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   DealBook: Fighting the Fed
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   Also, has Trump’s India strategy backfired?
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             September 2, 2025
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          Good morning. Andrew here. A lot has happened in the past week, but let’s focus on an especially serious situation: the fight between President Trump and Lisa Cook, the Fed governor. What many fail to recognize is that this isn’t just a skirmish over one person, but a broader effort to fundamentally reshape the central bank.
         </span>
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          Trump said that he was seeking a “majority” on the Fed’s board. This suggests an explicit desire for more control over the central bank’s policy decisions than ever before. There may be an even bigger issue at play: The regional Fed presidents need to be reappointed in February, but if the president gains control of the Fed’s board, he could influence the selection of these regional leaders (who become rotating voting members every several years). That could install an entire generation of ideologically aligned policymakers.
         </span>
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          Also, please take a listen to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          today’s episode of “The Daily.”
         </a>
         <span style="font-style:italic">
          I was invited on to speak about one of the other major stories of the moment: Trump’s decision to take a 10 percent stake in Intel and what it means for corporate America and the state of capitalism. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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         <span style="font-style:italic">
          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             See no evil?
            </span>
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             Michael M. Santiago/Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Fed paradox
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More prominent voices, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Christine Lagarde
         </a>
         <span>
          of the European Central Bank and the billionaire financier
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Ray Dalio
         </a>
         <span>
          , have warned about the dangers from President Trump’s all-out assault on the Fed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And yet as U.S. stocks hover near a new high, equity investors seem unperturbed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 notched its fourth-straight month of gains in August despite worries about tariffs’ effects on inflation and consumer spending — and concerns that Trump could bulldoze the sanctity of Fed independence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What to watch:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump is a step closer to putting an ally,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                his economic adviser Stephen Miran
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , on the Fed. A Senate hearing on Miran’s nomination as a governor is scheduled for Thursday, as the White House aims to get him confirmed in time for the Fed’s rate-setting meeting in two weeks.
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A federal judge has asked lawyers for Lisa Cook, the Fed governor whom Trump is trying to fire, to file more briefs today as she pushes back against the president. The case, which hinges on the question of presidential authority over the central bank, is expected to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                end up in the Supreme Court
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
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          Are stock investors missing the forest for the trees?
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         <span>
          Dalio told The Financial Times that with Washington running huge budget deficits, a strong and independent Fed was hugely important.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A politically weakened central bank, he argued, “would weaken the monetary order as we know it” and destabilize debt markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The dollar has plummeted in value against a basket of currencies since Trump imposed tariffs on trading partners. Separately, 10-year Treasury notes and 30 year-bonds have badly underperformed stocks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Will bondholders ultimately check Trump?
         </span>
         <span>
          Even if the president succeeds in gaining, as he said, “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a majority very shortly
         </a>
         <span>
          ” on the Fed’s board, that wouldn’t necessarily translate to lower borrowing costs for Americans.
         </span>
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         <span>
          Rates for mortgages and other commercial loans are closely tied to the yield on the 10-year Treasury notes — where the market, not the Fed, holds the cards.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Kraft Heinz announces a breakup plan.
         </span>
         <span>
          The company said it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          separate itself
         </a>
         <span>
          into
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two publicly traded businesses
         </a>
         <span>
          : a global one focused largely on sauces and seasonings and a North American-focused one with products like Oscar Mayer hot dogs and Lunchables meals. The move is meant to alleviate Kraft Heinz’s moribund stock price and essentially unwinds the mega-merger that created the business.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nestlé fires its C.E.O. over an undisclosed relationship with a subordinate.
         </span>
         <span>
          The dismissal of Laurent Freixe followed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          board investigation into the romantic relationship
         </a>
         <span>
          , which ultimately was deemed a breach of the company’s code of conduct. Freixe will be replaced by Philipp Navratil, a longtime Nestlé executive who led its Nespresso division.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump family makes billions on paper from its new cryptocurrency.
         </span>
         <span>
          World Liberty Financial, the Trumps’ flagship crypto venture,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opened trading of its WLFI token
         </a>
         <span>
          yesterday, allowing the digital currency to be publicly bought and sold. The move valued the Trump family’s holdings at about $5 billion.
         </span>
        </p>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tech giants’ earnings will be in focus in a holiday-shortened week.
         </span>
         <span>
          On deck are quarterly results from Salesforce, Hewlett Packard Enterprise, and the newly public design software maker Figma on Wednesday and ​​Broadcom on Thursday. A crucial August jobs report will be published on Friday, the first since President Trump fired the head of the Bureau of Labor Statistics.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           </td>
          </tr>
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          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Are tariffs undercutting Trump’s geopolitical goals?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S. has sought for years to foster closer ties to India, hoping to build up a counterweight to China. But the Trump administration’s punitive tariffs on its ally, meant to drive New Delhi away from Moscow, appear to be having the opposite effect.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Prime Minister Narendra Modi of India, President Xi Jinping of China and President Vladimir Putin of Russia
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pledged greater cooperation
         </a>
         <span>
          at a regional meeting yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That drew a rebuke from President Trump, who claimed that the U.S. did “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          very little business
         </a>
         <span>
          ” with India.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          India getting closer to China could have big consequences.
         </span>
         <span>
          Companies like Apple had invested billions in the subcontinent to diversify their supply chains and escape Washington’s efforts to constrain Beijing. But Trump’s actions are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increasingly undermining those efforts
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There’s still plenty of geopolitical bad blood between New Delhi and Beijing, analysts say. But China doesn’t exactly look isolated right now.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Neither does Russia,
         </span>
         <span>
          despite
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump’s threats against Moscow
         </a>
         <span>
          for slow-walking moves toward peace with Ukraine. Gazprom said that it planned to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          build a pipeline
         </a>
         <span>
          to provide gas to China.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          All this suggests that the Trump administration’s grand strategy isn’t working.
