Archive for Jordan Parker Erb

Dimon’s fintech warning shot – Blackstone’s secret weapon – N62 nears mega funding round

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Jamie Dimon will spend whatever it takes to battle BNPL

JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018.

During JPMorgan's third-quarter earnings call (here's how the bank beat analysts' estimates), CEO Jamie Dimon issued a blank check to get ahead of the growing competition from buy now, pay later companies. More on what Dimon said about tackling BNPL competition.


A look at Blackstone's secret weapon

With a value of 900 million dollars, it has been bought mainly by Blackstone

Blackstone has developed a cloud-based tool that's overhauling how the PE giant collects and analyzes data across its $411 billion real-estate portfolio. Real Estate Data Direct, or REDD, is part of an effort to compile data from its portfolio companies. Everything we know about REDD so far.


Viking Global alums are on a red-hot launch streak

Daniel Sundheim and Andreas Halvorsen on a blue background with the Viking Global logo behind them.

Grant Wonders, a 31-year-old Viking alum, launched Voyager Global this year, raising over $1 billion. Wonders is one of several Viking graduates who've started their own funds in the past three years - and there's one more on the way. Here's how "entrepreneurial DNA," deep pockets, and top-tier training created the perfect breeding ground for the next generation of hedge-fund superstars.


Thiel-backed challenger bank N26 is set to be valued at $8 billion

The logo of the Fintech N26 (Number26), seen in the N26 office in Berlin, Germany, August 19, 2016.    REUTERS/Axel Schmidt/File Photo

Digital bank N26, backed by PayPal billionaire Peter Thiel, is set to close an $800 million funding round led by hedge fund Coatue. More on that here.


Read the pitch deck Beacon used to raise $56 million

Beacon Kirat Singh, Mark Higgins

Beacon, a fintech helping Wall Street better analyze risk and data, raised its Series C this week, scoring funding from Warburg Pincus, Blackstone, and PIMCO. We got a look at the 20-page pitch deck it used to woo some of the country's biggest investment managers - see it here.

Plus, take a look at our exclusive library of pitch decks.


Must-read books to jump-start your Wall Street career

Books on a library shelf

We asked our 2021 class of Wall Street rising stars to share the books that informed both their career and personal growth. What they gave us was a handful of reads from the rise of Jeff Bezos' empire to how to live a happier life. Here are 15 of their recommendations.


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10 things in tech you need to know today

DoorDash Biker

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1. DoorDash scrapped a pilot program to deliver free rape kits to college students. The company was running the program delivering at-home rape kits - but top executives didn't know about it. Once they discovered it, the program was immediately suspended. Here's how the program slipped past execs - and was ultimately cancelled.

2. William Shatner cried telling Jeff Bezos about his flight to space. After his journey to the edge of space with Blue Origin, Shatner said seeing space's blackness was like looking at death: "I hope I never recover from this."

3. The Elizabeth Holmes trial: The prosecution scores a $275 million point. Former Safeway CEO Steven Burd took the stand Tuesday to explain how he fell for Holmes. A US attorney used his testimony to suggest Holmes had criminally withheld that the product didn't work, while the defense painted Burd as a lazy car buyer. What else went down in the courthouse this week.

4. Miami's mayor says the city is moving toward paying public employees in bitcoin. The move is part of Mayor Francis Suarez's ongoing push to make Miami a major hub for digital assets. Here's what else Suarez has planned for his city.

5. Apple will likely have to cut its iPhone 13 production goals for 2021. The global chip shortage may push Apple to slash its target by 10 million iPhones - and that might affect your holiday shopping. More on that here.

6. Netflix has reinstated three employees. The employees' suspension came amid controversy surrounding Dave Chappelle's comedy special, though Netflix said they weren't suspended because of their criticisms. Now, trans staff are planning a walkout to protest co-CEO's choice not to remove the special. More on that here.

