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    Banks Hit By Global Tech Outage, With Some Trading Delayed

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    Financial transactions around the world were affected by a tech outage on Friday, hampering operations as workers at several firms struggled to log into their corporate systems.Employees at companies including JPMorgan Chase and Instinet, a brokerage firm owned by the Japanese bank Nomura, have had trouble gaining access to their work stations, according to people with knowledge of the matter who spoke on condition of anonymity.That has led to delays in some trades, though the companies have been working on workarounds, the people said.The London Stock Exchange said that its RNS corporate news service was unable to publish, citing a “third-party global technical issue” that it was investigating. The exchange operator added that the matter was not affecting securities trading and other services.Norway’s central bank said that it had suffered disruptions when conducting a securities auction on Friday, with participants having been asked to submit bids by phone or email. It later said that the system was operating normally.Other central banks, including the Bank of England and the European Central Bank, said they were not experiencing any technical issues.A representative for Nasdaq said in a statement that the exchange operator’s European and American pre-market trading businesses were working, and that its U.S. market would open for business as normal.And a representative for the New York Stock Exchange said that its market was fully operational and expected to open normally.Eshe Nelson More

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      Gov. Jim Justice Faces Heavy Business Debts as He Seeks Senate Seat

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      The Justice companies have long had a reputation for not paying their debts. But that may be catching up to them.Jim Justice, the businessman-turned-politician governor of West Virginia, has been pursued in court for years by banks, governments, business partners and former employees for millions of dollars in unmet obligations.And for a long time, Mr. Justice and his family’s companies have managed to stave off one threat after another with wily legal tactics notably at odds with the aw-shucks persona that has endeared him to so many West Virginians. On Tuesday, he is heavily favored to win the Republican Senate primary and cruise to victory in the general election, especially after the departure of the Democratic incumbent, Joe Manchin III.But now, as he wraps up his second term as governor and campaigns for a seat in the U.S. Senate, things are looking dicier. Much like Donald J. Trump, with whom he is often compared — with whom he often compares himself — Mr. Justice has faced a barrage of costly judgments and legal setbacks.And this time, there may be too many, some suspect, for Mr. Justice, 73, and his family to fend them all off. “It’s a simple matter of math,” said Steven New, a lawyer in Mr. Justice’s childhood hometown, Beckley, W.Va., who, like many lawyers in coal country, has tangled with Justice companies. Mr. Justice and his scores of businesses would be able to handle some of these potential multimillion-dollar judgments in isolation, Mr. New said. But “when you add it all up, and put the judgments together close in time, it would appear he doesn’t have enough,” he said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Worst Part of a Wall Street Career May Be Coming to an End

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      Artificial intelligence tools can replace much of Wall Street’s entry-level white-collar work, raising tough questions about the future of finance.Pulling all-nighters to assemble PowerPoint presentations. Punching numbers into Excel spreadsheets. Finessing the language on esoteric financial documents that may never be read by another soul.Such grunt work has long been a rite of passage in investment banking, an industry at the top of the corporate pyramid that lures thousands of young people every year with the promise of prestige and pay.Until now. Generative artificial intelligence — the technology upending many industries with its ability to produce and crunch new data — has landed on Wall Street. And investment banks, long inured to cultural change, are rapidly turning into Exhibit A on how the new technology could not only supplement but supplant entire ranks of workers.The jobs most immediately at risk are those performed by analysts at the bottom rung of the investment banking business, who put in endless hours to learn the building blocks of corporate finance, including the intricacies of mergers, public offerings and bond deals. Now, A.I. can do much of that work speedily and with considerably less whining.“The structure of these jobs has remained largely unchanged at least for a decade,” said Julia Dhar, head of BCG’s Behavioral Science Lab and a consultant to major banks experimenting with A.I. The inevitable question, as she put it, is “do you need fewer analysts?”The inevitable question, according to Julia Dhar, head of BCG’s Behavioral Science Lab, is “do you need fewer analysts?”John Lamparski/Getty Images for Concordia SummitWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BlackRock, JPMorgan and State Street Retreat From a Climate Group

