4w1Qzw9tW452cnL7kPDfYW67JTP71_ydK5VKb17F6JdqRGW16psYq2xtT-yW98zNxF645l4ZW50XgTk8-hpr-N4D2DCNWTXTxW1V-D8K3X-_yPW3kyD4t6fHn1DW3f58p17t8LnDW53N3LM30KNm8W3C3cD77DB6GsW3NFvJK2HdBz8VMDt4w6xgVphW7kRwCD6hkW8TW1dHw-T4hx2GzW6688v04Bpn-cW2ds8Yc2FyDq3W5WWVZC1Ms5X0W2Rpl0j7C08fRW4YN-_v7vZh6NW8SgGYr4526gmW1nvXMS5Rm1W_W2CWgJF1PXKlCW7NKRSs51HM15VRbDL85sS_jRf1jydQK04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="XYtoScjM" target="_blank"><em>4 favorites for ‘25</em></a><span style="color: #000000;"><em>,” The Brief, Dec. 18</em>).</span></span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17720443921386" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17726631164509" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="top-of-the-news (2)" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/top-of-the-news%20(2).png?width=120&amp;upscale=true&amp;name=top-of-the-news%20(2).png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17726630420857" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726630420857_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h2 style="margin:0; font-size:18px; line-height:125%"><span style="font-family: Arial, sans-serif; color: #000000;"><strong>NVIDIA GTC</strong></span></h2> <p style="font-size:28px; line-height:125%"><span style="color: #000000;"><strong>GTC’S BANKING TAKEAWAYS</strong></span></p> <p style="line-height:150%; font-size:18px"><span style="color: #000000;"><br><span style="color: #000000;">Agents aren’t judged by what they can do in the future anymore; they’re judged by what they can do at scale today. That’s the takeaway from Tuesday’s</span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0v5nXHCW5BWr2F6lZ3p1W8TlYT44PTFBnW1Qlvw_8MZsgJW7P5KG33TgDNwW8M2jrd3-29PVW3Ybygf71T4MQM1w0ld7qy7XW80NVgX1YLRCFW6S2RTw62-rnYW7b4SX36fYGfzW6zzCpg1Tr00wW9lMpmw4fsP0QW5wpzsN5PMz5RW7bcZ9V5z8_HMN2Jn-czMZj-vW585lGm7yHS5BW4N25Cq8CN3ZrV4Sq952WXMNjW2ssZn338b9VyW6GmDrS5hBRv4W6HJ0Bp5clvdTW4FxJ7d2B9d5kW5S_HwJ64FShZW4lpz5542Kv2hW1J-qHm1n0mBrMBmd8HZq48RW1t1X605DSPjmVkkRd-9lsWlbW3Z2XCW4t0PgxVrMKq82b9M9YW87wNpT95YfsPW3SvSZY4TC4G5W5tPBGh5ZvPtGW8K-CVF375wccW6Phmp01xRj6Gf7gCqx004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="G84m9l9g" target="_blank">Agentic AI in Financial Services: Model Use Cases</a> panel at <span style="font-weight: bold;">Nvidia GTC</span> with <span style="font-weight: bold;">RBC</span>&nbsp;Capital Markets’ <strong>Bobby Grubert</strong>, <strong>Wells Fargo</strong><span style="font-weight: normal;">’s</span> <strong>Chintan Mehta</strong> and <strong>BNY</strong>’s <strong>Sarthak Pattanaik.</strong></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">They laid out three ways that agentic was delivering ROI:</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>#1: STAY IN YOUR LANE</strong></span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">Agents get tapped by a diverse set of internal users at the bank, BNY’s Pattanaik said. Asset servicing will use agents to find pricing anomalies. Payments will use them for lockbox processing. Legal will use them for document extraction. Banks need to define boundaries for what agents can do upfront within each line of business and build agents that have expertise in those areas. One general agent won’t be able to get deep enough to rewrite a process.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>#2: CHANGE IS THE CONSTANT</strong></span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">The only way to get real ROI is to rewrite workflows around tools – specifically agentic ones, Grubert said. RBC is rolling out the final component of </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0b5nXHCW50kH_H6lZ3pWW5dJ00h87813yW16KQRh1Zq2FwW3DxqsY4dYM1dW7rz-px4yH6G-W4HFfkL3dmKrGN3C7vggsHx4mW5Nkj2l8lK1C_W9bVVw53Q7dv1W71YsPV8vcfd8W3Bdk374Rv4JpW2gG32N26SwTxW8wNvQp57_HMbW7dFwpS8ydSFgW27j3h14N4wJHW4t6lRf1Q7xcyW5yQ-wm7XQxdZW7pMJvm2PV9T7W7xc2Ql4m8bdXVJ4Nd293nrPwW4dprxF7VjXnmW5X62Jy3nfC2kW3P4jJd2HMYjRW8qmFFT12NGvqW1PyhNF29xwnMV6nVQq5JVwfdW7bDn-f1PNJd1W5Mhkcb35_nf7W3ry72p1DXzK7W8hdxhp2k8QrhW45CvHR8Hlw21W5drrjw2Sgnp5VqrzwB232gy9f1N0kn-04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="O5GBlyF4" target="_blank">Aiden Banker</a> <span style="color: #000000;">– an agentic suite of tools for real-time research. Within the next four weeks, the first 50 employees will get early access to Pitchbook Creator, which he called a “game changer” in how investment bankers pull data into IPO and M&amp;A decks. Slapping a general-purpose tool on top of an existing process wouldn’t deliver the same kind of return, he said.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>#3</strong> <strong>MONEY MOVES</strong></span></p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">No tool should be greenlit if it doesn’t show top-line or bottom-line gains, Wells Fargo’s Mehta said. The bank uses customer service agents to deflect between 2-3 million calls and has developer augmentation tools that make new projects up to 25% cheaper.</span></p> <pre style="white-space:pre-wrap"></pre></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17715121123396" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="center" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:center; padding:15px 20px; font-size:0px"> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0v5nXHCW5BWr2F6lZ3kxW4_ljy17YdQYYW1C-GMH3Y-6fRVqY5LD1v3mm5W7zBNCG3wTQrFW1SqnDR68XBGxW7MYrjs8kgQzBW1HmMPf8PpY2KW68R0QX62V_YWN61q1pDQLT3BW4s-qbH3nVGlfW3DfS1x3HTwKNW2f1pLB5KhfZMW7jWMF05SlL-HW6GK9WJ94v-cFW7K6mYl6D4R7QN3V7mMfQvXq0W11B7Z65y9DVQW1Vw_4h7VSn-mN3qGKP-mmM6TW1Cfb5b1dCksBW8L-TV92qF89WN6LCVkLG7KCfW5x835r87t4qwW6CDZ7S1Z2F8gW2K3BxV6JBxnhW2NXPxP4DH9cqW6t1h784JCQczW1j0gJN4gjGKpW7yDBC63jdr-VW9f7QDc8j33-JW5yVG_l5LQYVgW7HRJ0m7569KcW41WRh95jXQZQW2W6rbz8RHWwwf25KvQK04" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="LrbokWzO"> <img alt="hiring" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/hiring.png?width=1120&amp;upscale=true&amp;name=hiring.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px" width="560" align="middle"> </a> </td> </tr> </tbody> </table></div> <div id="hs_cos_wrapper_module_17702988878326" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="in-the-news" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/in-the-news.png?width=120&amp;upscale=true&amp;name=in-the-news.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17702989514899" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17702989514899_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">IN THE NEWS</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">MISTRAL<strong>’</strong>S ENTERPRISE PLAY</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">French AI lab <strong>Mistral</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5gg4xW69t95C6lZ3kwW1Y_qcz8mVPrPW13kg3d7lMgC7W6jh0Pl5M-8jpW7cmCRq3x_NZ8W6tw_-g1Vz-1HW43zSkS232H0FN8j_0xQKzxhSW8f2sX-39CQQyW8NJFZK97zVXJW5CvCGq8wwGWCW4bF8P565cQCDW5rXX2h6RR1S6W83JzqW1W3G92W9kBWf93Qw49wW4n14PX3DD04hW4XZm3n1KNflGW1lVDpH5v57z_W3P233063-C4VW43D04c4dnsPMW520nt1175W8RW5MjpYn4bX4gKW5Jg5Vy2q7kNbW1-QqqJ7TjNlgW503TtW4fbKdmN56sBlxWB-b7W2QBtHg9hnn_BW7knKfH28wJXZN16B1Ht_WwP9W5SpP4S2pyVXmW7nDcGL4m4Xd8W7y-sM98tL6kHW1yhlJ036HlGFW8SswQf3dvB-fW5VjRcG4CyRn8W8pz54R8rzC05N3wRJk_lnst7f3NKlBT04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="I0CfhcgT" target="_blank">launched</a> <span style="color: #000000;"><strong>Forge</strong>, a platform that helps businesses build their own AI models instead of relying on APIs to call third-party models. The platform lets enterprises train and run models fully on-prem, meaning sensitive data doesn’t need to leave the bank’s servers. It’s a targeted enterprise push for the lab that now counts <strong>BNP Paribas </strong>and <strong>HSBC </strong>as customers as more businesses look for security in AI tools.&nbsp;</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="font-size: 18px;"><strong><span style="color: #000000;">Nordea</span></strong><span style="color: #000000;"> plans to cut up to 1,500 jobs this year and next </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1H5nXHCW7Y9pgv6lZ3m-W82GVcW4pXcvlW2D0fv-8ThGr2W23lFCV4HNg85W5Pw4gK4lD2vwW2yz_J89bz-pZW5NVdLk2YDjvWW2cqncF8PYCwYW8y7d2f2xLhtJW4XXC1J12y8Q0W4hwyT11ksWMpW8jLtbK14bfB4W31GK136Wx1x-W8YGKJs6PpwF5N3LjFfPWMJDHV3Zzqz1lgqz3W7zW_5x3JPCdPVD-9Yd8FSWZXW2FnBCf59zFm1W177tLy802T-3W8zYMP56P2BNFW5vQlSQ4n6gpPW7HcRS87RJv-sW1fmYH64mD8H4W41PphS51MNyLW2K7K_m82p_63W68Jx8z30s8mvW4r8qnP8NTYH8W5dkm3B4tPXWGW6JmwbX95jvc2W2PqCwB3_1nZ0W8JPkLN83yn-BW2Vlg7g7S_DF4W8qljwp26-Y68W1VqQ-m3VyxLQW17Lc8X3w9hj0W3s6M8742BcksVqnwtK5xXVH9W54L1WG720-7VVL96cF6RmT_0W1qFPl15qjGKLW3gNRNv3QRW59W2pFc9031mlR1f800vld04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="nNFazJ9c" target="_blank">citing</a><span style="color: #000000;"> efficiency gains from AI. It’s the second </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD2g3qn9qW95jsWP6lZ3kGVdYJqL6BH37PW3Q1NXG8Nf9X3W2xMmt42TsDw7W1z5h-y80lvCXW5dHx748Zh8q9W5xZSC94t_WvnVt7QM829Khw8VLk6kg8xwn2TW92GLyS2Xdz3gW4K8cdK1X6vc-W6pj3Rt8LVFm-V3VY7W88NJXfW8Blj-P33v_ksW9kDk8z6qpvqPW743TR-6DppKZW2VKtnD6RcGP2W41Zx3l8pBGBFW1T_qx24hZkFvVFD8Cs4W173wN3k1pfsjHL7vW13-n8l4WybrhN875x5mcJk_ZW625Gdz5Rs2dSW3BgRDD74gfnpV2m_TH5J-VyJW2G6wQC6qBVCCW6Z9skr8zcyGJVCk2jJ3L760rW1bDq8l70nj2KW3RkMjK1r5NTTf2nmtjn04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="DN9yfpu+" target="_blank">announcement</a><span style="color: #000000;"> of headcount reductions for the Nordic bank in as many months as it seeks to hit benchmarks for its “2030 strategy” of tech transformation. In February, Nordea announced it was laying off a chunk of its IT department. </span><strong><span style="color: #000000;">HSBC</span></strong><span style="color: #000000;"> is also reportedly </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5nXHCW69t95C6lZ3nqW8d_wBF4gM20SW591jYh7X7CtMW9665T35WPGZgW42XMbq6_QDhbW3z2m0d1BVhYGW3LV4lx36L24DW5SbzB16n6hw3W18lrJX7h_3xQW1zskYz9gYRK6Vvybtt5-hWl8W19tH602fGRfxW6Z2cmB9bpd1jVNTY-k4tdhrhW7G-YhD5gYRJJN1MtvBK2FPWlW3lQYJy3bdy7GW4HxjXm68ljxKW1-ZzF98_CKjrW4vhlfK8C93DmW5dxcK-1cQhZFW6C87zL2spD3YW1yrT264cGxzzW3mMNPQ8kD_ClW3cprqS3dNksmVVQw-959mmzzW7bhGmd15Yw-NW9m1RDP6FQdZLW4QRLM28ZtNNWW8Q7f6K4LqL-JW2hrPTc8J3p6WW8G2n807JyWyMW87fkQt5bVNnjW14G3gk7p7B_-W1CJlVT3CDQbNN90RlZ3zjZLGW69wddx3lW5qPf5YcJjH04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="1tZ8vffD" target="_blank">mulling job cuts</a><span style="color: #000000;"> of up to 10% of its workforce due, in part, to AI (see also: </span><em><span style="color: #000000;">“</span></em><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0b5nXHCW50kH_H6lZ3n1VHF53c5m9nPVN1NGtK9TwK0NW4Fh-SJ81QH0TW7BxpZ86_RPJBW6gh50B7hBCYZW2mBh454KY1d7W57Dgjs5BHy1sN5kMkvQWG-clW6w2_QR7kFTL5W8L5cnZ9gnrJ-W9jV6TM5865SkW4J97qQ8ZVNBvW8XSynX8GGFDYVzq__11ZzgLsW7F5RzB44YQgrW7JP9pJ6cRbhXVZ5GFJ7R8fmJN5fK2JLHvWG1W2TVTcj2dcbmPW5d8THG1WlzP7VKGkTV6Ssk-0W43wldR3CFzxJW4QglkG6VD3bHVgzrll3H8yrkW7CccTr7MsZprW2mwHhb4QRqXGN71chpgvsTqfW5H99lQ7V8Q6tVprMTF8QwwDDW6grQq27Xfkx8W3Bsj0m93YCTFW5GHPBs4bwppBf78Yx1b04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="+uZG8pvd" target="_blank"><em>AI layoff bubble</em></a><em><span style="color: #000000;">,” The Brief, March 5</span></em><span style="color: #000000;">). </span></span></p> <p style="font-size:18px; line-height:150%"><br><span style="font-size: 18px;"><span style="color: #000000;"><strong>BMO</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0v5nXHCW5BWr2F6lZ3m5W3rJK_B5gf33rW5fyS9Q4WMBMnW2l868d8qK42FW2wDBtQ8KJf4kW7QfDvd7fj_PgW1PF1ly8hZfbvN4R7t_zVpDp-W59cphs8gL355W3w-r6q6HH6pQW5G1KZj2NQg8LW2P424Z5FMslwW27xmfQ4TH7K_W59597X8_Zqw5W4-GDbM3Ts6kKW7V3YFX3wmQRsN5kk2gBw--5yW6J9LZv88bw2rW1dwmVs3t4K4xVnPDs18RF7LQW73zYnF7DKPq0N3x69PFmNpZ6V62Hwt95p_1_W1JzkTZ1HXsb0W15KYXR3VlTQ0VnDhz21H_3vHW7CPSbH4SdSlzW7vTmxy1vP8LFW50xwLh8m22B3W8xgHMj5CcscwW701wS316frvTVQH15M62HxKzN8vRQ_JbblcXW3BB0MM1SZqjPVjCfxl92QFq9f8vb-W004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="mh55b5aW" target="_blank">published</a></span><span style="font-size: 11px; color: #000000;"><span style="font-size: 18px;"> <span style="color: #000000;">a set of responsible AI principles and described how they fit into the bank’s broader risk management and governance strategy. Use cases go through checks by BMO’s data, risk, and audit teams, and a dedicated “Responsible AI” group, “at each stage of the lifecycle.”</span></span> </span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17727037736571" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17726625220083" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="notably-quotable" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/notably-quotable.png?width=120&amp;upscale=true&amp;name=notably-quotable.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17726625246574" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17726625246574_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">NOTABLY QUOTABLE</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="line-height:150%; font-size:22px"><em><span style="color: #767e96;">“The reality we’re hurtling towards isn’t binary [between blue- and white-collar work]; it’s turquoise. A world where the most valuable work fuses physical presence with cognitive command, human hands guiding AI’s reach.”</span></em></p> <p style="line-height:150%; font-size:22px">&nbsp;</p> <p style="line-height:150%; text-align:right" align="right"><span style="font-size: 18px;"><span style="color: #000000;">–<span style="font-size: 18px;"><span style="color: #000000;">David Hardoon, Chief AI officer at Standard Chartered, in <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0b5nXHCW50kH_H6lZ3lJW1h2HYr39LqLsW9hH99g2CC6FqW3d5HYw6FYCz7VzL5Cl605Lf4W1NDc0G8H_64xW78MPhb81SFN-W7lF-L67dhkpyW9bTDJN4mJJJkN3j-4GZ1b7y3W8bTrcM60L40mW8pQ1V97hzvF7N2LH_zqFx32gN16S3dsSvrJzN3h8kbM6_lK-W77Ry5W5TBXkRW5HW0VS5xtJ51W9lc30L2yL-VWW4x2drT8FvVYzW622bHY6M6MnsW2DpqQb2-bkQyW2Hk4JL3Zt-r4VLJH3C8KCRtzW1GwSbK8HG_WTW6wwPCM2QJjq3W4T6hyh3KrxxMW9hT0wq61SRn5VnJx5T3GtnN8W6WgY7n4zVwHRW8WR2D83GbW0tW8TgcRx4B9qwPW7d2RTb2Ss5r7N1XcsPN9qMPKf7yRZzW04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="8nb1LUgR" target="_blank">The Business Times</a>, March 14<br></span></span></span></span></p> <pre style="white-space:pre-wrap"></pre></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17726625320245" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_176786237098810" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:20px 20px 10px; font-size:0px"> <img alt="talent-matters" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/talent-matters.png?width=120&amp;upscale=true&amp;name=talent-matters.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px 15px"><div id="hs_cos_wrapper_module_177089863916011" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_177089863916011_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">TALENT MATTERS</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">SILICON VALLEY DEFECTORS</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>State Street</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0P5nXHCW69t95C6lZ3kNW8HCDw88MrdldW82DzNh3Rc6x_W3jPHd77_6PTdW5z-8pZ5wj8p8W7YqMCv5y4R0MVGxL2s36yv5_W7wvL-q15ZRBmW8CHYDR59pkC8V2HZxk5Lwx2BN6vLyvGBhNBQW5gnNMt1KCB7gN6bf_ybq1Fs2W78cRbj28vV-VW3r-w4_8FR0cbN82WJ3TlmVqPW3QWc-v5C53TGW1qJQ2k5cxhZGW2gz5Gq603c0tVtXwR04_b0kdW1BYwhP609_dSW65Zb9l5VXT9qW8vg6MD818VJBW8hyXmF3ytdw5W2Cwjkk5XN6jjVjhlZK6K3rSYVnTMxg1WncRcW4FYFXb5_RjSPW87TT-g38b2HTW7_TjF78n9DSTW5mT5tk1gWFN0W6Fjf3r513rx8W3QgWhd6pd1-7W1Vdjc72V8C5LW3k7bnj9f1zNBN65_wq0j5LMcW5PhTXm22BNxlf2WYtNK04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="bD8OkIN+" target="_blank">brought</a> <span style="color: #000000;"><strong>Manoj Bohra</strong> onboard as the firm’s new chief data and AI officer. Bohra was most recently a managing director at Google Cloud and spent close to a decade and a half at <strong>Bank of America</strong>, where he focused on enterprise data, AI, and cloud initiatives.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Capital One</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1n5bYhvW7lCGcx6lZ3pmW6vhJwW1m62WxW4Mh6xF2YWG9cW522bJX91PNqDW7M33QT7gK5SSW2l2bWC6zLhLDVBFKfB3Q7N1zVNSxYQ5jr1WyW65WvhM79Bx6mN7N_ZFXmY2BSW5V_xTt7ZRJvHN8yf2KhGKcbnVRGSX85t8KQqN8qmpNCP7YQPW6YCY6f4p5bSTW5HF5_g7jHlqGW4qf9gt9cZZJjVF5lnP4WgN8vW80fzKg77FdMMW5Vx4CY5SjxH5W6dg-KL89sjSgW8VwlM_1zKmZhW5wv2mj5dlm5_N1QlhCtyCfJxW7YmflF2HgBZSN2QW6LHf2bm1N8Sq98X470LYW8XRKBJ3Gp8qVW21wjCg6Hf7YVW4Jycxy91RB9gW5Fz8GP8BR79xW2qBvMd6TGNjcN2m7jdJtQGs2W6JSCL32sQszCW703Z5l6p9vMXW8xlt8s194cXZW5Bk9xZ3j5KpzW4V44M47QMqhjW3wQp5-1KXMGHW6F8j7f678nrNW8Y6yFC2srZd_f95BYTR04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="A5XhXzdC" target="_blank">hired</a> <span style="color: #000000;">Manas Ranjan Mohanty as lead AI engineer for its AI Foundations, LLM Core and Agentic AI team. He was previously an applied scientist at <strong>Amazon</strong>.</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000; font-size: 18px;"><strong>David Hardoon</strong>, <strong>Standard Chartered</strong>’s AI head, is reportedly <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1H5nXHCW7Y9pgv6lZ3krW5Xd54M8l1CMJW8sr2pL3p160WW4xn88F4HljmXW5CPq1X8SpNk0W8YFrWN6sNCRlW7tcnjQ2HlHrYW8Fqqht3KDB3tW1wq2Pn8_NNL_W8DJkJz4TLz3CW4Lwb6y8h1DywW5--6675kGbBkN1k0qvCDnK-YW6D2SRN5LjNp5N6G5_sLk0Bp6W3G86wT3J9sTdW3_FTYB1Z95XWN2sl-vKTgFx4N5Zx55l9wdY_VfhmKw2xWzmXV-jcXs5SsF12W2zy-j926fg-gW4Zp6fd82L92lW3CHXyT8qDGxPW1FXTSc8nShBSW65Fq2W3SfQ52VClrWC43X_VcW4NKKFW2WXJzbW7vKldV9gXT2jW53c3P15F2L_3W7T1V-X2VMXdGW1xPWTl82LHBkN2kmVWLB-C2sW5v4cLw353lLqW61kCXs1qNRRXW4YyjFM1scrZDW20jyn81bRMD2W4Bv0S27M0xdcW5xD4G02bb4msW844CLS4Z5dCtW45w0Ls4MfT1nW98CdGF1SPKvMMDZYVcr5bcSf5m6Kd004" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="MIycJr43" target="_blank">leaving the bank</a><span style="color: #000000;">, less than a year after starting. The firm declined to comment on Bloomberg’s reporting. </span></span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Jessica Glanfield</strong></span> <a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1n5bYhvW7lCGcx6lZ3pyW3L9sB47cgR4vW3_Whwb5BKydsV33gYy8vC4nrW6l7mNP3RDWY5W5Qwz465gpTPmW5dC2qc1_vxWFW7c5xny2FKB6gW2G-Frj4gwR9bVzpsQq8rx0vYW7hlyFv6FbDdKW4D5Gzk3tlMz6VN09gl94KgD0W29G8Mm6y7CsqW4LGP-12TZ8XGW2hgCDV1CBy_CW3bb7SV7dnt13M2cwhG8c6mNW18tz7k6NT6ddW8ML3VS2VVkJSN8yV4L53WFTnW6DLrgh53jWShVfpJfL58xXXnN8-bgN_LL2QQW6N4lbc7MNXjyW6x3t7Y5YPYKXN7tB3TmyPMl5N41ysTDz7526W2cMDKT32FcXRW2tKZWb8pBpF8W8Jkwjy3bzy5tVR9G-V2cZXPsW7_YbV11hklbXW8LbZYx12ztVyW4nynCp8BjRhBW5Rjl-B62sjQQW35yhDj1pTzrtW5gKJNm2y4nbmN90GXt2f6gyyW3Px2W22XZlt0W8lK5qY61mfLrf7VNTkb04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="LrES+AoV" target="_blank">joined</a> <span style="color: #000000;"><strong>Scotiabank</strong> as a director of strategy, digital, data and AI for global wealth management. Glanfield previously led digital product strategy for <strong>RBC</strong>’s mobile servicing portfolio, she wrote on LinkedIn.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;"><strong>Dhruvin Barvalia</strong> </span><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1n5bYhvW7lCGcx6lZ3kBN1pDy8NlxR25W5lgvSG6K90j6W3jpYmn5KbQTqW8HMd_t6gL01NW7bnzJj284QxRW6bc2rC3VkxdpW2vL4D32yzhfhW4f8K4s2qjfjBW6cLBVS8-G5TbW8F619C4PlSrXVtbGSQ3PXdX-W8-Z5t2685vp4W2llyzD7QFsDhW6X-brj2BmYR9W4X7ZJF2Dr13vW8Jg2b-7kTtwkW5W25HH8zqKYQW856c3K7VSFnPW8RvTZJ55CS-GW2y989x2kjj0wW25Rv5D6QHJYlW3t4c-78WfBVmM-LX5YDs6DMW3PQq8v6JhK0qW9gZfCC76G_bPW2VCcgv3RlkCkW2FJzGX3PnkFKW4LG-BZ8SrS3yN53V7JC-ZBwTW6r3Wx98JCDHXW1_Fwnp3Wxql8MY8r_p61Vk1N70_cbN2hxbRW6LWFhw42XCryW2SfzBv8H8jPpW3PzTm01WJpPdW4XPJXP8GTvJhW301m7q5M9-0bW6_4v9Z2RvS3KW212LbQ4S0Y2Rf97bwNg04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="zYKqYhC0" target="_blank">joined</a> <span style="color: #000000;"><strong>BMO </strong>as lead for AI and data platforms. He spent eight years with Manulife Canada.</span></p> <pre style="white-space:pre-wrap"></pre></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17708984745628" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <div id="hs_cos_wrapper_module_17738589830381" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table class="hse-image-wrapper" role="presentation" width="100%" cellpadding="0" cellspacing="0"> <tbody> <tr> <td class="hs_padded" align="left" valign="top" style="font-family:Arial, sans-serif; color:#222a43; word-break:break-word; text-align:left; padding:15px 20px 10px; font-size:0px"> <img alt="coda" src="https://hs-26807565.f.hubspotemail-eu1.net/hub/26807565/hubfs/coda.png?width=120&amp;upscale=true&amp;name=coda.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="60" align="middle"> </td> </tr> </tbody> </table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:10px 20px"><div id="hs_cos_wrapper_module_17738589950202" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17738589950202_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="font-size:18px; line-height:150%; font-weight:bold"><span style="color: #000000;">CODA</span></p> <p style="font-size:28px; line-height:125%; font-weight:bold"><span style="color: #000000;">DISCOUNT DEPENDENCY</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0v5nXHCW5BWr2F6lZ3kRVRpVfN7rWTC8N8RYFgwCCFSTN9bSQlLW8GnqW3ZlGfp2JM4gZW4ZvqbC4JgQD4VxTZw64FyGhNW8tfWX22ldSP9MLdYvSZZqHTW21ZFwx6fGH0yV5874h56CJ0bN2rCDS19lk6XW5j61Gb5Gh-pPW62ljC61jLSXHW7-zTM84vthpKW6xxlF07pFqN7W4sNlKy6nbrMwW2Gt7T13x8mXhW9g36k75MhDRmW3vz5_K1RKCjSW1228Ry3Hv1wQVg0N0W8QZJMMW3zd1K15B5wZ4W8Df0N26xmJhbN4m4BLhg_j_cW1L02PJ8M-vKBW5TrSPP6WrW2MW2bSFKm6tv_BxW1-MY-X7Z8FqVVQw-vm4Y6L0kW42_Vys3LXsDfW4120Wk4cdm2_W5h0nXC7zqtdYW3CxrMq90ZtCnN2J2Qb3N7mfJf74y8t204" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="MpanAR+Q" target="_blank">Forbes reported</a> <span style="color: #000000;">that <strong>Anthropic</strong> may be selling subscriptions for their coding agents at a steep&nbsp;discount: A $200 monthly plan appears to offer somewhere between 10 to 25 times as much value in API credits. That is a consumer offer, not an enterprise contract, but it still points to a question banks should keep in mind as they build around generative AI: If today’s pricing is subsidized, what happens when it stops being so generous?