7. Elon Musk's Bay Area mansion is up for sale again. After taking it off the market last month, the mansion is back - and it's now 15% cheaper at $32 million. See the house here.

8. Mark Zuckerberg's stranglehold on Facebook could put the company at risk. With 55% of the company's voting shares, Zuckerberg has majority power over the company - and experts are saying he's "the most powerful person who's ever walked the face of the earth." They explain why that's problematic.

9. In a leaked email, an Amazon exec addressed complaints about "toxic" culture. Amazon's Fresh grocery employees raised concerns about burnout during all-hands meetings this year, prompting a senior exec to say in an email he's "extremely concerned." You can read the leaked email here.

10. Crowdfunding, once a last resort for startups, has been attracting unicorns. New SEC regulations are making it safer for both startups and investors, and some founders are using crowdfunding platforms to raise millions. Get the latest on the recent boom in equity crowdfunding.


Compiled by Jordan Erb. Tips/comments? Email [email protected] or tweet @JordanParkerErb.

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PE firms’ legal wars – KKR targets rich clients – Companies use ESGs to bolster IPOs

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PE firms are stuck in a power struggle with their investors

A stressed big law worker with a laptop over her head surrounded by file folders and a gavel to the right side on a red background. Papers are up in the air and a document stamped with "PRIVILEGED" is in the very front.

Private-equity firms are quarrelling with investors: fund managers say big clients have untenable demands, while investors say they're being forced to sign away rights - and lawyers are raking in cash no matter what.


KKR is angling to reach more wealthy clients

KKR & Co.

Private-equity giant KKR is building out its sales team and boosting its marketing tactics in an effort to win over more private wealth clients. Here's what else the firm is doing to expand its client base.


Tricolor used this pitch deck to win over BlackRock investors

Head shot of Daniel Chu, CEO and founder of Tricolor

Tricolor, an alternative auto lender that serves thin- and no-credit Hispanic borrowers, used a 25-page deck to raise $90 million from BlackRock investors. See the pitch deck Tricolor used to raise the funds.


How "do-gooder" companies are ramping up their IPOs

Chobani employee stacking boxes

So-called "do-gooder" companies, like eyewear brand Warby Parker and yogurt company Chobani, are increasingly touting sustainability and ESG missions to boost their public offerings. But experts say their IPOs steer clear of specific metrics for fear of liability or investor backlash. Here's why.


Steve Cohen, Ilana Weinstein dish on hedge-fund talent

steve cohen hedge funds 4x3

In a panel with Dmitry Balyasny and Mike Rockefeller, Cohen and Weinstein talked about recruiting and retaining top talent, and the most important parts of launching a fund. Read the biggest takeaways from their conversation.


Asset management M&A is heating up

A large yellow sign that reads "State Street Global Advisors" hangs on beige-colored pillars in front of the New York Stock Exchange. American flags hang in front of the large yellow sign.

Invesco is in talks to merge with State Street Global Advisors, according to the Wall Street Journal. Analysts don't expect consolidation in the asset management industry to slow down anytime soon - so we're tracking some of the industry's likeliest buyers and sellers.


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10 things in tech you need to know today

Mark

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1. Facebook fired back at WSJ reports that say the company is "riddled with flaws." In a series published last week, WSJ found Facebook turns a blind eye to its role in human trafficking and teens' mental health, among other things. The company is hitting back, calling the series full of "deliberate mischaracterizations."

2. The NTSB head criticized Tesla's use of the term Full Self-Driving. A National Transportation Safety Board exec called Tesla's use of the term "misleading and irresponsible," and said it led people to misuse the technology. Here's what else she said.

3. El Salvador just made bitcoin its legal currency - but not everyone's thrilled. Technological hurdles and national protests are exposing the limits of bitcoin's potential. From local shops to international chains, one writer shows us what it's like trying to buy things using the notoriously volatile cryptocurrency in El Salvador.

