Jamie Dimon is a unique pattern in the world of finance. Sometimes called the "King of Wall Street," he seeks to understand all the various trades practiced in the banking group. 56 years old, this little-son of Greek immigrant who grew up in the borough of Queens continues to personally analyze weekly piles of numbers. His direct involvement in risk management has served throughout his career. For sooner than the others sensed the danger coming, and insisted on lending policies and investment more conservative than his rivals, he is credited with the fact that JPMorgan Chase has not experienced a single quarter in the red for the subprime crisis.

If he knows all areas of finance, is that this son of a broker was to mentor Sandy Weill, a legend on Wall Street. After graduating from Harvard Business School in 1982, Jamie Dimon declines an offer from Goldman Sachs and prefer to become assistant Sandy Weill, then at American Express. It will be at the forefront when Weill will lead an obscure finance company, Commercial Credit Company in 1986. Weill will use it to build an empire by a series of acquisitions. Primerica, Smith Barney, Salomon Brothers, where many firms Dimon has made his mark under the control of Sandy Weill.

But it will tire of the ego of his protégé in 1998. He dismisses rather than make his heir as head of Citigroup, the new and the first universal bank in the United States. Jamie Dimon immersed himself in reading, takes boxing classes in the spring of 2000 and accept the direction of Bank One in Chicago. He reorganized the large regional bank and merged with JPMorgan Chase in 2003, at a time when the giant New York is weakened, among other things related to Enron pay day loan lenders. Jamie Dimon savors revenge on Sandy Weill: it accesses the management of a large universal bank at a time when his former mentor was ousted from the leadership of "Citi".

In the first line

His smile and his habit of interrupting his interlocutors annoy many people. But Jamie Dimon is respected because it handles the best financial institution in the United States, present in all areas of finance, banded with solid capital, and often more profitable than its peers. Both internally to the press, analysts, regulators or politicians, he preaches transparency and do not hide behind circumlocutions. A relative who followed him from one bank to another for years said: "It's stronger than him, he can not help telling the truth." …… ..

While banks are unpopular and accused of all evils by senior politicians, Jamie Dimon takes a stand to defend his profession. He personally leads and the fight against re-regulation of many activities: how it will oversee consumer lending limitations taxable deposit banks that invest in the market, Jamie Dimon speaks publicly, while his colleagues let their lobbyists in the first line.

Democratic voters have always had supported Barack Obama in 2008. He preached at the time, for a pragmatic modernization of financial regulation. But the virulent rhetoric of the White House against Wall Street now seems to him unjust and angry.

]]> http://chestnutchurch.org/a-stone-in-the-garden-of-jamie-dimon/feed/ 0 http://chestnutchurch.org/corporate-foundations-to-motivate-employees/ http://chestnutchurch.org/corporate-foundations-to-motivate-employees/#comments Sat, 31 Mar 2012 18:24:04 +0000 admin http://chestnutchurch.org/corporate-foundations-to-motivate-employees/  

Employees searching for meaning at work? Corporate foundations may well be a response to this need. These structures serve the general interest in working relationship with associations, involve more and more widely in staff actions.

This is certainly one of the conclusions of the first barometer of corporate foundations, led by "IMS-take to the City" (*), ring exchange chaired by Claude Bebear, accompanying 230 companies to date in their "social commitment".

Eight out of ten foundations to offer and company employees to get involved. "We support only for projects likely to involve employees," said Severine Coutet, secretary general of the Fondation HSBC created in 2008 around the educational and environmental themes. "This involvement strengthens the sense of belonging to the company," she says. Ultimately 30% of the employees involved, which is huge.

The study also reveals that this patronage focuses on the causes that are related to the company's business (52% say this), with behind the idea, attractive to employees, the company and Foundation share similar values.