</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">There’s prior form in Silicon Valley. We estimate that <strong>Uber</strong>, for example, has roughly tripled the cost of a 30-minute journey since launching, as they’ve moved from burning VC cash for market share to profitability. If Anthropic is doing something similar, banks should be wary of treating today’s economics as permanent.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">That matters most where banks are using AI to drive headcount or productivity assumptions. A coding tool that looks transformative at a subsidised price may look far less compelling if prices rise sharply once customers are locked in. The risk is not just higher software spend, but projected efficiency gains starting to dwindle as model providers unilaterally hike costs.</span></p> <p style="line-height:150%; font-size:18px">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="color: #000000;">Banks do not need to avoid these tools. But they may need to treat current pricing as provisional, not permanent. Business cases built on model providers should account for the possibility that today’s discounts won’t last.</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17733264671084" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:25px 20px 20px"><div id="hs_cos_wrapper_module_174004384022316" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_174004384022316_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:125%; font-size:18px; font-weight:bold"><span style="color: #000000;">WHAT’S ON</span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><span style="font-size: 18px;"><span style="color: #000000;"><span style="font-weight: normal;"><strong>Fri 20 March&nbsp;</strong></span><br><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD0b5nXHCW50kH_H6lZ3lJMcS-9QT2Rt_W1_P6db3Mcc1cW8WK8Nj7LZQ9fN6XGkHsBb__hW8m1djw3k-TtvN8pmPqP5CvFlW2kQtR052nn2vW4c4K8H1DDDmSW8wPnyr2GXXCgN7hkf8FqkngsN51lz83ldRV0W8jHJZY8DrM2DW7XX7rL2Bxxn5W7N07Yd30FD9mW8mLrwG8Xt27RW4zZTyw1hnBGjW4f9Nn761N7dvW89xBSw5b92gBW8mqVBx4YM-GDW7pHpcm3Fp8blW5Vxm9f7CXRFKW3jpSr276x-CVW3tP4294vw4dbW86ZgHs12hhpCVQGKQX7NXBxDW3mX5004G19TbN3gJlwx90JxFW18gf926_5XHdN70T3hrRVbGZW64mkj05RQ0Z4W9f97cd4PNTkzN5BLrpqVZjLXf7QXBJT04" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="d0TDYPOF" target="_blank">Return on Intelligence</a>, Virtual</span></span></p> <p style="line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><strong><span style="color: #000000;">Weds 15 - Thurs 16 April</span></strong></p> <p style="font-size:18px; line-height:150%"><span style="font-size: 18px;"><span style="color: #000000;"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1-3qn9qW8wLKSR6lZ3q5N1pC7XCxq7KvW4snpqS6BmYyVW7_wtl26pn_pYW1p5XGy5RPVbFW3F-sfJ13K6cQW2TrT2j2bW7rgVF7H5Y8_Gv7YW5yp8X93BgSfkW20zJh16vv6Q3W35rVvZ1TGbwMW839TC08q66kYW4SQFd47DQ83HW779BzV8z32RfW1gpvY19jb38kN4CKMbVdz5jFW6nKvG28HXQVRW2V18721dfNjlN3J01P4FWWGbW1zNsFR7Fn1zgW4dlw6K39Ml38VZTjQs8XL9HMN5Z-Gbp1Zv_-M9XNs_gntk0W8fMxV66xpzybW8RlKcB3dGpxTN56N4QqrtcPlN6HRLsWTZgVGW4vNZ9S11Kc7-f72BXF804" rel="noopener" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="Uez0qjRG" target="_blank">AI in Finance Summit</a>,</span><strong><span style="color: #000000;"> </span></strong><span style="color: #000000;">New York, NY</span></span></p> <p style="font-size:18px; line-height:150%">&nbsp;</p> <p style="font-size:18px; line-height:150%"><strong><span style="color: #000000;">Mon 27 - Tues 28 April</span></strong></p> <p style="font-size:18px; line-height:150%"><a href="https://d38fgp04.eu1.hubspotlinks.com/Ctc/X+113/d38fgp04/VWg7WY78h6LXW8xRCzD57T2wcW7xsyK95LRSwWN7FnD1-3qn9qW8wLKSR6lZ3nCW52ZMy22XkbTkN7c_qcgqr0hsW37wn2p7LGqq1VrFr_V4QL9x3W30MgNl2H4cdsVkLgdn5CssCfW2vp6N78Vb4b-W56zSMz8h543nW89fGTp69TvZbW6wYsRs5zddjxVdTnQ73Fq8CcW3WrYk32YVGPrVtY5YZ3bpWZBW8n2P1z85jkzmW7MNYpD9gtX5lV3gQ703d8xrhW7mMMrQ1w4Y_FW2LwW0B4YPJXcN2djxPqqPG_NW3B4NDk7dMB0pW4Z870H3JQwVCW11x3gq7r2ymWW5C93Dp7RVG5mN1WkgcvGGQ-7W8GVGlB2s46kHW3KSnG47y-pfkW6rV1Yh91r8VmW2-BwyG1gn49Wf8v5YRs04" style="color:#f4854f" data-hs-link-id="0" data-hs-link-id-v2="5Gw6JyeF" target="_blank">Momentum AI New York 2026</a><span style="color: #000000;">, New York, NY</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17738590033033" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><table role="none" border="0" cellpadding="0" cellspacing="0" style="vertical-align:top" width="100%"> <tbody><tr> <td align="center" style="font-family:Arial, sans-serif; color:#222a43; font-size:0; word-break:break-word"> <p style="font-size:1px;border-top:3px solid #F1F2F4;width:100%;margin:0 auto;"></p> <!--[if mso]> <table role="none" align="center" border="0" cellpadding="0" cellspacing="0" style="font-size:1px;border-top:3px solid #F1F2F4;width:600px;"> <tr> <td style="height:0;line-height:0">&nbsp;</td> </tr> </table> <![endif]--> </td> </tr> </tbody></table></div> <table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#222a43; word-break:break-word; padding:25px 20px 20px"><div id="hs_cos_wrapper_module_17714942003401" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17714942003401_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:125%; font-size:18px; font-weight:bold"><span style="color: #000000;">THE BRIEF TEAM</span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Alexandra Mousavizadeh&nbsp;| Co-founder &amp; CEO |&nbsp;</span><span style="color: #ff7129;">alexandra.mousavizadeh@evidentinsights.com</span><br><span style="color: #000000;">Annabel Ayles | Co-founder &amp; co-CEO |&nbsp;</span><span style="color: #ff7129;">annabel.ayles@evidentinsights.com<br><span style="color: #000000;">Colin Gilbert&nbsp;| VP, Intelligence | </span></span><span style="color: #ff7129;"><span style="color: #f4854f;">colin@evidentinsights.com</span><br></span><span style="color: #000000;">Matthew Kaminski | Senior Advisor | </span><span style="color: #f4854f;">matt@evidentinsights.com</span><br><span style="color: #000000;">Kevin McAllister&nbsp;| Senior Editor |</span>&nbsp;<span style="color: #f4854f;">kevin@evidentinsights.com<br><span style="color: #000000;">Daniel Shackleford Capel | MD, Banking | <span style="color: #f4854f;">daniel@evidentinsights.com</span></span><br></span></p> <p style="line-height:125%; font-size:13px">&nbsp;</p> <p style="line-height:125%; font-size:13px"><span style="font-style: italic; color: #000000;">Contributors:</span></p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Maryam Akram | Senior Research Manager</span><br><span style="color: #000000;">Zachary Groz | Reporter</span><br><span style="color: #000000;">Alex Inch | Data Scientist </span><br><span style="color: #000000;">Sam Meeson | AI Research Analyst</span><br><span style="color: #000000;">Gabriel Perez Jaen | Senior Research Manager</span></p> <p style="line-height:125%; font-size:13px"><br><span style="font-style: italic; color: #000000;">Design:</span></p> <p style="line-height:125%; font-size:13px"><span style="color: #000000;">Jay Prynne | Head of Design</span></p> <p style="line-height:125%"><span style="color: #000000; font-size: 13px;">Marcus Gurtler | Junior Designer</span></p></div></div></td></tr></tbody></table> <div id="hs_cos_wrapper_module_17400439881576" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; 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  11. CardsFTW #196: Cards Goooooaaaaaals

    Wed, 18 Mar 2026 16:16:01 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #196: Cards Goooooaaaaaals</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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} table.body .kg-cta-minimal .kg-cta-content-inner { display: inline-block !important; width: 100% !important; padding: 0 !important; } table.body .kg-cta-minimal img.kg-cta-image { width: 52px !important; height: 52px !important; } } @media all { .subscription-details p.hidden { display: none !important; } .ExternalClass { width: 100%; } .ExternalClass, .ExternalClass p, .ExternalClass span, .ExternalClass font, .ExternalClass td, .ExternalClass div { line-height: 100%; } .apple-link a { color: inherit !important; font-family: inherit !important; font-size: inherit !important; font-weight: inherit !important; line-height: inherit !important; text-decoration: none !important; } #MessageViewBody a { color: inherit; text-decoration: none; font-size: inherit; font-family: inherit; font-weight: inherit; line-height: inherit; } } </style> <!--[if mso]> <style type="text/css"> ul, ol { margin-left: 1.5em !important; } </style> <![endif]--> </head> <body data-testid="email-preview-body" style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 0; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, Ford&#x2019;s turn to revamp cards</span> <!-- SPACING TO AVOID BODY TEXT BEING DUPLICATED IN PREVIEW TEXT --> <div style="display:none; max-height:0; overflow:hidden; mso-hide: all;" aria-hidden="true" role="presentation"> &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; 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&#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xAD; &#xA0; </div> <!-- HEADER WITH FULL-WIDTH BACKGROUND --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="header" width="100%" style="mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 1.4; background-color: #ffffff; width: 100%; border-spacing: 0; border-collapse: collapse;" bgcolor="#ffffff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container title-serif" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- Header content constrained to 600px --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="header-main" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-spacing: 20px 0; width: 100%; max-width: 600px; background: #ffffff; background-color: transparent;" width="100%" bgcolor="transparent"> <tr> <td class="header-content" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0; margin: 0 auto;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; 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mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td style="vertical-align: top; font-family: Georgia, serif; letter-spacing: -0.01em; font-size: 36px; line-height: 1.1; font-weight: 700; text-align: center; color: #000000;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/a778a850?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; text-align: center; line-height: 1.1em; overflow-wrap: anywhere; color: #000000;" target="_blank">CardsFTW #196: Cards Goooooaaaaaals</a> </td> </tr> </table> </td> </tr> <tr> <td class="post-excerpt-wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%; max-width: 600px;" width="100%" valign="top"> <p class="post-excerpt post-excerpt-no-feature-image post-excerpt-serif-sans" style="margin: 0; color: #15212A; line-height: 1.4em; text-align: center; padding-bottom: 32px; font-size: 20px; font-family: Georgia, serif;">Plus, Ford&#x2019;s turn to revamp cards</p> </td> </tr> <tr> <td width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" align="center" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">18 Mar 2026 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; 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If you&#x2019;re one of them, thank you. If you&#x2019;re not, please consider supporting CardsFTW (who knows, maybe you can expense it!)</div></div><h1 id="event-reminders" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Event Reminders</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">This is the week! My webinar with Marqeta is this Thursday: <em>Payment Infrastructure Lessons from Scaled Businesses</em> on Thursday, March 19 at 11 a.m. PDT.</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/16b2369a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Register Here</a></td></tr></tbody></table></td></tr></tbody></table><table class="kg-card kg-hr-card" role="presentation" width="100%" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"><tbody><tr><td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212A; margin: 0; padding-top: 1.5em; padding-bottom: 3em; font-size: 17px;" valign="top"><!--[if !mso]><!-- --><hr style="position: relative; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb; display: none;"><!--<![endif]--><table class="kg-hr" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212A; padding-top: 1.5em; padding-bottom: 3em; margin: 0; padding: 0; border-top: 1px solid #e0e7eb; font-size: 0; line-height: 0;" valign="top">&#xA0;</td></tr></tbody></table></td></tr></tbody></table><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Next week, join me with Synctera for <em>Cards That Compete: Building Credit Cards That People Actually Want</em> on Tuesday, May 24, at 10 a.m. PDT.</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/3ac73701?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Register Here</a></td></tr></tbody></table></td></tr></tbody></table><table class="kg-card kg-hr-card" role="presentation" width="100%" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"><tbody><tr><td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212A; margin: 0; padding-top: 1.5em; padding-bottom: 3em; font-size: 17px;" valign="top"><!--[if !mso]><!-- --><hr style="position: relative; width: 100%; margin: 3em 0; padding: 0; height: 1px; background-color: transparent; border: 0; border-top: 1px solid #e0e7eb; display: none;"><!--<![endif]--><table class="kg-hr" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212A; padding-top: 1.5em; padding-bottom: 3em; margin: 0; padding: 0; border-top: 1px solid #e0e7eb; font-size: 0; line-height: 0;" valign="top">&#xA0;</td></tr></tbody></table></td></tr></tbody></table><h1 id="ford%E2%80%99s-new-visa" style="line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; margin-top: 0; color: #15212A;">Ford&#x2019;s New Visa</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Automotive cobrand is a difficult problem. Over the course of my five-and-a-half years writing CardsFTW, the GM cobrand portfolio was acquired by Goldman Sachs and sold again to Barclaycard. Both sales resulted in mediocre cards. (See <a href="https://www.cardsftw.com/r/5ff8c7b4?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>CardsFTW #3</u></em></a>, where I referred to Ford&#x2019;s existing program as &#x201C;lackluster,&#x201D; and <a href="https://www.cardsftw.com/r/2e8a7191?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>CardsFTW #65</u></em></a>.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Well, hope springs eternal, as Ford and Bread Financial <a href="https://www.cardsftw.com/r/15c4c859?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> a new agreement covering cobrand cards and installment programs.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/Ford-Visas.png" class="kg-image" alt="Four vertically-oriented credit cards featuring Ford logos, including the Bronco and Mustang logo, as well as the Visa logo." loading="lazy" width="600" height="396" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Billy Bronco and Molly Mustang</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The new <a href="https://www.cardsftw.com/r/0297acc0?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Ford Rewards Visa</u></a> (creative naming at its best) is one of those cards that feels like only confused consumers will think it&#x2019;s a good deal. The card includes:</p><ul style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: disc; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Bonus of 15,000 Points (~$75 redemption value) when you make a purchase within the first 90 days of account opening</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">$100 statement credit after spending $1,500 within the first 90 days after opening your card</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Up to 16 Points per $1 spent on Ford.com and eligible Ford Dealership Service purchases (8% cashback value)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">6 Points per $1 spent on purchases at grocery stores, restaurants, gas and EV charging stations; and on auto insurance, tolls and parking (3% cashback value)</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">2 Points per $1 spent on all other purchases (1% cashback value)</li></ul><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Are you really earning 16 points? No. &#x201C;Anyone can become a Ford Rewards member and earn 10 Points per $1 spent on eligible Ford purchases,&#x201D; per the Ford website. You just get another six points per dollar with the card.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">How do you use Ford Rewards points? Well, for Ford Service (at your dealer), Ford accessories, Ford parts, or Ford subscriptions (like the fee they charge you for hands-free driving). In other words, not many practical places. (Unless you anticipate that your Ford will need a lot of service. Good ol&#x2019; FixOrRepairDaily.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Hard pass.</p><h1 id="soccers-card-problem-the-messymessi-history-of-mls-and-nwsl-financial-partnerships" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Soccer&#39;s Card Problem: The Messy/Messi History of MLS and NWSL Financial Partnerships</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Those of you who know me know I love soccer. I played as a kid. I referee as an adult. I watch a lot of it on TV. As the 2026-2027 soccer season is getting underway (we&#x2019;re a few weeks into MLS and just wrapped the first matches in NWSL), I thought it would be fitting to dig into the cobrand card story of soccer.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Between the two biggest domestic leagues (Major League Soccer and the National Women&#x2019;s Soccer League), there&#39;s been a revolving door of financial partners, a notable absence of any real cobranded credit card success, and a handful of local credit union deals quietly doing the work that league-level programs couldn&#39;t.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Here&#39;s the full rundown.</p><h2 id="mls-a-league-level-credit-card-story-that-fizzled-out-twice" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">MLS: A League-Level Credit Card Story That Fizzled Out Twice</h2><h3 id="bmo-and-the-canadian-clubs-2012%E2%80%93present" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">BMO and the Canadian Clubs (2012&#x2013;Present)</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The first real co-branded card story in North American professional soccer is actually a Canadian one. In May 2012, BMO Bank of Montreal launched an MLS Mastercard program for the three Canadian clubs: Toronto FC, CF Montr&#xE9;al (then Montreal Impact), and Vancouver Whitecaps. The cards were affinity products: branded with team logos, offering standard rewards, and bundled with fan perks such as priority entry and stadium activations.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">BMO&#39;s position here wasn&#39;t just a card play. It was already the jersey sponsor for all three Canadian clubs and had positioned itself as &quot;the Bank of Soccer in Canada.&quot; The card was an extension of a much deeper relationship. Those cards remain available in Canada today, making them by far the longest-running soccer cobrands in North America.</p><h3 id="avant-and-the-mls-forward-card-2022%E2%80%932025" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Avant and the MLS Forward Card (2022&#x2013;2025)</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">South of the (northern) border, MLS made its first real push for a league-wide U.S. credit card in August 2022 when it announced a multi-year partnership with Avant, a Chicago-based near-prime fintech. The deal made Avant the official credit card partner of MLS, the All-Star Game, MLS Cup, and eMLS.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/MLS-Avant-Cards.png" class="kg-image" alt="Blue and black credit cards with the MLS shield, the Avant logo, and the Mastercard logo." loading="lazy" width="600" height="190" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Whose soccer? Our soccer.</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The product itself, the MLS Forward Credit Card powered by Avant, issued by WebBank, didn&#39;t actually launch until October 2023, a full 14 months after the partnership was announced. When it did arrive, the card carried no annual fee and offered a reward structure built around MLS spending: 5x on MLSstore.com, 3x on gas, 2x on dining and grocery, and 1x everywhere else. Redemption options included cash back, MLS match tickets, and Fanatics gift cards. Cardholders could choose from 23 different designs tied to U.S. clubs.