• Wharton has introduced a new concentration for undergrads and a major for MBA students focused on AI.
• The new AI curriculum includes classes on machine learning, ethics, data mining, and neuroscience.
• "Companies are struggling to recruit talent with the necessary AI skill," Wharton's vice dean said.

The nation's oldest business school is evolving for the new, AI-powered world.

The University of Pennsylvania's Wharton School has unveiled a new MBA major and undergraduate concentration in artificial intelligence. It will be available to students in the fall of 2025 as one of 21 MBA majors alongside options like accounting, finance, marketing, and real estate. For undergraduates who earn a degree in economics, it'll be one of 19 concentrations.

The new curriculum will help students develop both a technical understanding of how businesses are using AI and a more conceptual sense of the technology's economic, social, and ethical implications. Students will be required to take classes in machine learning and ethics and choose from a list of electives spanning data mining to marketing to neuroscience.

One of the required courses will be "Big Data, Big Responsibilities: Toward Accountable Artificial Intelligence," an ethics class.

"Foundations of Deep Learning" will be a new class in the statistics and data science department, giving students an introduction to the technical foundations of AI, Wharton professor Giles Hooker, an advisor for the new AI curriculum, told Business Insider by email. It will cover the technology underpinning the AI boom, including topics from "what is a neural network and how to train it" to "generative AI" to "efficient deep learning" to ensure students have "a solid conceptual grasp on what goes on under the hood in modern AI models," according to the syllabus.

Wharton also updated the syllabi for existing classes, including the management course "Innovation, Change, and Entrepreneurship" and the marketing course "Introduction to Brain Science for Business."

In a university press release announcing the changes, Eric Bradlow, the vice dean of AI and Analytics at Wharton, said, "We are at a critical turning point where practical AI knowledge is urgently needed."

"Companies are struggling to recruit talent with the necessary AI skills, students are eager to deepen their understanding of the subject and gain hands-on experience, and our faculty's expertise on the adoption and human impact of AI is unmatched," he said.

The intersection of AI and business

Wharton faculty began discussing a new AI curriculum last year, Hooker told BI.

In May 2024, Wharton launched the AI and Analytics Initiative to study possible changes to its curriculum, invest in new research, collaborate more with industries, and create open-source generative AI resources, according to Penn Today, the university's official news site.

Through the initiative, Wharton has launched the AI Research Fund to help faculty pursue research at the intersection of AI and business and the Education Innovation Fund to help faculty adopt AI in the classroom.

The initiative was also used to provide ChatGPT Enterprise licenses to all full-time and executive MBA students starting in the fall of 2024 — a first-of-its-kind collaboration between a business school and OpenAI.

In January, Wharton unveiled the Accountable AI Lab, which will produce research on AI governance, regulation, and ethics with a "practical focus on business applications."

Wharton therefore had several building blocks in place for a new curriculum, Hooker told BI. "A lot of what we had to do was to work out how to structure a useful and coherent path through what we offered and then see if there was anything we really needed to add," he said.

Students who graduate with an AI focus will ideally be adept in four areas, Hooker said. They'll have a strong technical knowledge of AI to assess the design and application of AI models in a business and be informed enough to keep up with new AI developments. They'll have a sense of how AI will impact business operations. They'll also have a handle on the ethics of data and automated decision-making and understand the legal frameworks governing AI.

Companies these days are hiring candidates who specialize in just one of these areas. For example, a company might hire an AI researcher to train large language models, a learning and development expert to teach teams how to use the technology or a lawyer who understands data privacy and regulations.

But graduates of Wharton's new program may emerge as a jack-of-all-AI-trades. Their skill sets will be tailored to a future workplace where adaptability might be more valuable than specialization.

"We expect the impact of AI on business to be long and deep. Even without new breakthroughs in human-like reasoning, we can expect AI methods to penetrate even further into business processes and our lives," Hooker said. "The careers and job titles associated with its penetration into business haven't yet been fixed."

• Season three of "The White Lotus" came to a dramatic end on Sunday night.
• The internet is alight with memes about the show, including reactions to the Ratliffs.
• We've rounded them up — but beware, there are spoilers below.

Another season of "The White Lotus" draws to a close.