         </span>
         <span>
          “India’s alignment with the Russia-China dynamic, even partially or pragmatically, would signify the strengthening of a new world order led by China, and a narrowing of the strategic room for maneuver available to the United States and its allies in Asia,” Marko Mihkelson, chairman of the foreign affairs committee of the Estonian Parliament, told The Wall Street Journal.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Europe’s tech enforcement is in focus
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The European Union’s role as a global tech enforcer faces a pivotal moment as Brussels stares down
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a long-anticipated summer deadline
         </a>
         <span>
          for deciding whether to hit Elon Musk’s X with a major fine for violating its 2022 Digital Services Act.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The geopolitical impact could be huge, David Meyer reports. The E.U.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          avoided making concessions on its digital rules
         </a>
         <span>
          when negotiating its recent trade agreement with the U.S., but the rules have become a major dividing point with President Trump and his Big Tech backers. The future of the preliminary trade deal could now hinge on European enforcement decisions.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The issue comes as Amnesty International released
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a report
         </a>
         <span>
          yesterday that suggests that X is helping to spread
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          homophobic and transphobic content
         </a>
         <span>
          in Poland, a potential violation of the E.U. law, which threatens fines up to 6 percent of global annual revenue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A recap:
         </span>
         <span>
          The
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          European Commission, the bloc’s executive body, said in 2024 that X had breached the act by allowing users to deceive others about their identities and fell short of transparency requirements. The commission was expected to impose a fine in July, but action was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reportedly postponed
         </a>
         <span>
          during the U.S.-E.U. tariff talks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Progress on trade has not reduced tensions.
         </span>
         <span>
          Trump recently threatened new tariffs and export restrictions against countries that apply digital rules to U.S. tech companies. His
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          social media post
         </a>
         <span>
          last week didn’t name Europe, but its reference to “Digital Services Legislation and Digital Markets Regulations” suggests that his targets include the D.S.A. and the Digital Markets Act, a recent E.U. antitrust law. Trump said the laws were “designed to harm, or discriminate against, American technology.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The commission has responded by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          denying that the laws discriminated against U.S. tech
         </a>
         <span>
          and insisted that the bloc had the right to regulate companies operating on its turf.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Thomas Regnier, a commission spokesman, told DealBook that the body was aware of the Amnesty report, and added that the D.S.A. required large platforms like X to have “adequate measures” to mitigate hate speech. He declined to comment on when any ruling into X might be made.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “The Hamptons is basically in group therapy about the mayoral race.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Robert Zimmerman, a veteran political fund-raiser, on the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          despondency among the New York elite
         </a>
         <span style="font-style:italic">
          about Zohran Mamdani’s rise and the seeming inability of Mayor Eric Adams and Andrew Cuomo to stem it.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Lazard adds A.I. expertise to its board
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As Wall Street firms race to figure out how artificial intelligence will reshape their industry, one major bank is bringing on an industry executive to join its highest ranks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Lazard is adding Dmitry Shevelenko, the chief business officer at Perplexity, to its board, Lauren Hirsch is first to report. Shevelenko previously worked at Uber, LinkedIn and Meta.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A.I. is now a boardroom priority for Lazard.
         </span>
         <span>
          “Having someone who is aware of where the technology is going, knows what the beta testers are doing and also is uber-connected to the engineers and to the cutting edge of technology,” Peter Orszag, the firm’s C.E.O., told DealBook, “I think is just incredibly important.” Adding an A.I. expert could also help the firm compete better in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the fierce race for talent
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The bank already uses A.I. in its firmwide “LazardGPT” chatbot as well as the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Rogo
         </a>
         <span>
          platform. It is “actively exploring” both a product built on Google’s Gemini and one built on Perplexity, Orszag said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Banking leaders have embraced A.I. in a big way.
         </span>
         <span>
          David Solomon of Goldman Sachs said in January that the technology
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could already draft 95 percent
         </a>
         <span>
          of an I.P.O. prospectus.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Brian Moynihan
         </a>
         <span>
          of Bank of America told analysts in July that the bank had “1,400 A.I. patents” and “created over 250 A.I. and learning models.” BNY Mellon recently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signed a multiyear deal with OpenAI
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “There will be no job, no process, no function that won’t be affected by A.I.,” Jamie Dimon of JPMorgan Chase
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said in June.
         </a>
         <span>
          He added that the bank’s head of A.I. research now reported directly to him and to JPMorgan’s president.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How will A.I. change investment banking?
         </span>
         <span>
          Orszag said that it could enable junior bankers to move on from low-level tasks faster.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could mean leaner deal teams in the future and, ultimately, a lower ratio of associates to managing directors. Given
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          how many bankers
         </a>
         <span>
          the firm has been adding lately — and the fact it is actively hiring junior bankers — Orszag said that it was not clear how that would play out.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There are other A.I. concerns.
         </span>
         <span>
          While many have forecast big savings by Wall Street firms from generative A.I. (as much as $340 billion a year in value,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to McKinsey
         </a>
         <span>
          ), only two out of 50 banks surveyed for the research firm Evident’s
         </span>
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                Klarna, the payment giant, said it would
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                , seeking to raise as much as $1.27 billion at a valuation of up to $14 billion. (Bloomberg)
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                and plans to call for changes in strategy. (WSJ)
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                Have Stripped Nearly Half a Million Federal Workers of Union Rights” (NYT)
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                . (CNBC)
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                “Why China Is Trying to Tame Its
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                ” (NYT)
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                in San Juan is expected to give Puerto Rico’s economy a $250 million bump in direct economic impact. (NYT)
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