Review the social contract

Created two years ago, the fledgling foundation Monoprix, has directly asked his staff to define its field of action. Three were identified: the integration of young people, improving mobility and accessibility of elderly and disabled, the fight against isolation. "Things related to the mission that Monoprix is ​​to provide basic necessities and be a social city," says Catherine Ranieri, general delegate of the foundation, which speaks of "significant internal tool federation " pay day advance. It turns out that these problems are not unlike that of some of its employees, 80% are at the minimum wage

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Upon the establishment of the foundation Monoprix, the works council has also questioned the direction of the actions put in place for its own employees … The answer was quick to come with the announced creation of a social fund for employees. Foundations and would require companies to review their own social contract

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What about the causes supported by the foundation? The barometer reveals top education (59%), advocacy (58%), and employability (52%). Young people are the target audience (52%). And despite the crisis, companies are investing as much explains IMS: third has a budget of over 1 million euros.

Since the creation of foundation status of companies in 1990, 450 structures have emerged, the 2003 Act, concerning patronage (with 60% rate of tax deductions) having accelerated the movement.

(*) Quantitative study conducted in fall 2011 conducted among 68 foundations, supplemented by a qualitative study of 12 foundation leaders.

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For the first time since 1995, the protection of personal data of European citizens is being reformed. This is normal. In seventeen years, the Internet and social networks have radically changed behaviors and risks: identity theft, fraud, misuse of information posted, collecting information without the consent of the internet, etc … January 25, Viviane Reding, Vice President of the European Commission presented its draft European regulation, in a document of 134 pages. The text should come into force in two years in each member country of the Union.

While the CNIL (Commission Nationale Informatique and freedoms) recognizes "substantial progress", particularly by establishing a "right to oblivion" for digital users and creating "a power of sanctions," up until to 2% of worldwide turnover and € 1 million fines on companies, several points are criticized. Reportedly, the CNIL's remarks will be taken over by all supervisory authorities in Europe, gathered in the "Group of 29" European CNIL. Or Friday, no later than Monday, April 2, this group will be concerned about the "bureaucratic risk" introduced by the draft EU regulation. Indeed, a private company may, according to the draft regulations, elect one principal in Europe, and conform to all its European subsidiaries to the rules of this country's data protection. In case of dispute, the issue will be examined by the CNIL's chosen country payday advance. The risk is high that the French CNIL, for example, becomes a single mailbox. And it's "particularly concerned about the risk of estrangement between citizens and their national authorities."

"The notion of principal is criticized, including by U.S. companies. General Electric, for example, does not have the same commitment to a European country as Facebook or Google, "says one expert. In fact, the same day as the release of the draft EU regulation, Google announced it had chosen "as the principal place of Ireland" and announced a new rule for "confidentiality", in force since March 1. But these provisions were strongly criticized by the CNIL, on behalf of all European CNIL, and March 19, a detailed questionnaire was sent to Google.

Meanwhile, cooperation between the supervisory authorities of all member countries of the European Union is considered, failing to create a single European CNIL. CNIL tricolor is already strong in his criticism by the French government and parliament.

In June the European Council of Ministers should review the draft EU regulation, which would be amended in the direction of greater cooperation between the supervisory authorities of each European country.

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Safran, present in the aerospace, defense and security plans to recruit 6,000 employees this year, including nearly half in France. At a time when there is much talk of de-industrialization in France, the announcement sounds like good news. The group employs 60,000 people worldwide including 40,000 in the hexagon, also intends to maintain this rate of recruitment of three to five years, given the positive outlook for its three main divisions, says Philippe Petitcolin, CEO Sagem.

Widely open to the world, since it exports 80% of its business, the company remains firmly in France where she still makes 70% of its turnover. Since 2010, Safran has opened six plants in France, with an investment of 300 million and goes with an announcement in a few weeks Commercy in the Meuse.

The recruitment plan announced Monday by Safran is bound simultaneously to the development group and replacements (the average age is around 50 years), although the turnover is especially low, says HRD Jean-Luc Bérard . The net enrollment fluctuates between 500 and 700 people depending on the year. A figure that could improve in the future, to the extent that the departures are below the arrivals.

Tensions on the labor market

Safran, born six years ago from the merger Sagem-Snecma, search profiles foremost executives and engineers, representing 75% of new recruits in France payday loan no faxing. "We spend 1.6 billion euros in research and development and our offices are an important entry point for engineers," said Jean-Luc Bérard. But he admits that he faces "a tension on the labor market in most profiles," knowing that these graduates are courted by both the automotive industry, banking, insurance world, without forgetting its own competitors aerospace sector, Airbus chief among them is on a pace of 4,000 new hires this year.

