Supreme Court ruled about a century ago that states could require vaccinations for children attending public school. And universities like Rutgers have instituted mandatory Covid-19 vaccinations.

But the pandemic brings up a host of complications that companies typically prefer to avoid, involving the private lives, religious preferences and medical histories of employees, such as whether an employee is pregnant, breastfeeding or immuno-compromised, information they may not want to reveal.

Major union groups, like the A.F.L.-C.I.O., have not aggressively pushed the issue either. They are facing dueling forces — standing up for individual worker’s rights on the one hand and protecting one another on the other. Unions have also been arguing for stronger workplace safety measures, efforts that could be complicated by companies’ arguing that mandatory vaccinations reduce the need for such accommodations. The return to work protocols negotiated between the Alliance of Motion Picture & Television Producers and Hollywood’s unions, for instance, will not include mandatory vaccinations.

“There are going to be some people who may have legitimate reasons for not getting the vaccine or for not wanting to talk about it,” said Carrie Altieri, who works in communications for IBM’s People and Culture business. “It’s not an easy issue at this point.” IBM is working with New York State on a digital passport linking a person’s vaccination records to an app to show businesses, like performance venues, that may require vaccination. It is not, though, requiring vaccinations for its employees.

already struggling to hire workers, mandating vaccinations could make hiring even more difficult. And there are questions of logistics and execution. How can companies confirm the veracity of those who say they’ve been vaccinated?

Companies may need to hire additional staff, potentially with medical training, to handle such tasks, which could saddle businesses — particularly small ones — with burdensome costs.

Vivint, a home security company based in Utah with 10,000 employees, began offering vaccines in its on-site clinic this week, after the state approved the company to distribute 100 shots a week to its staff. It paid $3,000 for the necessary medical-grade freezer.

“We’re not requiring employees to get vaccinated, but we’re highly encouraging it,” said Starr Fowler, senior vice president for human resources. “For a lot of our employees, particularly those that are younger, the easier that we make it for them, the more likely they’re going to do it.”

Salesforce is introducing a policy in certain U.S. offices, including Salesforce Tower in San Francisco, where up to 100 fully vaccinated employees can volunteer to work on designated floors. The New York Stock Exchange issued a memo to trading firms saying they would be allowed to increase their staff on the floor, provided all the employees have been vaccinated.

The Equal Employment Opportunity Commission issued guidance in December stating that employers were indeed legally permitted to require employees to be vaccinated before they return to offices. But the threat of litigation still looms.

plans to open its offices on May 17 on a voluntary basis, said it strongly encouraged vaccines for employees — barring any religious or health restrictions — but would not require them. A spokeswoman for Goldman Sachs, which has not guided employees either way, declined to comment.

One potential path for companies seeking a middle ground is to mandate the shots only for new hires. Still, there is a fine line between encouraging and requiring shots — sometimes resulting in conflicting messages to employees.

The investment bank Jefferies sent a memo to employees in early February stating “verification of vaccination will be required to access the office.” On Feb. 24 came a follow-up memo. “We did not intend to make it sound as if we are mandating vaccines,” it said.

Reporting was contributed by Rebecca Robbins, Sapna Maheshwari, Kellen Browning, Niraj Chokshi and Eshe Nelson.

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JPMorgan Apologizes for Its Role in Super League

JPMorgan Chase apologized on Friday for its role in arranging billions of dollars in financing for a breakaway European soccer league, admitting in a statement that it had “misjudged” how the project would be viewed by fans.

JPMorgan Chase had pledged about $4 billion to underwrite the new league, but the American investment bank did not end up issuing it or losing any money: The league collapsed only 48 hours after it was announced, after more than half of its 12 founding clubs changed their minds and announced they would not take part.

Like the 12 clubs involved in the breakaway group — which included European giants like Real Madrid and Barcelona, Manchester United and Liverpool, Juventus and A.C. Milan — JPMorgan had come under intense criticism from fans and others merely for participating in the plan.

Designed as a 20-team league with 15 permanent members, the Super League would have severely cut in to the revenues of dozens of national leagues, imperiled the finances and values of the hundreds of European clubs who were left out, and upended the structures that have underpinned European soccer for a century — all while funneling billions to a few elite teams.

a letter to fans that acknowledged the club had made a mess of things.

“We got it wrong,” Glazer wrote, “and we want to show that we can put things right.”