4. Theranos founder Elizabeth Holmes has developed a following of "Holmies." The Holmies, a small group of online fans, herald her as a "girl boss" and post videos idolizing the embattled blood-testing company founder. Plus, here's everything you might have missed from week two of her fraud trial.

5. Apple reportedly threatened to remove Facebook from the App Store. After a 2019 BBC report detailed how human traffickers were using Facebook to sell victims, Apple warned Facebook it'd be removed from the App Store. More on that here.

6. Elon Musk promised to donate $50 million to a children's hospital. The donation is part of the Inspiration4's fundraiser, whose goal was to raise $200 million for St. Jude Children's Research Hospital. Musk's donation brings the fundraiser's total to more than $210 million.

7. Facebook leaders worry their service has gotten too big to control. As part of the WSJ's ongoing reporting on the social-media company, the outlet found Facebook leaders worry the company has gotten out of hand: "We created the machine and can't control the machine."

8. Starlink's satellite-internet service will come out of its beta-testing phase next month. Elon Musk announced Starlink will enter its next phase in October, a key step to a broader launch. Get the full rundown here.

9. We hitched a ride on a secretive autonomous mass-transit vehicle in Silicon Valley. Glydways, a driverless EV system, would work like an Uber but cost as little as a subway ride - and is slated to start shuttling California commuters in 2024. Check out Glydways' futuristic electric pods.

10. Apple faces another NLRB charge. The National Labor Relations Board is pursuing Apple over its firing of a senior employee who complained of sexual harassment by a fellow employee and subsequent retaliation by Apple. Here's what we know so far.


Compiled by Jordan Erb. Tips/comments? Email [email protected] or tweet @JordanParkerErb.

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10 things in tech you need to know today

Inspiration4 Crew
The Inspiration4 crew, who are all civilians.

Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here. ​​Plus, download Insider's app for news on the go - click here for iOS and here for Android.

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1. SpaceX launched its first all-civilian crew into orbit from NASA's Kennedy Space Center. The Inspiration4 mission was the first involving solely amateur astronauts, comprising a billionaire school dropout; a geoscientist; a physician assistant; and an engineer. More on the launch here.

2. An EV startup just beat industry giants in producing an all-electric pickup. Rivian's completion of its truck, the R1T, beat the release of several highly anticipated trucks like Tesla's Cybertruck and Ford's F-150 Lightning. Check out the Rivian R1T.

3. In a leaked email, Microsoft's CEO outlined upcoming leadership changes. Satya Nadella announced a handful of changes now that former AWS exec Charlie Bell is joining the company to oversee a new cybersecurity engineering organization, and will take control of teams previously led by other VPs. Here's what else Nadella said in the internal email.

4. A Denver concert venue will now let you enter by scanning your palm. Using Amazon One's palm-scanning tech, Red Rocks Amphitheatre will let attendees swipe their palms instead of a ticket - the first time the technology has been used outside of Amazon and Whole Foods stores. See how it works.

5. Apple has already stopped selling the iPhone 12 Pro and iPhone XR. After announcing the iPhone 13, Apple abruptly stopped selling earlier versions of the phone. These are all the iPhones you can - and cannot - still buy.

6. NASA awarded SpaceX and Blue Origin contracts to make moon lander designs. SpaceX and Blue Origin were among five companies to receive a total of $146 million in contracts to create "sustainable" landers that will regularly send astronauts to the moon. What we know so far.

7. Facebook and Google profited from "abortion reversal" ads that targeted teens. The ads, seen by millions, were selling pills claiming to reverse the effects of drugs taken to initiate an abortion. How the tech giants profited on the ads, which were viewed by teens 700,000 times.

8. Google just finished laying an undersea internet cable between New York and Europe. With landing points in the UK and Spain, the 3,900-mile Grace Hopper cable is set to transport between 340 and 350 terabytes of data per second. More on the massive undersea cable.

