Jamie Dimon declares war on fintechs — New state of alt data — The 'untouchable client'

Jamie Dimon declares war on fintechs — New state of alt data — The 'untouchable client'

January 23, 2021

Good morning and welcome to Insider Finance. I'm Dan DeFrancesco, and here's what's on the agenda today:

  • JPMorgan's Jamie Dimon just declared war on fintechs
  • Big players like Bloomberg LP are starting to upend the alt-data landscape
  • Trump is becoming an 'untouchable client' — here's how law firms are turning on him 

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefr[email protected] or on Twitter @DanDeFrancesco. 

Bloomberg just paid more than $100 million for an upstart alt data player. Here's why the once-fringe market is expecting even more interest from industry giants.

Alt data has had a volatile few years. The past six months have been particularly interesting, with big data providers like Bloomberg and FactSet pushing deeper into the space. 

We spoke to executives across the industry to understand what the arrival of traditional players into alternative data means for the market.

Click here to read the entire story.

Roblox taps GTS for its direct listing as part of an IPO pivot that's rewriting the pecking order for market-makers and banks

Roblox has tapped GTS to be the designated market maker when it goes public via direct listing, in a pick that has shook up the status quo for the alternative way to go public. Read more here.

7Park Data is killing off the data streams it sells to hedge funds after being sold to another Vista Equity Partners portfolio company

Vista-owned 7Park Data, which Insider recently reported was acquired by a Apptio, is shutting down its data feeds. See more here. 

'Let us do the work first': Incoming Citigroup CEO Jane Fraser fends off tough questions about how she'll right the ship as Mike Corbat prepares to exit

Jane Fraser, Citigroup's soon-to-be CEO, had plenty of tough questions to field from analysts during the bank's fourth-quarter earnings calls with analysts. Get the full rundown here.

JPMorgan CEO Jamie Dimon wants to win the war against fintechs, expecting 'tough, brutal' competition in the next 10 years

Jamie DimonREUTERS/Yuri Gripas

JPMorgan CEO and chairman Jamie Dimon had some choice words for fintechs the bank might find itself coming against for clients. Find out more here.

JPMorgan eyes commercial bank's international expansion with goal of $1 billion in revenue. 'This is an extraordinary opportunity to hire bankers.'

JPMorgan CEO Jamie Dimon.AP Images

Speaking of Dimon, he also highlighted how JPMorgan is making an international push with its commercial bank. Read more here.

Merrill Lynch's pipeline for new advisors 'in limbo' as the firm overhauls training program and issues over cold-calling violations persist

Get the scoop on the latest drama surrounding Merrill Lynch Wealth Management and its training program for financial advisors. Find the full story here.

Morgan Stanley just promoted 171 people to managing director — here are the names

REUTERS/Yuri Gripas

Read the full list of Morgan Stanley's new managing directors. See more here.

How humans outperformed the machines in 2020 at $6 billion Schonfeld Strategic Advisors

Human's beat the machines at Schonfeld this year as far as performance. Find out how here.

Odd lots:

Trump is becoming an 'untouchable client.' Here's how law firms are turning on the president, from calling for his removal to dumping his business. (BI)

A Boies Schiller lawyer who's a son of one of the elite law firm's cofounders was arrested on a domestic violence charge (BI)

SCOOP: Thieves stole $31K from an Alabama-based bank's political committee that gives to Republicans and Democrats (BI)

Cryptocurrency salaries revealed: From $60,000 to $400,000, here's how much you could earn working in crypto — and actual job listings at Coinbase, Facebook, PayPal, and more. (BI)

The DOJ's decision to block Plaid's $5.3 billion deal with Visa was a shocking 'shift' by regulators, VCs say. But 2021 will still be a good year. (BI)

Learn more about the financial services industry.

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