Wall Street Journal

We're watching you: The hackers behind the WannaCry cyberattack who extorted $66,000 worth of bitcoin from victims may have trouble cashing in their ill-gotten gains. "While bitcoin generally offers anonymity to its users, it isn't absolute," the Journal notes. "Once a hacker tries to exchange the virtual lucre for government-backed currency, it can be easier for government authorities to track it, depending on how it is done. If the hackers want to convert their bitcoin, they will likely enter into a high-stakes, digitized battle with various governments. And that highlights some of the limitations of bitcoin and other cryptocurrencies."

Financial Times

Taking the heat: JPMorgan Chase CEO Jamie Dimon "endured a rough ride" at the bank's annual meeting Tuesday from some shareholders worried about his ties to President Donald Trump. Dimon, chairman of the Business Roundtable, one of the most prominent lobbying groups in Washington, and a member of Trump's strategic and policy forum, was urged to publicly disavow some of Trump's policies. (Also: American Banker)


JPMorgan Chase CEO Jamie Dimon.
JPMorgan Chase CEO Jamie Dimon. Bloomberg News

Lending Club's new president: Lending Club has hired the head of Paypal's global credit business as its president to help boost the company's personal-loan originations. Steve Allocca, PayPal's vice president of global credit, is expected to start at Lending Club next week. He will report to CEO Scott Sanborn. (Also: American Banker)

Two-way street: Artificial intelligence could revolutionize the insurance industry, but that could work both ways: AI may also allow clients to calculate if they actually need protection, and how much. AI "provides opportunities for the industry to improve the way it works, but there are also dangers," the FT says. "In the long run, the bigger challenge is that machines could undermine the industry by giving customers better tools to decide whether insurance is even necessary. No wonder the insurance industry is worried about the advance of technology and the potential for artificial intelligence."

Cashing out: The British government has sold its remaining stake in Lloyds Banking Group, "drawing to a close one of the largest bailouts of the financial crisis and marking a historic moment for the banking sector," the FT reports. The government, which initially took a 43% stake in the bank and spent £20.3 billion to bail it out, is set to realize a profit of more than £500 million after it sells the last of its shares.

Welcome to my lab: Citigroup has named Gulru Atak, head of the bank's Treasury and Trade Solutions (TTS) group for Turkey and other countries in Central Asia and the Caucasus, to head the bank's innovation lab in Dublin. She replaces Ken Moore, who has moved to Mastercard. Dublin is one of two Citi labs that focuses on TTS business, which moves money around the world for corporate and institutional clients.

Quotable

"He is the president of the United States, he is the pilot flying the airplane. I'd try to help any president of the U.S. because I'm a patriot. That does not mean I agree with every policy he is trying to implement." — JPMorgan CEO Jamie Dimon.

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