The finale of season three of the hit HBO show was full of confrontation: Rick again came face to face with Jim, against whom he's held a lifelong vendetta; the three American friends on vacation sat down for one final dinner and bared their souls to each other; and Timothy Ratliff weighed what to do with his family's lives as he teeters on the brink of financial and reputational ruin.

We've rounded up some of the best reactions we've seen on the internet so far.

Fans were upset that Chelsea died

All season, two questions dominated: Who gets killed, and who does the killing? One wild fan theory floating around suggested that the monkeys were the killers.

Episode eight showed us that — thankfully — was not the case.

The main killer turned out to be Rick (Walton Goggins). He shot Jim, believing he killed his father, then got into a shootout with the resot security guards. Chelsea (Aimee Lou Wood) got killed in the crossfire, and Rick was shot as she died in his arms.

Fans were quick to share their outrage over Chelsea's death and Rick's behavior.

Fans loved Parker Posey's wealthy and unfiltered Victoria so much, one held a prayer circle using lorazepam, her drug of choice, as candles.

Fans began joked about one clip of Laurie running

When the shooting began, guests started running. Fans were amused by how quickly Laurie (Carrie Coon) got out of the situation, leaving her friends behind.

People want to see more of the Ratliffs

At the end of season three, the Ratliff family sails away with Timothy, the patriarch, never telling them they're in financial ruin. There is a brief moment where the family gets back on their phones and seems to learned out the truth, but the series doesn't stick around to show their full reaction.

Fans were annoyed by this cliffhanger and wanted the Ratliffs to return for future seasons.

Fans were divided over Belinda's ending

Belinda and her son Zion get to sail away from the resort in style on a private speed boat, thanks to $5 million of blood money she's just come into. As she pulls away from shore, we see Pornchai — with whom she had made plans to open a spa together — waving goodbye.

Fans on Twitter were quick to point out that the moment comes full circle from season one when Tanya (Jennifer Coolidge) abandoned Belinda and their dream of opening a spa together.

Not all fans were upset by the betrayal, and cheered Belinda for finally becoming rich.

• Trump's auto tariffs are now live — and they're causing major disruption for manufacturers.
• Automakers are scrambling to react, with one analyst describing them as "a debacle of epic proportions."
• Another says Tesla is "well positioned" to handle the fallout and may benefit if rivals raise prices.

Automakers are facing major disruption as President Donald Trump's tariffs grip the industry.

Ford, Nissan, and Stellantis are all making major changes as they grapple with the levies, with one analyst describing the 25% tariffs on imported cars as a "debacle of epic proportions" for the industry.

"We believe the price impacts from this head-scratching tariff slate could result in demand destruction of 15%-20% in 2025 for new auto purchases alone based on our estimates," Wedbush Securities analyst Dan Ives wrote in a note on Sunday.

"The tariffs are a debacle of epic proportions for the auto industry and US consumers as the concept of a US-made car with all US parts is a fairy tale fictional narrative."

The disruption has continued as automakers have been hit hard by the market chaos surrounding Trump's reciprocal tariffs, with shares in Japanese and European carmakers falling again on Monday.

Nissan fell 9.3% and Toyota dropped 5.9% in Tokyo, while in Frankfurt Volkswagen dipped 4.6% in afternoon trading and Stellantis fell almost 6% in Milan. Stock in the Jeep and Citroën owner has sunk by more than a third this year.

The 25% levy on imported vehicles, which went into effect last week, is already sending shockwaves through the industry.

Nissan announced on Thursday that it would stop taking US orders for two Infiniti SUVs, which are made in Mexico, while Volkswagen said it would add an "import fee" to the prices of vehicles hit by the tariffs.

Jeep and RAM owner Stellantis confirmed on Thursday it had paused production at two factories in Mexico and Canada and furloughed 900 workers at factories in Michigan and Indiana as it navigates the tariff turmoil.

Some automakers are attempting to take advantage of the chaos. Ford announced last week it would extend employee pricing to all customers in an attempt to drive sales, while Stellantis followed suit on Friday.

Analysts and automakers have warned that the tariffs will hike already-high new car prices and erase profits, with S&P Global estimating more than 20% of new light vehicles sold in the US are built in Mexico and Canada.

Some manufacturers may fare better than others.