To highlight the attractiveness of its careers and attract graduates, Safran has developed several tools: it hosts 1500 including all levels of alternating training and some 2,200 trainees. The engine also adds its relations with academia and high schools through a network of Ambassadors employees. "We have very close relations with more than thirty schools and several universities as Orsay, Pierre and Marie Curie or Bordeaux. However we absolutely need to build partnerships with education abroad, "says the HR manager.

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Since the beginning of the year, France can count on a new ambassador in U.S. supermarkets: the Teddy Bear Marshmallow. The chocolate confectionery iconic Cémoi, which this year celebrates its fiftieth anniversary, was called "So Pretty" across the Atlantic. She will seduce children and adults in Canada and the United States. They currently represent a drop from the 400 million Bears produced annually in the plant Villeneuve d'Ascq.

"We ask our pawns in North America, says Patrick Poirrier, CEO Cémoi first chocolatier in the Hexagon with his trade supplier to brands (MDD), who made last year 750 million euros of turnover. We have there an approach to French fashion products. In three years, we increased our sales by 30%. "If Cémoi not realize yet that 35% of its turnover abroad, it counts including the United States to accelerate.

Focus on Africa

The company, based in Perpignan, which is 900 million euros in turnover by 2015, will open next month an office in New York. He intends to take advantage of the recent development of MDD in the chocolate sector and leverage its brand. There, Cémoi – which adjusts its revenues in each country – relies on its truffles, which are a little Eiffel Tower on their packages, and its dark chocolate ranges, a fast-growing segment on which there is still little Deals in North America payday loans. For now, we deliver from our ten factories located in France, "says CEO, grand-son of the founder, who does not rule out making acquisitions in the United States.  

Other fast-growing region for three years, the Eastern Europe (35%), which represents nearly 10% of total production. "The increase in living standards, particularly in Poland, where we have a factory of industrial products, driving growth," said Patrick Poirrier.

In emerging markets, Cémoi prefers to pass his turn now in Asia, having suffered a failure in China in the 1990s. Instead, it set course for sub-Saharan Africa, where he bet on population growth and economic take-off, and its historical presence in Côte d'Ivoire through a processing plant. "We're going to floor on small packaging and on basic products such as chocolate spread," said Patrick Poirrier.

Finally, while the cocoa supply will become critical to the future (it will take one million tonnes in the next decade), Cémoi strengthens its role on the upstream. For two years he sells beans to other chocolatiers, tired of going through middlemen or traders. A new market for Cémoi, which now boasts its presence in the entire chain.

After the Millers last week, it was the turn of the manufacturers of dry dog ​​and cat to be sanctioned by the Competition Authority. In a country of 8 million dogs and 10 million cats, groups Nestle (Purina), March (Royal Canin) and Colgate-Palmolive (Hill's Pet Nutrition) were sentenced to pay 35.3 million euros for cartel with their wholesalers.

According to the sages of the Rue de l'Echelle, Nestle and Mars agreed for five years (2004-2008) with their wholesalers, who then sold their stores croquettes (BHV Jardiland, Leroy Merlin, Truffaut …).

The two market leaders have imposed their resale prices, exclusive territorial or customer, thus limiting competition between them. Royal Canin had already been convicted in 2005 by Constable competition.

As for the subsidiary of Colgate-Palmolive, she has arranged with its veterinary wholesalers to ban the export of its products outside the Hexagon.

If Nestlé and Mars are the most heavily penalized (19 and 11.6 million fine), they nevertheless benefited from reductions of approximately 20% penalty for not contesting the facts. They also set up compliance programs to competition rules. Finally, they reorganized their distribution system and p

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It only took a month of discussions that management of TNT Express, a former subsidiary of the Dutch post, accept the proposed UPS. The American giant of more than 400,000 employees whose turnover in 2011 exceeded more than $ 50 billion has evolved its offering at a time when TNT Express through a bad patch. This has indeed posted a net loss of 270 million euros in 2011 against a profit of 66 million euros in 2010.