9. An Amazon exec called media coverage of the company's performance-review system "fake news." In a recording obtained by Insider, a VP told employees that reports surrounding the company's secretive performance-review system - which we've covered extensively - are fake news. Here's what else we heard in the leaked recording.

10. Some startup founders are saying goodbye to pitch decks - and embracing memos made with Notion. Though pitch decks have long been a way to persuade VCs to back their startups, some savvy founders are instead using Notion, an app that can help create sleek, interactive memos. Why Notion memos may be the new pitch decks.


Compiled by Jordan Erb. Tips/comments? Email [email protected] or tweet @JordanParkerErb.

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10 things in tech you need to know today

Close-up detail of the Amazon app icon on an Apple iPhone 12 Pro smartphone screen, on November 11, 2020.

Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here. ​​Plus, download Insider's app for news on the go - click here for iOS and here for Android.

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1. Amazon will soon let you buy stuff now and pay for it later. Through a partnership with "buy now, pay later" platform Affirm, Amazon will let customers split the cost of purchases of $50 or more into smaller monthly installments. Here's how it'll work.

2. The T-Mobile hacker came forward, calling the company's security "awful" - and frustrating customers. Customers whose information was breached are frustrated by the apparent ease of the attack, as well as T-Mobile's response. See what the company's CEO said in his apology.

3. Y Combinator is no longer the elite startup club it once was. We spoke with 51 YC alumni, who told us what's better, what's worse, and why they still think the three-month program - which is part startup school, part mentorship - is worth it. Here's what they told us.

4. Google is pulling the plug on another health app. The company is shuttering Streams, the clinical app developed by DeepMind, following the shutdown of Google's health division. Get the rundown on the app's demise.

5. One of the world's richest men created an apocalypse-ready SUV - and we got to ride in it. We rode shotgun in the Ineos Grenadier, an SUV created by Sir James Ratcliffe, Chairman and CEO of the Ineos Chemicals Group. Check out what the off-road vehicle is like.

6. The Discord server where Apple employees discuss workplace issues has a 250-person waitlist. A software engineer (who helped launch the #AppleToo website) said more than 400 current and former Apple employees are on the server, where they can discuss workplace issues away from upper management. More on that here.

7. Blue Origin's lawsuit against the US government is being delayed for a week. The problem? The DOJ is having a hard time converting documents into PDFs. More on the DOJ's technical issues.

8. Instead of office snacks, a tech company is using care packages and virtual parties to help staff bond remotely. Infragistics used to spend $50,000 a year on candy for employees, but now it's shifted to care packages to create a sense of belonging as staff work from home. See how it's going.

9. Apple and Google's contact-tracing apps have struggled to live up to their promises. The tech titans' rare partnership fizzled because people in the US barely used the contact-tracing apps. Why the companies' attempt to fight COVID-19 with smartphones faltered.

10. Some innovative tech projects are redefining Wall Street. We profiled 14 transformative tech projects at firms like AQR, Blackstone, Citi, and Bank of America, and found that APIs and data connectivity are key trends across financial firms. From quantum computing to sustainable investing, see what tech projects are transforming the way Wall Street works.


Compiled by Jordan Erb. Tips/comments? Email [email protected] or tweet @JordanParkerErb.

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PE training overhaul – Blackstone ramps up life-sciences investing – Gensler’s crypto plans

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Talent wars are transforming private-equity training

Matan Feldman is Wall Street Prep’s founder and managing partner.

The booming demand for junior talent on Wall Street has created a "domino effect," wherein private equity firms are willing to hire less-experienced junior professionals - making Wall Street Prep, a company that helps these firms train their young talent, busier than ever. Here's how talent wars are transforming technical training at PE firms.


The constant flux in return-to-office plans is affecting our mental health

Stressed Worker Silhouette

Financial firms, along with every other company in the US, are scrambling to get back to the office - but their plans have been riddled with delays and changes to mask mandates and vaccine requirements. We spoke with a psychiatrist, who explained how the constant back-and-forth is affecting mental health.