In a Sunday note, Stifel analyst Stephen Gengaro said that Tesla, Rivian, and Lucid are "well positioned" thanks to their US-based supply chains, adding that Tesla could even benefit if rivals of Elon Musk's company choose to raise prices because of tariffs.

However, Tesla was "obviously not immune to slower economic growth and a weaker consumer," Gengaro wrote.

• I challenged myself to spend a month only eating home-cooked food.
• My grocery costs didn't really go up, and I saved a lot of money by not dining out.
• As the month ended, I found I ate more vegetables, felt more energized, and still enjoyed cooking.

As much as I love to cook and bake, I also enjoy eating out and can get lazy in the evenings when it's time to make dinner.

My partner is the same way, and that means we often spend a lot on groceries and even more on going to restaurants every week.

So for one month, I decided to try cooking all of our meals at home. I knew it'd be tricky to stop dining out and spend more time in the kitchen, but I was determined.

Here are some of my biggest lessons and takeaways from my monthlong challenge.

Prioritizing plant-based proteins and produce helped me bulk up meals while reducing my grocery costs.

I was a vegetarian for nearly 10 years, but recently began incorporating meat into my diet for health reasons.

However, I was quickly appalled by how much money meat added to my grocery bill, even when splitting costs with my partner.

To use less meat while still ensuring our meals would be satisfying, I decided to load plant-based protein sources and produce into every dish.

Instead of expensive eggs and breakfast meats, I started my days with oatmeal and yogurt topped with fruit I wanted to use up and seeds or nuts for protein.

I also used lunches and dinners to load up on produce and reduce food waste, from cooking veggies close to spoiling in quick curry sauces to tossing them onto store-bought frozen flatbreads.

Using premade ingredients helped me stay on track when I was short on time.

Whenever I felt like I didn't have much time to prepare meals, I relied on premade ingredients.

For example, it's easy to spruce up a frozen flatbread with my favorite toppings. Jarred sauce, boxed pasta, and pre-grated cheese can also be great in a pinch.

This was rarely the most cost-effective option, but premade items helped me stay on track on especially busy days. There's no shame in not making every component of a dish from scratch.

Celebrating at home meant our meals were cheaper.

The month of this experiment included a lot of celebrations, including multiple date nights.

I was worried they wouldn't feel as special if we didn't go out, but we made restaurant-worthy meals and shared special moments — all while saving money.

One date-night meal included chicken cutlets, lemon-garlic pasta, and Broccolini, and another featured lamb chops, asparagus, and smashed potatoes.

Either of those dishes would easily be over $25 each at a nice restaurant. The groceries to make them cost less (and sometimes gave us leftovers).

We also saved on our bar tabs.

With at-home date nights, we saved money by sharing bottles of wine at home instead of ordering marked-up glasses while out at dinner.

Since we were home, I also had the time and resources to make mocktails using sparkling water that I made with a carbonator. This was way cheaper than ordering spirit-free drinks at restaurants, which often cost almost as much as a cocktail.

Overall, eating at home helped curb expensive food (and bar) tabs while still allowing us to treat ourselves and celebrate.

There were also lots of special moments to be shared while cooking from home.

During the experiment, my mom and younger sister visited for a weekend. Instead of dining out, we took time to cook together.

We made homemade pasta, which we paired with kale, mushrooms, and jarred sauce. Then, we finished our meal with chocolate-covered and cheesecake-filled strawberries. They were ugly and messy, but delicious.

I was pleasantly surprised by how quickly our dishes came together and how fun it was to make them with my family.

I pushed myself to cook instead of ordering takeout — and choosing simple recipes made this way easier.

When my partner is out of town for work, I usually treat myself to takeout. Instead, I decided my treat would be preparing myself easy but delicious homemade meals.

I made white-cheddar pasta with apples, kale, and bacon; Parmesan-crusted grilled cheese with basil-tomato soup; and an easy spaghetti dinner with lentils.

All in all, it was fun to find new ways to make dinner feel special that didn't involve complex recipes or ordering food online.

When I got tired of cooking, I learned to make the most of leftovers.

In a typical month, I eat nearly every breakfast and lunch at home, but dinners easily veer off track.