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      BlackRock, JPMorgan Chase and State Street are quitting or scaling back their ties to an influential global investment coalition.BlackRock, which has been criticized for its embrace of environmental considerations in investing, was among the firms that scaled back or withdrew from a climate coalition.Victor J. Blue for The New York TimesA $14 trillion exit Climate hawks have long questioned the financial industry’s commitment to sustainable investing. But few foresaw JPMorgan Chase and State Street quitting Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize. Meanwhile, BlackRock, the world’s biggest asset manager, scaled back its ties to the group.All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.The retreat jolted the political landscape. Representative Jim Jordan, the Ohio Republican who compared the coalition to a “cartel” forcing businesses to cut emissions, called for more financial companies to follow suit. And Brad Lander, New York City’s comptroller, accused the firms of “caving into the demands of right-wing politicians funded by the fossil-fuel industry.”The companies say they’re committed to the climate cause. JPMorgan said it had built an in-house sustainable investment team to focus on green issues. And BlackRock will maintain some ties to the coalition: It has transferred its membership to an international entity.A recent shift by Climate Action raised red flags. Last summer, the group shifted its focus from pressuring companies to disclose their net-zero progress to getting them to reduce emissions.State Street said the new priorities compromised its “independent approach to proxy voting and portfolio company management.” And BlackRock, which has become a political lightning rod over its embrace of climate considerations in investing, said those tactics “would raise legal considerations, particularly in the U.S.” (Hence the transfer to an overseas division.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Jamie Dimon Reshuffles Management Team at JPMorgan

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      Many consider the moves a sign of a succession plan at the nation’s largest bank, although the stalwart Mr. Dimon has signaled he’s not going anywhere.JPMorgan Chase is reshuffling its leadership team, a move that many consider a succession plan even though its longtime chief executive, Jamie Dimon, has signaled he’s staying put.Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades, and repeatedly brushed off suggestions that he might step aside. The specter of his eventual departure, however, hangs over JPMorgan as outsiders question whether he might run for public office or serve in a presidential administration.In a memo to employees Thursday, JPMorgan muddied the matter further. It said that Daniel Pinto, the bank’s chief operating officer and Mr. Dimon’s deputy, would no longer handle the bank’s daily operations. Mr. Dimon said that he and Mr. Pinto would “continue to jointly manage the company.”Mr. Pinto’s former responsibilities will be split by Jennifer Piepszak and Troy Rohrbaugh, who will serve as co-chief executives of an expanded commercial and investment bank that brings several lines of the company into one unit. Ms. Piepszak, who co-heads JPMorgan’s massive consumer banking business, has long been seen as a potential candidate for the top job. Mr. Rohrbaugh had been one of the co-heads of the bank’s markets and securities business.The reshuffle will result in the departure of some executives. Others at the bank will see their roles redefined or be promoted to new ones.Another senior executive, Marianne Lake, who ran the consumer and community banking unit with Ms. Piepszak, will now become the sole head of that business. Wall Street analysts have long considered Ms. Lake as a potential successor to Mr. Dimon as well.Mary Erdoes, who runs JPMorgan’s wealth management business and is perhaps the bank’s most public face after Mr. Dimon, will remain in her current role.Mr. Dimon has a financial incentive to stay in his post a good deal longer. In addition to his annual pay ($36 million in 2023), he is slated to receive an additional bonus if he’s still chief executive in 2026. More

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      The Davos Consensus: Donald Trump Will Win Re-Election