UPS approached by mid-February, leaders of TNT Express had rejected an offer that valued the company 4.9 billion euros. But to 5.16 billion euros, UPS was unanimous. This acquisition will enable the U.S. group found mainly across the Atlantic to catch up. In the business of courier, transporting small packages, UPS accounted for only 7.7% of the European market against 9.6% for TNT Express, Fedex and 3.3% to 17.6% for DHL, a subsidiary Deutsche Post, according to figures from Transport Intelligence firm.

While approaching, the two biggest names in express transportation become a European leader in size to cross swords with DHL and especially a world champion since their continental positions complement each other. An asset to get the green light from competition authorities even if Deutsche Post yesterday estimated that the European Commission would consider merging with caution.

The new group formed should weigh a turnover of $ 60 billion and 477,000 employees. By comparison, another U.S. giant, Fedex, achieved a turnover of $ 41 billion in 2011 and employs 290,000 people.

Target: 50% of international sales

The presence of UPS TNT in different regions of the world should stabilize as sales in the U.S. will increase from 74% to 64% UPS only for the new group and Europe will reach 22% after the operation against 14% for the only American group.

"Why TNT is it very attractive?" Asked Kurt Kuehn, UPS's chief financial officer, during a press conference in Amsterdam: "Because he manages operations in areas of the world that were unserved: Brazil, Australia, Middle East, the road and rail networks in Europe. "The objective announced by UPS is to reach 50% of sales overseas in the next five years against 26% at present. 

Financially, the acquisition should help to achieve one billion euros in savings, once the integration of TNT Express will be accomplished. Clearly, the group provides $ 400 to 550 million euros in savings per year from 2015 through improved efficiency of logistics platforms, an optimization of aircraft fleets, purchasing … However, the CFO UPS declined to answer questions on possible job cuts among the ranks of TNT. The transaction, which must be profitable within the first year, could be completed in the third quarter of the year.

It is likely that the competitor UPS, Fedex, will not thwart the hostile bid. Especially since the competitor UPS does not have $ 3 billion in cash.

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The European Union will not allow itself to do. In the aftermath of retaliation by China against the European carbon tax, which came into force on 1 January, the Danish Minister of Climate, Lidegaard Martin, said Friday that Brussels does not intend to reconsider the measure. "The EU will continue to ETS (the European carbon market fee, ed) and I feel we have a Council of Twenty-Seven united on this subject," he said on the sidelines of a meeting Brussels with his counterparts. "Europe and other countries want a solution within the International Civil Aviation Organization (ICAO)," he added. To date, 26 of 36 ICAO member, including China, the United States and Russia, opposed the measure.

China took the lead from the dispute by freezing orders for Airbus aircraft placed by its airlines. "The decision of Beijing has an industrial impact: it hits 45 Airbus long-haul, 10 and 35 A 380 A 330," Louis said Thursday Welsh, CEO of EADS, when presenting the results of the 2011 group . "In 2013, 6 A 330 deliveries in 2014 and another 19 are endangered," he added, asking the EU not to insist on applying a unilateral measure. "We promote an agreed solution on a global scale. The European tax is not the appropriate solution. It distorts and puts us at odds with the rest of the world, "insisted Louis Welsh.

Trade war

The carbon tax applies to all airlines flying over European airspace. They will, however, forced to perform in the spring of 2013. Carriers must pay 15% of their emissions in the year 2012, 32 million tons, according to the price of a tonne of CO2. Otherwise, Brussels has set two types of penalty: a fine of 100 euros per tonne, more radical, the flight ban over European airspace.

China has calculated that the bill will amount to nearly 100 million euros for his companies and four times in 2020. In total, the carbon tax would cost 705 million euros for 2012 to stakeholders worldwide. Unacceptable for the Chinese, who are ready to tussle with Europe, even start a trade war with disastrous consequences for Airbus. Beijing is far from isolated. The rejectionist front also includes the U.S., India and Russia.

The threat is real for Airbus, which is fighting against Boeing, in all these regions to sell planes. It affects not only future orders, but also on its order books and production rates, thus on employment. EADS could stop wearing the monthly production of the A 330 to 11 copies, against 7 currently, from the second quarter of 2014. The future of the A350 XWB long-haul next-generation, could be thwarted.

