Finance

For years, America’s job market has rewarded the footloose. The surest route to a higher salary, the usual advice goes, is to string together a series of one- or two-year stints, each paying a bit better than the last. Career gurus on TikTok set videos of their own salary progression to jaunty pop beats, cloaking online bragging as guidance for the uninitiated. On Reddit, posters debate just how little time in a role a job-hopper can get away with before future employers might start to fret about disloyalty. (A year or so is the consensus, though a brave few argue for six months.) More

For years, America’s job market has rewarded the footloose. The surest route to a higher salary, the advice goes, is to string together a series of one- or two-year stints, each paying a bit better than the last. Career gurus on TikTok set videos of their own salary progression to jaunty pop beats, cloaking online bragging as guidance for the uninitiated. On Reddit, posters debate just how little time in a role a job-hopper can get away with before future employers might start to fret about disloyalty. (A year or so is the consensus, though a brave few argue for six months.) More

Treasury Secretary Scott Bessent on Tuesday asserted that Fed Chair Jerome Powell does not need to resign though also he also repeated his desire for a review of the central bank’s operations.
“There’s nothing that tells me that he should step down right now. He’s been a good public servant,” Bessent said.

Federal Reserve Chairman Jerome Powell arrives for the Integrated Review of the Capital Framework for Large Banks Conference at the Federal Reserve on July 22, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images

Treasury Secretary Scott Bessent on Tuesday asserted that Federal Reserve Chair Jerome Powell does not need to resign though also he also repeated his desire for a review of the central bank’s operations.
A day after calling on CNBC for an examination of the Fed’s “entire” operation, Bessent said that doesn’t mean the central bank leader should step down. President Donald Trump, conversely, has said he hopes Powell quits and has pondered removing him.

“I know Chair Powell. There’s nothing that tells me that he should step down right now. He’s been a good public servant,” Bessent said on Fox Business. “His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.”
There have been no indications from Powell that he plans to step down despite a barrage of criticism from the Trump administration.
Most recently, White House officials have zeroed in on the Fed’s $2.5 billion building renovation project that has included significant cost overruns.
Bessent said his desire for a review of Fed operations should come internally, with monetary policy and the setting of interest rates “off to the side” and in a “jewel box” away from political influence.
“Everything else that the Fed has done over the years has just grown and grown and grown, and this is what happens when you don’t have oversight,” he said.

For Powell, leading an internal review would be “a real chance here for him, for his legacy, to be that he right-sized the non-monetary policy functions of the Fed,” Bessent added.
Trump has demanded that the Fed lower interest rates dramatically, though the rate-setting Federal Open Market Committee at its policy meeting next week is again expected to stay on hold. Powell and most of his colleagues have indicated they want to wait to see the impact that Trump’s tariffs are having on inflation before taking any further steps.

In a CNBC interview Tuesday, Fed Governor Michelle Bowman, who has hinted she would favor at cut at this month’s meeting, supported the notion of Fed independence but also stressed the need for accountability.
“It’s very important, and I’ve said this a number of times in the past, that we maintain our independence with respect to monetary policy,” she said during a “Squawk Box” interview. “But we also, as a part of that independence, have an obligation for transparency and accountability as well.”
Markets overwhelmingly expect the Fed keep its short-term borrowing rate locked in a range between 4.25%-4.5%, but are leaning toward the likelihood of a cut in September, according to CME Group futures data. More

Warren Buffett and the media by the BNSF Railway display at the Annual Berkshire Hathaway Shareholder’s Meeting in Omaha, NE on May 6, 2017.
Lacy O’Toole | CNBC

Warren Buffett on Tuesday knocked down reports that Berkshire Hathaway-owned railroad BNSF was working with Goldman Sachs on a takeover of a rival.
The 94-year-old billionaire investor told CNBC’s Becky Quick that no one from Goldman had talked to him or Greg Abel, who is set to succeed Buffett as Berkshire CEO at the end of the year.