When my partner and I are tired from a long day, we often ditch whatever dinner we'd planned to make at home and go out to eat instead.

So, this month, I had to learn to embrace leftovers when I was tired of cooking. To keep myself from getting bored, I looked for ways to spruce them up.

I found certain leftover foods, like cooked chicken or roasted vegetables, were easy to turn into something fresh by changing up my sides and sauces.

Trying new recipes and keeping my pantry stocked also kept me from burning out.

Finding new recipes to throw in the mix helped me prevent boredom in the kitchen.

Throughout the month, I tried lots of new recipes, like a carrot-and-arugula salad, coconut-crusted chicken tenders, and lamb cutlets — all of which are now in our regular rotation.

Plus, keeping fruits and veggies in the freezer and staples like seeds, nuts, beans, and legumes in the pantry made it easier to throw together simple dinners when I didn't feel like cooking.

I estimate I saved hundreds of dollars just from one month of eating at home.

My partner and I typically dine out casually one to three times a week (about $30 to $50 each time), and go on a nicer date night around once a month (easily $150 to $300 a meal).

Before this, I'd estimate we usually spend at least $100 on dining out a week in addition to regular grocery spending.

Groceries certainly aren't cheap right now, but when they were our only food expense this month, we saved so much money.

Much to my surprise, our grocery spending (typically around $70 to $120 a week) didn't increase much over the month — probably because I spent more time planning our meals. We also wasted less food.

It's a lot easier to not let produce go bad or forget about it when you're pushing yourself to cook every meal at home and not giving yourself an easy out by ordering delivery from a restaurant.

About halfway through the experiment, I noticed I started feeling better, too.

Throughout the month, I loaded up on a lot more veggies and fruit than I would've had I been regularly dining out.

I felt a lot more energy toward the latter half of the month, which I attributed partially to the healthier meals (and partially to some warmer, spring-like weather). I found I was able to go for longer walks and spend more time at the gym than usual, too.

I'd also argue having mocktails at home instead of ordering cocktails out contributed to my feeling better physically over the month.

Ultimately, from the start of the year until the end of the cooking-from-home experiment, I lost about 10 pounds and felt much better mentally and physically.

Overall, I'd considered this month a success.

After a month of eating only home-cooked meals, I saved a lot of money and felt much more energized, but I never felt left out of any celebrations.

I love dining out, but this process reminded my partner just how much we could save by making meals at home. I feel inspired to save going to restaurants for fewer, more special occasions — especially now that I've added so many great recipes to our repertoire.

Although cooking can still feel like a chore, I learned combining new recipes with repeat staples is my ideal way to keep meals feeling exciting and appealing.

Plus, I realized just how much leaning on premade ingredients, like jarred sauces or frozen flatbreads, can make cooking more accessible, especially on busy nights.

Fortunately, these results were so impressive that it's already been easier for me to cook more meals at home since the month ended.

• PyannoteAI has raised $9 million to make voice transcriptions clearer with AI.
• The startup's AI model can be used for tasks such as audio indexing and dubbing.
• BI got an exclusive look at the pitch deck used to secure the fresh funding.

Voice intelligence startup PyannoteAI has just raised $9 million in a seed round led by Crane Ventures and Serena.

The French startup, launched in 2024, has developed an AI model for a concept called "speaker diarization." It's the process of enhancing audio transcriptions to distinguish between different speakers — something that AI has historically struggled with.

"Our mission is to make human and AI interactions natural through voice," Vincent Molina, cofounder and CEO, told Business Insider. "The voice AI industry today mostly focuses on one-to-one conversations between humans and AI. But real-life conversations aren't like that. They're full of multi-speaker situations, overlapping speech, interruptions, and short and chaotic speech turns," he said.

The startup's platform aims to ensure that the AI model not only picks up on an accurate audio transcription but also understands who is speaking and their intonation. The intended result is for AI to preserve the meaning of audio across different languages and use cases.

The model was developed using research conducted by the startup's cofounder, Hervé Bredin, who has authored over 30 papers on the topic.

PyannoteAI's enterprise use cases include indexing large-scale audio for media platforms, streamlining the dubbing process, and transcribing consultations across enterprise and healthcare. It counts Gladia and MediVox as its clients.