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The catch was that rewards earning was capped at 6,000 bonus points per year across all categories, roughly $60 in value, and the APR sat at 29.99%. That&#39;s the part that mattered most: Avant&#39;s core business is lending to near-prime consumers. The card was deliberately designed for fans who don&#39;t have easy access to mainstream rewards cards. That&#39;s a real market, but it also meant the product wasn&#39;t going to compete on points with a Capital One Savor or a Chase Freedom.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The partnership has run its course by early 2026, coinciding with MLS signing a new deal with Chime.</p><h3 id="chime-arrives-february-2026" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Chime Arrives (February 2026)</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In February 2026, MLS <a href="https://www.cardsftw.com/r/c9b423f1?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> Chime as its new official retail banking, credit card, and debit card partner in the United States. This multi-year deal also includes presenting sponsorship of the MLS All-Star Game.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Here&#39;s the thing: Chime doesn&#39;t issue a cobranded credit card in the way Avant did. Chime&#39;s flagship product is the Chime Card, a secured Visa credit card that functions like a debit card: cardholders load funds into a secured deposit account, which becomes their spending limit. There&#39;s no revolving credit, no APR in the traditional sense, and no MLS-branded version announced as of this writing.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">What MLS actually has with Chime is a sponsorship arrangement: logo placements, in-stadium activations, social content. The &quot;official credit card partner&quot; designation is doing a lot of marketing work that the product itself isn&#39;t delivering on. Chime is using MLS the same way it used the Portland Fire WNBA deal announced in January 2026: as a cultural marketing vehicle targeting millennial and Gen Z fans who already skew toward app-first banking.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">So, as of March 2026, MLS technically has a fintech banking partner with &quot;credit card&quot; in its title, but there is no actual MLS cobranded credit card available to U.S. fans.</p><div></div><h2 id="team-level-deals-where-the-real-card-products-live" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Team-Level Deals: Where the Real Card Products Live</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">While the league has cycled through fintech partnerships, individual MLS clubs have quietly built more durable banking relationships with local institutions, and in several cases, those relationships have actually produced card products.</p><h3 id="philadelphia-union-wsfs-bank" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Philadelphia Union + WSFS Bank</h3><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/wsfsuniondebitcard.jpg" class="kg-image" alt="Black and gold credit card with the logos of WSFS Bank, Philadelphia Union, and Visa debit." loading="lazy" width="600" height="376" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Doop</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">One of the cleaner examples is in Philadelphia. WSFS Bank, the oldest and largest locally headquartered bank in the Greater Philadelphia and Delaware region, partnered with the Union starting in 2022. In May 2023, they launched a cobranded debit card. Unlike the league-level credit products, this one was straightforward: a team-branded debit card tied to a WSFS checking account, positioned around fan identity and community engagement. WSFS is also on-site at select home games at Subaru Park and broke ground in 2023 on the WSFS Bank Sportsplex in Chester.</p><h3 id="bmo-is-south-of-the-border-too" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">BMO is South of the Border, Too</h3><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/BMO-LA-soccer-marketing.jpg" class="kg-image" alt="The BMO spokesman sitting at his desk, holding branded cards and surrounded by Angel City FC and Los Angeles FS merchandise." loading="lazy" width="600" height="400" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">NWSL&#39;s ACFC and MLS&#39;s LAFC play at BMO Stadium</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I am a supporter of the Los Angeles Football Club. BMO, the Canadian bank, acquired Bank of the West in 2023 and now offers a BMO LAFC Debit Card. As a local fan, I see many BMO LAFC Card ads. I am also an Angel City FC fan (more on NWSL below), and there is <em>also</em><strong style="font-weight: 700;"> </strong>a BMO Angel City debit card. These cards offer cardholders a 10% discount on LAFC and ACFC merchandise and on special events throughout the year.</p><h3 id="st-louis-city-sc-together-credit-union" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">St. Louis CITY SC + Together Credit Union</h3><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/STL-City-Visa-1.png" class="kg-image" alt="Navy blue vertical card with the logos for St. Louis City Soccer Club, Together Credit Union, and Visa Platinum" loading="lazy" width="312" height="485" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Teeny-tiny EMV chip</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">When St. Louis CITY SC was still in pre-launch mode, they named Together Credit Union (formerly Anheuser-Busch Employees&#39; Credit Union) as a founding partner and official banking partner in July 2021. By the time the club debuted in 2023, Together had launched an STL CITY-branded debit card with matchday perks: 10% off food and beverage, 10% off retail items at the Team Pavilion, and express entry to home games. Together operates 14 local branches and had 138,000 members at launch. It&#39;s a very local, community-oriented deal, exactly the kind of credit union financial partnership that makes sense for a franchise trying to embed itself in a city.</p><h3 id="the-broader-credit-union-pattern" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">The Broader Credit Union Pattern</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The CU Today trade publication noted in late 2023 that &quot;numerous credit unions have entered into partnerships with their local MLS teams,&quot; a soft acknowledgment that team-level financial partnerships have proliferated below the league radar. This is consistent with what you&#39;d expect: credit unions have strong community-banking narratives, MLS clubs need local credibility and corporate revenue, and a cobranded debit card is a relatively low-complexity product to launch. Most of these deals don&#39;t generate national press.</p><h2 id="nwsl-better-sponsors-no-cobrand" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">NWSL: Better Sponsors, No Cobrand</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The NWSL&#39;s financial partnership story is more notable than MLS&#39;s, but it has almost nothing to do with payment cards.</p><h3 id="ally-financial-the-defining-relationship" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Ally Financial: The Defining Relationship</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Ally became the NWSL&#39;s first official banking partner in March 2021, and it was a genuinely significant deal. Ally&#39;s logo appeared on the sleeve of every NWSL team jersey that season, a league-wide activation that gave Ally a scale most sponsors don&#39;t get. In February 2022, Ally also extended the relationship by becoming the first official partner of the NWSLPA (Players Association).</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/Alex-Morgan-Ally.png" class="kg-image" alt="Soccer player with brown hair wearing a bright pink uniform with the San Diego Wave logo and the Ally bank logo on the sleeve." loading="lazy" width="600" height="400" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Alex Morgan in 2024, prominently showing off that &quot;Ally&quot; logo</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The Ally-NWSL relationship deepened over the following years. In October 2022, Ally signed a five-year extension. The NWSLPA partnership was extended through 2027 in April 2024. By that point, Ally had also become the official banking partner of the WNBA&#39;s Las Vegas Aces and the Unrivaled women&#39;s basketball league, and eventually the WNBA itself.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Ally&#39;s investment in the NWSL was part of a public 50/50 pledge the company made in May 2022 to reach equal advertising spending across men&#39;s and women&#39;s sports by 2027 &#x2014; a move driven largely by CMO Andrea Brimmer, who played on Michigan State&#39;s first varsity women&#39;s soccer team. Ally&#39;s leadership described the strategy as finding a louder voice at a smaller overall spend.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">What Ally does not do is issue a cobranded NWSL credit card. Ally is a deposit and auto-lending institution. Its product is a high-yield savings account and online checking, not a rewards credit card. The sponsorship has been about brand alignment and media equity, not card acquisition.</p><h3 id="mastercard-a-network-not-an-issuer" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Mastercard: A Network, Not an Issuer</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Mastercard signed a multi-year partnership with the NWSL in May 2021, making it an official league sponsor and integrating NWSL-specific fan experiences into the Priceless.com platform. USWNT and Portland Thorns defender Crystal Dunn joined Mastercard&#39;s global ambassador roster as part of the deal.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">This, again, is a network-level sponsorship. Mastercard is not an issuer. The deal gave cardholders (of any Mastercard-issued card) access to NWSL VIP experiences. There&#39;s no NWSL Mastercard you can apply for.</p><h3 id="team-level-nwsl-deals" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 26px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Team-Level NWSL Deals</h3><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The NWSL has seen some team-level banking partnerships, though the public record is thinner than on the MLS side. The league&#39;s rapid expansion from 10 to 14 teams between 2021 and 2024 has created new clubs still working through foundational sponsorship deals. Bay FC, Portland Thorns, Kansas City Current, and others have local banking or credit union relationships. Still, a dedicated cobranded payment card product specifically for NWSL clubs has not seen significant adoption at the team level as of early 2026.</p><h2 id="what-does-this-all-add-up-to" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">What Does This All Add Up To?</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">A few themes emerge when you lay this out:</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">League-level card products are hard. The Avant deal is the only time MLS actually produced a functioning cobranded U.S. credit card at the league level, and the product&#39;s economics (near-prime APR, capped rewards) limited its appeal to a specific slice of the fan base. Chime&#39;s partnership has the word &quot;credit card&quot; in it, but no card product behind it yet.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Team-level deals are more durable. The credit union and community bank deals at the team level: WSFS with the Union, Together with St. Louis CITY, BMO with the Canadian and LA clubs, are simpler, more locally grounded, and actually result in a physical card that fans can carry. They&#39;re not glamorous, but they work.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The NWSL has better sponsors than products. Ally and Mastercard are genuinely high-profile partnerships that have given the NWSL credibility and revenue. Neither produces a card. The league&#39;s financial sponsorship history has focused on brand alignment and equity investment, not on card-acquisition economics.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Chime is on a sports marketing run. In the span of a few months in early 2026, Chime signed deals with MLS (February) and the WNBA&#x2019;s Portland Fire (January), and is reportedly active in other leagues. With its IPO fresh, Chime is spending marketing dollars on cultural relevance with younger audiences. Don&#39;t expect an actual cobranded MLS credit card from Chime anytime soon &#x2014; that&#39;s not what they do.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The opportunity is still wide open. No major issuer has cracked a true consumer-facing MLS or NWSL credit card that combined genuine rewards value with real fan appeal. The Avant card was structurally close but served the wrong end of the credit spectrum for the MLS fan demographic, which skews young and educated.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Sports cobrand cards are a tough sell. They have a mediocre reputation in the issuing world. The perception has long been that fans who want these cards can&#x2019;t get other products, and that they are inherently positioned for sub- and near-prime. An old joke in the industry is that the only reason there&#x2019;s an NFL card deal is so bank CEOs can attend the Super Bowl.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Sports are a religion in America these days. There is a strong case to be made for cobranded credit cards, but most programs have missed the mark (with too few benefits) or have been primarily spectator sports. One thing that differentiates soccer fans is that many of them are also involved in the sport: they play as adults, and they coach (and referee) their kids. Compared to the NFL, where few adults are playing tackle football, MLS/NWSL are more participatory. One last reason why 2026 could be a breakout year for soccer and co-brand cards: the World Cup. Visa is a global sponsor and pushing World Cup marketing hard across all channels. All this leads me to ask: Where is the cobrand card that offers 10x points at the stadium shop and 5x points on ALL of your sporting gear? That might be a winner.</p><h1 id="cardsftw" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">CardsFTW</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><a href="https://www.cardsftw.com/r/9c15707a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/89fbc174?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/e6a79771?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/832d94ff?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW</u></em></a></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td class="feedback-buttons-container" dir="ltr" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 32px 0 24px; border-bottom: 1px solid #e0e7eb; text-align: center; background-color: #ffffff;" valign="top" bgcolor="#ffffff"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; margin: auto; width: 100%;" width="100%"> <tr> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/cardsftw-196-cards-goooooaaaaaals/#/feedback/69b999323210730c6a700f35/1/?uuid=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d&amp;key=b2468bdc4e76e0c875b581046940e1a8edb1c61ebbe0ca4a76efe3ad88d01261" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/more-like-this-mobile.png" border="0" width="42" height="42" alt="More like this" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; 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font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Less like this</p> </a> </td> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/r/ec40e95f?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/comment-mobile.png" border="0" width="42" height="42" alt="Comment" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="latest-posts-container" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 24px 0; border-bottom: 1px solid #e0e7eb;" valign="top"> <h3 class="latest-posts-header" style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; margin: 0; padding: 8px 0 8px; color: #15212A; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 13px; font-weight: 600; text-transform: uppercase;">Keep reading</h3> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/e2f4820b?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #195: All the Metal Cards</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/92cc9271?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Robinhood, Rogers, and MetaMask</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/38c5144a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #194: Time for a New Wardrobe</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/fa6341bb?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, More United News, Discover Network is Coming, and Conference Season Begins</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/f31bc0fc?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #193: United Demands Your Loyalty</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/12d2b1d7?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, more on BofA rewards and merchant steering research</a> </p> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 600; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger steeves</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">zdcrjicyoldnafoj@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 1 November 2025</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-size: 15px; font-weight: 400; text-align: right; line-height: 1.45em; vertical-align: bottom;"> <a href="https://www.cardsftw.com/#/portal/account" style="overflow-wrap: anywhere; text-decoration: underline; color: #F9A60D;" target="_blank"> Manage subscription</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-top: 40px; padding-bottom: 30px;"> <tr><td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2026 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d&key=b2468bdc4e76e0c875b581046940e1a8edb1c61ebbe0ca4a76efe3ad88d01261&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszsFuwyAMgOGnKbdGBmIDBx7GYNymS4pE2Krt6adNPf76L59kH61HNC3bEHxEQEymHbzt100ypcJVS_XOQvBQiQOAJjb37JQoqCPw6BoFTEi1RbYhrgKhiNmyg79toyWLmJZCqqsoO-a0BqqXFY7bUnnIqfO11H6YkX-kjsdWv_suT9b-uKzwbK9zb3O2sYwurZuZy-f-cf1Xmplv937Od31l9xsAAP__fh1Ahg"></body> </html>
  12. CardsFTW #195: All the Metal Cards