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      In private, many business and political leaders at the World Economic Forum say they expect Donald Trump to return to the White House. Many business leaders at the World Economic Forum in Switzerland say Donald Trump will win the race for the White House.Denis Balibouse/ReutersThe Davos consensus on the presidential election Publicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. The closest they’ve come? Referring to it as a “geopolitical risk.”But talk to executives privately, and they’re more explicit: They expect Donald Trump to win and while many are worried about that, they are also resigned to it.The predictions of a Trump victory came in different forms. Many pointed to the headlines and the mood in the U.S. One senior banker told DealBook that you only had to look at the polls to figure out that Trump was on track to win.Jamie Dimon of JPMorgan Chase also got a lot of attention for his comments. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake.“Just take a step back and be honest,” Dimon said, listing the things that he thought Trump got at least partially right: NATO, immigration, the economy, China and more. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said.“I think this negative talk about MAGA will hurt [President] Biden’s campaign,” he added.That said, the Davos crowd often gets things wrong. A common critique of those who attend the forum is that they are a contra-indicator of what’s to come, so their expectations could bode well for Biden or for Trump’s Republican rivals. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel.A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016. And in 2020, the prevailing view was that there were few risks to the economy … as the pandemic began to explode.Seen and heard:Perhaps the biggest complaint among attendees was about the long lines everywhere, especially at the Grandhotel Belvédère. Many complained that the process of entering the building — with wait times sometimes reaching an hour — was worse than ever and it didn’t matter whether you were a business titan or a less famous guest. One executive complained to DealBook that the security was more restrictive than at U.S. airports because he had to take off his Apple Watch every time. At previous gatherings, executives wanted a room at the Belvédère because the hotel was considered the best in town and was closest to the main venue — but many told DealBook that they no longer do.Despite the rigid class system — people are assigned different colored badges that grant various levels of access — the event has odd ways of leveling the playing field, at least a little. At last night’s Salesforce party, the hottest ticket of the week, even billionaires had to wait outside with everyone else to get in to watch Sting perform.HERE’S WHAT’S HAPPENING Congress approved a stopgap spending bill to avert a government shutdown. President Biden is expected to sign the bill into law on Friday to keep the federal government operating through to early March. It’s the third such stopgap bill since October.Jamie Dimon gets a big bump in pay. JPMorgan Chase’s board granted its C.E.O. $36 million in compensation for 2023, a year in which the bank weathered a banking crisis and rising interest rates, and generated record profit. The 67-year-old, the longest tenured chief of a large American bank, has not given any indication on when he might retire.Reddit reportedly considers a March public listing. The social media platform is said to be moving forward with a long-held plan to file for an I.P.O. in the first quarter, according to Reuters. The market for new listings has been a bumpy one and the outlook looks little improved this year.Macy’s will cut thousands of jobs. The country’s biggest department store operator will lay off 2,350 employees, about 3.5 percent of the work force. The cuts come as Tony Spring, a veteran retail executive, prepares to take over as C.E.O. next month. Macy’s has been struggling with slowing sales since the pandemic-inspired shop-from-home boom shook up the retail sector.BYD doubles down on overseas expansion. The Warren Buffett-backed Chinese maker of electric vehicles plans to invest $1.3 billion in a new Indonesian factory as it continues its aggressive push beyond its home market. Indonesia is home to the world’s largest reserves of nickel, a crucial mineral in production of E.V.s.The E.S.G. exodus intensifies The money flowing out of E.S.G. funds has gone from a trickle to a torrent as investors sour on a sector hit by greenwashing concerns, red-state boycotts and boardroom debates.The investing strategy has become increasingly politicized after being used by companies to address environmental, social, and governance issues among their employees, customers and other stakeholders. In a sign of the times, the phrase has been scrubbed from the World Economic Forum’s official program in Davos, after being on the agenda in previous years.Investors pulled $5 billion out of E.S.G.-focused “sustainable” investment funds last quarter, according to a new report by Morningstar. The withdrawals occurred despite a wider market rally at the end of 2023.E.S.G. funds saw outflows of $13 billion for the full year. All in all, it was the “worst calendar year on record,” wrote Alyssa Stankiewicz, Morningstar’s director of sustainability research.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Wall Street strategists’ bull and bear scenarios for 2024.