Buffett added that he would not seek advice from external bankers on deals. The “Oracle of Omaha” has long voiced disdain for expensive intermediaries as banks usually have a big incentive to make deals.
On Monday, Semafor and Reuters reported, citing anonymous sources, that Berkshire tapped Goldman to work on a potential takeover after rival Union Pacific expressed interest in Norfolk Southern.
In 2011, Berkshire bought BNSF, one of the largest freight railroad networks in North America, paying $26.5 billion for the 77% of the company it didn’t previously own. More

Imprint, the 5-year-old credit card startup, beat out banks in a competitive bidding process for a new co-branded card from online shopping platform Rakuten, CNBC has learned.
The deal, to be announced later Tuesday, is the most recent sign that Imprint is gaining traction in the co-branded credit card industry.
The New York-based startup also just raised $70 million in additional capital, boosting its valuation by 50% to $900 million less than a year from its previous round, according to Imprint CEO Daragh Murphy.

A view of the logo of Rakuten Mobile at its branch in Tokyo, Japan, November 28, 2023. 
Staff | Reuters

There’s a new player making waves in an industry dominated by big banks.
Imprint, the 5-year-old credit card startup, beat out banks in a competitive bidding process for a new co-branded card from online shopping platform Rakuten, CNBC has learned.

The deal is the most recent sign that Imprint is gaining traction in the co-branded credit card industry.
The New York-based startup also just raised $70 million in additional capital, boosting its valuation by 50% to $900 million less than a year from its previous round, according to Imprint CEO Daragh Murphy.
Credit card partnerships with retailers, airlines and hotels are some of the most hotly contested deals in finance. Brands often go through extensive bidding processes to select a card company, while the companies compete for the right to issue cards to millions of loyal customers. The industry’s largest players include JPMorgan Chase, Capital One, Citigroup and Synchrony.
“We’re talking to Fortune 500 companies about being their partner and them choosing us over Synchrony, over Barclays, over U.S. Bank,” Murphy said in an interview. “We have to kind of walk and talk like we’re a big, important company, even though we still have a startup ethos.”
That’s why the company recently raised capital, bringing its total to $330 million, most of which is held on the firm’s balance sheet, according to Murphy. Those funds help show potential partners that Imprint has staying power, he said.

Imprint also has about $1.5 billion in credit lines from banks including Citigroup, Truist and Mizuho, which it uses to extend loans to card customers, Murphy said. The startup is behind the cards from brands including Eddie Bauer, Brooks Brothers and Turkish Airlines.

‘Banks are in trouble’

To offer its credit cards, Imprint usually partners with one of two small banks, First Electronic Bank or First Bank and Trust. Imprint handles the customer experience, including the technology and credit decisions, while using the credit card rails of regulated banks.
In the case of the Rakuten card, Imprint is relying on the American Express network, which allows users to get Amex purchase protections and other perks. It is using First Electronic Bank to help issue the cards.
“Though we’re not a regulated bank, we’re effectively building a bank,” Murphy said. “We have to do all the same things as a bank. We’re a capital markets company; we’re a compliance company; we’re a risk and credit and fraud company; we’re a technology company.”
To gain a toehold in the market for co-branded cards, which can be used anywhere credit cards are accepted, Imprint decided it would focus on a seamless digital experience for customers, Murphy said. That requires technology integration that is difficult for established players who rely on third-party companies including Fiserv to complete transactions, he said.
“The banks are in trouble because they don’t own the technology that the credit card runs on,” Murphy said. “Every credit card in your wallet, whether it’s Chase, Amex or from Citi or Synchrony, they rely on two or three different third parties to power the technology.”

Fees & rewards

Imprint also decided to set itself apart by making it easy for customers to pay off their loans, Murphy said. Card companies including Bread Financial and Synchrony make a far larger percentage of revenue from late fees than Imprint does, he said.
“You shouldn’t have all these regressive late fees, and you shouldn’t make it hard to pay,” Murphy said. “The easier we make it to pay, the more likely you are to use the card, and the more likely you are to use the card, the better it is for everybody.”
Finally, Murphy said the company’s low customer acquisition costs allow it to fund more rewards for card users.
The new Rakuten card, for instance, offers users an extra 4% in cash back in addition to what customers earn through shopping on the online portal, capped at $7,000 in spending per year.
Users also earn 10% in cash back while dining at Rakuten’s partner restaurants, and 2% cash back on groceries and non-partner restaurants.
The previous Rakuten credit card was issued by Synchrony and discontinued in 2022. More

Millions of dollars in bets were placed on prediction markets over Astronomer CEO Andy Byron’s resignation.
Byron was caught on video in an intimate moment with the company’s head of human resources at a Coldplay concert.
Popularity of prediction markets skyrocketed in the run-up to the 2024 presidential election and they have become a mainstream way to gauge the sentiment of the crowd on varied subjects.