    Wed, 11 Mar 2026 16:15:25 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #195: All the Metal Cards</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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text-align: center; padding-bottom: 32px; font-size: 20px; font-family: Georgia, serif;">Robinhood, Rogers, and MetaMask</p> </td> </tr> <tr> <td width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" align="center" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">11 Mar 2026 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; 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font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container title-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-spacing: 20px 0; width: 100%; max-width: 600px; background: #ffffff; background-color: #ffffff;" bgcolor="#ffffff"> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" data-testid="email-preview-content" style="border-collapse: separate; 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line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Webinars!</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I have two upcoming webinars you can join for free!</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">First up, <em>Payment Infrastructure Lessons from Scaled Businesses</em> on Thursday, March 19 at 11 a.m. PDT.</p><div> <!--[if !mso !vml]--> <div class="kg-card kg-bookmark-card " style="margin: 0 0 1.5em; padding: 0; width: 100%;"> <a class="kg-bookmark-container" href="https://www.cardsftw.com/r/5c56feda?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="display: flex; min-height: 148px; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; border-radius: 3px; background-color: #ffffff; background-color: rgba(255, 255, 255, 0.25); border: 1px solid #e0e7eb; border: 1px solid rgba(0, 0, 0, 0.12); overflow-wrap: anywhere; color: #F9A60D; text-decoration: none;" target="_blank"> <div class="kg-bookmark-content" style="display: inline-block; width: 100%; padding: 20px;"> <div class="kg-bookmark-title" style="color: #15212A; font-size: 15px; line-height: 1.5em; font-weight: 600;">Payment Infrastructure Lessons from Scaled Businesses | Marqeta</div> <div class="kg-bookmark-description" style="display: -webkit-box; overflow-y: hidden; margin-top: 12px; max-height: 40px; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; line-height: 1.5em; font-weight: 400; -webkit-line-clamp: 2; -webkit-box-orient: vertical;">New research from Totavi reveals what scaled businesses learned the hard way about multi-<span class="desktop-only">vendor payment complexity. Reg</span>&#x2026;</div> <div class="kg-bookmark-metadata" style="display: flex; flex-wrap: wrap; align-items: center; margin-top: 14px; color: #15212A; font-size: 13px; font-weight: 400;"> <img class="kg-bookmark-icon" src="https://www.cardsftw.com/content/images/icon/icon.png" alt style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; margin-right: 8px; width: 22px; height: 22px;" width="22" height="22"> <span class="kg-bookmark-author" src="Marqeta" style="line-height: 1.5em;">Marqeta</span> </div> </div> <div class="kg-bookmark-thumbnail" style="min-width: 140px; max-width: 180px; background-repeat: no-repeat; background-size: cover; background-position: center; border-radius: 0 2px 2px 0; background-image: url(&#39;https://www.cardsftw.com/content/images/thumbnail/Logo.svg&#39;);"> <img src="https://www.cardsftw.com/content/images/thumbnail/Logo.svg" alt onerror="this.style.display=&#39;none&#39;" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: none;"></div> </a> </div> <!--[endif]--> <!--[if vml]> <table class="kg-card kg-bookmark-card--outlook" style="margin: 0; padding: 0; width: 100%; border: 1px solid #e5eff5; background: #ffffff; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif; border-collapse: collapse; border-spacing: 0;" width="100%"> <tr> <td width="100%" style="padding: 20px;"> <table style="margin: 0; padding: 0; border-collapse: collapse; border-spacing: 0;"> <tr> <td class="kg-bookmark-title--outlook"> <a href="https://www.marqeta.com/resources/payment-infrastructure-lessons-from-scaled-businesses?ref=cardsftw.com" style="text-decoration: none; color: #15212A; font-size: 15px; line-height: 1.5em; font-weight: 600;"> Payment Infrastructure Lessons from Scaled Businesses | Marqeta </a> </td> </tr> <tr> <td> <div class="kg-bookmark-description--outlook"> <a href="https://www.marqeta.com/resources/payment-infrastructure-lessons-from-scaled-businesses?ref=cardsftw.com" style="text-decoration: none; margin-top: 12px; color: #738a94; font-size: 13px; line-height: 1.5em; font-weight: 400;"> New research from Totavi reveals what scaled businesses learned the hard way about multi-<span class="desktop-only">vendor payment complexity. Reg</span>… </a> </div> </td> </tr> <tr> <td class="kg-bookmark-metadata--outlook" style="padding-top: 14px; color: #15212A; font-size: 13px; font-weight: 400; line-height: 1.5em;"> <table style="margin: 0; padding: 0; border-collapse: collapse; border-spacing: 0;"> <tr> <td valign="middle" class="kg-bookmark-icon--outlook" style="padding-right: 8px; font-size: 0; line-height: 1.5em;"> <a href="https://www.marqeta.com/resources/payment-infrastructure-lessons-from-scaled-businesses?ref=cardsftw.com" style="text-decoration: none; color: #15212A;"> <img src="https://www.cardsftw.com/content/images/icon/icon.png" width="22" height="22" alt=" "> </a> </td> <td valign="middle" class="kg-bookmark-byline--outlook"> <a href="https://www.marqeta.com/resources/payment-infrastructure-lessons-from-scaled-businesses?ref=cardsftw.com" style="text-decoration: none; color: #15212A;"> Marqeta </a> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <div class="kg-bookmark-spacer--outlook" style="height: 1.5em;">&nbsp;</div> <![endif]--></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Next, C<em>ards That Compete: Building Credit Cards That People Actually Want</em> on Tuesday, May 24, at 10 a.m. PDT.</p><div> <!--[if !mso !vml]--> <div class="kg-card kg-bookmark-card " style="margin: 0 0 1.5em; padding: 0; width: 100%;"> <a class="kg-bookmark-container" href="https://www.cardsftw.com/r/e630c3b1?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="display: flex; min-height: 148px; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; border-radius: 3px; background-color: #ffffff; background-color: rgba(255, 255, 255, 0.25); border: 1px solid #e0e7eb; border: 1px solid rgba(0, 0, 0, 0.12); overflow-wrap: anywhere; color: #F9A60D; text-decoration: none;" target="_blank"> <div class="kg-bookmark-content" style="display: inline-block; width: 100%; padding: 20px;"> <div class="kg-bookmark-title" style="color: #15212A; font-size: 15px; line-height: 1.5em; font-weight: 600;">Welcome! You are invited to join a webinar: Cards That Compete: Building Credit Cards That People Actually Want. After registering, you will receive a confirmation email about joining the webinar.</div> <div class="kg-bookmark-description" style="display: -webkit-box; overflow-y: hidden; margin-top: 12px; max-height: 40px; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; line-height: 1.5em; font-weight: 400; -webkit-line-clamp: 2; -webkit-box-orient: vertical;">Join Synctera for a panel discussion on credit cards featuring FinTech industry experts M<span class="desktop-only">atthew Goldman (Totavi), Scott</span>&#x2026;</div> <div class="kg-bookmark-metadata" style="display: flex; flex-wrap: wrap; align-items: center; margin-top: 14px; color: #15212A; font-size: 13px; font-weight: 400;"> <img class="kg-bookmark-icon" src="https://www.cardsftw.com/content/images/icon/zoom.ico" alt style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; margin-right: 8px; width: 22px; height: 22px;" width="22" height="22"> <span class="kg-bookmark-author" src="Zoom" style="line-height: 1.5em;">Zoom</span> </div> </div> <div class="kg-bookmark-thumbnail" style="min-width: 140px; max-width: 180px; background-repeat: no-repeat; background-size: cover; background-position: center; border-radius: 0 2px 2px 0; background-image: url(&#39;https://www.cardsftw.com/content/images/thumbnail/670bf32b-8549-4b44-b0cf-21965215dc0a.jpg&#39;);"> <img src="https://www.cardsftw.com/content/images/thumbnail/670bf32b-8549-4b44-b0cf-21965215dc0a.jpg" alt onerror="this.style.display=&#39;none&#39;" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: none;"></div> </a> </div> <!--[endif]--> <!--[if vml]> <table class="kg-card kg-bookmark-card--outlook" style="margin: 0; padding: 0; width: 100%; border: 1px solid #e5eff5; background: #ffffff; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif; border-collapse: collapse; border-spacing: 0;" width="100%"> <tr> <td width="100%" style="padding: 20px;"> <table style="margin: 0; padding: 0; border-collapse: collapse; border-spacing: 0;"> <tr> <td class="kg-bookmark-title--outlook"> <a href="https://synctera.zoom.us/webinar/register/WN_Fyc5O4ALTo6Ugj4LwidfQw#/registration" style="text-decoration: none; color: #15212A; font-size: 15px; line-height: 1.5em; font-weight: 600;"> Welcome! You are invited to join a webinar: Cards That Compete: Building Credit Cards That People Actually Want. After registering, you will receive a confirmation email about joining the webinar. </a> </td> </tr> <tr> <td> <div class="kg-bookmark-description--outlook"> <a href="https://synctera.zoom.us/webinar/register/WN_Fyc5O4ALTo6Ugj4LwidfQw#/registration" style="text-decoration: none; margin-top: 12px; color: #738a94; font-size: 13px; line-height: 1.5em; font-weight: 400;"> Join Synctera for a panel discussion on credit cards featuring FinTech industry experts M<span class="desktop-only">atthew Goldman (Totavi), Scott</span>… </a> </div> </td> </tr> <tr> <td class="kg-bookmark-metadata--outlook" style="padding-top: 14px; color: #15212A; font-size: 13px; font-weight: 400; line-height: 1.5em;"> <table style="margin: 0; padding: 0; border-collapse: collapse; border-spacing: 0;"> <tr> <td valign="middle" class="kg-bookmark-icon--outlook" style="padding-right: 8px; font-size: 0; line-height: 1.5em;"> <a href="https://synctera.zoom.us/webinar/register/WN_Fyc5O4ALTo6Ugj4LwidfQw#/registration" style="text-decoration: none; color: #15212A;"> <img src="https://www.cardsftw.com/content/images/icon/zoom.ico" width="22" height="22" alt=" "> </a> </td> <td valign="middle" class="kg-bookmark-byline--outlook"> <a href="https://synctera.zoom.us/webinar/register/WN_Fyc5O4ALTo6Ugj4LwidfQw#/registration" style="text-decoration: none; color: #15212A;"> Zoom </a> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <div class="kg-bookmark-spacer--outlook" style="height: 1.5em;">&nbsp;</div> <![endif]--></div><h1 id="robinhood-platinum" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Robinhood Platinum</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Robinhood announced its new <a href="https://www.cardsftw.com/r/33a903f3?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Robinhood Platinum</u></a> credit card last week. In a fascinating contrast to their <a href="https://www.cardsftw.com/r/0342a0af?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Robinhood Gold</u></a> card, which is widely adored due to its simple value proposition (3% cashback on all purchases, with no limits), the new Robinhood Platinum card is a complicated coupon-book credit card that looks a lot like American Express&#x2019;s Platinum and Chase&#x2019;s Sapphire Reserve.</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/rh-card-1.png" class="kg-image" alt="Silver-looking credit card with the Robinhood Feather in the top right, the 99.9% platinum jewelry mark in the lower right, and the EMV chip in the middle of the left side." loading="lazy" width="600" height="376" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Richie Rich</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In a marketing line that feels like my 14-year-old wrote it, Robinhood notes this is the &#x201C;actual&#x201D; Platinum card, much like users can redeem points to get a gold-plated version of the gold card.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">It is a gimmick.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Look, I am a true credit card nerd, and I want to collect things like the actual platinum card and the actual gold card because I have a credit card collection. (PS, if you have an expired weird card and want to send it to me, I&#x2019;ll reward you with a complimentary subscription! Email for details!) However, for the average user, having an insanely heavy card in your wallet seems like a bad idea. Platinum is very dense (21,450 kg/m<sup>3</sup>). Gold, which we all know is heavy, has a density of 19,320 kg/m<sup>3</sup>.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Let&#x2019;s examine, making the unreasonable assumption that these cards are solid materials, not composites with plating.</p><div class="kg-card kg-image-card" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/size/w1600/2026/03/CardsFTW--195.png" class="kg-image" alt="Chart showing that a platinum credit card would be 15.1 times heavier than a traditional plastic credit card." loading="lazy" width="600" height="306" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">This platinum card would weigh 15 times as much as a standard plastic card. Yikes.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">We&#x2019;ve been playing this game for years. American Express&#x2019;s Centurion card went to titanium as a material in 1999. First USA, Bank One&#x2019;s credit card brand, launched a &#x201C;Titanium&#x201D; labeled Visa in 2001, although it was plastic. (I had one of these cards, but that&#x2019;s before I started collecting.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Doing a platinum-plated card is on brand for Robinhood, though. They love a gimmick.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">As far as the card program itself goes, it <strong style="font-weight: 700;">sounds</strong> amazing, but it is full of fine print. For most credit card enthusiasts, the ultimate goal is transferable miles or points that offer flexibility and let you take advantage of travel deals. The Robinhood card has a base cashback rate of just 1%, with a 5% boost on dining. You can earn 5% on flights and 10% on hotels and rental cards, but only if you book through Robinhood Travel, much like you can earn 10x on Chase Sapphire Reserve when you book through Chase.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I don&#x2019;t think users want to book through these portals. I think, in general, people want to use their card wherever they want to. These types of structures sound great: 10X (!), but they are not.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">There is a slew of potential credits (more than $3,000 worth!) just like other coupon book cards (e.g., Amex Platinum). Some of them are rough:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">$250 DoorDash discount, but only allotted monthly and only on orders of $50 or more</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">$500 in hotel credits, but only $250 per six months, when booked through the app, and with a two-night minimum</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">$250 on autonomous rides, allotted per month, and not many people live where they can take Waymo</li></ol><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The list goes on. You can read <a href="https://www.cardsftw.com/r/3856905a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>them all here</u></a>. I was excited about the free Oura membership, but then I read this:</p><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0; color: #15212A;">Eligible Robinhood Platinum cardholders who purchase an Oura Ring can receive one complimentary 1-year Oura Membership access, enabling advanced analytics and personalized guidance. To receive the benefit, Cardholder must opt in via the Robinhood Banking App and within six (6) months, purchase Oura Ring with a pre-paid annual Oura Membership at the time of purchase on www.ouraring.com. Oura enrollment is required to receive membership access. Once the Oura charge posts, Cardholder will receive a statement credit of $70 within a few weeks to cover the Oura Membership.</p></blockquote><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Oy.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Will I get this card? Probably, if just for the collection. (I know, it&#x2019;s absurd.)</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Will this card be successful? Probably, just because there are Robinhood superfans and they are deep in the Robinhood ecosystem (with trading, crypto, prediction markets, banking, and more).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Do I think this is a good card or impressive? No. It&#x2019;s a knock-off of American Express&#x2019;s Platinum product, first launched in 1984! Robinhood certainly doesn&#x2019;t have the reputation of American Express for customer service, and I wouldn&#x2019;t want to trust them as my primary card.&#xA0;</p><h1 id="rogers-world-legend" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Rogers World Legend</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">For the second week in a row, Canada has new cards I want to mention! Rogers Bank and Mastercard <a href="https://www.cardsftw.com/r/97a1a88c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> the first <em>World Legend</em> card in Canada. World Legend is a new super-premium product from Mastercard designed to compete with Visa&#x2019;s Infinite product. (For the non-Canadians, Rogers Communications is a wireless, cable, and internet conglomerate that owns a bank and sports teams, amongst many other things.)</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/rogers-red-mc.png" class="kg-image" alt="Red vertically-oriented credit card with the Rogers logo on the bottom, the Mastercard logo in the top left, and the World Legend wordmark running down the right side." loading="lazy" width="600" height="390" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto;height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">That&#39;s Mister Rogers to you, buddy!</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The new card earns 3% cashback when redeeming towards Rogers products, plus benefits from Mastercard. The K-shaped economy and the rise of the global elite are here to stay. We&#x2019;re going to see more World Legend cards soon.</p><h1 id="metamask" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Metamask</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Speaking of Mastercard and metal cards, MetaMask <a href="https://www.cardsftw.com/r/ad039e98?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> that its card is now available nationwide (finally including New York) and now comes in metal! For $199, the card offers what they call an &#x201C;elevated physical experience.&#x201D;</p><div class="kg-card kg-callout-card kg-callout-card-green" style="display: flex; margin: 0 0 1.5em 0; padding: 24px; border-radius: 8px; background: #E8F8EA;"><div class="kg-callout-emoji" style="padding-right: 12px; font-size: 20px;">&#x1F922;</div><div class="kg-callout-text" style="color: inherit;"><i><em class="italic" style="white-space: pre-wrap;">Please note for the record: I am tired of the word &#x201C;elevated&#x201D; being used to mean fancy. I heard &#x201C;elevated bites&#x201D; the other day and it made me nauseous.</em></i></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The irony of the physical experience being important to MetaMask crypto payments isn&#x2019;t lost on me either. To the first part of this newsletter: people love fancy physical cards, even, or maybe especially, for their digital currency!</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/metamask-cards.png" class="kg-image" alt="Two credit cards each featuring a pixelated digital image of a cartoon fox, the MetaMask and Mastercard logos." loading="lazy" width="600" height="419" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Redd Foxx</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The MetaMask card is issued by Cross River Bank and operated on Monavate&#x2019;s platform. The card is uniquely self-custodial, whereas most crypto products operate through an exchange. I think connecting debit cards to crypto is difficult because of crypto&#39;s volatility, but I can see where one might find this useful.</p><div></div><h1 id="cardsftw" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">CardsFTW</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><a href="https://www.cardsftw.com/r/da055eda?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/ad76e005?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/62d2bbca?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/4f5d4a89?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td class="feedback-buttons-container" dir="ltr" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 32px 0 24px; border-bottom: 1px solid #e0e7eb; text-align: center; background-color: #ffffff;" valign="top" bgcolor="#ffffff"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; 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font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Less like this</p> </a> </td> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/r/8c264f6b?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/comment-mobile.png" border="0" width="42" height="42" alt="Comment" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="latest-posts-container" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 24px 0; border-bottom: 1px solid #e0e7eb;" valign="top"> <h3 class="latest-posts-header" style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; margin: 0; padding: 8px 0 8px; color: #15212A; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 13px; font-weight: 600; text-transform: uppercase;">Keep reading</h3> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/b8e5b7ae?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #194: Time for a New Wardrobe</a> </h4> <pclass="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/3cd84ba6?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, More United News, Discover Network is Coming, and Conference Season Begins</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/1d6ecd87?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #193: United Demands Your Loyalty</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/47cfff3a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, more on BofA rewards and merchant steering research</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/a30f91ae?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #192: Everybody Focus on Cards!</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/e07daf0c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, Cards 101 and Infrastructure</a> </p> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; 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font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">zdcrjicyoldnafoj@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 1 November 2025</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-size: 15px; font-weight: 400; text-align: right; line-height: 1.45em; vertical-align: bottom;"> <a href="https://www.cardsftw.com/#/portal/account" style="overflow-wrap: anywhere; text-decoration: underline; color: #F9A60D;" target="_blank"> Manage subscription</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; 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N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2026 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d&key=b2468bdc4e76e0c875b581046940e1a8edb1c61ebbe0ca4a76efe3ad88d01261&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszktuwyAQANDThF2s-TA4LOYwwEDi1A4Spo3a01equny7Z8o3ZBFXFdeVyctK3tUjbft1Mw0xYxSMTAgrQwlpBUCq7qHSqAX0JGQlSgoUwQNbDjkk8MRuUwIKwIgYUIiXVKy0W8oslaxJuHg47ktJw84230vphxv6Y2U8t_Ldd3ul1p8XD6_6Pvc6Zx3L6Fa7m5o_94_r39JNvT_6Of_1pfQbAAD__7c9P1s"></body> </html>
  13. CardsFTW #194: Time for a New Wardrobe

    Wed, 04 Mar 2026 19:55:21 -0000

