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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg DABAQT podcast, available every morning on Apple,

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Speaker 2: Spotify or wherever you listen. It's Tuesday, the twenty first

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Speaker 2: of May in London. I'm Caroline Hepka and.

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Speaker 3: I'm Stephen Carroll. Coming up today. The US and Israel

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Speaker 3: react angrily to a move by the International Criminal Courts

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Speaker 3: Chief Prosecutor to pursue Benjaminetta and Yahoo for war crimes

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Speaker 3: alongside Hamas's leader.

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Speaker 2: The funeral of Iran's president begins, adding yet more uncertainty

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Speaker 2: into the Middle East future.

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Speaker 3: Plus, JP Morgan is looking for its next CEO, as

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Speaker 3: Jamie Diamond says, succession planning is well underway.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 3: The International Criminal Courts Chief Prosecutor is seeking arrest warrants

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Speaker 3: for the leaders of both Israel and Hamas. Karim Khan

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Speaker 3: says the charges against Prime Minister Benjaminetta Yaho and Defense

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Speaker 3: Minister joav Gan relate to an alleged widespread and systematic

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Speaker 3: attack against the Palestinian civilian population. US President Joe Biden

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Speaker 3: criticized the ICC, saying he sees no equivalence between Israel

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Speaker 3: and Hamas.

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Speaker 4: Contrue allegations against Israel made by the International Court of Justice.

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Speaker 4: What's happening is not genocide.

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Speaker 5: To reject that.

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Speaker 4: We're always staying with Israel and the threats against his security.

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Speaker 3: Biden was joined by Israel's leader Benjamin nettaniw who called

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Speaker 3: the move a moral outrage. Europe was split, with some

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Speaker 3: politicians welcoming the announcement. The request by the prosecutor now

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Speaker 3: goes to a panel of independent judges at the ICC.

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Speaker 2: The funeral of Iranian President Ibrahim Raisi is being held today.

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Speaker 2: The leader's sudden death has created a new layer of

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Speaker 2: uncertainty when it comes to the TERMIL in the Middle East.

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Speaker 2: Former senior US National Security advisor Maara Rudman says that

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Speaker 2: any replacement will shape the future of the world.

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Speaker 5: Will be watching closely.

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Speaker 6: Do not expect a difference in the nature tone of

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Speaker 6: the person succeeding.

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Speaker 4: But it is a time of great instability and it

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Speaker 4: is less about I believe expecting a significant change in

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Speaker 4: the type of leader.

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Speaker 5: And the supreme Leader Commania.

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Speaker 4: Is eighty five years old, so there is a need

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Speaker 4: and I think he probably recognizes the need to appoint

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Speaker 4: someone who can be his successor.

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Speaker 2: Maha Rodman also notes this change comes as eighty eight

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Speaker 2: year old Saudi King Salman is being treated for lung inflammation.

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Speaker 2: It raises the chance that two of the most powerful

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Speaker 2: Muslim countries in the region will change leaders at a

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Speaker 2: similar time.

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Speaker 3: Jamie Diamond says succession plans are well on the way

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Speaker 3: at JP Morgan. Speaking at an investor day, the CEO

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Speaker 3: told shareholders senior individuals at the bank are being prepared

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Speaker 3: for his eventual departure on the way.

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Speaker 5: I mean, we're moving people around.

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Speaker 7: I still thine I should mention if you look at

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Speaker 7: our company, a lot of these folks have been all

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Speaker 7: over the company now. They've been in CFO jobs and

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Speaker 7: in the consumer side, the investment banking side. They have

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Speaker 7: deep knowledge of the whole company, the whole operating committee,

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Speaker 7: which I think they're almost all in the room here.

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Speaker 5: They all know all parts of the company.

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Speaker 7: So you've seen succession and get built in a succession

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Speaker 7: with Daniel Pinto.

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Speaker 5: How many companies can say that.

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Speaker 3: JP Morgan's Jamie Diamond speaking there, the sixty eight year

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Speaker 3: old adda that the timeline for his retirement is not

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Speaker 3: five years anymore. Making reference to a longstanding tradition of

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Speaker 3: saying that his retirement is five years away, no matter

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Speaker 3: when asked. Diamond is currently halfway through roughly his five

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Speaker 3: year retention package.

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Speaker 2: Martin Greenberg, the chair of the Federal Deposit Insurance Corporation,

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Speaker 2: says that he will step down after escaping report into

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Speaker 2: the bank regulators workplace culture. The report by a US

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Speaker 2: law firm found detailed alegations of harassment and discrimination during

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Speaker 2: Greenberg's tenure, but also dating back to the nineteen eighty

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Speaker 2: based on the accounts of more than five hundred people.