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      Wall Street’s forecasts mostly missed this year’s bull market rally. Here’s what strategists are saying about 2024.Last November and December, veteran stock market watchers forecast that 2023 would be a year to forget. They saw high inflation, a looming global recession and rising interest rates as sapping households’ buying power and denting corporate profits. For investors, they penciled in paltry gains and one of the worst performances for the S&P 500 in the past 15 years.But the market pros got the story only partly right. While interest rates did climb to a near two-decade peak, the S&P 500 has surprisingly soared to a near record high. Fueled partly by a rally in the so-called Magnificent Seven megacap tech stocks, it’s risen nearly 25 percent this year, as of Thursday’s close, shaking off a banking crisis, wars in the Middle East and Ukraine, and slowing growth in China’s economy.Crypto managed to do even better. Bitcoin bulls have swept aside a legal crackdown against the industry’s biggest players to fuel an impressive rally. The digital token has gained more than 150 percent this year, making it one of the best performing risky assets.“Twenty twenty-three was a great year for the contrarians,” David Bahnsen, the founder and chief investment officer of the Bahnsen Group, a wealth management firm, told DealBook. “You had macroeconomic concerns a year ago that didn’t come to bear, and you had valuation and financial concerns that didn’t come to bear. And it’s particularly ironic that it didn’t, because actually everything investors feared a year ago got worse.”Wall Street’s outlook for 2024 is rosier. Analysts see lower borrowing costs, a soft landing (that is, an economic slowdown that avoids a recession) and a pretty good year for investors.But if 2023 taught the market pros anything, it’s that forecasts can look out of date pretty fast. A slew of things could disrupt the markets in the year ahead — inflation creeping up again, or not, is one big factor to watch. And there are wild cards, too, with voters expected to head to the polls in over 50 countries next year, including the U.S.Here’s how Wall Street sees 2024 playing out:The bull caseThe median year-end 2024 forecast for the S&P 500 is 5,068, according to FactSet. Such a level would imply an annualized gain of roughly 6 percent for 2024.Bank of America’s equity strategists, led by Savita Subramanian, are among those in the bullish camp. In their annual forecast, they said that the S&P 500 would be likely to close out next year at 5,000, helped by a kind of “goldilocks” scenario of falling prices and rising corporate profits.Goldman Sachs is even more upbeat. Its analysts upgraded their year-end 2024 call on the S&P 500 to 5,100. They made the change after the Fed’s surprise statement on Dec. 13 that the equivalent of three interest-rate cuts were on the table for next year. Lower borrowing costs tend to give consumers and businesses more spending power, which could help Corporate America’s bottom line.Another catalyst: Investors this year put far more money into safe interest-rate sensitive assets, like money market funds, than they did into stocks. That logic could be flipped on its head in 2024. “As rates begin to fall, investors may rotate some of their cash holdings toward stocks,” David Kostin, the chief U.S. equity strategist at Goldman Sachs, said in a recent investor note.The bear caseOn the more pessimistic side is JPMorgan Chase, which carries a 2024 year-end target of 4,200. Its analysts team, led by Marko Kolanovic, the bank’s chief global market strategist, sees a struggling consumer with depleted savings, a potential recession and geopolitical uncertainty that could push up commodity prices, like oil, and push down global growth.The year ahead will be “another challenging year for market participants,” Kolanovic said. (Most strategists are even more downbeat on Europe, where recession fears are more acute. On the flip side, equities in Asia could show another year of solid growth, especially in India and Japan, Wall Street analysts say.)Lee Ferridge, the head of multi-asset strategy for North America at State Street Global Markets, is more optimistic about the American consumer, but points to a different challenge for investors. “If I’m right, the economy stays stronger. But then that’s a double-edged sword for equities,” he said. The prospect of robust consumer and business spending poses an inflation risk that could force the Fed to hold rates higher for longer, and even pause cuts, he said. “That’s going to be a headwind for equities.”