| |  | TOGETHER WITH |  | | Good morning. A quick PSA: We are in the middle of migrating email sending platforms, which in our world is a veritable high-wire act. If you'd like to ensure you continue to receive The Daily Upside every morning, we'd recommend you take a quick step. Gmail desktop users — simply drag this email to the "primary" tab at the top of your screen. If you're on your phone, you can click the 3 dots at the top right corner and click "Move" then "Primary." For everyone else, you can simply add our email to your address book or follow these instructions. | | | • | | JPMorgan wants to keep growing its wealth management division. | | • | | Marketing budgets have grown this year, but economic headwinds may mean they’re in for a trim. | | • | | Zimbabwe wants the world to greenlight a sale of $600 million in illegal contraband. | | | | |  | Banking | JPMorgan Plans Hiring Spree En Route to Ambitious Goal | | A hundred billion dollars isn’t cool. You know what’s cool? A trillion dollars.
Twelve zeroes comprise the central motivation behind JPMorgan’s new plan, announced Monday at the bank’s investor day. The banking juggernaut plans to bring on 1,300 advisers to its wealth management division over the next three years, as the unit marches toward $1 trillion in assets under management. | Take it to the Bank | | It’s been a gloomy start to the year for JPMorgan. In January, CFO Jeremy Barnum cautioned the bank could miss its targets in the next one to two years due to rising costs and choppy economic waters. Then shareholders rejected a bonus package for executives, signaling growing discontent. But Monday’s meeting seemed to quell some of those concerns, and the bank now believes it could hit its key performance targets for the year after all.
JPMorgan also announced the hiring spree aimed at filling out its Asset & Wealth Management unit. The division has lagged in revenue, far behind Consumer & Community and Corporate & Investment Banking. But taking care of rich people's money is an increasingly attractive line of business, as is the prospect of earning a ~1% cut in perpetuity on $1 trillion in assets under management: | • | | Today, JPMorgan's wealth management unit has roughly $700 billion in assets under management. The unit generated $4.3 billion in net revenue in Q1 2022, up 6% year-over-year — quite the contrast with the lackluster 5% year-over-year decline in bank's total revenue for the same period. | | • | | The 1,300 new advisers would bring the team’s total headcount to 6,000, Jennifer Piepszak, co-CEO of the consumer banking unit, said Monday. That includes the 1,100 advisers the unit has added since 2017. | | | | Wealth Makes Health: Wealth management is a jewel for more than just JPMorgan. Wells Fargo saw its wealth management division’s numbers jump 6% in the latest quarter, even as its overall results took a 5% dip. Bank of America saw actual, albeit slim, revenue growth overall to start the year — in large part thanks to record revenue of $5.5 billion at Merrill Lynch, a division of BofA. With the economy in flux, it's no wonder the world’s wealthiest are looking for more and more financial advice — high fees and other strings attached notwithstanding. | | | | | | Marketing | Marketing Budgets are Growing This Year, But Now Cuts Are on the Table | | The ceremonial scissors are a time-honored marketing staple of big launches, but soon, an all-too-real pair of scissors may loom over the marketing budgets that fund such launches.
New research from Gartner suggests marketing budgets have risen this year, but troubling macroeconomic headwinds are creating fears that they’re about to get snipped. | I’d Like to Buy the World a Break | | The good news for marketing departments is that, this year, budgets have gone up in almost every industry. Gartner’s latest annual survey of 400 Chief Marketing Officers (CMOs) — a majority of whom work at companies with $1 billion or more in revenue — says that, on average, the equivalent of 9.5% of company revenue has been earmarked for marketing in 2022. That’s enough to keep Mr. Clean and the Michelin Man grinning from ear to ear.
But the catch — as ever these days — is in the neverending parade of economic headwinds: from inflation to Ukraine to supply chains. Marketers need only look in the rearview mirror to be reminded that their budgets are normally among the first on the chopping block when the economy takes a turn for the worse: | • | | Previous Gartner CMO surveys found that an average of 10.9% of company revenue was earmarked for marketing from 2018 to 2020. That number plummeted to 6.4% last year, reflecting the belt-tightening of early pandemic times. | | • | | In another Gartner survey released last week, 39% of 180 surveyed Chief Financial Officers — the ones holding the scissors — said that, should inflation continue into the fourth quarter, cost-cutting will be their main way of fighting it; 20% said cost-cutting is already underway. | | | | “We’ve seen this in previous years — marketing budgets are generally the first to be impacted in times of economic difficulty,” Ewan McIntyre, Chief of Research at Gartner for Marketers, told The Wall Street Journal.