Blackstone is ramping up its life-sciences investing

Headshots of Kiran Reddy, Nicholas Galakatos, and Brian Matesic, on a green background with science icons

Blackstone's life-sciences group, Blackstone Life Sciences, raised $4.6 billion for its first fund in 2020, the largest of its kind. We spoke to the group's head and four investors to hear how they think through deals and to learn more about the industry trends they're watching. Meet the people behind the team's most notable investments.


Meet the former MIT blockchain professor who leads the SEC

gary gensler

Gary Gensler, the current SEC chairman, comes from MIT where he taught a course on cryptocurrency. Now, his agency might be in charge of regulating the volatile - and often murky - crypto market. Learn more about Gensler and his plans for the crypto industry.


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Top firms snag NYC digs – Dealmakers want to WFH – Walmart’s crypto push

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Top financial firms snag swanky NYC offices

Buildings in Manhattan as seen from the tall One Vanderbilt building against a blue sky.

In a rebuke to remote work - and in an attempt to lure employees back with posh amenities like soaring views and filtered air - high-flying financial players are expanding their New York offices. As the rest of corporate America grapples with how and when to bring employees back to the office, these financial firms are expanding - no matter the cost.


Billionaire investor Seth Klarman has nearly $900 million in SPACs

Seth Klarman

During the second quarter of 2021, Klarman's Baupost Group trimmed its stake in one high-profile SPAC: Bill Ackman's Pershing Square Tontine Holdings. More on that here.


Flexible-work policies are Wall Street's newest bargaining chips

digital wall street virtual remote work 3 4x3

Some senior bankers are opting for flexible-work policies over big paychecks - and many at the managing-director level and above won't even consider new roles if they're based in the office full time. Experts explain why it's no longer all about the money.


Big 3 giants are already recruiting for summer 2022 internships

A Mustang with smoke coming from its tires

Big 3 consulting firms - McKinsey, Bain & Co., and the Boston Consulting Group (BCG) - have already begun their summer 2022 internship recruitment process, and deadlines are whizzing by. Insiders say it's a way to compete with investment banks in luring the best talent, but some say the expedited timeline could be detrimental.


Walmart wants someone to lead crypto and digital currency

Walmart worker

Just weeks after Amazon posted a similar job offering, Walmart announced it's on the hunt for a senior director to lead its digital currency strategy. The increase in crypto-related job postings points to retailers' expanded interest in the potential benefits of crypto. Here's what Walmart is looking for in a crypto lead.


Hedge funds are diving further into cryptocurrency

2021 03 13T111735Z_1_LYNXMPEH2C07M_RTROPTP_4_CRYPTO CURRENCY BITCOIN TREASURY.JPG

Retailers aren't the only ones exploring cryptocurrency. A fifth of hedge funds are now investing in digital assets, and funds like Point72 are looking for talent to help them understand and invest in the asset class - and the war for crypto talent is heating up as a result.


Eight BNPL players that could be targeted for an acquisition

LONDON, ENGLAND - JUNE 04: Chloe Lewis and Laura Anderson attend the official launch of the Klarna Pop-Up on June 04, 2019 in London, England.

Buy now, pay later is the fastest growing area in payments - and experts say we're about to see more dealmaking in the near future. In the wake of Square's $29 billion deal with AfterPay, we've outlined eight BNPL players who could be up next for an acquisition.


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Banks’ crypto investments – Wall Street pay frenzy – PNC caters to wealthy

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These 13 banks have invested the most in crypto and blockchain

A hand holds a bitcoin toward the sky in this photo representation of the cryptocurrency.

Financial institutions are vying for a piece of the booming cryptocurrency market, and 13 of the world's largest banks have already pushed billions into crypto and blockchain companies. From Citibank to Morgan Stanley, here are the banks that have invested the most.