Voice AI has gained significant traction in the past year, with the likes of ElevenLabs and PolyAI raising significant rounds in recent months.

Molina said his startup had increased investor interest from both Europe and the US. "The entire voice AI landscape is accelerating — across all layers: infrastructure, applications, models, and more," he told BI. "Since we're positioned at the very beginning of the value chain, and because we serve the entire ecosystem, we received strong interest from a wide range of investors."

The funding confirms BI's November report that PyannoteAI was in talks to raise about $10 million.

In addition to Crane Ventures and Serena, PyannoteAI's funding round had participation from Julien Chaumond, the chief technology officer of HuggingFace, and former Meta and OpenAI researcher Alexis Conneau.

With the fresh funding, the startup said it plans to grow its research team.

Check out the pitch deck used to raise the capital, shared exclusively with Business Insider.

• Tony Horton, best known for the hit P90X workout, said he's thriving at 66 after tweaking his routine.
• Horton was diagnosed with a rare illness in 2017, and since then has followed a flexible plant-based diet.
• His current workout routine includes more yoga but also new challenges like obstacle courses.

Two decades after designing one of the best-selling home workout programs in history, personal trainer Tony Horton said he's in the best shape of his life.

When Horton's creation, P90X, hit the fitness industry in 2005, it became a smash hit. The program sold more than 3.5 million copies thanks to its high-intensity blend of circuit-style training, explosive movements, and plenty of core work.

By that point, Horton had a star-studded clientele, including celebs like Tom Petty, Billy Idol, Rob Lowe, and Usher.

Everything shifted in 2017, when he was diagnosed with Ramsay Hunt syndrome, a rare neurological disorder related to the shingles virus that can cause facial paralysis, ringing in the ears, and potential hearing loss.

Horton said the health scare prompted him to overhaul his routine, focusing less on hardcore workouts and more on recovery and stress reduction.

"I needed to add mindfulness components to my regular routine," he told Business Insider. "I looked more to resting, listening to music, taking a nap without feeling guilty about it, focusing on my family."

The upshot: doing less paid off, and Horton said he's now in better shape than ever when it comes to taking on adventures, including new physical challenges.

On a recent trip to Jackson Hole, Wyoming, Horton said he skied for six days in a row.

"I couldn't do that in my 20s and 30s," he said.

Horton's latest venture is Ninja Warrior and obstacle course training, navigating ropes, high bars, even the notorious "salmon ladder" at his tricked out home gym in southern California (which you can visit as part of the Paragon Experience event in May).

To stay strong and healthy into his 60s and beyond, Horton relies on habits like a flexible plant-based diet, lots of mobility exercise, and finding new challenges to keep things interesting.

"To maintain and sustain my athleticism, it's not just pounding the weights and running hills," he said. "Now it's really about quality of life and longevity and avoiding injury as much as possible."

He follows a flexible, mostly plant-based diet for longevity

Around the time of his diagnosis, Horton experimented with eating a vegan diet, and found he had more energy and better recovery after exercise.

While he's not strictly vegan now, he said whole, plant-based foods make up a majority of his diet.

Staples like beans, nuts, and seeds are a big part of his regular meals and snacks to make sure he's getting nutrients like protein and fiber for healthy aging.

"People don't realize there's a whole lot of proteins in plants," he said.

A typical day of eating for Horton includes seed bread with almond butter for breakfast, a protein smoothie with berries, banana, and cashew milk after a workout, and meals like lentil tacos for lunch and dinner.

Taking a more flexible diet approach and allowing for exceptions to the plant-based plan — like elk steaks on his ski trips, or desserts when his sweet tooth hits — keeps him from feeling deprived, so he can stay healthier overall in the long-term.

"Stick to your plan 80% to 90% of the time and every once in a while, eat that big beautiful chocolate chip cookie right out of the oven," Horton said.

Mobility training and balance training

As he's gotten older, while Horton doesn't work out any less, he's shifted his focus on training for longevity rather than trying to pack on as much muscle as possible.

He's still kept the muscle (Horton is no stranger to lifting heavy when it feels right) but his typical sessions include a lot more yoga and "animal flow," bodyweight exercise that emphasizes agility and graceful movement.

"Balance, range of motion, flexibility, and speed work are as essential as lifting weights and everything else," Horton said.