No one connected with the project was able to escape being contaminated by the criticism, including the bank that financed it. JPMorgan’s chief executive, Jamie Dimon, found himself under attack on social media and from within banking circles.

to position the bank as a good social and corporate citizen.

But even as it sustained an immense reputational hit, JPMorgan has been able to walk away from the deal without suffering financial losses, and with its expenses covered, according to an executive familiar with the bank’s role in the financing.

That might not be true for the teams that walked away after signing contracts that bound the 12 founding members to the breakaway concept.

The Super League is not, in fact, officially dead. Real Madrid, Barcelona and Juventus are still signed up, and continue to strategize.

One reason they may not have walked away could be financial. The contracts signed by the 12 founding members included penalty clauses worth millions of dollars. Real Madrid, Barcelona and Juventus, whose mounting debts and fears of rising costs led them into the project in the first place, could be positioned — by staying in — to extract tens of millions of dollars in punishments out of their former partners for walking away from it.

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JPMorgan draws public ire for financing a breakaway European soccer league.

“If your bank is @jpmorgan you simply have to move your money elsewhere,” one fan posted on Twitter. “Say NO to the #SuperLeague.”

A theme of the ire from fans in Britain, in particular, was that the move represented another step in the foreign takeover of the game, especially by American interests. The Wall Street bank will lend to clubs controlled by American owners, like Arsenal, Liverpool and Manchester United — three of the six English clubs that are founding members of the proposed league.

The competition would largely do away with promotion and relegation based on performance, making it more like American sports leagues: With a U.S.-based bank in the background, it “smacks of the N.F.L. template,” said one British commentator.

That said, the prime mover behind the proposal isn’t an American but Florentino Pérez, the billionaire president of Real Madrid who has proposed a version of the Super League before, according to a person with knowledge of the matter who spoke on condition of anonymity. Mr. Pérez previously relied on JPMorgan to help finance a renovation of his club’s stadium.

The Super League’s backers have already filed motions in multiple courts to challenge any attempts to stop the project.

Other than its size, the actual financing of the league may not be overly complicated, because it is similar to debt raises arranged by American sports leagues, the person briefed on the matter said. The bank is probably betting that lending to a new competition featuring top soccer teams will prove lucrative — assuming it gets off the ground.

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Big money is backing a breakaway league of top European soccer clubs.

A dozen of Europe’s top soccer clubs announced plans to create a new league that would rival the longstanding Champions League, The New York Times’s Tariq Panja reports. The plan would concentrate the sport’s wealth with just a handful of teams — if it survives potential legal challenges.

The Super League, as it is known, was hatched in secrecy over several months. Among the founding clubs are Arsenal, Liverpool and Manchester United of England; Real Madrid and Barcelona of Spain; and AC Milan and Juventus of Italy. More teams are expected to round out the league’s 15 slots for founding, permanent members.

The idea is for the league to hold exclusive midweek matches in between domestic league matches. The largely closed league would operate more like the N.F.L. or the N.B.A., doing away with a new set of teams appearing in the tournament each year, based on their domestic league performance. Five spots in the 20-team league would be filled by an annual qualifying mechanism.

Big money is at stake: The Super League’s founding clubs would split 3.5 billion euros, or more than $4 billion, as part of its formation. That implies that they would make far more than what the Champions League winner took home last year.

share prices of publicly traded clubs, like Juventus and Manchester United, jumped more than 10 percent in early trading.

The news spurred an outcry from the establishment. The organizer of the Champions League, UEFA, criticized the proposal as a “cynical project” and has been exploring ways to block it. The governing body of European soccer also noted that FIFA, the global soccer governing body, has threatened to expel players who participate in unsanctioned leagues from tournaments like the World Cup.

Political leaders like Prime Minister Boris Johnson of Britain and President Emmanuel Macron of France are also opposed to the Super League.

But the organization behind the Super League said on Monday that it had taken legal action to counter any efforts to block the project’s formation — though it also said it wanted to work with existing soccer organizations.

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With Earnings Soaring, Wall Street Banks See Economic Boom Ahead

Strength in the banks’ investing, lending and trading businesses added to the euphoria. All three reported robust revenues across multiple lines of business, driven by a combination of active and rising markets, a flurry of new mortgage activity and the boom in special-purpose acquisition companies, or SPACs. Corporate merger and acquisition activity also marked an all-time high by dollar value.

