Uber late Thursday said it would take a charge of about $2 billion in the first quarter to reduce the carrying value of its its minority equity investments in other ride-hailing companies affected by the virus-related shutdown—namely Didi Chuxing and Grab. The move will raise its net loss for the quarter. Previously it had said those investments were collectively worth about $10 billion. The...
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Inside the Culture Clash at JPMorgan and WePay
When JPMorgan Chase struck a $400 million deal to buy WePay in late 2017, it pledged that the Bay Area fintech would become “Chase’s payments innovation incubator in Silicon Valley,” helping the country’s biggest bank compete with surging startups Stripe and Square and payments companies like PayPal. But it didn’t all go to plan. As the bank tried to digest the...
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