Crypto News: Jamie Dimon's warning

Good morning. Jamie Dimon warns some of his banking rivals are doing "dumb things." Donald Trump's new 10% tariffs went into effect. And why bosses are no longer doling out "peanut butter raises." Listen to the day's top stories.

— Marcus Wright

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Jamie Dimon said he's starting to see parallels to the era before the 2008 financial crisis, when a rush to make loans ended disastrously. The JPMorgan CEO said some rival lenders are doing "dumb things." Traders brushed off the warning, with futures staging a cautious recovery after yesterday's decline. Alap Shah, the co-author of a research report that triggered Monday's jitters, is calling for an AI tax to cushion job losses. Reminder, that report imagines a world in which rapid advances in machine intelligence render large swaths of human labor obsolete.

Donald Trump's new 10% global tariffs went into effect. The White House is still working on a formal order that will increase the rate to 15%, as well as readying a spate of national security investigations allowing the administration to impose other new tariffs. And here's what to expect from Trump's State of the Union address today.

Trump Reverts to First-Term Tumult as Republican Fears Mount

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Anthropic is offering some current and former employees the ability to sell shares in the AI firm at a valuation of about $350 billion. Maybe that will allow some of them to emulate Joshua Easterly at the private capital firm Sixth Street, who told staff he's retiring at the age of 49.

A powerful winter storm started to taper off across the Northeast yesterday evening after smashing records and dropping more than a foot of snow in eight states. Transit service around New York City is gradually returning, though the storm's impact is expected to linger for days, with more than 11,000 flights grounded and many homes and businesses without power. Drivers in some parts of Massachusetts have been ordered to stay off the roads as snowplow crews struggle to catch up.

Photographer: Justin Chin/Bloomberg

Using Samsung's pricey Galaxy Z TriFold is supposed to feel like living in the future, where you can get by with one handheld device for most of your computing needs. But after spending a month with the $2,899 device—which recently went on sale in the US--our reporter concluded it's still a long way from replacing a laptop.

Deep Dive: Mexico's Drug War

A Prosecutor's Office agent at the site of a burning bus in Zapopan, Jalisco state, Mexico, on Sunday. Photographer: Ulises Ruiz/Getty Images

Mexico revealed how it found the country's drug kingpin, stressing that US security agents didn't actively participate in President Claudia Sheinbaum's most direct confrontation with the cartels yet.

Key information about Nemesio Oseguera Cervantes—the leader of the Jalisco New Generation Cartel who was killed Sunday—came from tracking a lover, according to the government.
Sheinbaum said that Mexico was now peaceful and that all commercial flights are expected to resume by today. Still, many vacationers to Puerto Vallarta and other cities still faced canceled flights and shelter-in-place warnings.
Taking out Oseguera is a huge political success for Sheinbaum, who has faced pressure from Trump over national security and the flow of drugs. But the move doesn't necessarily curb the cartel's grip on the nation, according to experts, and a power vacuum within New Generation could lead to more violence.

The Big Take

Photographer: Gabby Jones/Bloomberg

Traders on Kalshi and Polymarket are wagering on everything from championship games to Fed press conferences. Boosters say the firms create economic and social value by providing better information about what will happen in the world. Critics call it unregulated gambling.

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The World Adjusts to a New Tariff Reality

Opinion

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The State of the Union for small business is dismal, Matthew A. Winkler writes. The agricultural economy is sliding and firms with fewer than 500 employees are suffering record bankruptcies.

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The Rolex You Want May Be in Stock — But Not for Long

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Before You Go

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Corporate bosses are turning their backs on "peanut-butter raises"--pay hikes that spread modest increases around to all staff. Instead, they're giving chunky raises to their stars, according to a Korn Ferry analysis, figuring they'll leave if they don't feel valued. For the rest, simply keeping a job may be reward enough at a time of white-collar layoffs.

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