“I wouldn’t be surprised to see a fairly flat year next year,” he added. “If we are up, it’s going to be the Magnificent Seven that are the drivers again.”The wild card: politics and the electionsPresidential elections are not rally killers, according to market analysis by LPL Financial that looks at the past 71 years. In that period, the S&P has risen, on average, by 7 percent during U.S. presidential election years. (The market tends to do even better in a re-election year, the financial advice firm notes.)Even with some uncommon questions swirling over next year’s contest — Will a mountain of legal troubles derail the Republican front-runner, Donald Trump? Will President Biden’s sagging polling ratings open the door for a strong third-party challenger? Will the election result be disputed, causing a constitutional crisis? — that’s unlikely to add much volatility to the markets, Wall Street pros say.“The election will not be a story in the stock market, up until November 2024, for the simple reason that the stock market will not know who’s going to win the election until November 2024,” Bahnsen said.His advice: Don’t even try to game out the election’s impact on the markets. More

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      What to Expect at Today’s DealBook Summit

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      Vice President Kamala Harris, Elon Musk, Bob Iger, Jamie Dimon and Tsai Ing-wen, the president of Taiwan, are among the big names speaking.Leaders in politics, business and culture will gather in New York for the DealBook Summit today. Here, The Times’s Andrew Ross Sorkin interviews Reed Hastings of Netflix at last year’s event.Hiroko Masuike/The New York TimesThe lineup for DealBook Summit 2023 On Wednesday, DealBook will be live and in person at our annual summit in New York.Andrew takes the stage around 9 a.m. Eastern, and the first interview kicks off soon after. The DealBook team and reporters from The Times will be reporting live from the conference.Even if you are not with us, you can follow along here beginning at 8:30 a.m. Eastern.Here are the speakers:Vice President Kamala HarrisTsai Ing-wen, the president of TaiwanElon Musk, the chairman and C.E.O. of SpaceX, the C.E.O. of Tesla and the chairman and chief technology officer of XLina Khan, the chair of the Federal Trade CommissionJamie Dimon, the chairman and C.E.O. of JPMorgan ChaseBob Iger, the C.E.O. of DisneyRepresentative Kevin McCarthy, Republican of CaliforniaJensen Huang, the C.E.O. of NvidiaDavid Zaslav, the C.E.O. of Warner Bros. DiscoveryShonda Rhimes, the television show creator and the founder of the Shondaland production companyJay Monahan, the commissioner of the PGA TourWhat to watch: The buzz and fears swirling around artificial intelligence, the rise of hate speech and antisemitism since the Hamas-led Oct. 7 attacks on Israel, China-U.S. relations, inflation, interest rates and the chip wars and streaming wars — these topics and more will be covered by Andrew as he interviews some of the biggest newsmakers in business, politics and culture.There will be plenty of questions about an uncertain world. Americans are down on politics, the economy and workplace conditions. College campuses are divided. What role does business play in addressing these grievances? What about the White House and Congress? Can they bring voters together? Speaking of which, can Republicans unite to keep the government from shutting down again (and again)?Elsewhere, can Beijing and Washington decrease tensions and restore more normalized trading relations? What about A.I.? Is this a technology that will unleash a new wave of productivity, or is it a force that could do irreparable harm? And what’s so special about colonizing Mars?More on what to expect later.HERE’S WHAT’S HAPPENING Charlie Munger, Warren Buffett’s longtime lieutenant, dies at age 99. A former lawyer who became the vice chairman of Berkshire Hathaway and a billionaire in his own right, he became known for his sardonic quips. But Munger had more influence than his title suggests: Buffett credited him with devising Berkshire’s famed approach of buying well-performing businesses at low prices, turning the company into one of the most successful conglomerates in history.The Koch Network endorses Nikki Haley. Founded by the billionaire industrialists Charles and David Koch, the political network — which had raised a war chest