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} table.body .kg-cta-minimal .kg-cta-content-inner { display: inline-block !important; width: 100% !important; padding: 0 !important; } table.body .kg-cta-minimal img.kg-cta-image { width: 52px !important; height: 52px !important; } } @media all { .subscription-details p.hidden { display: none !important; } .ExternalClass { width: 100%; } .ExternalClass, .ExternalClass p, .ExternalClass span, .ExternalClass font, .ExternalClass td, .ExternalClass div { line-height: 100%; } .apple-link a { color: inherit !important; font-family: inherit !important; font-size: inherit !important; font-weight: inherit !important; line-height: inherit !important; text-decoration: none !important; } #MessageViewBody a { color: inherit; text-decoration: none; font-size: inherit; font-family: inherit; font-weight: inherit; line-height: inherit; } } </style> <!--[if mso]> <style type="text/css"> ul, ol { margin-left: 1.5em !important; } </style> <![endif]--> </head> <body data-testid="email-preview-body" style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 0; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, More United News, Discover Network is Coming, and Conference Season Begins</span> <!-- SPACING TO AVOID BODY TEXT BEING DUPLICATED IN PREVIEW TEXT --> <div style="display:none; max-height:0; overflow:hidden; mso-hide: all;" aria-hidden="true" role="presentation"> &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; 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font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container title-serif" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <!-- Header content constrained to 600px --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="header-main" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-spacing: 20px 0; width: 100%; max-width: 600px; background: #ffffff; background-color:transparent;" width="100%" bgcolor="transparent"> <tr> <td class="header-content" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0; margin: 0 auto;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="header-image-row"> <td class="header-image" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-top: 24px; padding-bottom: 16px;" valign="top"> <a href="https://www.cardsftw.com/r/58a30e8d?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"> <img src="https://www.cardsftw.com/content/images/size/w1200/2024/01/cftw-logo-3.png" width="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%;"> </a> </td> </tr> <tr> <td class="post-title post-title-with-excerpt post-title-serif" style="font-size: 18px; vertical-align: top; text-align: center; color: #000000; padding-bottom: 8px; font-family: Georgia, serif; letter-spacing: -0.01em;" valign="top" align="center"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td style="vertical-align: top; font-family: Georgia, serif; letter-spacing: -0.01em; font-size: 36px; line-height: 1.1; font-weight: 700; text-align: center; color: #000000;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/91fda1da?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; text-align: center; line-height: 1.1em; overflow-wrap: anywhere; color: #000000;" target="_blank">CardsFTW #194: Time for a New Wardrobe</a> </td> </tr> </table> </td> </tr> <tr> <td class="post-excerpt-wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%; max-width: 600px;" width="100%" valign="top"> <p class="post-excerpt post-excerpt-no-feature-image post-excerpt-serif-sans" style="margin: 0; color: #15212A; line-height: 1.4em; text-align: center; padding-bottom: 32px; font-size: 20px; font-family: Georgia, serif;">Plus, More United News, Discover Network is Coming, and Conference Season Begins</p> </td> </tr> <tr> <td width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" align="center" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">4 Mar 2026 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/3e974568?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/290212e9?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <!-- MAIN CONTENT AREA --> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="body" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; line-height: 1.4; background-color: #ffffff;" bgcolor="#ffffff"> <!-- Outlook doesn't respect max-width so we need an extra centered table --> <!--[if mso]> <tr> <td> <center> <table border="0" cellpadding="0" cellspacing="0" width="600"> <![endif]--> <tr> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> <td class="container title-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; display: block; max-width: 600px; margin: 0 auto;" valign="top"> <div class="content" style="box-sizing: border-box; display: block; margin: 0 auto; max-width: 600px;"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" class="main" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-spacing: 20px 0; width: 100%; max-width: 600px; background: #ffffff; background-color: #ffffff;" bgcolor="#ffffff"> <tr> <td class="wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" data-testid="email-preview-content" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e0e7eb; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <div class="kg-card kg-callout-card kg-callout-card-purple" style="display: flex; margin: 0 0 1.5em 0; padding: 24px; border-radius: 8px; background: #F2EDFC;"><div class="kg-callout-emoji" style="padding-right: 12px; font-size: 20px;">&#x1F440;</div><div class="kg-callout-text" style="color: inherit;">Did you receive this via Slack?&#xA0;<a href="https://www.cardsftw.com/r/969f403e?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: underline; color: #F9A60D;" target="_blank"><u>Subscribe to CardsFTW today.</u></a></div></div><h1 id="catch-me-elsewherelive" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Catch Me, Elsewhere - Live!</h1><h2 id="marqeta-webinar" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Marqeta Webinar</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I have an exciting Spring season coming up. First, a webinar with Marqeta on Thursday, March 19, at 11 a.m. Pacific. I&#x2019;ll be joining Rachel Huber, Market Intelligence Lead at Marqeta, and Ahmed Siddiqui, Chief Payments Officer at Branch, to discuss research we (Totavi) conducted for Marqeta on multi-vendor complexity and payments infrastructure.&#xA0;</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/8f7e2872?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Register for the Webinar</a></td></tr></tbody></table></td></tr></tbody></table><h2 id="fintech-meetup" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Fintech Meetup</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I&#x2019;ll be headed back to Vegas, but <strong style="font-weight: 700;">not the Venetian</strong>, as Fintech Meetup shifts to Mandalay Bay for 2026. Catch me on the panel <em>&#x201C;Are institutions losing balance in an open banking world?&#x201D;</em> on Monday, March 30, at 12:30 p.m. If you&#x2019;re headed to Vegas, let&#x2019;s &#x2026; meet up.</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/6b4f963c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Register for Fintech Meetup</a></td></tr></tbody></table></td></tr></tbody></table><h2 id="cardcon-2026" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 32px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Cardcon 2026</h2><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I&#x2019;m excited to attend CardCon 2026 in Phoenix, Arizona. My colleague Jessica Marquez, Principal at Totavi, will be moderating the panel <em>&#x201C;The Rise of HELOC Cards: With Refinancing Off the Table, a New Credit Product Emerges&#x201D;</em> on Thursday, April 23, at 10:45 a.m. with folks from Trovy, Better, and Homelight.</p><table class="kg-card kg-button-card" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"><tbody><tr><td class="kg-card-spacing" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 0 0 1.5em 0;" valign="top"><table class="btn" border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; box-sizing: border-box; width: auto;" width="auto"><tbody><tr><td align="center" style="font-size: 18px; vertical-align: top; color: #15212A; padding: 8px 20px 9px; background-color: #F9A60D; border-radius: 6px; text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif;" valign="top" bgcolor="#F9A60D"><a href="https://www.cardsftw.com/r/2f091c82?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; box-sizing: border-box; color: #FFFFFF; cursor: pointer; display: inline-block; font-size: 15px; font-weight: 600; margin: 0; text-decoration: none;" target="_blank">Register for Cardcon</a></td></tr></tbody></table></td></tr></tbody></table><h1 id="closing-the-apparel-rewards-gap" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Closing the Apparel Rewards Gap</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Gap, Inc., owner of brands including Gap, Banana Republic, Old Navy, and Athleta, <a href="https://www.cardsftw.com/r/ccd075fc?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> a revamped rewards program, &#x201C;Encore,&#x201D; and a new co-brand credit card in partnership with Barclaycard.&#xA0;</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/gap-encore-card.png" class="kg-image" alt="Silvery-white credit card with the word &quot;encore&quot; in the middle and a small Gap logo in the bottom left corner." loading="lazy" width="600" height="378" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">Jean Styles (could be a real name!)</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The new <a href="https://www.cardsftw.com/r/c309e074?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Gap Encore Mastercard&#xAE;</u></a> (also available in World and World Elite levels) is a no-annual-fee offering that rewards loyal Gap buyers with 5 points per dollar at the Gap family of brands, and also 3 points per dollar at other apparel stores.&#xA0;</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Rewarding folks for purchases in your category, but outside your brand, is a rare move and one I applaud. It&#x2019;s foolish to believe that your loyal users are so loyal that they exclude other brands. Sure, you may love Banana Republic. But you may also like J. Crew! With this card, when you shop at a competitive brand, you earn points that you can only spend at Gap stores, which rewards you and brings you back for an encore, shall we say.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The terms on this card are confusing, because I understand that Encore points are not worth much. Base earnings are 5 points per dollar for the Mastercard, 10 points for World or World Elite. Non-Gap Apparel is 15 points for every dollar spent (US only), and Gap purchases are 25 points per dollar. I really had to dig through <a href="https://www.cardsftw.com/r/8a672686?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>the terms</u></a> on this one. I prefer a 1 point is equal to about $0.01 structure, but the 3x/5x boosts generally apply, although if you&#x2019;re a World/World Elite cardholder, it&#x2019;s more like 1.5x and 2.5x. Weird. Complicated. Fan of the category boost. Not a fan of the complexity. I find it to be a gap in the product design. (ok, now I&#x2019;m done.)</p><h1 id="capital-one-discover-network-credit-cards" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Capital One Discover Network Credit Cards</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In<em> </em><a href="https://www.cardsftw.com/r/a68e2265?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>CardsFTW #181: Discover Network Challenges</u></em></a>, I discussed that Capital One was starting the migration of its debit card portfolio from Mastercard to Discover. Well, <a href="https://www.cardsftw.com/r/97f904f3?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>new online benefits guides</u></a> (tip of the hat to the Reddit crowd) list all the big Capital One consumer cards on the Discover Network:</p><ul style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: disc; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color:#15212A;">Venture on Discover Network</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">VentureOne on Discover Network</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Savor on Discover Network</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">SavorOne on Discover Network</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Quicksilver on Discover Network</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">QuicksilverOne on Discover Network</li></ul><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">In a statement to financial news site <a href="https://www.cardsftw.com/r/269b6d0a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>The Street</u></em></a>, Capital One said:</p><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0; color: #15212A;">We have started originating select Capital One credit card accounts on Capital One&#x2019;s Discover Network. This is an important step forward in our journey to continue offering compelling products to customers, while accelerating scale and investment in the Discover Network and enhancing competition in the global payments industry. As we continue to integrate Discover with Capital One, we remain focused on delivering long-term value to consumers, merchants, and small businesses.</p></blockquote><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I think Capital One will continue to issue cards on Visa and Mastercard, as it currently does, but will expand into Discover as much as possible. Why not? The economics and control are compelling. With Capital One&#x2019;s backing, there is no reason that Discover Network won&#x2019;t grow its market share. Acceptance in the U.S. is on par with the other networks, and this shift will encourage further merchant engagement.</p><div></div><h1 id="united%C2%AE-mileageplus%C2%AE-neo-world-elite%C2%AE-mastercard-launches" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">United&#xAE; Mileageplus&#xAE; Neo World Elite&#xAE; Mastercard Launches</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Last week, just as <a href="https://www.cardsftw.com/r/90eeaa97?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>&#xA0;CardsFTW #193: United Demands Your Loyalty</u></em></a> was published, <a href="https://www.cardsftw.com/r/d833b27c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Neo Financial</u></a>, the fast-growing Canadian fintech card issuer, <a href="https://www.cardsftw.com/r/ae1cada9?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>announced</u></a> the launch of United Airlines&#39; new co-brand credit card for Canadian residents, aligning with their focus on cards for U.S. customers.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Details are sparse on specific rewards, but the new card has a waitlist with a 5,000-point bonus, promises accelerated spend on United and Star Alliance airlines, and will launch next month. I&#x2019;ll be on the lookout, although I won&#x2019;t be able to apply. (Maybe I can convince my Canadian cousins to try it.)</p><div class="kg-card kg-image-card kg-card-hascaption" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/03/united-neo-card.png" class="kg-image" alt="Five blue credit cards featuring the United Airlines logo, the Neo logo and the Mastercard logo arrange in a star shape." loading="lazy" width="600" height="600" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width:auto;"><div class="kg-card-figcaption" style="text-align: center; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; padding-top: 10px; padding-bottom: 10px; line-height: 1.5em; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px;"><span style="text-align: center; white-space: pre-wrap;">It&#39;s the Star Alliance logo, but made of cards. Get it?</span></div></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">What stands out to me about this launch is the continued expansion of fintech companies into larger and larger cobrand partners. Here in the U.S., companies like Cardless and Imprint have scored wins with foreign airlines. Now, Neo is scoring a similar win with a foreign (to them) airline for a non-bank sponsored program. Along with Canadian fintech <a href="https://www.cardsftw.com/r/5107c8ad?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Brim</u></a>, which issues the <a href="https://www.cardsftw.com/r/b3b52a96?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Air France KLM World Elite Mastercard&#xAE;</u></a>, Canada now has two fintech issuers standing where traditional banks used to win.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Brim operates programs in the U.S. as well, and I expect Neo may come here at some point. It is harder here in the U.S., where fintech programs need a sponsoring partner bank and cannot be direct network members.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Either way, it&#x2019;s another win for fast-moving and innovative fintech providers. As these companies grow, we will see programs move away from traditional banks in search of better experiences.</p><h1 id="cardsftw" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">CardsFTW</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><a href="https://www.cardsftw.com/r/6d8bf695?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/0bd50d1c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/0dd1b1c9?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/3ad3d15a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td class="feedback-buttons-container" dir="ltr" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 32px 0 24px; border-bottom: 1px solid #e0e7eb; text-align: center; background-color: #ffffff;" valign="top" bgcolor="#ffffff"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; 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font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Less like this</p> </a> </td> <td dir="ltr" valign="top" align="center" style="font-size: 18px; color: #15212A; display: inline-block; vertical-align: top; font-family: inherit; text-align: center; padding: 0 4px 4px; cursor: pointer; width: 30%;" width="30%"> <a href="https://www.cardsftw.com/r/d20fa3bd?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" target="_blank" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;"> <img src="https://static.ghost.org/v5.0.0/images/comment-mobile.png" border="0" width="42" height="42" alt="Comment" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; vertical-align: middle;"> <p class="feedback-button-text" style="display: inline-block; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="latest-posts-container" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 24px 0; border-bottom: 1px solid #e0e7eb;" valign="top"> <h3 class="latest-posts-header" style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; margin: 0; padding: 8px 0 8px; color: #15212A; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 13px; font-weight: 600; text-transform: uppercase;">Keep reading</h3> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/d36c104b?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #193: United Demands Your Loyalty</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/8259b34c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, more on BofA rewards and merchant steering research</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/8198140d?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #192: Everybody Focus on Cards!</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/0cd5c370?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, Cards 101 and Infrastructure</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/706aa1ec?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #191: It&#x2019;s the Dawning of the Age of Migration</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/00ef2135?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, Inspire, Shield, Slate, and more</a> </p> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 600; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger steeves</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">zdcrjicyoldnafoj@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 1 November 2025</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-size: 15px; font-weight: 400; text-align: right; line-height: 1.45em; vertical-align: bottom;"> <a href="https://www.cardsftw.com/#/portal/account" style="overflow-wrap: anywhere; text-decoration: underline; color: #F9A60D;" target="_blank"> Manage subscription</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-top: 40px; padding-bottom: 30px;"> <tr><td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2026 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d&key=b2468bdc4e76e0c875b581046940e1a8edb1c61ebbe0ca4a76efe3ad88d01261&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszktuAyEMANDThF1GNn8WPozBJpl0EiSGNmpPX6nq8u2ekMvoQjBKmJKNwSMWo0_ej-suFAvnrNY7i5ActMixK8di7iTQQT1KwshBseVog62l56KalKvZyYKN4MBjCQHL1pNqaZCgapfE9eLhedsaTzn7em9tPM2kH2nzsbfvcciL-3hcPLz0fR66ls5tDtFhFt3u41zXv6ZZVD-Pj398kf0NAAD__6v0QRY"></body> </html>
  14. CardsFTW #193: United Demands Your Loyalty

    Wed, 25 Feb 2026 17:00:43 -0000