Goldman — a dominant player in corporate advisory services and in markets — reported a doubling of revenue to $17.7 billion, from $8.7 billion, thanks to double-digit percentage gains in investment banking, money management and markets. JPMorgan reported a 14 percent rise in revenue to $33.1 billion from $29 billion, driven by both markets and investment banking.

Wells Fargo’s revenue rose 2 percent, buoyed partly by a 19 percent jump in home lending, as Americans migrated away from cities and into more suburban or rural areas. The results “reflected an improving U.S. economy,” but low interest rates and sluggish demand for loans were a “headwind,” said Charles W. Scharf, the bank’s chief executive.

The banks have been major — if somewhat unintended — beneficiaries of the government’s spending push over the last year that sought to keep the shock of virus-related economic shutdowns from sending the economy into a long-term tailspin.

A little over year ago, the Federal Reserve cut interest rates to near zero and restarted its bond-buying programs, effectively injecting trillions of freshly created dollars into financial markets, which helped bolster activity in mortgages, corporate bond issuance and deals.

Since then, stock markets have soared more than 80 percent, amid a boom in trading that crested this year. Both factors helped banks, which have businesses that buy and sell shares for clients. Goldman’s equities business made $3.7 billion in revenue in the first quarter, up 68 percent from last year. JPMorgan’s stock markets business notched $3.3 billion, up 47 percent.

Looking forward, several banks spotlighted the impact of recent infusions of stimulus checks on consumer accounts — a component of roughly $5 trillion the federal government has allocated to fighting the crisis over the last year. The influx of federal dollars has helped put the finances of American households on some of their firmest footing in years, bankers said, adding that there are growing indications consumers are eager to put the cash to work.

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After Pandemic, Shrinking Need for Office Space Could Crush Landlords

Roughly 17.3 percent of all office space in Manhattan is available for lease, the highest proportion in at least three decades. Asking rents on the island have dropped to just over $74 a square foot, from nearly $82 at the beginning of 2020, according to a recent report by the real estate services company Newmark. Elsewhere, asking rents have largely stayed flat from a year ago, including in Boston and Houston, but have climbed slightly in Chicago.

The Japanese clothing brand Uniqlo, whose United States headquarters are in Manhattan’s SoHo neighborhood, recently relocated to another office building nearby, an open layout with tables designed for its work force of 130 people who will come into the office only a few days a week. Many of its office workers will keep working remotely after the pandemic, while some employees, like those in the marketing department, will hold meetings occasionally in SoHo.

“As a leader, it has been challenging because meeting people face-to-face is so important,” said Daisuke Tsukagoshi, the chief executive of Uniqlo USA. “However, since we are a Japanese company with global reach, the need for remote collaboration among many centers has always been part of our culture.”

The stock prices of the big landlords, which are often structured as real estate investment trusts that pass almost all of their profit to investors, trade well below their previous highs, even as the wider stock market and some companies in other industries like airlines and hotels that were hit hard by the pandemic have hit new highs. Shares of Boston Properties, one of the largest office landlords, are down 29 percent from the prepandemic high. SL Green, a major New York landlord, is 26 percent lower.

Fitch Ratings estimated that office landlords’ profits would fall 15 percent if companies allowed workers to be at home just one and a half days a week on average. Three days at home could slash income by 30 percent.

Senior executives at property companies claim not to be worried. They argue that working from home will quickly fade once most of the country is vaccinated. Their reasons to think this? They say many corporate executives have told them that it is hard to effectively get workers to collaborate or train young professionals when they are not together.

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Jamie Dimon predicts an economic boom that ‘could easily run into 2023.’

The annual letter to shareholders by JPMorgan Chase’s chief executive, Jamie Dimon, was published early Wednesday. The letter, which is widely read on Wall Street, is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high stock valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation will be “more than temporary,” he wrote, forcing the Federal Reserve to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued that those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” The United States has faced tough times before, but today, “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

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Jamie Dimon Sees a Boom Coming

The annual letter to shareholders by JPMorgan Chase’s chief Jamie Dimon was just published. The widely read letter is not just an overview of the bank’s business but also covers Mr. Dimon’s thoughts on everything from leadership lessons to public policy prescriptions.