Memory Lane: Back in December, media-buying firm GroupM increased its growth forecast for global ad spending in 2022 from 19.2% to 22.5%, amounting to $763 billion. If they turn out to be right, many a CMO will be doing cartwheels. | | | | | | SPONSORED BY Alumni ventures | A Reminder That Markets Do Fall. Diversification Matters | Through April, the S&P has booked the worst start to the year since 1939. While history shows us that markets rebound, 2022 has been an important reminder that sophisticated portfolios need to be much more diversified, including important alternative assets like VC. If you find yourself under-diversified, you’re not alone. A 13-year bull run made it easy to forget that other asset classes even exist! But for long term wealth building diversification matters. Alumni Ventures can help. Alumni Ventures is a unique venture firm that makes it easy for any accredited investor to add professional venture capital to their portfolio. VC has had low correlation to the stock market and is a longer-term asset class, making it less susceptible to market volatility. Access highly-competitive private investments alongside some of the biggest names in VC via smart, simple venture funds designed for you, not institutions. Start your venture portfolio with Alumni Ventures today. | | | | | | Global Economy | Zimbabwe is Asking the World to Let it Sell $600 Million in Black Market Ivory |  | | Last week, in Harare, the capital of Zimbabwe, diplomats from the US, EU, UK, and Canada were led on a tour of heavily fortified vaults secured by armed guards. What was inside? Contraband.
On Monday, the Zimbabwean government launched a conference aimed at swaying the international community into letting it sell $600 million worth of ivory confiscated from poachers and criminal organizations. To some, saying yes would be tantamount to greenlighting more crimes. | Tickling the Wrong Piano Keys | | The commercial trade of new ivory was banned in 1989 through amendments to the global Convention on International Trade in Endangered Species (CITES). A subsequent rebound in Zimbabwe’s elephant population heralded a stunning conservation success: the country’s 100,000-strong herd is growing 5% to 8% every year.
But that victory has created a cohabitation problem. Sixty people have been killed by elephants in Zimbabwe so far this year. The animals devour and destroy field crops and, in some cases, have even moved into homesteads, forcing poor people in rural areas to relocate. That’s why Zimbabwe is asking to sell its accumulated contraband: | • | | The government says it’s lost almost all tourist revenue due to the pandemic, and needs the $600 million to manage the growing elephant population and keep fighting poachers. There’s precedent: in 1997 and 2008, special exemptions were granted to African countries to sell their ivory stocks to Japan and China. | | • | | The African Elephant Coalition, a group of 32 countries with fewer elephants than Zimbabwe, is opposed to the idea, as are conservation groups. They claim previous exemptions led to more poaching, stoking the $20 billion illegal wildlife trade, one of the world’s most lucrative illicit markets, per the United Nations Environment Programme. | | | | Zimbabwe’s three-day conference is hosting 16 African countries, Japan, and China. Officials hope for enough momentum to secure formal approval from the international community.
Healthy Appetite: Adult elephants consume up to 600 pounds of vegetation daily. Try growing a vegetable garden and having an eater like that for a neighbor. | | | | | | Extra Upside | • | | Grande Exit: Starbucks is pulling out of Russia for good. | | • | | As part of its ongoing evolution, Gamestop is offering crypto and NFT wallets. | | • | | Did you know 3 out of 4 Americans don’t get enough magnesium? That’s the versatile little mineral essential to hundreds of functions in the body. But don’t sprint to the vitamin shop just yet — not all magnesium supplements are created equal. Mellö Magnesium is a superblend with 3 highly absorbable forms of magnesium, amino acids, and 70+ trace minerals that propel memory, mood, brain function, muscle health, and sleep. We call that 5 birds with one stone. Get 20% off this powerful natural supplement with code UPSIDE.* *Partner | | | | | | |  | Just For Fun | | | | | Written by Sean Craig and Vince DiMiceli. | | No longer want to receive these emails? Unsubscribe here. Copyright © 2022 The Daily Upside, LLC., All rights reserved. 1230 York Avenue, Box 154, New York, NY 10065 | | | | |
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