Slim Down… J.P. Morgan Chase & Co. (JPM) is cutting more than 5,000 jobs as part its effort to slim down and become more efficient. According to people familiar with the decision, the cuts have already begun and are part of a broader industry trend, as customers flock more to Internet and mobile banking and away from more traditional banking. The layoffs are broad and will reach across the bank’s major business units: corporate and investment banking, consumer and community banking, asset management, and commercial banking. The cut follows the banks plans to overhaul its 5,570 branches to rely more on technology and less on human tellers.
What’s For Dinner… On line retailer, Amazon.com (AMZN) is preparing to expand its fledgling lineup of private-label brands to include grocery items such as milk, cereal, and baby food as well as household cleaners. Amazon’s planned expansion mirrors a more traditional retail model where name-brand products are sold beside store-owned goods. Amazon has sought trademark protection for more than two dozen categories under its private label brand Elements, including coffee, soup, pasta, water, vitamins, dog food and household items like razors and cleaning products. Amazon’s first line of Elements, included Diapers and baby wipes—the latter of which is still on the markets and are available to customers who pay $99 a year for a Prime unlimited shipping membership.
Asia: Asian markets closed out the week mixed on Friday, as the negative handoff from Wall Street and no sight of a Greek deal had investors saying TGIF. Europe: European markets closed down on Thursday as hopes for a Greek deal fade. U.S: U.S. markets pulled back on Thursday as investors grappled with news from Greece, a mixed bag of economic data, new merger announcements, and the prospect of a rate hike. DJIA: -38.87 18,126.12 NASDAQ: -8.62 5,097.98 S&P: -2.69 2,210.79
Word of The Day:
Activist Investors An individual or group which purchases a large amount of a company’s shares and or tries to obtain seats on the company’s board with the goal of effecting major change in the company. A company can become a target for an activist investor if it is mismanaged, has excessive cost or another problems an activist investor thinks they can fix to make the company more profitable.
Dinner or Drink:
The Cream of the Crop Cocktail
1 oz. Del Maguey Vida Mezcal
1 oz. King’s Ginger
.75 oz. Coconut-pistachio puree*
.75 oz. Fresh lemon juice
Add all ingredients to a shaker and fill with ice. Shake, and strain into a highball glass over fresh ice. Garnish with a piece of candied ginger and an espelette pepper.
Have a safe and wonderful weekend, Ya’ll!