    <!doctype html> <html> <head> <meta name="viewport" content="width=device-width"> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"> <!--[if mso]><xml><o:OfficeDocumentSettings><o:PixelsPerInch>96</o:PixelsPerInch><o:AllowPNG/></o:OfficeDocumentSettings></xml><![endif]--> <title>CardsFTW #193: United Demands Your Loyalty</title> <style> .post-title-link { display: block; margin-top: 32px; color: #15212A; text-align: center; line-height: 1.1em; } .post-title-link-left { text-align: left; } .view-online-link { word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline !important; } .kg-nft-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; font-size: 14px; line-height: 1.3em; padding-top: 4px; padding-right: 20px; padding-left: 20px; padding-bottom: 4px; } .kg-twitter-link { display: block; text-decoration: none !important; color: #15212A !important; font-family: inherit !important; 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} table.body .kg-cta-minimal .kg-cta-content-inner { display: inline-block !important; width: 100% !important; padding: 0 !important; } table.body .kg-cta-minimal img.kg-cta-image { width: 52px !important; height: 52px !important; } } @media all { .subscription-details p.hidden { display: none !important; } .ExternalClass { width: 100%; } .ExternalClass, .ExternalClass p, .ExternalClass span, .ExternalClass font, .ExternalClass td, .ExternalClass div { line-height: 100%; } .apple-link a { color: inherit !important; font-family: inherit !important; font-size: inherit !important; font-weight: inherit !important; line-height: inherit !important; text-decoration: none !important; } #MessageViewBody a { color: inherit; text-decoration: none; font-size: inherit; font-family: inherit; font-weight: inherit; line-height: inherit; } } </style> <!--[if mso]> <style type="text/css"> ul, ol { margin-left: 1.5em !important; } </style> <![endif]--> </head> <body data-testid="email-preview-body" style="background-color: #fff; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; -webkit-font-smoothing: antialiased; font-size: 18px; line-height: 0; margin: 0; padding: 0; -ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; color: #15212A;"> <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">Plus, more on BofA rewards and merchant steering research</span> <!-- SPACING TO AVOID BODY TEXT BEING DUPLICATED IN PREVIEW TEXT --> <div style="display:none; max-height:0; overflow:hidden; mso-hide: all;" aria-hidden="true" role="presentation"> &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; &#x2007;&#x34F; 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mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td style="vertical-align: top; font-family: Georgia, serif; letter-spacing: -0.01em; font-size: 36px; line-height: 1.1; font-weight: 700; text-align: center; color: #000000;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/c7878998?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="post-title-link" style="text-decoration: none; display: block; margin-top: 32px; text-align: center; line-height: 1.1em; overflow-wrap: anywhere; color: #000000;" target="_blank">CardsFTW #193: United Demands Your Loyalty</a> </td> </tr> </table> </td> </tr> <tr> <td class="post-excerpt-wrapper" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%; max-width: 600px;" width="100%" valign="top"> <p class="post-excerpt post-excerpt-no-feature-image post-excerpt-serif-sans" style="margin: 0; color: #15212A; line-height: 1.4em; text-align: center; padding-bottom: 32px; font-size: 20px; font-family: Georgia, serif;">Plus, more on BofA rewards and merchant steering research</p> </td> </tr> <tr> <td width="100%" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial,sans-serif; font-size: 18px; vertical-align: top; color: #15212A; width: 100%;" align="center" valign="top"> <table class="post-meta-wrapper" role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-bottom: 32px;"> <tr> <td height="20" class="post-meta post-meta-center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; padding: 0;" valign="top" align="center"> By Matthew Goldman &#x2022; <span class="post-meta-date" style="white-space: nowrap;">25 Feb 2026 </span> </td> <td class="post-meta post-meta-center view-online desktop" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; display: none;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/6ae3dcdb?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="view-online-link" style="word-wrap: none; white-space: nowrap; color: #15212a; color: rgba(0, 0, 0, 0.6); overflow-wrap: anywhere; text-decoration: underline;" target="_blank">View in browser</a> </td> </tr> <tr class="post-meta post-meta-center view-online-mobile" style="color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center;" align="center"> <td height="20" class="view-online" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); font-size: 13px; font-weight: 400; text-align: center; text-decoration: underline;" valign="top" align="center"> <a href="https://www.cardsftw.com/r/5ed38989?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" class="view-online-link" style="word-wrap: none; 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mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr class="post-content-row"> <td class="post-content-sans-serif" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; font-size: 17px; line-height: 1.5em; color: #15212A; padding-bottom: 20px; border-bottom: 1px solid #e0e7eb; max-width: 600px;" valign="top"> <!-- POST CONTENT START --> <div class="kg-card kg-callout-card kg-callout-card-blue" style="display: flex; margin: 0 0 1.5em 0; padding: 24px; border-radius: 8px; background: #E9F6FB;"><div class="kg-callout-emoji" style="padding-right: 12px; font-size: 20px;">&#x1F64F;</div><div class="kg-callout-text" style="color: inherit;">CardsFTW is made possible in part by our paid subscribers. If you&#x2019;re one of them, thank you. If you&#x2019;re not, please consider supporting CardsFTW (who knows, maybe you can expense it!)</div></div><h1 id="united-really-insists-you-get-a-mileageplus-card" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">United Really Insists You Get a MileagePlus Card</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">It&#x2019;s been 40 years since the debut of co-brand airline rewards credit cards. United Airlines Mileage Plus First Card (a Visa card issued by First Chicago Corp.) debuted in 1986. With an annual fee of $45 (waived for the first year), you received a $25 travel certificate for use on United or affiliate companies like Westin, Hilton, and Hertz.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Today&#x2019;s cards are both effectively the same and yet so much more complicated. For consumers United offers four credit cards, plus a debit card.&#xA0;</p><div class="kg-card kg-image-card" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/02/CardsFTW--193-1.png" class="kg-image" alt loading="lazy" width="600" height="418" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">United no longer wants to simply incentivize you to get a card; they&#x2019;re going to start punishing you for not having one. Instead of simplifying earning bonus points when you make flight purchases with your credit card, the actual mileage earning rates when you fly will vary based on both your status with the airline and whether or not you have a United co-brand card.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">At its most basic level, with economy fares, non-cardholders won&#x2019;t earn miles. At all. Cardmembers will earn 3 miles per dollar. For regular fares, non-cardholders will earn 3 miles per dollar and cardmembers will earn 6 miles. This 3 mile per dollar differential persists across all tiers of status (topping out at 12 miles per dollar for Premier 1K status cardmembers).</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I suppose it makes sense: they are <strong style="font-weight: 700;">loyalty</strong> cards, so you better damn well prove your loyalty. I suspect we&#x2019;ll see other airlines do this too, meaning that folks who are price or route sensitive will either need to a) turn into me and carry a lot of cards, or b) stop earning miles.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">I don&#x2019;t fly United, or generally fly enough anymore to care about all of this, but wow, this feels like a hardline position to me.</p><h1 id="bank-of-america-rewards-changes" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Bank of America Rewards Changes</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Last week I covered rumored upcoming changes to the Bank of America loyalty program. <a href="https://www.cardsftw.com/r/08d6078a?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>They have arrived.</u></a></p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The big change is that any BofA checking account client now qualifies for rewards. An additional tier was also introduced, pushing the most lucrative rewards only to the wealthy with more than $1 million in assets at Bank of America and Merrill. Thousands of mass affluent BofA/Merrill users with more than $100,000, but less than $1,000,000 are saying goodbye to their 2.625% earnings rate on the TravelRewards card. Sad.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">There are three features of this program that can be worthwhile:</p><ol style="margin: 0 0 1.5em 0; line-height: 1.6em; padding-left: 1.3em; padding-right: 1.5em; list-style: decimal; max-width: 100%;"><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Bonuses on credit card rewards</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Discounts on loans</li><li style="margin: 0.5em 0; padding-left: 0.3em; line-height: 1.6em; color: #15212A;">Waivers of checking account fees</li></ol><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">All of the other stuff, like automotive savings, access to sporting events, etc. are benefits that seem both challenging to redeem for and not great deals. One time I tried to see if buying a car through BofA was a good deal. It was not.</p><div></div><h1 id="merchant-steering" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">Merchant Steering</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Merchant steering, which is when merchants try to push consumers to use one payment device (e.g., cash) over another (e.g., a credit card), is back in the academic news with a new working paper, &#x201C;<a href="https://www.cardsftw.com/r/01c04d3f?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Merchant Steering of Consumer Payment Choice</u></a>&#x201D; by Claire Greene, Oz Shy, and Joanna Stavins of The Federal Reserve Bank of Atlanta. Frequent readers know I&#x2019;m a bit obsessed with discussing credit card surcharging and merchant steering. My high-level take? Consumers hate steering in the form of credit card surcharges. Sure, they will sometimes be swayed, and other times pick new merchants, but paying a few more cents per gallon for gas or dollars for high-end purchases does not drive consumers to change payment methods.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The diverging interests of merchants and consumers is evident. While surcharges (or its twin, cash discounting) is on the rise:&#xA0;</p><div class="kg-card kg-image-card" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/02/data-src-image-3657a84e-c8f8-4299-86f9-979a929b6544.png" class="kg-image" alt loading="lazy" width="600" height="467" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">People prefer credit cards for in-person payments at an increased rate:</p><div class="kg-card kg-image-card" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/02/data-src-image-c1fe906f-8290-4895-a36f-efd142a4ad52.png" class="kg-image" alt loading="lazy" width="600" height="434" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">The share of merchants who are cashless (&#x201C;card only&#x201D;) is growing (7% of all merchants).</p><div class="kg-card kg-image-card" style="margin: 0 0 1.5em; padding: 0;"><img src="https://www.cardsftw.com/content/images/2026/02/Fig-3-Cash-Acceptance.png" class="kg-image" alt loading="lazy" width="600" height="487" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; display: block; margin: 0 auto; height: auto; width: auto;"></div><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">Merchants will continue to want to steer payment selection, but to quote the paper:</p><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0; color: #15212A;">We find that consumers make most payments with their preferred method.</p></blockquote><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">and</p><blockquote style="margin: 0; padding: 0; border-left: #F9A60D 2px solid; font-size: 17px; font-weight: 500; line-height: 1.6em; letter-spacing: -0.2px;"><p style="line-height: 1.6em; margin: 2em 25px; font-size: 1em; padding: 0; color: #15212A;">Discounts oncash purchases do not affect the probability of consumers deviating from using cards and paying with cash.</p></blockquote><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;">So, basically, good luck steering people. I still don&#x2019;t understand merchants who seem to feel that all of the extra communication and friction of saying to their customers &#x201C;pay me a different way&#x201D; is worth it, but I guess they do. In the end, they are still sending dollars to the card networks and probably just annoying folks. (shrug)</p><h1 id="cardsftw" style="margin-top: 0; line-height: 1.11em; font-weight: 700; text-rendering: optimizeLegibility; margin: 1.5em 0 0.5em 0; font-size: 42px; font-family: Georgia, serif; letter-spacing: -0.01em; color: #15212A;">CardsFTW</h1><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><a href="https://www.cardsftw.com/r/1e5f426b?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>CardsFTW</u></a>, released weekly on Wednesdays, offers insights and analysis on new credit and debit card industry products for consumers and providers. CardsFTW is authored and published by Matthew Goldman and the team at <a href="https://www.cardsftw.com/r/633bf635?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>Totavi</u></a>, a boutique consulting firm specializing in fintech product management &amp; marketing. We bring real operational experience that varies from the earliest days of a startup to high-growth phases and public company leadership. Visit <a href="https://www.cardsftw.com/r/1ee9dc26?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><u>www.totavi.com</u></a> to learn more.</p><p style="margin: 0 0 1.5em 0; line-height: 1.6em; color: #15212A;"><em>Interested in reaching our audience? </em><a href="https://www.cardsftw.com/r/708fba5c?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; color: #F9A60D; text-decoration: underline;" target="_blank"><em><u>You can sponsor CardsFTW.</u></em></a></p> <!-- POST CONTENT END --> </td> </tr> </table> </td> </tr> <!-- END MAIN CONTENT AREA --> <tr> <td class="feedback-buttons-container" dir="ltr" width="100%" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 32px 0 24px; border-bottom: 1px solid #e0e7eb; text-align: center; background-color: #ffffff;" valign="top" bgcolor="#ffffff"> <table class="feedback-buttons" role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; 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color: #15212A; font-weight: 500; margin: 1em 0 0 0; line-height: 1.4em; word-break: break-word; font-size: 13px;">Comment</p> </a> </td> </tr> </table> </td> </tr> <tr> <td class="latest-posts-container" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 24px 0; border-bottom: 1px solid #e0e7eb;" valign="top"> <h3 class="latest-posts-header" style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; margin: 0; padding: 8px 0 8px; color: #15212A; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 13px; font-weight: 600; text-transform: uppercase;">Keep reading</h3> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; 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font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/ed74cc3f?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #191: It&#x2019;s the Dawning of the Age of Migration</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/d13cb63d?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, Inspire, Shield, Slate, and more</a> </p> </td> </tr> </table> </td> </tr> </table> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td class="latest-post" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding: 16px 0; max-width: 600px;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;" width="100%"> <tr> <td valign="top" align="left" class="latest-post-title" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; padding-right: 12px;"> <h4 class style="margin-top: 0; text-rendering: optimizeLegibility; line-height: 1.2em; font-family: Georgia, serif; letter-spacing: -0.01em; margin: 0; padding: 2px 0 4px; font-size: 18px; font-weight: 700; color: #15212A;"> <a href="https://www.cardsftw.com/r/e16b071b?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">CardsFTW #190: Goodbye, Pay by Palm</a> </h4> <p class="latest-post-excerpt" style="line-height: 1.6em; margin: 0; padding: 0; font-size: 15px; font-weight: 400; color: #15212a; color: rgba(0, 0, 0, 0.6);"> <a href="https://www.cardsftw.com/r/119baaf8?m=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d" style="overflow-wrap: anywhere; text-decoration: none; color: #15212a; color: rgba(0, 0, 0, 0.6);" target="_blank">Plus, BILT 2.0, StellarFi Launch, and more</a> </p> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td class="subscription-box" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; padding: 32px 0; border-bottom: 1px solid #e0e7eb; color: #15212A;" valign="top"> <h3 style="margin-top: 0; line-height: 1.11em; text-rendering: optimizeLegibility; letter-spacing: -0.01em; font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 600; text-transform: uppercase; margin: 0 0 18px;">Subscription details</h3> <p style="margin: 0 0 1.5em 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; margin-bottom: 16px; color: #15212A;"> <span>You are receiving this because you are a <strong style="font-weight: 700;">free subscriber</strong> to CardsFTW.</span> </p> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%;"> <tr> <td class="subscription-details" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top"> <p class="" style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Name: roger steeves</p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Email: <a href="#" style="overflow-wrap: anywhere; text-decoration: none; color: #15212A;" target="_blank">zdcrjicyoldnafoj@newsletter.rodeo</a></p> <p style="margin: 0 0 1.5em 0; margin-bottom: 0; font-size: 15px; font-weight: 400; line-height: 1.45em; text-decoration: none; color: #15212A;">Member since: 1 November 2025</p> </td> <td align="right" valign="bottom" class="manage-subscription" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; color: #15212A; font-size: 15px; font-weight: 400; text-align: right; line-height: 1.45em; vertical-align: bottom;"> <a href="https://www.cardsftw.com/#/portal/account" style="overflow-wrap: anywhere; text-decoration: underline; color: #F9A60D;" target="_blank"> Manage subscription</a> </td> </tr> </table> </td> </tr> <tr> <td class="wrapper" align="center" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; box-sizing: border-box;" valign="top"> <table role="presentation" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: separate; mso-table-lspace: 0pt; mso-table-rspace: 0pt; width: 100%; padding-top: 40px; padding-bottom: 30px;"> <tr><td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center"><p dir="ltr" style="margin: 0 0 1.5em 0; line-height: 1.6em;"><span>Totavi, LLC,&#xA0;2108&#xA0;N St., Ste. N,&#xA0;Sacramento, CA 95816</span></p></td></tr> <tr> <td class="footer" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; vertical-align: top; color: #15212a; color: rgba(0, 0, 0, 0.6); margin-top: 20px; text-align: center; padding-bottom: 10px; padding-top: 10px; padding-left: 30px; padding-right: 30px; line-height: 1.5em; font-size: 13px;" valign="top" align="center">CardsFTW &#xA9; 2026 &#x2013; <a href="https://www.cardsftw.com/unsubscribe/?uuid=318fd8e9-e0b4-4efa-ba53-2ef32cdc485d&key=b2468bdc4e76e0c875b581046940e1a8edb1c61ebbe0ca4a76efe3ad88d01261&newsletter=4537ad55-eebc-4678-b2bf-fd6731d3805e" style="overflow-wrap: anywhere; color: #15212a; color: rgba(0, 0, 0, 0.6); text-decoration: underline; font-size: 13px;" target="_blank">Unsubscribe</a></td> </tr> <tr> <td class="footer-powered" style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A; text-align: center; padding-top: 70px; padding-bottom: 40px;" valign="top" align="center"><a href="https://ghost.org/?via=pbg-newsletter&amp;ref=cardsftw.com" style="color: #F9A60D; text-decoration: none; overflow-wrap: anywhere;" target="_blank"><img src="https://static.ghost.org/v4.0.0/images/powered.png" border="0" width="142" height="30" class="gh-powered" alt="Powered by Ghost" style="border: none; -ms-interpolation-mode: bicubic; max-width: 100%; width: 142px; height: 30px;"></a></td> </tr> </table> </td> </tr> </table> <!-- END CENTERED WHITE CONTAINER --> </div> </td> <td style="font-family: -apple-system, BlinkMacSystemFont, Roboto, Helvetica, Arial, sans-serif; font-size: 18px; vertical-align: top; color: #15212A;" valign="top">&#xA0;</td> </tr> <!--[if mso]> </table> </center> </td> </tr> <![endif]--> </table> <img width="1" height="1" alt="" src="https://email.mg.cardsftw.com/o/eJwszktuwyAQANDThF2s-cAACw6DGUic2kHCtFZ7-kpVl2_3NHFAds7UhN4TcAjsTT3ytt83TRJjo7wiE4JnKJKlqffOPFPI0FAFQySp6FeUSISolh0B52K2REACRA49ALvFC1oRyKxu5WjpZuF4LCUPPdu8ltIPM9KPlvHaynff9Z1bf90svOt17nXOOpbRtXYz0_q5f9z_lmamx7Of819fiX4DAAD__4fxPn0"></body> </html>