He also stays active by practicing with a slackline, a creative way of building balance and stability.

The key is consistency, finding time every day for exercise as a regular, habitual investment in your long-term health, just like staying on top of your finances.

"It doesn't have to be a lot. You can go for an 8-minute walk," Horton said. "But it has to be consistent. You don't pay your bills every fourth month."

New challenges keep him energized

Horton said one of his main strategies for staying youthful is finding creative ways to push himself, like Ninja Warrior-style obstacle courses.

It started when Horton was humbled by a rope climb, which he expected to be easier since he was strong enough to rep out dozens of push-ups and pull-ups. Rather than accept defeat, he decided to embrace the growth mindset, and obstacle training became a new way to stay motivated and get out of his comfort zone.

"The reason why I fell in love with it was because it was another level of challenge," Horton said. "Who cares if I fall or if I fail? Turn your ego off."

• Jamie Dimon said he wants to "kill meetings" because it slows work down.
• Dimon emphasized meetings should be purposeful, quick, and involve only the necessary people.
• He has criticized virtual meetings because he thinks employees are distracted with side tasks.

Jamie Dimon, who has a long list of frustrations with meetings, offered a set of strategies to make them better.

In his 2024 annual letter to shareholders released Monday, the JPMorgan CEO said he wants to "kill meetings" because they "slow us down."

But when meetings must happen, they need to start and end on time. They should also have a leader, a purpose, and a follow-up list, Dimon wrote.

He emphasized the importance of reading before a meeting — he said he does it. Dimon also recommended that employees prepare to discuss a new product in a meeting by first writing a press release. This helps them focus and identify questions that may be asked.

Once in the meeting, pay attention, he said.

"I see people in meetings all the time who are getting notifications and personal texts or who are reading emails," Dimon wrote.

The CEO added that there is no need to include people who are not necessary.

"Sometimes we think we're just being nice by inviting people to a meeting who don't have to be there. Sometimes we over-collaborate," he wrote.

Dimon also repeated his long-held ire with side meetings, in which executives approach him afterward to discuss a matter they didn't want to bring up in front of others.

"That's not acceptable. Don't bother. I'm not their messenger. Lay it on the table in real time," he wrote in Monday's letter.

In the wide-ranging 58-page letter, Dimon dove into recent tariffs and how they will impact the US, the investment bank's performance, and leadership lessons, including mistakes he has made in his career.

Dimon, who has led the bank since 2006, has repeatedly expressed his pet peeves about certain kinds of meetings and how they encourage bureaucracy.

In February, in a leaked internal town hall about the importance of in-person work, Dimon aired his frustration with virtual meetings.

"A lot of you were on the fucking Zoom and you were doing the following," Dimon said in the recording, "looking at your mail, sending texts to each other about what an asshole the other person is, not paying attention, not reading your stuff."

Clips of the audio recording, which is filled with anecdotes and profanities defending return-to-office, gained millions of views on social media.

Zoom meetings are not the only kind Dimon hates.

In last year's letter to shareholders, the CEO took aim at companies' Annual General Meetings and complained that they've become places of "spiraling frivolousness" and "showcase of grandstanding" that need to be reformed.

Annual meetings are required for public companies so investors can vote on the board of directors and corporate changes. These meetings range from staid company conferences to splashy events in exotic destinations. Berkshire Hathaway's annual meeting draws thousands of devotees from around the world to Omaha.

Markets around the world plunged for a third day on Monday, with no relief from President Trump's tariffs and no apparent end in sight, either.

Why it matters: Investors are losing trillions of dollars. Recession odds are rising — and unlike past market crises, a coordinated policy response has been withheld thus far.

The big picture: In Trump's first term, markets could comfortably rely on the "Trump put," the idea that if they reacted badly enough, he'd reverse whatever policy caused the sell-off.

• The Trump put is now clearly all but dead.
• "I don't want anything to go down. But sometimes you have to take medicine to fix something," the president said Sunday night.

By the numbers: U.S. stock futures were well off their overnight lows as of about 6 a.m. Monday, but still indicating an open broadly 3% lower.