of more than $70 million as of this summer — could give Haley’s campaign organizational strength and financial heft as she battles Gov. Ron DeSantis of Florida and aims to close the gap on the Republican front-runner, Donald Trump. Haley has risen in the polls since the first Republican primary debate in August, while DeSantis has slipped.Apple reportedly moves to end its credit card pact with Goldman Sachs. In the latest blow to Goldman’s consumer finance ambitions, the tech giant has proposed pulling the plug on a credit card and savings account it introduced with the bank, according to The Wall Street Journal. It’s unclear if Apple has found a new partner to issue its Apple Card, though Goldman had previously discussed a deal to offload the program to American Express.Mark Cuban makes two exits. The billionaire entrepreneur will leave “Shark Tank” after more than 10 years of assessing start-up pitches and making deals on camera. And, according to The Athletic, Cuban is selling a majority stake in the Dallas Mavericks to the casino billionaire Miriam Adelson and her family for a valuation around $3.5 billion. (He will retain full control over basketball operations.)Some things we’d like to cover Vice President Kamala HarrisWill “Bidenomics” save or sink the Biden-Harris ticket in 2024?Elon Musk, SpaceX, Tesla and XWhat did you learn from your trip this week to Israel?Lina Khan, F.T.C.What is your endgame in taking on Big Tech?Jamie Dimon, JPMorgan ChaseDoes America have too many banks?Jensen Huang, NvidiaIs investor enthusiasm around artificial intelligence justified, or is it merely inflating a bubble?We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Trump’s Indictment and What’s Next

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      The fallout will be widespread, with ramifications for the 2024 presidential race, policymaking and more.Donald Trump is likely to turn himself in on Tuesday.Christopher Lee for The New York TimesWhat you need to know about Trump’s indictment A Manhattan grand jury has indicted Donald Trump over his role in paying hush money to a porn star, making him the first former president to face criminal charges. It’s a pivotal moment in U.S. politics — there was an audible on-air gasp when Fox News anchors reported the news on Thursday — with ramifications for the 2024 presidential race, policymaking and more.Here are the most important things to note so far.Mr. Trump is likely to turn himself in on Tuesday, which will see the former president be fingerprinted and photographed in a New York State courthouse. (Prosecutors for the Manhattan district attorney, Alvin Bragg, wanted Trump to surrender on Friday, but were rebuffed by the former president’s lawyers, according to Politico.) Afterward, Mr. Trump would be arraigned and would finally learn the charges against him and be given the chance to enter a plea. The former president has consistently denied all wrongdoing.Mr. Trump and his advisers, who were at his Mar-a-Lago resort in Florida on Thursday, were caught off guard by the announcement, believing some news reports that suggested an indictment wouldn’t come for weeks. The former president blasted the news, describing it in all-caps as “an attack on our country the likes of which has never been seen before” on Truth Social, the social network he founded.The case revolves in part around the Trump family business. Charges by the Manhattan district attorney arise from a five-year investigation into a $130,000 payment by the fixer Michael Cohen to the porn actress Stormy Daniels in 2016, before the presidential election that year.The Trump Organization reimbursed Mr. Cohen — but in internal documents, company executives falsely recorded the payment as a legal expense and invented a bogus legal retainer with Mr. Cohen to justify them. Falsifying business records is a crime in New York. But to make it a felony charge, prosecutors may tie the crime to a second one: violating election law.The fallout will be wide, and unpredictable. Democrats and Republicans alike used the news to underpin a flurry of fund-raising efforts. (Among them, of course, was Mr. Trump’s own presidential campaign.)It’s unclear how the indictment will affect the 2024 race. Mr. Trump, who can run for president despite facing criminal charges, is leading in early polls. Still, his potential opponents for the Republican nomination — including Gov. Ron DeSantis of Florida and Mike Pence, Mr. Trump’s former vice president — harshly criticized the move. House Republicans