JPMorgan Takes Another Crack at Healthcare, Starting With Its Own [WSJ]
The nation’s biggest bank is building a new unit that will work on health initiatives for its employees and invest $250 million in startups and technologies meant to make their healthcare more efficient and effective. The unit, dubbed Morgan Health, aims to create a model of employer-sponsored healthcare that results in better and more equitable care at a lower cost.
That is similar to the original goal for Haven, the venture that JPMorgan Chief Executive Officer Jamie Dimon launched with fellow CEOs Jeff Bezos and Warren Buffett to much fanfare in 2018.
The bank hired Dan Mendelson to run the new unit.
WeWork Lost $2.1 Billion on Closings, Neumann Deal [Bloomberg]
The quarterly loss was almost four times larger than it was in the same period a year ago…. After its failed attempt at an initial public offering, WeWork plans to try again this year by merging with a special purpose acquisition company….
Europe’s answer to Robinhood just raised fresh funds at a $5.3 billion valuation [CNBC]
The round, a Series C, was led by American venture capital firm Sequoia, with additional backing from new investors TCV and Thrive Capital. Existing shareholders include Accel, Founders Fund and Creandum increased their holdings…. Unlike Robinhood, Trade Republic is a fully licensed bank. The firm secured its banking license from German regulators in late 2018. Co-founder Christian Hecker says the company went down this path as it gives people the confidence to trade with an upstart broker.
U.S. Treasury calls for stricter cryptocurrency compliance with IRS, says they pose tax evasion risk [CNBC]
The Treasury Department’s release came as part of a broader announcement on the Biden administration’s efforts to crack down on tax evasion and promote better compliance. Among proposals officials are considering are bolstered IRS funding and technology, and more severe penalties for those who evade their obligations.
Sale of Tribune Newspaper Chain to Hedge Fund Faces One Last Challenge [NYT]
Shareholders of the newspaper company, whose titles include The Chicago Tribune, The Baltimore Sun and The New York Daily News, will vote on Friday on whether to approve the company’s sale to Alden Global Capital, an investor with a reputation for slashing costs and cutting jobs at the approximately 200 newspapers it already owns…. Dr. Patrick Soon-Shiong, a billionaire medical entrepreneur who owns The Los Angeles Times and a number of other California papers with his wife, Michele B. Chan, has a 24 percent stake in Tribune, which means he alone could sink the sale.
Bookies of Mormon! Church of Latter Day Saint sees its GameStop shares rocket 10-fold to $8.7 million - as its big-tech investments help swell $100bn portfolio by $2.4 billion [Daily Mail]
Ensign Peak Advisors, the church's investment arm based in Salt Lake City, first purchased 46,000 shares of the struggling video game retailer in late 2020, when the stock traded between $10 and $20, according to regulatory filings…. Much of the growth was powered by Ensign Peak's investments in big tech firms such as Apple, Amazon and Google, the filings show.