“The U.S. economy will likely boom.” A combination of excess savings, deficit spending, a potential infrastructure bill, vaccinations and “euphoria around the end of the pandemic,” Mr. Dimon wrote, may create a boom that “could easily run into 2023.” That could justify high equity valuations, but not the price of U.S. debt, given the “huge supply” soon to hit the market. There is a chance that a rise in inflation would be “more than temporary,” he wrote, forcing the Fed to raise interest rates aggressively. “Rapidly raising rates to offset an overheating economy is a typical cause of a recession,” he wrote, but he hopes for “the Goldilocks scenario” of fast growth, gently increasing inflation and a measured rise in interest rates.

“Banks are playing an increasingly smaller role in the financial system.” Mr. Dimon cited competition from an already large shadow banking system and fintech companies, as well as “Amazon, Apple, Facebook, Google and now Walmart.” He argued those nonbank competitors should be more strictly regulated; their growth has “partially been made possible” by avoiding banking rules, he wrote. And when it comes to tougher regulation of big banks, he wrote, “the cost to the economy of having fail-safe banks may not be worth it.”

“China’s leaders believe that America is in decline.” While the U.S. has faced tough times before, today “the Chinese see an America that is losing ground in technology, infrastructure and education — a nation torn and crippled by politics, as well as racial and income inequality — and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals,” he wrote. “Unfortunately, recently, there is a lot of truth to this.”

a leveraged buyout offer from the private equity firm CVC Capital, sending its shares to a four-year high. Toshiba has had a series of scandals, and faces pressure from activist investors.

raising the corporate rate to help pay for President Biden’s infrastructure plans — though he didn’t mention the White House’s proposed rate, 28 percent. Other corporate chiefs are privately criticizing the potential tax rise.

The company behind the Johnson & Johnson vaccine mix-up has a history of errors. Emergent BioSolutions, which the U.S. relied on to produce doses by J.&J. and AstraZeneca, had a made manufacturing errors before. Experts worry this may leave some Americans more wary of getting vaccinated, even as Mr. Biden has moved up the eligibility deadline for U.S. inoculations.

An electric aircraft maker sues a rival for intellectual property theft. Wisk, which is backed by Boeing and the Google founder Larry Page, said that former employees downloaded confidential information before joining Archer, a competitor. Archer, which is going public by merging with a SPAC run by Moelis & Company and which counts United Airlines as an investor, denied wrongdoing and said it was cooperating with a government investigation.

A blistering start for venture capital in 2021. Start-ups set a fund-raising quarterly record in the first three months of the year, raising more than $62 billion, according to the MoneyTree report from PwC and CB Insights. That’s more than twice the total a year earlier and represents nearly half of what start-ups raised in all of 2020.

Voting in the union election at an Amazon warehouse in Bessemer, Ala., ended on March 29, and counting began the next day, but the outcome is still unknown. What’s going on? It’s less about the number of ballots than how they’re counted.

The stakes are high, for both Amazon and the labor movement. Progressive leaders like Bernie Sanders have argued a victory for the union, the first at an Amazon facility in the U.S., could inspire workers elsewhere to unionize. And Amazon is facing increased scrutiny for its market power and labor practices.

a painstaking process:


— Kristalina Georgieva, the managing director of the I.M.F., on how the uneven rollout of vaccines poses a threat to the global economic recovery.


After the 2008 financial crisis, Credit Suisse emerged battered by high-risk bets and promised to do better. A series of recent scandals suggests it hasn’t, The Times’s Jack Ewing writes.

A recap of the Swiss bank’s troubles over the past year or so:

30-day comment period on to-be-drafted regulations that would make it harder to obscure who controls a company. Among the details to be worked out are what entities should report and when; how to collect, protect and update information for a database; and the criteria for sharing with law enforcement.

“We could not be more excited,” Kenneth Blanco, the director of the Treasury’s Financial Criminal Enforcement Network (FinCEN), told bankers recently. The U.S. has been under pressure to address its vulnerability to money laundering and financial crimes:

New rules could make forming small businesses, special purpose vehicles and other closely held entities “significantly” more burdensome, said Steve Ganis of Mintz, an expert in anti-money laundering regulation. “FinCEN’s new regime will make things much more complicated for start-ups, where control and ownership are highly fluid,” he said. Public companies and many larger businesses would be exempt because they already face stricter scrutiny.

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He Built a $10 Billion Investment Firm. It Fell Apart in Days.