have also flocked to his defense, potentially increasing the chances of gridlock in Washington.But while the charges may give Mr. Trump a boost in the G.O.P. primary, they could also hurt his standing in the general election against President Biden.HERE’S WHAT’S HAPPENING European inflation remains stubbornly high. Consumer prices rose 6.9 percent on an annualized basis across the eurozone in March, below analysts’ forecasts. But core inflation accelerated, a sign that Europe’s cost-of-living crisis is not easing. In the U.S., investors will be watching for data on personal consumption expenditure inflation, set to be released at 8:30 a.m.A Swiss court convicts bankers of helping a Putin ally hide millions. Four officials from the Swiss office of Gazprombank were accused of failing to conduct due diligence on accounts opened by a concert cellist who has been nicknamed “Putin’s wallet.” The case was seen as a test of Switzerland’s willingness to discipline bankers for wrongdoing.More Gulf nations back Jared Kushner’s investment firm. Sovereign funds in the United Arab Emirates and Qatar have poured hundreds of millions into Affinity Partners, The Times reports. The revelation underscores efforts by Mr. Kushner, Donald Trump’s son-in-law, and others in the Trump orbit to profit from close ties they forged with Middle Eastern powers while in the White House.Lawyers for a woman accusing Leon Black of rape ask to quit the case. A lawyer from the Wigdor firm, who had been representing Guzel Ganieva, told a court on Thursday that the attorney-client relationship had broken down and that Ms. Ganieva wanted to represent herself. It’s the latest twist in the lawsuit by Ms. Ganieva, who has said she had an affair with the private equity mogul that turned abusive; Black has denied wrongdoing.Richard Branson’s satellite-launching company is halting operations. Virgin Orbit said that it failed to raise much-needed capital, and would cease business for now and lay off nearly all of its roughly 660 employees. It signals the potential end of the company after it suffered a failed rocket launch in January.A brutal quarter for dealmaking Bankers and lawyers began the year with modest expectations for M.&A. Rising interest rates, concerns about the economy and costly financing had undercut what had been a booming market for deals.But the first three months of 2023 proved to be even more difficult than most would have guessed, as the volume of transactions fell to its lowest level in a decade.About 11,366 deals worth $550.5 billion were announced in the quarter, according to data from Refinitiv. That’s a 22 percent drop in the number of transactions — and a 45 percent plunge by value. That’s bad news for bankers who had been hoping for any improvement from a dismal second half of 2022. (They’ve already had to grapple with another bit of bad news: Wall Street bonuses were down 26 percent last year, according to New York State’s comptroller.)The outlook for improvement isn’t clear. While the Nasdaq is climbing, there’s enough uncertainty and volatility in the market — particularly given concerns around banks — to deter many would-be acquirers from doing risky deals. Then again, three months ago some dealmakers told DealBook that they expected their business to pick up in the middle of 2023.Here’s how the league tables look: JPMorgan Chase, Goldman Sachs and the boutique Centerview Partners led investment banks, with a combined 58 percent of the market. And Sullivan & Cromwell, Wachtell Lipton and Goodwin Procter were the big winners among law firms, with 46 percent market share.Biden wants new rules for lenders The Biden administration on Thursday called on regulators to toughen oversight of America’s midsize banks in the wake of the crisis triggered by the collapse of Silicon Valley Bank, as policymakers shift from containing the turmoil to figuring out how to prevent it from happening again.Much of the focus was on reviving measures included in the Dodd-Frank law passed in the aftermath of the 2008 financial crisis. These include reapplying stress tests and capital requirements used for the nation’s systemically important banks to midsize lenders, after they were rolled back in 2018 during the Trump administration.Here are the new rules the White House wants to see imposed:Tougher capital requirements and oversight of lenders. At the top of the list is the reinstatement of liquidity requirements (and stress tests on that liquidity) for lenders with $100 billion to $250 billion in assets like