JPMorgan Shakes Up Succession Race for Jamie Dimon With Two New Presidents [WSJ]JPMorgan Chase named Doug Petno and Troy Rohrbaugh as co-presidents of the company…. Petno and Rohrbaugh were previously co-CEOs of JPMorgan's commercial and investment bank…..Marianne Lake, the current leader of consumer and community banking is set to retire after more than 25 years with the company, JPMorgan said.The Lurid Lawsuit, Salami Scandal and Trash-Can Thief Vexing JPMorgan’s PR Department [WSJ]A woman who dumped out and walked off with a special-edition Knicks trash can in broad daylight. An investment banker whose lawsuit alleged sexual harassment by a former colleague in excruciating detail. A startup founder who expensed “cellulite butter” to the bank during her trial for defrauding the bank.Big Banks Ace an Easier Annual Stress Test [WSJ]Big banks responded with buybacks and dividend hikes, with JPMorgan saying it would repurchase $50 billion in shares and Morgan Stanley saying it planned to repurchase $20 billion worth…. The results won’t come as a surprise. Acting under legal pressure, the Fed in late 2024 said it would begin releasing the scenarios and the models they use to calculate how well banks fare in any given hypothetical. Critics of the move have accused the Fed of giving away the answers to its own test before it happens.SEC Pressed To Curtail Hedge Fund, VC Reporting Rules [Law360]Venture capital firm Andreesen Horowitz and Ropes & Gray LLP are urging the U. S. Securities and Exchange Commission to rewrite the definition of “hedge fund” before putting into place proposed regulations on what those funds have to disclose about their holdings.M.B.A. Pay Is Drifting Down—and So Is Demand for the Degree [WSJ]Tim Westerbeck, co-chairman of the higher-education consulting firm Eduvantis, said the M.B.A. was built for graduates to get a foothold in consulting and finance with analyst jobs—the very positions that AI is structurally absorbing. When even the top 20% of M.B.A. graduates can’t find the type of roles they want, the market for their degrees is changing in a permanent way.At This Private-Credit Fund, Exits Have Been Restricted for Four Years and Counting [WSJ]One wealth manager estimates it could take six more years to get all his clients’ money out of the fund, which specializes in a niche corner of the private-credit world. For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.
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