China's strategy of Airbus is shaken

China, the fastest growing market in the world, is strategic for Airbus, which has sold 15 A 380, 2 of which were delivered to China Southern ordered five of them. Hong Kong Airlines, a subsidiary of China Hainan Airlines, has already threatened to cancel its order for 10 super-jumbos. If the case escalates, how Airbus can hope to convince other Chinese players? All its China strategy, whose cornerstone is the introduction of an assembly plant in exchange for A 320 commands, is shaken.

Other measures of retaliation are not excluded. What would happen if Russia, where the A380 has achieved a commercial breakthrough with Transaero last summer (4 A 380), or India decide to follow suit in Beijing? According to Airbus estimates, India and China account for 40% of global demand for aircraft in the next twenty years, or 10,320 units. Something to think about European bodies!

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This is the flagship of Nicolas Sarkozy proposal for education: pay 500 euros a month more teachers willing to work 26 hours per week instead of 18 hours. The president-nominee wants to fund the measure, in colleges and high schools, by 208 million of savings related to the pursuit of non-replacement of retiring in two in the public service.

To balance the accounts as well, should not more than 58,000 teachers choose to work 26 hours, calculated the Institute of the company, under Debate & Co. 58,000 teachers is 13% of … Still, the UMP did not specify whether all or only new teachers may opt for these 26 hours.

The Institute also evaluated the gross cost of the measure, before taking account of "one in two," using assumptions Directed Study (2 or 4 hours per class per week) and replacement overtime. The cost ranges from 148 to 295 million per year. In the primary, the institute estimates that, by their status, teachers will supervise the study hours without being paid more.

Institutional autonomy would cost it 330 million if a new package of € 30,000 was granted to institutions, or nothing if the budgets were redeployed. Finally, the institute says he can not quantify the cost of the provision of an office for each teacher.

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No wonder that the backup industry has become an issue in the presidential Since 2001, the manufacturing sector has lost over 800,000 jobs in France. Each week brings a lot of sites in need. After the textile factory Lejaby and module manufacturer Photowatt, it is the turn of the steel plant of ArcelorMittal Florange in Lorraine, put to sleep by the judgment of its two blast furnaces, to generate the anxiety … and the attention of politicians.

Francois Hollande visited Florange Friday. There promised legislation that would prevent a company wanting to emerge from a French site to block a takeover by a buyer. Filed Monday in Parliament, this bill has no chance of being passed before the elections. But its content must be dated. In detail, the text is not so coercive as that. "If there is no buyer, we will force the company not wanting to close the plant to find one," said Alain Rousset, President of PS Aquitaine and responsible for industrial matters within the Holland team.

Defensive tool

"By cons, if buyers are presented, the company can no longer refuse to cede the factory, as sometimes happens now. This is the commercial court which will then choose the buyer, "added the official, who sees the device as a defensive tool against abusive practices by companies not wanting to deliver profitable customers or technology to a potential buyer competing .

On the other side of the political spectrum, we do not share this vision. "The logic of this bill is a logical administered economy that always leads to impoverishment," Francois Fillon on Monday denounced the Salon de l'Agriculture. RTL, Nicolas Sarkozy said he preferred to act through the Strategic Investment Fund (ISF), the armed wing of the State acquires a stake in companies. "It makes sense, is to invest," said the president-nominee. Nevertheless, in the case of ArcelorMittal, the use ISP has nothing obvious, the group being held to 40.8% by the Mittal family. Similarly, the government can push, as reaffirmed by Nicolas Sarkozy, the direction to invest in the blast furnace restarts in the second half. But this is ArcelorMittal, as a private company, which will decide whether to invest, based on economic criteria.

The state could in fact intervene through Ulcos European project, focused on CO2 reductions. Through this project, a new blast furnace could be built to high performance Florange. Last autumn, the French government is committed to provide 150 million euros to this program. Commitment that Nicolas Sarkozy confirmed on RTL. Still, it must also get the green light from Brussels. The European Commission must give its opinion in October 2012. Francois Hollande had gone to discuss the subject in Brussels last November. Nicolas Sarkozy has promised to speak at the European summit later this week. But again, the project will not succeed if it is not economically viable

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