SVB and Signature Bank, which also collapsed.Plans for managing a bank failure and annual capital stress tests. The administration sees the need for more rigorous capital-testing measures designed to see if banks “can withstand high interest rates and other stresses.”It appears the White House will go it alone on these proposals. “There’s no need for congressional action in order to authorize the agencies to take any of these steps,” an administration official told journalists.Lobbyists are already pushing back, saying more oversight would drive up costs and hurt the economy. “It would be unfortunate if the response to bad management and delinquent supervision at SVB were additional regulation on all banks,” Greg Baer, the president and C.E.O. of the Bank Policy Institute, said in a statement.Elsewhere in banking:In the hours after Silicon Valley Bank’s failure on March 10, Jamie Dimon, C.E.O. of JPMorgan Chase, expressed his reluctance to get involved in another banking rescue effort. Dimon changed his position four days later as he and Janet Yellen, the Treasury secretary, spearheaded a plan for the country’s biggest banks to inject $30 billion in deposits into smaller ailing ones. “If my government asks me to help, I’ll help,” Mr. Dimon, 67, told The Times.“We are definitely working with technology which is going to be incredibly beneficial, but clearly has the potential to cause harm in a deep way.” — Sundar Pichai, C.E.O. of Google, on the need for the tech industry to responsibly develop artificial intelligence tools, like chatbots, before rolling them out commercially.Carl Icahn and Jesus Illumina, the DNA sequencing company, stepped up its fight with the activist investor Carl Icahn on Thursday, pushing back against his efforts to secure three board seats and force it to spin off Grail, a maker of cancer-detection tests that it bought for $8 billion. But it is a reference to Jesus that the company says he made that is garnering much attention.The company said that it had nearly reached a settlement with Mr. Icahn before their fight went public, in a preliminary proxy statement. It added that he had no plan for the company beyond putting his nominees on the board.But Illumina also said Mr. Icahn told its executives that he “would not even support Jesus Christ” as an independent candidate over one of his own nominees because “my guys answer to me.”Experts say Mr. Icahn’s comments could be used against him in future fights. Board members are supposed to act as stewards of a company, not agents for a single investor. “If any disputes along these lines arise for public companies where Icahn has nominees on the board, shareholders are going to use this as exhibit A for allegations that the directors followed Icahn rather than their own judgment,” said Ann Lipton, a professor of law at Tulane University.Mr. Icahn doesn’t seem to care. He said the comments were “taken out of context” and the company broke an agreement to keep negotiations private.“It was a very poor choice of words and he is usually much smarter than that,” said John Coffee, a corporate governance professor at Columbia Law School. “But he can always say that he was misinterpreted and recognizes that directors owe their duties to all the shareholders.”THE SPEED READ DealsBed Bath & Beyond ended a deal to take money from the hedge fund Hudson Bay Capital after reporting another quarter of declining sales, and will instead try to raise $300 million by selling new stock. (WSJ)Apollo Global Management reportedly plans to bid nearly $2.8 billion for the aerospace parts maker Arconic. (Bloomberg)Marshall, the maker of guitar amps favored by Jimi Hendrix and Eric Clapton, will sell itself to Zound, a Swedish speaker maker that it had partnered with. (The Verge)PolicyFinland cleared its last hurdle to joining NATO after Turkey approved its entry into the security alliance. (NYT)The F.T.C. is reportedly investigating America’s largest alcohol distributor over how wine and liquor are priced across the U.S. (Politico)“Lobbyists Begin Chipping Away at Biden’s $80 Billion I.R.S. Overhaul” (NYT)Best of the restNetflix revamped its film division, as the streaming giant prepares to make fewer movies to cut costs. (Bloomberg)“A.I., Brain Scans and Cameras: The Spread of Police Surveillance Tech” (NYT)A jury cleared Gwyneth Paltrow of fault in a 2016 ski crash and awarded her the $1 she had requested in damages. (NYT)“Do We Know How Many People Are Working From Home?” (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More