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Jamie Dimon wants to make America great again.
The JPMorgan CEO wrote an op-ed in The New York Times on Tuesday to explain his bank’s decision to raise wages for some 18,000 employees.
“A pay increase is the right thing to do,” Dimon wrote. “Wages for many Americans have gone nowhere for too long.”
This follows Monday’s announcement from Starbucks CEO Howard Schultz that his company would raise employee wages by at least 5%.
As Business Insider’s Myles Udland wrote, the companies’ decisions should not come as a surprise. Both JPMorgan and Starbucks — among others including Walmart and Target — are reacting to broader economic forces at play in the US labour market.
In international news, Italy isn’t the only European country with ‘a systemic banking crisis,’ and one of the most dangerous leaders in the world is in a very tight spot following the ruling by a Hague-based tribunal that China has been violating its neighbours’ sovereignty in the South China Sea.
In the UK, the pound is soaring after confirmation that Theresa May will be Britain’s new prime minister.
Here are the top Wall Street headlines at midday:
A bunch of ugly warning signs are bubbling up in Saudi Arabia — Saudi Arabia has weathered the lower-for-longer oil environment far better than some of its fellow OPEC members, but that doesn’t mean other parts of its economy waded through the last few months completely unscathed.
Would-be MBA students are paying consultants up to $10,000 to get into their dream schools — According to the Association of International Graduate Admissions Consultants, 45% of MBA applicants said they used an MBA admissions consultant through the process to gain a competitive edge.
Americans’ appetite for stuff is slowing down — Traditional retail is having a tough go of it lately.
A former Goldman Sachs analyst explains how to talk like a banker — It often feels as if Wall Streeters have their own language, especially when talking about what they do.
Why bankers bring cake and silly props to pitch for new business — It’s called a “bake-off,” and for investment banks looking to land a role on a big initial public offering, it’s a critical time.
Wall Street’s hottest take on Tesla’s ‘Top Secret Master Plan’ is out — There is perhaps no one on Wall Street more equipped to muse on Elon Musk than Adam Jonas over at Morgan Stanley.
Shark Tank’s Kevin O’Leary has 17 new ways for you to invest in the stock market — The ETF boom just keeps rolling.
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