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Speaker 2: Although the probe didn't find that Gruenberg had himself engaged

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Speaker 2: in that behavior, it cited examples of the FDIC chief

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Speaker 2: losing his temper with staff. Greenberg vowed to fix the

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Speaker 2: agency's problems and apologize to employees, but after two bruising

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Speaker 2: days of congressional hearings, a key Democrat called on President

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Speaker 2: Biden to replace him. It's unclear how quickly the White

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Speaker 2: House can nominate and win Senate approval for a new

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Speaker 2: permanent FDIC chair.

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Speaker 3: The Federal Reserves, La Loretta Master previously favored three rate

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Speaker 3: cuts this year, but now thinks that wouldn't be appropriate

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Speaker 3: in the light of first quarter inflation numbers, She says

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Speaker 3: policymakers still need more evidence about the path of inflation

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Speaker 3: before adjusting rates.

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Speaker 6: It's too soon to tell what path inflations on, so

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Speaker 6: we just need to collect more information on that. In

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Speaker 6: the first part of the year, what we saw was

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Speaker 6: the risks that we were too restrictive of going down.

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Speaker 6: You know, last year people were worried about, oh, then

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Speaker 6: maybe getting too restrictive and therefore it's going to dampen

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Speaker 6: the economy. Those risk one down. At the same time,

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Speaker 6: the risk to inflation, I think are tilted to the

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Speaker 6: upside and remain so. And so that's the balancing that

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Speaker 6: we have to do, as we said policy going forward.

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Speaker 3: Luratamaster, who votes on policy decisions this year, speaking to

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Speaker 3: Bloomberg Television. Her comments come as Bank of Atlanta President

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Speaker 3: Rafael Bostic also predicts it will take some time before

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Speaker 3: central bankers can be certain inflation is truly on the

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Speaker 3: path to two percent.

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Speaker 2: UK employers are offering a fourteen percent wage premium for

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Speaker 2: AI driven jobs as they try to boost productivity. According

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Speaker 2: to PwC, job adverts for AI roles have risen four

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Speaker 2: times faster than the average for other jobs in the

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Speaker 2: UK over the past decade. The report found that the

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Speaker 2: productivity boosts seen in sectors more affected by AI, like

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Speaker 2: financial services is more pronounced in Britain, and increased use

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Speaker 2: of AI could turn the doll on productivity, according to

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Speaker 2: these senior economist at PWCUK. In a moment, we'll bring

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Speaker 2: you more on the call from the International Criminal Courts

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Speaker 2: Chief Prosecutor to issue arrest warrance over the Israel Hamas war.

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Speaker 2: Also Jamie Diamond's comments on how much longer he may

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Speaker 2: be in the top job at JP Morgan. But first,

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Speaker 2: another story that caught my eye, my ear, my attention anyway,

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Speaker 2: the actress Sir Scarlett your Hansen has hired lawyers to

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Speaker 2: push back on open Ai. The actress says that she

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Speaker 2: was forced to hire legal counsel to demand the removal

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Speaker 2: of an artificial intelligence voice from OpenAI's chatbot because it

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Speaker 2: sounds too much like her. This, of course, after Sam

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Speaker 2: Altman actually asked you Hansen to voice a chat GPT tool,

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Speaker 2: she thought about it. She said no. Then the company

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Speaker 2: came out with its own voice assistant, and a lot

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Speaker 2: of people say sounds a lot.

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Speaker 3: Like that, hands a lot like her exactly so interesting

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Speaker 3: partly because Garlett your Hanson in one of her films

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Speaker 3: played a virtual assistant, and in fact it's that that

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Speaker 3: sort of led this connection as well because Sam Altman

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Speaker 3: tweeted the word her, which was the name of that film. Yeah,

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Speaker 3: as well, which added the speculation that had been modeled

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Speaker 3: on her. Now Oldman says that the voice for this

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Speaker 3: sky AI assistant is not Scarlet Johansson's and was never

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Speaker 3: intended to resemble hers. But it does raise a lot

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Speaker 3: of questions about the sort of models being used for

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Speaker 3: these voices too.

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Speaker 2: Yeah. Absolutely, I mean, look, I always have a little

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Speaker 2: question mark whilst so many virtual assistants female frankly, but yes,

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Speaker 2: the the sci fi movie which I watched and was

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Speaker 2: very freaky film that that has kind of played into

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Speaker 2: this also, but that it's all basically going to the lawyers,

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Speaker 2: and that Jo Hanson, I think very interestingly she wrote

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Speaker 2: a kind of long statement all about it does raise

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Speaker 2: this issue when there are so many concerns about deep fakes,

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Speaker 2: about actors work, about people's likenesses and identity in a

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Speaker 2: new AI world. It's very very interesting. There's a piece

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Speaker 2: by Rachel met All about on the Blue Big Terminal

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Speaker 2: this morning.