  15. Canadian Fintech Affiliate: New bank who dis?

    Tue, 09 Dec 2025 15:46:18 -0000

    <html style="scrollbar-width: thin;scrollbar-color: rgb(219,219,219)rgb(255,255,255);"><head><meta charset="utf-8"><title>Canadian Fintech Affiliate: New bank who dis?</title><style> @media (max-width: 1024px) { .typography .pullquote-align-left, .typography.editor .pullquote-align-left, .typography .pullquote-align-right, .typography.editor .pullquote-align-right, .typography .pullquote-align-wide, .typography.editor .pullquote-align-wide, .typography .pullquote-align-center, .typography.editor .pullquote-align-center { float: none; margin: 0 auto; width: 100%; max-width: 100%; } } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .typography .markup table.image-wrapper img, .typography.editor .markup table.image-wrapper img, .typography .markup table.kindle-wrapper img, .typography.editor .markup table.kindle-wrapper img { max-width: 550px; } } @media (min-width: 1024px) { .typography:not(:has(#toc)) .captioned-image-container figure:has(> 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src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUxMjA5MTU0NjA5LjMuMmZhMzZlZWNmY2FkNGJkNUBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6NDEwMTc3MDU3LCJyIjoid2NnMm5yeXQ0dHVhZ3dvNEBuZXdzbGV0dGVyLnJvZGVvIiwiZCI6Im1nLWQwLnN1YnN0YWNrLmNvbSIsInAiOjE4MTEwNTU0NiwidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjoyMDc5MDA2LCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNzY1Mjk1MTc0LCJleHAiOjE3Njc4ODcxNzQsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.3F8ZTjYQ9mSFdARB7FZtXsUfS2zUm37SkiveLCbjLvE" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">Questbank coming soon, Wealthsimple is Goldmember, EQ matches with PC Financial &amp; our interview with Jean-Maximilien Voisine, founder of Milesopedia.</div><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; 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href="https://substack.com/app-link/post?publication_id=2079006&post_id=181105546&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=6s7in5&token=eyJ1c2VyX2lkIjo0MTAxNzcwNTcsInBvc3RfaWQiOjE4MTEwNTU0NiwiaWF0IjoxNzY1Mjk1MTc0LCJleHAiOjE3Njc4ODcxNzQsImlzcyI6InB1Yi0yMDc5MDA2Iiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.xTH5uLDbw3qki-nrUc9bgZkEm8nAaUSFyJSH3I2M7Rg" style="color: rgb(54,55,55);text-decoration: none;">Canadian Fintech Affiliate: New bank who dis?</a></h1><h3 class="subtitle subtitle-HEEcLo" dir="auto" style="direction: auto;text-align: start;unicode-bidi: isolate;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;">Questbank coming soon, Wealthsimple is Goldmember, EQ matches with PC Financial &amp; our interview with Jean-Maximilien Voisine, founder of Milesopedia. </h3><table class="post-meta" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0" style="margin: 1em 0;height: 20px;align-items: center;"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><a class="pencraft pc-reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;color: rgb(54,55,55);margin: 0;font-size: 11px;line-height: 20px;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;text-decoration: none" href="https://substack.com/@cameronmillband">Cameron Millband</a></div></td></tr></tbody></table></td></tr><tr><td><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><div class="pencraft pc-reset color-secondary-ls1g8s line-height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style="list-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(119,119,119);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: uppercase;letter-spacing: .2px;"><time datetime="2025-12-09T15:46:13.314Z">Dec 9</time></div></td></tr></tbody></table></td></tr></tbody></table></td><td align="right"><table role="presentation" width="auto" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="vertical-align:middle;"><a href="https://substack.com/@cameronmillband"><img class="custom-css-email-avatar avatar-QIQ5yR" 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src="https://substackcdn.com/image/fetch/$s_!ET-_!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width="18" height="18" style="min-width: 18px;min-height: 18px;border: none;vertical-align: middle;margin-right: 0;margin-left: 0;max-width: 18px" alt=""></a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr height="16"><td height="16" style="font-size:0px;line-height:0;">&nbsp;</td></tr></tbody></table></div></div><div class="post typography" dir="auto" style="--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-height: 26px;"><div class="body markup" dir="auto" style="text-align: initial;font-size: 16px;line-height: 26px;width: 100%;word-break: break-word;margin-bottom: 16px;"><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;margin-top: 0;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="310" style="text-align: center;"><a class="image-link" target="_blank" href="https://substack.com/redirect/04e4af1d-9dfd-448d-b9f7-98ffdb481d0b?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;margin-top: 0;margin-bottom: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e28ee8b8-b925-4185-917b-9f45b69b33f7_1000x400.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:400,&quot;width&quot;:1000,&quot;resizeWidth&quot;:310,&quot;bytes&quot;:127102,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="310" height="124" src="https://substackcdn.com/image/fetch/$s_!aQiR!,w_310,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe28ee8b8-b925-4185-917b-9f45b69b33f7_1000x400.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table></figure></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Morning! </p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Welcome to the </span><strong>Canadian Fintech Affiliate </strong><span>newsletter, a monthly roundup of industry news, offer updates and conferences worth attending for Canadian affiliate marketers. </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>In today&#8217;s email:</strong></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>What&#8217;s trending</strong><span>: </span><a href="https://substack.com/redirect/ba2a8141-1140-4fde-a2d5-4ba2e2c37962?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Questrade becomes a bank</a><span>, </span><a href="https://substack.com/redirect/2e5eccfe-fd89-4ff4-9c37-501e56aaf539?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Wealthsimple ships new features</a><span>, </span><a href="https://substack.com/redirect/5c36d4c4-c731-47c8-a45e-870bc27f70eb?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">EQ acquires PC Financial</a><span>, </span><a href="https://substack.com/redirect/c197cc3f-ff05-4d64-b787-f67f6e78fcaf?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Laurentian is sold off</a><span> to Fairstone and National Bank</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Interview </strong><span>with</span><strong> </strong><span>Jean-Maximilien Voisine, founder of Milesopedia</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Best conferences</strong><span> to attend this winter</span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Jobs: </strong><span>Roles at </span><a href="https://substack.com/redirect/aa747ed4-3c82-4d96-b8fa-e548d480b5f8?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fintel Connect</a><span>, </span><a href="https://substack.com/redirect/66cbfb38-9ec9-4690-942d-1b7f3bc89de8?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Pet Lab Co</a><span>, </span><a href="https://substack.com/redirect/a9cf3ea3-7d00-4934-84c2-3d8c72c3f490?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Embark</a><span> and </span><a href="https://substack.com/redirect/e617b5b6-20f5-4469-82c1-ed18ac7a8adc?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">10+ others</a><span>.</span></p></li></ul><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Today&#8217;s reading time is </span><strong>6 minutes.</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Opinions expressed are my own*</p><div class="subscription-widget-wrap" style="font-size: 16px;line-height: 26px;"><div class="subscription-widget show-subscribe" style="font-size: 16px;direction: ltr !important;font-weight: 400;text-decoration: none;font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';color: #363737;line-height: 1.5;max-width: 560px;margin: 24px auto;align-items: flex-start;display: block;text-align: center;padding: 0px 32px;"><div class="preamble" style="margin-top: 16px;font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-size: 18px;max-width: 384px;width: fit-content;line-height: 22px;display: flex;align-items: center;text-align: center;font-weight: 400;margin-left: auto;margin-right: auto;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Join 279 subscribers from companies like</strong> <strong>Google, TD and Nerdwallet</strong>. Subscribe now to get the latest insights in your inbox. </p></div><div class="subscribe-widget is-signed-up" data-component-name="SubscribeWidget" style="margin: 0 0 1em;direction: ltr;font-size: 16px;line-height: 26px;"><div class="pencraft pc-reset button-wrapper" style="text-decoration: unset;list-style: none;font-size: 16px;line-height: 26px;text-align: center;cursor: pointer;border-radius: 4px;"><a class="button subscribe-btn primary" href="https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jYW1lcm9ubWlsbGJhbmQuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPXBvc3QmdXRtX2NhbXBhaWduPWVtYWlsLWNoZWNrb3V0Jm5leHQ9aHR0cHMlM0ElMkYlMkZjYW1lcm9ubWlsbGJhbmQuc3Vic3RhY2suY29tJTJGcCUyRmNhbmFkaWFuLWZpbnRlY2gtYWZmaWxpYXRlLW5ldy1iYW5rJnI9NnM3aW41IiwicCI6MTgxMTA1NTQ2LCJzIjoyMDc5MDA2LCJmIjp0cnVlLCJ1Ijo0MTAxNzcwNTcsImlhdCI6MTc2NTI5NTE3NCwiZXhwIjoyMDgwODcxMTc0LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.88QlhVlEssi4kMKIzU8A3nl6UbZj6iz5ofuzFCUvVtc?&utm_medium=email&utm_source=subscribe-widget-preamble&utm_content=181105546" style="font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;cursor: pointer;border: none;border-radius: 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align: center;opacity: 1;outline: none;white-space: nowrap;text-decoration: none !important;margin: 0 auto;background-color: #45D800;color: #ffffff !important;padding: 12px 20px;height: auto;"><span style="color: #ffffff;text-decoration: none;">Pledge your support</span></a></div></div></div></div><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><blockquote style="border-left: 4px solid #45D800;margin: 20px 0;padding: 0;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);margin-left: 20px;line-height: 26px;font-size: 16px;"><strong>Affiliate Tip</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);margin-left: 20px;line-height: 26px;font-size: 16px;">Don&#8217;t discount the role relationships play in affiliate marketing. Affiliates are taking a risk in sending traffic to untested landing pages and trusting they will get paid (on time) by advertisers only after users convert. As an advertiser you need to build trust and fast. </p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);margin-left: 20px;line-height: 26px;font-size: 16px;">An quick way to do this it by being &#8216;easy&#8217; to work with. If an advertiser is making constant requests, not being flexible and ultimately delaying the initial launch, affiliates may cut their losses and move on. </p><div style="margin-left: 20px;font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div></blockquote><h3 class="header-anchor-post" style="position: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.375em;"><strong>&#129297; </strong><span>What&#8217;s Trending</span></h3><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Lots to cover, here we go.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Questbank coming 2026</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>With Questrade becoming a </span><a href="https://substack.com/redirect/2d5ef02e-dc9a-4941-84db-a76caee70c30?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">schedule I bank</a><span> they are expected to release a new suite of banking products, including chequing and savings accounts, credit cards and loan products in 2026. </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Publishers should expect more competition in unsecured credit cards in 2026 ;)</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">For affiliates, this is exciting news. With Questrade on Impact, expect them to roll out more offers on the platform as they get released. Hopefully, this new release will allow them to build out their events tracking attribution in Impact. </p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Time will tell how aggressive they&#8217;ll be in the affiliate channel. These are competitive verticals where brands have strong welcome offers/bonuses and high CPAs. </p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Wealthsimple is attracting advanced traders</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>In October, Wealthsimple had its </span><a href="https://substack.com/redirect/1c6a5fd1-234e-4bb8-9646-151613c5226d?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">second product unveiling</a><span> and announced a ton of new features, like zero-commission options contracts, lower crypto trading fees, the ability to buy and sell gold, access direct indexing, mutual fund exchange, a portfolio featuring alternative investments, loans to help maximize RRSP contributions, and artificial intelligence (AI) stock research tools. </span></p><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="487" style="text-align: center;"><a class="image-link" target="_blank" href="https://substack.com/redirect/a47a1de5-f06e-4e1e-ac6d-090e872e15fd?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/300a3c7c-f95e-48ce-a93a-55846a1a5b10_487x327.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:327,&quot;width&quot;:487,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:270037,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://cameronmillband.substack.com/i/181105546?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F300a3c7c-f95e-48ce-a93a-55846a1a5b10_487x327.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="487" height="327" src="https://substackcdn.com/image/fetch/$s_!y8bz!,w_487,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F300a3c7c-f95e-48ce-a93a-55846a1a5b10_487x327.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table></figure></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">These are great features for Canadian investors, but what about publishers and creators? What does it mean for them from an affiliate standpoint?</p><ol style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Increased conversion rates </p></li></ol><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">If these features make their app more desirable, it could lead to a positive increase in conversion rates. Higher conversion rates mean higher earnings per click (EPC) for affiliates, which could then incentivize them to push more traffic to WS over other partners. </p><ol start="2" style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Increase the average revenue per user (ARPU)</p></li></ol><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>With over </span><a href="https://substack.com/redirect/307a6f75-e76a-4db8-8463-6d6ae4814420?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">3 million</a><span> Canadians already using Wealthsimple, increasing the ARPU is a priority. With new features targeting more advanced trading features, they&#8217;re making a push to increase the number of trades each users makes. With their products being 0 or low fee, expanding higher margin products like crypto, options trading and gold can lead to an increase in the average revenue per user. </span><br><br><span>The higher the ARPU the higher the LTV of a user. In turn, marketing budgets will increase and CPAs for affiliate along with it. That said, with Wealthsimple currently paying $25 CPA, it has a LONG way to come before it&#8217;s remotely competitive. </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">I think WS is building an incredible suite of products and their acquisition loop is clearly working (might be the best in Canada). If they decide to invest more in building out the affiliate channel, here&#8217;s what they need to do:</p><ol style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Increase the CPA to $150 on deposit</p></li><li style="margin: 8px 0 0 32px;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Leverage Impact attribution tracking and set up events on registration, KYC, first deposit and total deposits in first 30 days of registration, add event for first trade. This gives affiliates more transparency on the quality of the users they&#8217;re sending.</p></li><li style="margin: 8px 0 0 32px;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Work with top affiliates to scale on a hybrid conversion events, meaning the publisher or creator gets paid multiple times when a user hits different milestones (events in Impact). Example could be $100 on KYC, $100 on first deposit, $50 on first options contract.</p></li></ol><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Get ready for the EQ Bank No-Fee Mastercard with PC Optimum</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>EQ Bank made a splash by </span><a href="https://substack.com/redirect/1135ce3d-4653-41dc-a2eb-ae7a209b1e18?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">acquiring PC Financial</a><span>. I&#8217;ll be honest, I have no idea if this was a good deal or not from a financial perspective. But for publishers, its good news. PC has been on the fence with affiliate acquisition over the years. They have a few relationships but it&#8217;s never been their focus. </span><br><br><span>EQ&#8217;s program is more robust. They&#8217;re live on Rakuten with attribution set up and have a dedicated affiliate manager. Expect both the </span><a href="https://substack.com/redirect/cb1bc060-1c58-4462-b735-bad902a1ae34?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">No-Fee and World Elite</a><span> cards to be added to their affiliate portfolio first, when the rebrand is complete. I&#8217;d like to see them also add bank accounts and insurance offers also.</span><br><br><span>The more offers they add, the more investment they put into the affiliate channel sends positive signals to other FIs that affiliates are a strong source of quality users. </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Laurentian is finally dead</strong><span> </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Any time an offer goes offline, regardless if it was a strong revenue driver or not, is a negative. You want brands to be successful in the channel and to continue to invest in growing with publishers to drive new customer acquisition. </span><br><br><span>What&#8217;s the direct impact on affiliates? Outside of a few niche creators, likely minimal. That said, more competition in banking is not only better for consumers but also for affiliates. </span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h3 class="header-anchor-post" style="position: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.375em;">&#127864;Conferences</h3><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Upcoming conferences worth checking out: </p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><a href="https://substack.com/redirect/cb9b1ab0-856b-4906-9c55-89a0b7c54193?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Affiliate Summit West</a><span> - Jan 12-14, 2026 | Las Vegas, US</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">One of the largest affiliate conferences in North America.</p></li></ul></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;"><a href="https://substack.com/redirect/84ea6584-05fa-4088-bc54-285abcaf95f4?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Automotive Finance Canada</a><span> - February 10th, 2026 | Toronto, Canada</span></p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">If you&#8217;re active in the auto finance space, this would be one to check out. </p></li></ul></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h3 class="header-anchor-post" style="position: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.375em;"><strong>&#128188; Affiliate Marketing Jobs</strong></h3><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Looking for a job board specifically for affiliate marketing roles in Canada? </p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Check it out &#128073; </span><a href="https://substack.com/redirect/e617b5b6-20f5-4469-82c1-ed18ac7a8adc?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">affiliate-marketing-jobs.com</a></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>See roles from </span><a href="https://substack.com/redirect/aa747ed4-3c82-4d96-b8fa-e548d480b5f8?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Fintel Connect</a><span>, </span><a href="https://substack.com/redirect/66cbfb38-9ec9-4690-942d-1b7f3bc89de8?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Pet Lab Co</a><span>, </span><a href="https://substack.com/redirect/a9cf3ea3-7d00-4934-84c2-3d8c72c3f490?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Embark</a><span> and </span><a href="https://substack.com/redirect/e617b5b6-20f5-4469-82c1-ed18ac7a8adc?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">10+ others</a><span>.</span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>If you're hiring in the affiliate space, you can post a job for free. Get started&#128073; </span><a href="https://substack.com/redirect/3aea9903-3d41-4067-bb49-0b8b584186ab?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">here</a><span>.</span></p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><h3 class="header-anchor-post" style="position: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.375em;">&#127897;&#65039; Interview with Jean-Maximilien Voisine, founder of Milesopedia</h3><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><br><span>This month, we did something different, and I asked </span><a href="https://substack.com/redirect/a7a872ac-1806-46b6-b82f-9a24bc70abb1?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Rakesh Mistry</a><span> if he would step in for me and sit down with </span><a href="https://substack.com/redirect/d5d3e241-66a8-4204-bbcc-8b4ef7c5fcfd?