Jordi Vidal | Redferns | Getty Images

Astronomer CEO Andy Byron’s controversy went so viral that it sparked millions of dollars in bets on prediction markets over his resignation.
On July 16, Byron was caught on camera hugging his human resources director Kristin Cabot on a kiss cam during a Coldplay concert with the two quickly ducking for cover. The footage suddenly grabbed global attention and attracted significant activity on popular prediction platforms Kalshi and Polymarket.

By the following day, Kalshi was pricing in a probability as high as 65% that Byron would leave as Astronomer CEO this month. On Polymarket, the odds of him resigning rose from about 30% initially to over 80% on Friday.
The tech company announced Bryon’s resignation Saturday afternoon, putting an end to the speculation. The controversy triggered $2.4 million in total trading volumes on Kalshi and $5.3 million on Polymarket, marking one of the most traded cultural events on prediction markets in recent years.

Arrows pointing outwards

Byron’s resignation comes after Astronomer said Friday that it had launched a “formal investigation” into the matter, and the CEO was placed on administrative leave.
Popularity of prediction platforms soared in the run-up to the 2024 presidential election and they have become a mainstream way to gauge the sentiment of the crowd on varied subjects.
Another popular active bet on Kalshi is whether Federal Reserve Jerome Powell will be out as the chairman this year, which has garnered more than $2 million in trading volumes. President Donald Trump has repeatedly threatened to fire Powell and criticized him for not cutting interest rates. More

JPMorgan Chase has overhauled the leadership of its internal research group responsible for quantum computing and other forms of advanced technology, CNBC has learned.
Marco Pistoia, the former IBM inventor who became head of JPMorgan’s applied research group in 2020, has recently left the bank, according to a person briefed on the matter.
JPMorgan has hired Rob Otter, who is State Street’s global head of digital technology and quantum computing, to replace Pistoia, according to an employee memo sent Monday.

Marco Pistoia, Global Technology’s Head of Applied Research and Engineering at JP Morgan.
Source: JP Morgan

JPMorgan Chase has overhauled the leadership of its internal research group responsible for quantum computing and other forms of advanced technology, hiring a State Street executive, CNBC has learned.
Marco Pistoia, the former IBM inventor who became head of JPMorgan’s applied research group in 2020, has recently left the bank, according to a person briefed on the matter, who declined to be identified speaking about personnel.

That group conducted research into how emerging technologies including quantum computing and communications, blockchain, computer vision and networking could solve problems in finance.
JPMorgan has hired Rob Otter, who is State Street’s global head of digital technology and quantum computing, to replace Pistoia, according to an employee memo sent Monday.
Before joining State Street in 2022, Otter was head of JPMorgan’s Onyx blockchain business and worked in technology roles at Barclays, Credit Suisse and Goldman Sachs.

Rob Otter is a former State Street technology executive who is becoming JPMorgan Chase’s new head of the GT Applied Research (GTAR) team.
Courtesy: JPMorgan Chase Co.

Quantum computing has the potential for huge advances over traditional computing and is expected to have applications in finance, drug development and materials science, among other fields. Tech giants including Alphabet and IBM are racing to create a reliable quantum computer with commercial applications, while small publicly traded quantum companies like Rigetti Computing and D-Wave have seen their shares surge over enthusiasm in the nascent field.
One of Pistoia’s deputies, Charles Lim, who was the bank’s global head for quantum communications and cryptography, has also departed, according to the person familiar with the changes.

JPMorgan had touted the credentials of Pistoia and Lim while the firm was building out its research group. Pistoia has at least 270 patents, according to a 2023 biography, and had been named a “Master Inventor” at IBM, a title given to researchers who regularly produce valuable patents.
Pistoia didn’t immediately return a message seeking comment. Lim couldn’t be reached. More

Since Donald Trump returned to the White House, American investors have received one shock after another—so it really takes something to get them to jump these days. Announcements that not long ago would have been bombshells, such as the president deciding to levy a tariff of 50% on copper or 30% on the European Union prompt a shrug. A rare exception came on July 16th, when Mr Trump seemed to contemplate sacking Jerome Powell, chair of the Federal Reserve, but even then the reaction was relatively muted: a pop in Treasury yields and slump in the dollar. Mr Trump reversed course; business got back to normal. The following day American stockmarkets hit all-time highs. More