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Speaker 3: Well, that's bringing more details now in our top story

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Speaker 3: this morning, and the chief prosecutor for the International Criminal

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Speaker 3: Court wants arrest warrants for Israel's Prime Minister and defense minister,

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Speaker 3: as well as three Hamas leaders, all on war crimes charges. Now,

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Speaker 3: Joe Biden has called Kareem Khan's decision to seek these

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Speaker 3: arrest warrants outrageous, while Benjamin Ettnia who described it as

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Speaker 3: a deep distortion of justice and blatant moral bankruptcy. Our

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Speaker 3: Paul Wallace, Middle East Editor, is with us for more

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Speaker 3: on this. Paul, good morning. What exactly does the ICC

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Speaker 3: accuse Israel and Hamas of doing?

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Speaker 8: I seephen So, essentially, the chief Prosecutor Kareem Khan is

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Speaker 8: saying that war crimes have been committed against Palestinians in

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Speaker 8: Gaza since the war erupted there on October the seventh,

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Speaker 8: and it's saying that these were committed by both Hamas

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Speaker 8: leaders and Israeli Prime Minister Benjamin Nettimno who as well

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Speaker 8: as the country's defense minister, your gallant.

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Speaker 2: And so the prosecutor wants arrest once issued what happens.

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Speaker 8: Next, that's a big question. So it's not a done

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Speaker 8: deal yet that these arrests ones will be issued. That's

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Speaker 8: up to the judges within the ic C. There's no

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Speaker 8: clear indication yet as to how long it will take

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Speaker 8: for them to make their decision. As you've as you've

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Speaker 8: as you've pointed out, there is a lot of resistance

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Speaker 8: to to this move by Kareem Khan, especially from well

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Speaker 8: from Israel itself, but also the US, with John Biden

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Speaker 8: saying he's personally outraged by this. However, there are some

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Speaker 8: European leaders and senior European officials are saying that are

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Speaker 8: saying that this is important, that there are questions. They're

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Speaker 8: effectively saying that Israel and its leaders do have questions

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Speaker 8: to answer and that they should argue their case in

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Speaker 8: in an ic the tribunal. It's it's interesting and not

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Speaker 8: worthy just how against this and how outraged Israeli leaders are,

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Speaker 8: because a lot of people were thinking that the ICC

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Speaker 8: didn't matter too much and then whatever it said or

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Speaker 8: did would be purely symbolic. But I think that we

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Speaker 8: can the signals from Israeli leaders of that this this

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Speaker 8: ICC move would have significant implications. There's some people who

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Speaker 8: even suggesting that it could cause some investors to shun

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Speaker 8: the Israeli assets if there is an arrest weren't made

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Speaker 8: against the leader against Etanio who It's still early days

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Speaker 8: when it would have to see, but they'd certainly be

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Speaker 8: repercussions of some kind.

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Speaker 3: Because there are two sets or two parts to the

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Speaker 3: criticism that's been made of this move as well. One

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Speaker 3: is on the subject matter of what exactly they've been

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Speaker 3: accused of, but the second is the fact that the

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Speaker 3: request came targeting both Israeli leaders and Hammass leaders at

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Speaker 3: the same time, which for some and Joe Biden we

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Speaker 3: heard from a little earlier as well, talking about it

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Speaker 3: being a false equivalence of trying to connect these these

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Speaker 3: two parties exactly.

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Speaker 8: And I think this is something that particularly angers Israeli

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Speaker 8: leaders and Nettino, who himself that's this idea that there's

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Speaker 8: a moral equivalence between what they're doing and what they're

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Speaker 8: ordering their military to do in Gaza and what Hamas

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Speaker 8: is doing with regards to Palestinian civilians and what it

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Speaker 8: did on October the seventh when it when it killed

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Speaker 8: around twelve hundred people in southern Israeli communities. And obviously

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Speaker 8: we're seeing around the world on media and TV destruct

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Speaker 8: position of Yea Sinoa, the Hamas leader, and him on

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Speaker 8: one side and Benjamin Netto who on the other. And

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Speaker 8: this is something that really really outrageous, not just as

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Speaker 8: Raeli leaders, but I think the Israeli public. They say

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Speaker 8: that there's no way you can you can make any

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Speaker 8: comparison between Hamas, which is meted a terrorist organization by

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Speaker 8: the US and the EU and others and the ideas.