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Jean-Maximilien Voisine</a><span>, founder of </span><a href="https://substack.com/redirect/0c47aa42-5edc-4564-b5e5-c7549b14bbb1?j=eyJ1IjoiNnM3aW41In0.9HALq_Rq0s3azS3LEGkmmMLHM2lZF_o9Y6riByZ66dQ" rel="" style="color: rgb(54,55,55);text-decoration: underline;">Milesopedia</a><span>, as part of our Fintech Affiliate Spotlight Series.</span></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">In this conversation, Jean-Maximilien shares how Milesopedia built credibility in a highly regulated industry, how data and authenticity have guided every partnership, and what&#8217;s next as the company embraces AI and new growth opportunities.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Here&#8217;s their conversation, edited for clarity and length. </p><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Rakesh Mistry:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">First off, congratulations on Milesopedia turning 10 and on everything you&#8217;ve achieved during that time. It&#8217;s been great to work with you and to see how far you&#8217;ve taken the brand. For those who may not know the full story, how did Milesopedia identify affiliate partnerships as a key growth lever early on, and how has the strategy evolved as the brand matured?</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Jean-Maximilien Voisine:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">At the beginning, I actually didn&#8217;t know anything about affiliate marketing. When I launched the site in 2015, it was mainly a personal blog about travel and credit cards. Shortly after the launch, Scotiabank and Fintel Connect&#8212;then ShareResults&#8212;reached out to me and explained how affiliate partnerships worked.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">I quickly saw that readers were taking action after reading our guides&#8212;they were applying for cards and booking flights. Affiliate marketing became a natural way to fund free, high-quality content, and over time it turned into one of our core pillars. </p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Even though we now have other revenue sources through strategic partnerships, affiliate marketing remains central to our model and helped us build a strong sub-affiliate network, which is now one of our key strengths in Canada.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Rakesh Mistry:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">I&#8217;ve always found it interesting how you created not just a brand but an ecosystem&#8212;Milesopedia as the anchor and the sub-affiliates supporting it. You&#8217;ve helped connect major financial institutions such as RBC, TD, and Scotiabank with your audience in a way that benefits everyone. When you&#8217;re selecting affiliate or brand partners&#8212;banks, card issuers, travel providers&#8212;what criteria or performance metrics matter most to you?</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Jean-Maximilien Voisine:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Authenticity comes first. The products must bring real value to our readers. We only promote items we&#8217;ve tested and approved ourselves.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Our team of 20 is very diverse&#8212;parents, digital nomads, students, even retirees&#8212;so between all of us, we&#8217;ve tested virtually every product on the market. That allows us to evaluate where real value lies.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">After authenticity, data drives our decisions. We look at approval rates, EPC, conversion metrics, and payout reliability&#8212;because we&#8217;re a business, and we have employees to pay. Sometimes a partner looks good on paper but isn&#8217;t a fit in practice; when that happens, we simply don&#8217;t promote them.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Rakesh Mistry:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">How do you balance your content strategy between what you want to create and what your audience is asking for?</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Jean-Maximilien Voisine:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Community feedback is the foundation of Milesopedia. We have around 40,000 members in our Facebook group, moderated by 10 volunteers who handle hundreds of questions each week.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Because of that engagement, we always know what readers care about and how they&#8217;re using their points. We hold monthly meetings with bank and travel partners&#8212;airlines, rewards programs&#8212;to share those insights.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Recently we hosted events in Toronto and Montreal where we connected executives from Air Canada Aeroplan directly with our readers. Seeing those genuine interactions reminded us why we do this.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Rakesh Mistry:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Which untapped affiliate opportunities or verticals do you see as the next big growth areas for Milesopedia?</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Jean-Maximilien Voisine</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">For Milesopedia, credit cards will always remain our core. But over the years, our banking partners have asked us to expand into related products&#8212;checking accounts, savings accounts, and other banking tools.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">The next major growth areas for us are insurance, mortgages, investment platforms, VPNs, and eSIM services.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Because Milesopedia is still largely perceived as a travel-rewards brand, we&#8217;re planning to launch a separate brand focused on personal and business finance. I can&#8217;t share the name yet, but it&#8217;s in the works.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Rakesh Mistry:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">To wrap up&#8212;if you were advising a new fintech brand entering the affiliate space today, what should they focus on first: tracking infrastructure, relationships, or content authority?</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Jean-Maximilien Voisine:</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">It&#8217;s really a combination of all three, but start with clean tracking.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">When we began, tracking wasn&#8217;t our strong point&#8212;but it&#8217;s the foundation of everything. Without reliable tracking, you can&#8217;t prove value.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Next, focus on real relationships&#8212;face to face, not just Zoom calls. I travel between France and Canada six or seven times a year to meet partners. A handshake still builds more trust than a Google Meet.</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Finally, take compliance seriously. We&#8217;ve seen competitors disappear because they ignored it. 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src="https://substackcdn.com/image/fetch/$s_!LkrL!,w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png" srcset="https://substackcdn.com/image/fetch/$s_!wgfj!,w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.com/image/fetch/$s_!LkrL!,w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://substackcdn.com/image/fetch/$s_!KjtY!,w_405,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" width="135" alt="Start writing" height="40" style="max-width: 550px;border: none !important;vertical-align: middle;"></a></p></div></div></td><td></td></tr></tbody></table><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUxMjA5MTU0NjA5LjMuMmZhMzZlZWNmY2FkNGJkNUBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6NDEwMTc3MDU3LCJyIjoid2NnMm5yeXQ0dHVhZ3dvNEBuZXdzbGV0dGVyLnJvZGVvIiwiZCI6Im1nLWQwLnN1YnN0YWNrLmNvbSIsInAiOjE4MTEwNTU0NiwidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjoyMDc5MDA2LCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoiYm90dG9tIiwiaWF0IjoxNzY1Mjk1MTc0LCJleHAiOjE3Njc4ODcxNzQsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.9Vslzcsdd_4GPq094773Rd1XxbnRMJDtWTBjnmvN9Qc" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><img width="1" height="1" alt="" 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    <html style="scrollbar-width: thin;scrollbar-color: rgb(219,219,219)rgb(255,255,255);"><head><meta charset="utf-8"><title></title><style> @media (max-width: 1024px) { .typography .pullquote-align-left, .typography.editor .pullquote-align-left, .typography .pullquote-align-right, .typography.editor .pullquote-align-right, .typography .pullquote-align-wide, .typography.editor .pullquote-align-wide, .typography .pullquote-align-center, .typography.editor .pullquote-align-center { float: none; margin: 0 auto; width: 100%; max-width: 100%; } } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .typography .markup table.image-wrapper img, .typography.editor .markup table.image-wrapper img, .typography .markup table.kindle-wrapper img, .typography.editor .markup table.kindle-wrapper img { max-width: 550px; } } @media (min-width: 1024px) { .typography:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-offset-left), .typography.editor:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-offset-left) { margin-left: var(--image-offset-margin); 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width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } }</style></head><body class="email-body" style="font-kerning: auto;--image-offset-margin: -120px;"><img src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUxMTAxMTY1MTIxLjMuYTUxNjkyZWEwZmJlNDA1YS5tZmpkdWxnYkBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6NDEwMTc3MDU3LCJyIjoid2NnMm5yeXQ0dHVhZ3dvNEBuZXdzbGV0dGVyLnJvZGVvIiwiZCI6Im1nLWQwLnN1YnN0YWNrLmNvbSIsInAiOm51bGwsInQiOm51bGwsImEiOm51bGwsInMiOjIwNzkwMDYsImMiOiJmcmVlLXdlbGNvbWUiLCJmIjp0cnVlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTc2MjAxNTg4MiwiZXhwIjoxNzY0NjA3ODgyLCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.jCftcrVSfJd6g17EYtmo4WO-EKoYelWOUnlj6SrvhYw" alt="" width="1" height="1" border="0" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;"/><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">Thank you for subscribing to Canadian Fintech Affiliate Newsletter</div><div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">&#847; 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&nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;</div><table class="email-body-container" role="presentation" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td></td><td class="content" width="550"></td><td></td></tr><tr><td></td><td class="content" width="550" align="left"><div style="font-size: 16px;line-height: 26px;max-width: 550px;width: 100%;margin: 0 auto;overflow-wrap: break-word;"><img class="static-XUAQjT" src="https://substackcdn.com/image/fetch/$s_!9FUn!,w_80,h_80,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_auto/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe4b4884e-ab63-45d4-8c03-b82035f5ef7b_256x256.png" width="40" height="40" alt="Canadian Fintech Affiliate Newsletter" name="Canadian Fintech Affiliate Newsletter" style="border-radius: 8px;box-sizing: border-box;background-color: rgb(255,255,255);margin: 0;max-width: 550px;border: none !important;vertical-align: middle;"><div class="post typography" dir="auto" style="--image-offset-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-height: 26px;"><div class="body markup" dir="auto" style="text-align: initial;font-size: 16px;line-height: 26px;width: 100%;word-break: break-word;margin-bottom: 16px;"><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;margin-top: 0;">Thanks for subscribing!</p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Here&#8217;s what you can expect from my newsletter.</p><ul style="margin-top: 0;padding: 0;"><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><span>Published </span><strong>monthly on the second Tuesday of the month.</strong><span> </span></p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Insights into the affiliate marketing industry in Canada. </p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Updates to offers, traffic channels and insights into the biggest industry news over the past month or so. </p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">An editorial section by me on where the Canadian affiliate industry is heading. </p></li><li style="margin: 8px 0 0 32px;mso-special-format: bullet;"><p style="color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;">Conference spotlight - the best shows to attend each month. Where to rub shoulders with the biggest advertisers and direct publishers. </p></li></ul><div style="font-size: 16px;line-height: 26px;"><hr style="margin: 32px 0;padding: 0;height: 1px;background: #e6e6e6;border: none;"></div><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>You&#8217;re in good company</strong></p><p style="margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Here are some comments about my newsletter from industry experts on LinkedIn:</p><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="510" style="text-align: center;"><a class="image-link" target="_blank" href="https://email.mg-d0.substack.com/c/eJxUkk2O3SoQhVcDM1tQgH8GHrRa8luGVYaymxcDDuC-6aw-8r2KWpkdqYrzfUJlsdKe8te0ZaLmQYdNgbibOoWbcZwm2XcgpBkGxSmgP5adImWs5Bas31MYO8E_JjUCDV1ne6W16C2KzRoAMpvtN-lIcz-BACOlkLIzEmSrWjSyG4FQbCtpYbAN2__uOvaVaRH2xom2XGupaH-0NgXuy3K73i5TzRfxY_qo9SxMvTGYGcx_t62L9wMGsw-4E4N5o2o_nku6LAzk-N9uGUgG79uCV00M3n--gnrbU3L34FjOnPZMpfhPYuqtVKKTwfxigrmp5q403-TmTKU2gZzHtqgWA_5OER_lpWNgPq_18PYZn27lGTtjVie0bUgO0Ohhs81grGq01ihHY0AqtRgpfslOt2fc-Xmti00hXNHXr4Uirge516e8CFh9iot3E4h-FKLjeXrYHWL-qrpeuD-SZlpEepSDaqXc5uQo8XKtLgX0cbIYKKcY_HGsGB2v_97JVSjf9VoK2ffC9Pxzgj8BAAD__645wAU" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/655bd04c-e182-48fc-85c3-444a19552133_510x164.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:164,&quot;width&quot;:510,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:24822,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="510" height="164" src="https://substackcdn.com/image/fetch/$s_!9Ggc!,w_510,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F655bd04c-e182-48fc-85c3-444a19552133_510x164.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;">Tomi Gbeleyi-Curtis - Sales Lead | Google</figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="494" style="text-align: center;"><a class="image-link" target="_blank" href="https://email.mg-d0.substack.com/c/eJxUksGupCoQhp8GdxooQZuFi5OTuL9PYAoobe4IOICnp-fpJ3ZncjK7P6ni_76QslhpS_k5rZmofdBuU6DGTUOPq3INTWIcgAt1u_UNBfT7slGkjJXcgvV7CnrgzX3qR61H3WuuScnbzelVIaAAocHAQKbxE3BQQnAhBiVAdH2HSgwaCPlqSHKFXVj_d-e-GSZ52FrHu3KaUtH-6GwKjS_L5Xq5TDWf1OzTvdajsP6Dwcxg_rttXbweMJh9wI0YzCtVe38tybIwEGaO_zEQDD7XBc-aGHz-fIf-Y0vJXYN9OXLaMpXiv4j1H6USHQzmNxPURVVXpfomt0cqtQ3kPHal7zDg7xTxUd46CubjNLu3r_hyK69IwkJvlWn70blWohhbM0jejiNJAHCDXm-L1MMvIaE74tYcp1lsCuGMvj4Ximh2cu9PeROw-hQX7ybgo-Z8aPL0sBvE_Kyynrg9kmSSR3qUnWql3OXkKDXlNC4F9HGyGCinGPy-G4yuqf_eyVkoX_VScDGOXI3N1wR_AgAA___wnMAR" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e1c23c5b-37dd-4a17-b640-77e4222d69f8_496x142.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:142,&quot;width&quot;:496,&quot;resizeWidth&quot;:494,&quot;bytes&quot;:21358,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="494" height="141.42741935483872" src="https://substackcdn.com/image/fetch/$s_!bFnQ!,w_494,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe1c23c5b-37dd-4a17-b640-77e4222d69f8_496x142.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;"><strong>Scott Birke - Director of SEO | Wise Publishing</strong></figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="547" style="text-align: center;"><a class="image-link" target="_blank" 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/e0cbdf1b-1d7e-47cd-adba-cfd9f3192768_547x142.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:142,&quot;width&quot;:547,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:22846,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="547" height="142" src="https://substackcdn.com/image/fetch/$s_!hdbU!,w_547,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe0cbdf1b-1d7e-47cd-adba-cfd9f3192768_547x142.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;"><strong>Claire Taylor - Marketing Director | Fairstone Bank</strong></figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="547" style="text-align: center;"><a class="image-link" target="_blank" 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data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/60b7e64b-3b91-4779-9e74-e134d6c743ce_547x142.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:142,&quot;width&quot;:547,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:23509,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="547" height="142" src="https://substackcdn.com/image/fetch/$s_!Iaui!,w_547,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F60b7e64b-3b91-4779-9e74-e134d6c743ce_547x142.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;"><strong>Nadir Marcos Mechaiekh Simon - Owner and Founder | Planhub.ca</strong></figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="547" style="text-align: center;"><a class="image-link" target="_blank" href="https://email.mg-d0.substack.com/c/eJxUkk2O3CAQhU8DO1uAwT8LL0YteZkrWGWq7CZjwAE8nc7pI3crGmX3pCre9wmVhUJbTM9xTUTVg3YbPXEc2wZWg5xG2bVKSNP3DScPbp83CpSgEM5QvqdqaAW_j50kgRoXsLoB2yEgyaHXHUmQutHE3aiEMlIKKVsjlaybGoxsB0Ug1oW0MFD79See-7YwLfxWoajzueQC9rO20XOX58v1chlLOonv472UI7Pmg6mJqenftsVwPWBqch42Ympaqdj7a0nnmSl52z5_MCWZuq0znCUydfv1Ds3HFiNeg30-UtwS5ey-iDUfuRAdTE1vpjIX1VyV5ptcHTGXyhM6qHNTg4c_McAjv3WMmo5z2Z19xZdbfsVBQtcT9tUAICqNqqmGrrUV9Yg4rJYW085Gd7-lVvURNn6cy2yj92dw5TlTgGUnfH_KmwDFxTA7HJXoBiFansaH3VRIz6LLCdsjaqZFoEfeqRRKdYpIkedzwejBhdGCpxSDd_u-QEBe_r-TM1O66rUUsuuE6fjXqP4GAAD__8Z9wgs" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/91a78ed8-9aa0-4d23-976c-e8ddd9fceb56_547x142.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:142,&quot;width&quot;:547,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:19742,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="547" height="142" src="https://substackcdn.com/image/fetch/$s_!CgkN!,w_547,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F91a78ed8-9aa0-4d23-976c-e8ddd9fceb56_547x142.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;"><strong>Fraser Macachlan - Head of Marketing | Rak-a-Tiers</strong></figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="547" style="text-align: center;"><a class="image-link" target="_blank" href="https://email.mg-d0.substack.com/c/eJxUkkuu3CAQRVcDM1tQgD8DD55acvaQicWn7CYx4AB-nc7qI3cresrsSlXcc4TK6opbys9pzYjNA3ebAlI3dUKvylGceN8B42oYBMWg_b5sGDHrim7R9WsKY8fofULp-DoOkgnBR7DjYFnHunEdV6H6zjnqJ2CgOGecd4oDb0WrFe9GQM1Wg5Ip3Yb1hzv3zRDJwtY41pbTlKrtz9amQH1ZLtfLZar5RLpP91qPQsQHgZnA_G_bung9IDD7oDckMK9Y7f21JMtCgH__Zm4EOIHbuuizJgK3X-8gPraU3DXYlyOnLWMp_hOJ-CgV8SAwv5mgLqq6KtUXuTlSqU1A53VbRKuD_pOifpS3joL5OM3u7Su-3MorSgCzIg6NGQQ2sheqGUGODevADbZ3TJlhUbL_zSW0R9zocZrFphDO6OtzwajNju79KW-Crj7FxbsJWD8y1tE8PewGMT-rrKfeHkkSySI-yo61Ym5zcphoOY1LQfs4WR0wpxj8vhsdHa3_38lZMF_1kjPe90z19HOCvwEAAP__COa_-g" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/422bfee8-b83e-4735-9249-062d8c7d05b8_547x142.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:142,&quot;width&quot;:547,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:20727,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="547" height="142" src="https://substackcdn.com/image/fetch/$s_!ZGbC!,w_547,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F422bfee8-b83e-4735-9249-062d8c7d05b8_547x142.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;"><strong>Amol Patil - Co-Founder | Stealth</strong></figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="547" style="text-align: center;"><a class="image-link" target="_blank" href="https://email.mg-d0.substack.com/c/eJxUksGO2yAQhp8GbrZgMDg5-LBaNX0Ma4Cxl9aAC3jT9OkrJ6pWvf3S_Mz3CY3DRmsuj2kpRN2dNpcjcT8ZhYv2nCY5GhBSXy6KU8SwzSslKtjIz9i-pnA1gn9MYK2DqzZagjSj1MKMizJ-Aau0l7jwMIEALaWQ8lnqVY9amisQisXSIDT2cfnhj221bBBx7bzo62FrQ_ezdznyUOfT9XSZWjmIb9NHa3tl6o3BjcHtX9v5dD5gcAsRV2JwW6i5j2dpqDMDqb99BwaSwfsy49Eyg_dfr6De1pz9OdjmveS1UK3hk5h6q41oZ3B7MUGfVH2u1F_kbs-1dZF8wL6qHiP-yQnv9aWj4bYfdgvuGZ9u9RlHM7oLKdspB6obxEKdVfLSqYuQaJUlacZZD-NvaXS_p5Xvh51djvFIoT1mSmg38q9PeRGwhZzm4CcQ41UIw8t0dyuk8mhDO3C954ENItG9btQalb5kT5nXw_ocMaTJYaSSUwzbZjF53v6_k6NSOdcPUshxFHrknxP8DQAA___HIL_U" rel="" style="position: relative;flex-direction: column;align-items: center;padding: 0;width: auto;height: auto;border: none;text-decoration: none;display: block;margin: 0;"><img data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/767c8e3b-3c23-40fe-b318-3801ab3be167_547x165.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:165,&quot;width&quot;:547,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:21738,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt="" width="547" height="165" src="https://substackcdn.com/image/fetch/$s_!5EG2!,w_547,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F767c8e3b-3c23-40fe-b318-3801ab3be167_547x165.png" style="border: none !important;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style="text-align: center;"></td></tr></tbody></table><figcaption class="image-caption" style="box-sizing: content-box;color: #777777;font-size: 14px;line-height: 20px;font-weight: 400;letter-spacing: -.15px;margin-top: 8px;width: 70%;padding-left: 15%;padding-right: 15%;text-align: center;"><strong>Belinda Handou - Startup Community Lead | Fintech Cadence</strong></figcaption></figure></div><div class="captioned-image-container-static" style="font-size: 16px;line-height: 26px;margin: 32px auto;margin-bottom: 0;"><figure style="width: 100%;margin: 0 auto;"><table class="image-wrapper" width="100%" border="0" cellspacing="0" cellpadding="0" data-component-name="Image2ToDOMStatic" style="mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style="text-align: center;"></td><td class="content" align="left" width="547" style="text-align: center;"><a class="image-link" target="_blank" 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