• After the tech-heavy Nasdaq and small-cap benchmark Russell 2000 slipped into "bear market" territory last week, down 20% off their recent highs, the S&P 500 is on the cusp of doing so Monday.
• That follows a widespread 6% decline in European stocks in morning trading, which came after key Asian indices like the Nikkei fell 8% or more.
• The dollar continued to weaken slightly, while traditional safe-haven gold swung between small gains and losses.
• Nothing was immune; global crypto market cap fell 11% in the last 24 hours, led by a sharp sell-off in bitcoin, per CoinGecko data.

What to watch: Just how bad it gets.

• Absent a rally, this could end up being the second-worst three-day decline in percentage terms in market history, behind only the 1987 Black Monday crash, per data from Bespoke Investment Group.
• Billionaire investor Bill Ackman, an outspoken Trump supporter, warned of "economic nuclear winter" if the tariffs were not paused immediately.

Editor's note: This is a developing story. Check back for updates.

• JPMorgan Chase released CEO Jamie Dimon's annual letter to shareholders on Monday.
• Dimon warned of rising inflation and higher interest rates.
• The remarks come as Wall Street seeks to understand the impact of Trump's policies.

In a wide-ranging letter to shareholders, JPMorgan CEO Jamie Dimon said he sees "stagflation" dangers slowing the economy as the stock market drops in response to Trump's trade wars.

"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," Dimon said in the 58-page letter, which addressed a range of topics from immigration to the state of civil discourse.

"While inflation has come down," he wrote, "most of what I see in the future is inflationary: continued high fiscal deficits, the remilitarization of the world and the need for infrastructure investment, including the green economy and the restructuring of trade and tariffs."

Dimon said he expects rising costs to create a "tug-of-war" over the direction of interest rates, with long-term borrowing costs ultimately heading higher. "All things being equal, the slower the growth, the lower the interest rates, and the higher the inflation, the higher the interest rates," he said.

He even referenced '"stagflation," a term popularized before the turn of the century to describe an unpleasant cocktail of high inflation, high unemployment, and tepid economic growth.

"This tug-of-war can go on for some time, but it's good to remember that in the stagflation of the 1970s, recessions did not stop the inexorable trend of rising rates," he wrote.

Dimon stopped short of saying the economy is headed for a recession. Following a two-day stock sell-off last week, the dreaded "R" word has been on everyone's lips.

He also suggested that stock market pain may not be over.

"No matter how you measure it, equity valuations are still well above their historical averages," he said, adding, "Markets still seem to be pricing assets with the assumption that we will continue to have a fairly soft landing. I am not so sure."

Dimon's much-anticipated annual letter to shareholders comes as the leaders of corporations seek to understand where the economy — and the nation — is headed under Trump, who has bold plans for reorganizing the federal government and US foreign policy.

Dimon used his letter to opine on a range of problems facing our nation, as well as potential solutions.

"To be able to attack our problems at home and abroad, we must be strong. And our core strength is based upon our commitment to our values, as well as our ability to work hard and think intelligently about our problems," Dimon wrote, adding that he supported both some Democratic and Republican policy positions.

The letter also touched on what he deemed "common sense" solutions to the nation's problems, including tightening security at the border and doing away with special interests, or what he called "selfishness on the part of our citizens and elected officials."

Some Wall Street watchers have long suspected that the billionaire banker — a regular pontificator on world events — has harbored ambitions to seek public office, though he said last year that he would not seek a position in the Trump administration.

Dimon bemoaned the increasingly acrimonious tone infecting the public discourse today. Indeed, he lamented, Americans are "meaner to each other," and "a little more kindness and understanding would go a long way."

Dimon added: "I am a firm believer that we should constantly talk with each other, air our views, hold each other accountable and try to respect all sides of an argument." He said social media algorithms have amplified the problem.

JPMorgan posted a record $54 billion in profit in 2024 and has since called employees back to the office five days a week, and mandate that has led some employees to explore their options, including unionization.

In 2024, the bank earned a record $58.5 billion in net income, up from $49.6 billion the year before, it said in earnings filings. The firm's stock is up about 6% over the past year, trading as of early April at about $210 per share.

Reed Alexander is a correspondent at Business Insider. He can be reached via email at [email protected], or SMS/the encrypted app Signal at (561) 247-5758.

