(Reuters) – JPMorgan Chase & Co JPM.N executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin, and feel confident enough in the bank’s financial position to start repurchasing shares again soon if regulators allow.

Their comments came on Tuesday after JPMorgan reported much stronger-than-expected results for the third quarter, beating profit estimates and setting aside relatively little money for loan losses.

Only one of its four major units – consumer banking – saw revenue and profits decline, and even those customers are holding up relatively well, Chief Financial Officer Jennifer Piepszak said. Other businesses, including trading, investment banking, commercial lending and wealth management, posted gains.

Although JPMorgan expects loan losses to escalate, and added another $611 million to its loan loss reserves, that figure is tiny compared to the previous quarter and smaller than what

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A critical turning point in a career is when you begin to get calls from executive recruiters. MBA students often don’t realize that once they land at their post-MBA firms, their next placement will likely occur through an executive recruiter (especially if they go to a blue-chip company perceived as having skill identifying and developing talent). Executive recruiters are hired by companies to identify and place top talent, becoming the primary conduit through which many executive roles are accessed.

Consequently, how young executives develop and manage these relationships can influence future career options. To better understand the key mistakes junior executives make when engaging with executive recruiters, I turned to Umesh Ramakrishnan, a Co-CEO at Kingsley Gate Partners who has placed members of the boards of directors, CEOs, CFOs and other senior management positions in North and South America, Europe and Asia. Below is his insight.

Kimberly

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Indian entrepreneur BR Shetty has filed a complaint with central investigative agencies in India seeking a probe into two former top executives of his companies and two Indian banks related to a multi-billion dollar financial scandal engulfing his group.

Several companies linked to Shetty, including top United Arab Emirates hospital operator NMC Health PLC and payments firm Finablr PLC, have come under severe financial strain this year after short-seller Muddy Waters questioned NMC’s financials.

At issue, Muddy Waters said, were questions about NMC’s asset purchase prices and capital expenditures, which it said were both inflated.

NMC and Finablr subsequently announced far higher debts than they had previously reported.

Shetty’s 55-page complaint, a copy of which was seen by Reuters, accuses the former chief executives of NMC and Finablr, along with their associates and bankers, of inflating the companies’ balance sheets, arranging “illegal” credit facilities and misappropriating funds since 2012.

It

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Engage with renowned faculty, industry leaders, and a global set of peers from wherever you are in the world

The University of Chicago Booth School of Business Executive Education recently launched a new suite of live-online distance learning programs in response to the disruption of business continuity resulting from COVID-19. These programs are designed to help leaders upskill and meet today’s business challenges and remote learning challenges. Chicago Booth also transitioned many high-demand in-person open enrollment programs to a live-online format this fall.

Chicago Booth’s live-online executive education programs provide multiple benefits, which include …

  • Delivered in a synchronous format where you’ll learn from faculty, industry leaders, and peers in an interactive, high-impact virtual environment

  • Often blend of live virtual and offline activities and readings to deepen one’s understanding of course content

  • Virtual networking opportunities to grow professional networks, as well as the ability to join Chicago Booth Executive Education

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Executives increasingly are using an alternative to IPOs to take their companies public, choosing to sell to what is known as a special-purpose acquisition company to attract new investors and potentially cut down on the time it takes to reach public markets.

U.S.-listed special-purpose acquisition companies, or SPACs, have raised $40.4 billion so far in 2020, compared with $13.5 billion during the whole of 2019, according to data provider Dealogic. By comparison, companies raised $51.3 billion this year through traditional initial public offerings, roughly on par with all of 2019, Dealogic said.

SPACs this year have completed 47 acquisitions totaling $50.2 billion, compared with 22 deals totaling $15.1 billion in 2019, according to Dealogic.

Among the most prominent companies that have chosen SPACs to go public in recent months is

Nikola Corp.