Until recently, Bill Hwang sat atop one of the biggest — and perhaps least known — fortunes on Wall Street. Then his luck ran out.

Mr. Hwang, a 57-year-old veteran investor, managed $10 billion through his private investment firm, Archegos Capital Management. He borrowed billions of dollars from Wall Street banks to build enormous positions in a few American and Chinese stocks. By mid-March, Mr. Hwang was the financial force behind $20 billion in shares of ViacomCBS, effectively making him the media company’s single largest institutional shareholder. But few knew about his total exposure, since the shares were mostly held through complex financial instruments, called derivatives, created by the banks.

That changed in late March, after shares of ViacomCBS fell precipitously and the lenders demanded their money. When Archegos couldn’t pay, they seized its assets and sold them off, leading to one of the biggest implosions of an investment firm since the 2008 financial crisis.

Almost overnight, Mr. Hwang’s personal wealth shriveled. It’s a tale as old as Wall Street itself, where the right combination of ambition, savvy and timing can generate fantastic profits — only to crumble in an instant when conditions change.

in a 2019 speech. “I couldn’t go to school that much, to be honest.”

Grace and Mercy Foundation, a New York-based nonprofit that sponsors Bible readings and religious book clubs, growing it to $500 million in assets from $70 million in under a decade. The foundation has donated tens of millions of dollars to Christian organizations.

“He’s giving ridiculous amounts,” said John Bai, a co-founder and managing partner of the equity research firm Fundstrat Global Advisors, who has known Mr. Hwang for roughly three decades. “But he’s doing it in a very unassuming, humble, non-boastful way.”

But in his investing approach, he embraced risk and his firm ran afoul of regulators. In 2008, Tiger Asia lost money when the investment bank Lehman Brothers filed for bankruptcy at the peak of the financial crisis. The next year, Hong Kong regulators accused the fund of using confidential information it had received to trade some Chinese stocks.

In 2012, Mr. Hwang reached a civil settlement with U.S. securities regulators in a separate insider trading investigation and was fined $44 million. That same year, Tiger Asia pleaded guilty to federal insider-trading charges in the same investigation and returned money to its investors. Mr. Hwang was barred from managing public money for at least five years. Regulators formally lifted the ban last year.

ViacomCBS announced plans to sell new shares to the public, a deal it hoped would generate $3 billion in new cash to fund its strategic plans. Morgan Stanley was running the deal. As bankers canvassed the investor community, they were counting on Mr. Hwang to be the anchor investor who would buy at least $300 million of the shares, four people involved with the offering said.

But sometime between the deal’s announcement and its completion that Wednesday morning, Mr. Hwang changed plans. The reasons aren’t entirely clear, but RLX, the Chinese e-cigarette company, and GSX, the education company, had both spiraled in Asian markets around the same time. His decision caused the ViacomCBS fund-raising effort to end with $2.65 billion in new capital, significantly short of the original target.

ViacomCBS executives hadn’t known of Mr. Hwang’s enormous influence on the company’s share price, nor that he had canceled plans to invest in the share offering, until after it was completed, two people close to ViacomCBS said. They were frustrated to hear of it, the people said. At the same time, investors who had received larger-than-expected stakes in the new share offering and had seen it fall short, were selling the stock, driving its price down even further. (Morgan Stanley declined to comment.)

By Thursday, March 25, Archegos was in critical condition. ViacomCBS’s plummeting stock price was setting off “margin calls,” or demands for additional cash or assets, from its prime brokers that the firm couldn’t fully meet. Hoping to buy time, Archegos called a meeting with its lenders, asking for patience as it unloaded assets quietly, a person close to the firm said.

Those hopes were dashed. Sensing imminent failure, Goldman began selling Archegos’s assets the next morning, followed by Morgan Stanley, to recoup their money. Other banks soon followed.

As ViacomCBS shares flooded onto the market that Friday because of the banks’ enormous sales, Mr. Hwang’s wealth plummeted. Credit Suisse, which had acted too slowly to stanch the damage, announced the possibility of significant losses; Nomura announced as much as $2 billion in losses. Goldman finished unwinding its position but did not record a loss, a person familiar with the matter said. ViacomCBS shares are down more than 50 percent since hitting their peak on March 22.

Mr. Hwang has laid low, issuing only a short statement calling this a “challenging time” for Archegos.

Kitty Bennett contributed research.

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