JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday, giving them more experience running different businesses as Wall Street focuses on the bank’s succession plans for CEO Jamie Dimon.The largest US lender appointed Marianne Lake sole CEO of the consumer division, which was previously run together by Lake and Jennifer Piepszak, according to a filing.Piepszak will become co-CEO of the company’s merged commercial and investment bank alongside Troy Rohrbaugh, who previo ...

The Federal Trade Commission said Thursday it had issued orders to OpenAI, Microsoft, Alphabet, Amazon and Anthropic, requiring them to provide information on recent investments and partnerships involving generative AI companies and cloud service providers.The orders are part of an inquiry that “will scrutinize corporate partnerships and investments with AI providers to build a better internal understanding of these relationships and their impact on the competitive landscape,” the FTC said in a statement.Th ...

Microsoft is laying off around 1,900 employees in its gaming division just weeks after completing its $69 billion acquisition of video game giant Activision Blizzard.Phil Spencer, the CEO of Microsoft Gaming, circulated a memo to employees saying that the layoffs, which amount to around 8% of the division, will affect staffers at Xbox, Activision Blizzard and ZeniMax.The memo was first obtained by the news site The Verge.Spencer wrote in his memo that he and his team have “identified areas of overlap” sinc ...

CosMc’s, the drive-thru-only concept McDonald’s debuted just outside of Chicago last month, saw more than double the amount of traffic than a typical Golden Arches restaurant chainwide in December 2023, according to recent data.Per figures reported by business insights platform Placer.ai, CosMc’s also experienced more than triple the number of visitors per square foot, as the beverage-forward spinoff is smaller than the typical McDonald’s outpost, at roughly 2,500 square feet.For reference, of the roughly ...

Elon Musk’s Tesla on Wednesday reported a fall in fourth-quarter gross margin from a year earlier as it cut prices and offered incentives to boost demand for its electric vehicles.Tesla warned of a sharp slowdown in volume growth this year compared with the previous year.“In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas,” it said in a statement.Elon Musk’s Tesla warned of a ...

Apple is reportedly preparing to impose new fees and restrictions on software downloads outside of its App Store — in what could be a “major test” of Europe’s attempts to enforce a sweeping law aimed at boosting tech competition.It’s part of the Cupertino, Calif. tech giant’s effort to comply with the European Union’s Digital Markets Act ahead of a March 7 deadline — while also maintaining its hold on revenue generated by software downloads on its device.Apple will allow iPhone users to download apps from ...

Microsoft’s stock market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world’s second most valuable company, just behind iPhone maker Apple.Microsoft and Apple shares have been vying for the top spot as the most capitalized stock on Wall Street since the start of the year, with the iPhone maker briefly losing its crown to the X-box owner earlier in January.Shares of Microsoft hit a record high of $404.72, up 1.5%, and allowing the tech giant to briefly b ...

Chipotle on Wednesday rolled out enhanced benefits to attract and retain Gen Z workers that prioritizes financial and mental health as it looks to hire 19,000 workers for the upcoming “burrito season.”The California-based chain said it would match up to 4% of an employee’s salary through contributions to their 401(k) if they make their student loan payments so that “employees who qualify no longer have to choose between paying off student debt or saving for retirement.”The new hires will also be offered ac ...

Apple has been steadily pouring resources into the pursuit of advanced intelligence products – and the tech giant is reportedly planning to integrate the features into future versions of its iPhones.The Cupertino, Calif.-based company has acquired a whopping 21 AI startups since 2017, the Financial Times reported, citing PitchBook data. More transactions could be on the way.“They are getting ready to do some significant M&A,” Wedbush analyst Daniel Ives told the outlet. “I’d be shocked if they don’t do a s ...

A $3 billion bet on Walt Disney by Nelson Peltz’s Trian Fund Management was largely responsible for the investment management firm’s underperformance last year compared to its activist hedge fund peers, according to financial details provided to Reuters by a Trian investor.The previously unreported details illustrate the high financial stakes for Trian as it seeks to shake up Disney’s board in this year’s highest-profile proxy contest.Trian’s fund returned 10% last year, according to the investor, half the ...