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Speaker 2: Yeah. Indeed, in terms of the European reaction, it seems

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Speaker 2: also to be more divided, more split, and that is

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Speaker 2: also quite important in this process surely to understand the

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Speaker 2: position of you know, the different leaders across Europe. There

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Speaker 2: is also has been something of a range of responses.

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Speaker 8: Very much so, and I think that is partly down

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Speaker 8: to the fact that most Western European countries as signatories

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Speaker 8: to the ICC the US isn't. So you could say

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Speaker 8: that the EU countries have or Western European countries have

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Speaker 8: more skin in the game, if you like, and they're

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Speaker 8: more likely to back the ic C if it does

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Speaker 8: go ahead, and if you arrest wance against and Nathanielhu

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Speaker 8: and Gallant and Hamas's leaders. But it's also on the

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Speaker 8: score is just what a complicated and difficult position it

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Speaker 8: is for the ic C. Kareem kan its chief prosecutor.

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Speaker 8: He did an interview with CNN yesterday and he said

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Speaker 8: that when some Western leaders were lobbing or pressuring him

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Speaker 8: not to go for these arrest warrants, one of them

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Speaker 8: said to him, Look, the ic C was not built

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Speaker 8: for countries like Israel. It was built for Africa plugs

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Speaker 8: like Putin. And I think you know, it just shows

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Speaker 8: how political this is, uh, this has become, and how

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Speaker 8: complicated it is when it when when you know, the

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Speaker 8: ic C does start to move against leaders of a

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Speaker 8: of a country like Israel, which is such an important

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Speaker 8: ally of the US and in many Western European countries.

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Speaker 3: Okay, Paul wells our Middle East economy and government, Azure, thank

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Speaker 3: you very much for joining us.

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Speaker 2: Now let's talk about Jamie Jamond then of JP Morgan.

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Speaker 2: He's long talked about retirement being just five years away,

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Speaker 2: always five years away. But on Monday, when he was

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Speaker 2: asked about this and how long he planned to remain

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Speaker 2: in the job, his answer changed, saying that actually succession

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Speaker 2: plans at the bank are quote well on the way

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Speaker 2: Bloomberg Tvanka Kritti Gupta joins us now for more so,

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Speaker 2: what exactly did Jamie Diamond talk about then? The answer

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Speaker 2: was different this time around.

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Speaker 1: And that's kind of all he said in terms of

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Speaker 1: when it comes to what comes next. I think what's

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Speaker 1: important though, is that this we've kind of had clues

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Speaker 1: of this a few years ago. In twenty twenty one,

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Speaker 1: there was a big shake up at JP Morgan in

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Speaker 1: terms of the top folks in the top of leadership

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Speaker 1: at the bank. Just some names and and that they're

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Speaker 1: out there that are potential candidates here for that succession talk.

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Speaker 1: Jen Pepsack, for example, is one that got a lot

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Speaker 1: of attention. She with Maryann Lake co led the consumer

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Speaker 1: and community side of the bank since twenty twenty one.

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Speaker 1: She has since moved over to the commercial investment bank

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Speaker 1: side with Troy Roarbaugh as well. These are all candidates

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Speaker 1: who are at the very top. And I think what's

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Speaker 1: also very significant and important to be a part of

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Speaker 1: this conversation is that JP Morgan has gotten a lot

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Speaker 1: of pushback as well in terms of never having a

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Speaker 1: female CEO when Jane Fraser kind of inherited City Bank,

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Speaker 1: that was a big, big focus for Jamie Diamond and

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Speaker 1: some of his peers a JP Morgan, So you'll see

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Speaker 1: actually a lot of the top leadership at JP Morgan.

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Speaker 1: Some of the deputies for Jamie Diaman are actually very

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Speaker 1: senior women as well, and that's why Jen Pepsack and

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Speaker 1: Mary and Lake are two potential candidates. Troy Rohbaugh as well,

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Speaker 1: who has also has quite a bit of markets experience,

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Speaker 1: are also considered candidates. But what you need to know

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Speaker 1: is that this has been well underway and the fact

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Speaker 1: that these are the folks that have been kind of

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Speaker 1: moving around within the leadership of these various spots is

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Speaker 1: is quite significant.

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Speaker 3: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 3: stories making news from London to Wall Street, and.

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Speaker 3: I'm Caroline Hepka and I'm Stephen.

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Speaker 5: Carol.

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Speaker 3: Join us again tomorrow morning for all the news you

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Speaker 3: need to start your day right here on Bloomberg Daybreak.

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