• Marisol Maloney worked as a recruiter after retiring from the military.
• She observed a gap between the skills federal workers had and how they communicated them on a résumé.
• Maloney suggests figuring out your skills, cutting your résumé down, and switching to corporate lingo.

This as-told-to essay is based on a conversation with Marisol Maloney, a résumé writer living in San Diego. Business Insider has verified her identity. This story has been edited for length and clarity.

I'm a résumé writer and job search coach for transitioning military, veterans, and federal workers looking to switch over to the corporate world.

Lately, I've had a lot of federal employees reach out to me asking for help with their corporate résumés because a lot of them have been let go. About a month ago, I was seeing about a 30% increase.

I retired from the Navy as an intelligence officer. When I left the military, I started working as a technical recruiter for defense contracting.

During my first month, I saw a lot of poorly written résumés. So I started to rewrite résumés for candidates with their permission. Many had the skills to do the jobs I was recruiting for, but hiring managers rejected them. I then did résumés for free on the side for the military community for a year before I decided to start my business.

My business is called Secret Squirrel Consulting because a lot of intel analysts are called Secret Squirrels since we handle top-secret information. When I was in the military, I had to work with top-secret information, so for me, it's second nature to go from top-secret to regular language.

These are four tips I recommend for those looking to transition out of the federal workforce.

1. Figure out your skills

Former federal workers can go anywhere with their skills. They could go into nonprofits, the private sector, or contracting.

I tell people to first analyze their skills and figure out what skills they have that they want to continue using.

People are in love with these big titles, but I tell them, maybe you can get a role as an individual contributor or as a program analyst and still make six figures. Don't just focus on the roles. Focus on the job description and the skills.

If you have those skills, make sure to highlight them on your résumé, and you'll have a better chance of getting recruiters to call you than if you just focus on a random role.

2. Cut it down

No one has time to read a 15, 20, or 30-page résumé.

A lot of federal résumés are very long because when you go to USAjobs.gov, you have to fill in everything you've ever done. Corporate résumés should be more concise. They are just a quick snapshot of your awesomeness to make recruiters or hiring managers want to call you for an interview.

Get rid of the objective statement, veteran's preference statement, and citizenship status — the application will ask for that. Get rid of your GS or GG level, salary, or hours worked. Get rid of your supervisor's name and information. If a company wants to talk to your references in the corporate world, they will ask you.

Remove the long list of college courses and graduation dates. All you need is your Bachelor's or Master's listed. If you only took a few courses, you can list those. Only add 10 years of job experience unless the description specifically asks for 10+ years.

Instead of an objective statement, you want a strong summary section. Then list your top skills and technical skills if you have them. Then you want to list your education, as well as any certifications that you may have and training.

You can add a volunteer section if it's relevant to what you want to do, but on its own, it's a waste of space. The same applies to awards. In the federal workforce, we have so many medals. People don't understand what those medals mean just by listing them. If you explain using metrics and something to quantify how you got that award, civilians will understand that better.

Only write a cover letter if it's required. If you're doing a career transition, that's when the cover letter comes in handy. The cover letter is just meant to explain any discrepancies in your résumé or reintroduce some ideas. It's not to regurgitate what's already in your résumé.

3. Use corporate language

Every person I work with has the skills. The problem is they don't know they have those skills or they don't know how to explain it in corporate language.

Often, they just list their responsibilities. "I was responsible for managing 10 people." You need to change that language to "I led and mentored 10 people," in project management or whatever area it was.

People don't know how to sell themselves, especially in the military, because we're so used to being in leadership roles and saying what our team did. We trained our team. We showed them how to do things, but sometimes we don't know how to take credit for things that we did.

Make sure you use action verbs and detail your accomplishments.

4. Include metrics

In the federal government and in the military, you don't usually keep metrics because everything's funded by the government. But in the corporate world, companies want to know how much money you can make them and how much money you can save them.

Thinking in those terms can be challenging, but many people in the federal workforce and military do work with budgets, especially those in more senior positions or those who work in logistics. They're ordering parts for tactical vehicles or aviation or they're managing budgets. They just don't know how to articulate that.

So, that's what I pull out of them. When they say, I managed million-dollar equipment I'm like, "Did you manage it? What else did you do? Did you order parts?"