The Wall Street pay frenzy is going into overdrive

The Wall Street bull tempting suited hands with a one hundred dollar bill on a blue background

Guggenheim Securities just raised junior bankers' salaries for the second time in months. Meanwhile, Bank of America is giving junior bankers another pay bump, a nod to the Street's heightening talent war. Check out how much bankers are getting paid at 14 Wall Street firms as the frenzied salary hikes continue.


PNC is staffing up to cater to rich clients

PNC Bank

PNC is rebranding and staffing up its private bank to maintain its clientele - as well as capture new ones in wealth hotspots like Florida and Texas. We spoke with asset management group head Carole Brown, who told us about the push to expand.


BCG is bumping base pay for associates and consultants

GettyImages 1155294623 BRAZIL - 2019/07/11: In this photo illustration a Boston Consulting Group (BCG) logo seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

BCG is bumping base pay for associates and first-year consultants by $10,000. The move comes as many young consultants are burning out and quitting their jobs, and consulting firms are offering bonuses, perks, and pay raises to try to retain young talent. Here's what we know about BCG's latest pay raise.


Hedge-fund billionaire Ray Dalio wants you to think like Picasso

Ray Dalio stands against a red background.

In a string of tweets, Dalio laid out four steps to making better decisions in life and work. Here's why he wants you to think like Picasso.


Banks and hedge funds are throwing money at quants in bond trading

A robot hand and a human hand are navigating a mouse against a green background.

Quants in the US can expect to make big money - especially if they work for a hedge fund. For some candidates, base salaries can swell towards half a million dollars. Take a look at how much banks and hedge funds are offering the "rocket scientists of Wall Street."


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JPMorgan mask mandate – Nasdaq diversity plan – Evercore offer letters

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JPMorgan Chase will make all US employees wear masks indoors

JP Morgan

Masks will be required for all JPMorgan employees - even if they're vaccinated. The bank is following CDC guidance that says all people, vaccinated and unvaccinated, should mask up in places where COVID-19 is spreading. What we know about the mask mandate.


The SEC approved Nasdaq's plan for more corporate board diversity

Adena Friedman (1)

Nasdaq's new rules require the 3,249 companies listed on its main US exchange to have at least two diverse directors, one woman and one member of an underrepresented minority group - or risk being delisted. Here are 21 female tech leaders ideal for those seats.


Evercore offer letters for 2022 analysts just went out

Ralph Schlosstein, Evercore Partners

Evercore will pay first-year investment bankers $110,000 - and those who accept will receive a separate $15,000 start bonus within 60 days. Get the full rundown here.


Plaid agreed to settle a class-action lawsuit for $58 million

Zach Perret Plaid

The suit, which alleges users were unaware of Plaid's role in accessing banking data for apps like Venmo, comes as financial data becomes a more of a priority for both consumers and regulators. Here are the other details of the settlement.


FactSet is helping investment banks automate their pitching process

Kristy Karnovsky, FactSet's newly appointed chief product officer, poses in her head shot

Junior bankers, rejoice: FactSet is working on a way to automate the pitching process, one of the most time-consuming parts of the job. Newly appointed Chief Product Officer Kristina Karnovsky told Insider about the company's plans.


UBS is launching a team focused on winning over diverse clients

Melinda Hightower of UBS smiles in front of a bright background, wearing pearls and a black top.

UBS's global wealth management division is preparing to launch a group focused on better serving diverse investors, and has hired a private banker from JPMorgan to lead the charge. Meet her here.


JPMorgan's SPAC business has been dwarfed by rivals

Jamie Dimon smiling and looking to the right against a red background

Though ​​JPMorgan is an investment-banking powerhouse, its SPAC business is well behind peer firms - but some research analysts say that could be a good thing. Here's why "it doesn't necessarily pay to be first."


Crypto and "super apps" are about to transform finance

Bitcoin and USD

We spoke with analysts who explained why crypto and "super apps" will transform finance - and shared three stock picks that are "about to take over the world." See their top fintech stock picks and investing ideas.


On our radar:

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