, the electric truck maker. Nikola in June merged with VectoIQ Acquisition Corp., a SPAC with a focus

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The Pac-12 distributed performance bonuses to employees in its San Francisco headquarters, from commissioner Larry Scott to mid-level managers, approximately one month before half the staff was laid off or furloughed, the Hotline has learned.

Four employees from the Pac-12 Networks confirmed that their bonuses were paid this summer for performance in the 2020 fiscal year. Each requested anonymity because of the personal nature of the issue. One was willing to state the amount of the bonus: $10,000.

All four said they usually received bonuses in September or October for the prior fiscal year and were surprised by the expedited timeline.

Bonuses for employees on the conference side were also paid in July, which is the standard schedule for that division.

One month later, the Pac-12 laid off or furloughed 94 of its 196 employees.

“I have no idea why they changed the schedule, but I was surprised,’’ one networks

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At about the same time the letter arrived, a consortium of local chambers of commerce and business groups around the city brought forth their own message of discontent, meaning that the mayor faced a vote of no confidence from the city’s business community writ large.

Mr. de Blasio, a progressive Democrat who has called for increasing taxes on the city’s high earners and prides himself on supporting the poor and working class, might seem an unlikely ally for some of the city’s most powerful business figures. But he responded to the letter by finding common cause with his critics instead of launching a salvo against an out-of-touch moneyed class.

“We need these leaders to join the fight to move the city forward,” Mr. de Blasio said on Twitter.

New York City faces potentially catastrophic budget shortfalls that could wreak havoc on services and transportation,

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MELBOURNE (Reuters) – Rio Tinto RIO.AX parted ways with its CEO and two senior executives on Friday, bowing to mounting shareholder criticism of the destruction of two significant Aboriginal rockshelters and the global miner’s limited initial response.

Chief executive Jean-Sébastien Jacques, who has led Rio since 2016, will step down by March 31 next year, the company said, after shareholders expressed concerns about executive accountability.

The head of iron ore, Chris Salisbury, and Simone Niven, head of corporate relations, the unit responsible for dealing with indigenous communities, will also depart.

The move came after activists and investors said Rio had not done enough in an earlier board-led review into how the miner legally detonated rockshelters showing 46,000 years of human habitation at Juukan Gorge in Western Australia against the wishes of traditional owners. The review had cut short-term bonuses for some executives.

“Despite a drawn out process, we feel the

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The majority of their cloud budgets are being allocated to hybrid cloud platforms even as their public cloud spend is set to reduce from 50 per cent share today to 43 per cent by 2023.

Business executives in India are increasingly planning to invest in hybrid multi-cloud platform strategies and capabilities to drive business transformation and to unlock value, revealed an IBM Institute for Business Value survey. The IBM said in a statement it surveyed Indian and global executives across industries to gain an in-depth understanding of their organisations current use of hybrid cloud, multi-cloud and their approach to multi-cloud management.

The report is titled, ‘The hybrid cloud platform advantage: A guiding star to enterprise transformation in India. IBM said according to the survey respondents, 17 per cent of their IT spend is allocated to cloud at present and they plan to increase the share of spend on hybrid from

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As part of its bankruptcy reorganization, Neiman Marcus has eliminated supplemental retirement plan benefits for its senior executives and former top executives.

The Dallas-based retail company said the decision has no impact on either its qualified pension plan, which covers about 10,600 active and retired employees, or its 401(k) program.

Two supplemental plans for executives and a third deferred compensation plan were discontinued. Neiman Marcus also discontinued retiree medical benefits.

About 50 current top executives out of the company’s 13,000 employees qualified for the extra future benefits.

Eric Severson, executive vice president and chief people officer, detailed the decision in a letter to retirees and former employees with instructions for how to file a claim in the bankruptcy case.

Former CEO Karen Katz, who spent 33 years at the company, filed a claim without disclosing lost benefits. Her predecessor, Burton Tansky, who was CEO from 2001 to 2010, claimed an

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