Powell finds no playbook, Wall Street embraces coders, and CEOs question shareholder rank: This Week in Finance

Welcome to This Week in Finance, your weekly roundup of the conversations trending among financial professionals on LinkedIn. Click Subscribe above to be notified of each edition. This week:

Fed sees 'no precedent' on trade war

Fed Chairman Jerome Powell told policy makers that there is no precedent to guide monetary policy in the face of current trade uncertainty. Speaking Friday at the central bank’s Jackson Hole symposium, Powell said “monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence.” The remarks fell short of a commitment to continue lowering interest rates as urged by President Trump amid an escalating trade battle with China. ?? Here's what people are saying.

China tees up tariffs on U.S. goods

President Trump took to Twitter on Friday and, in direct response to China's tariff announcement, said U.S. companies are “hereby ordered to immediately start looking for an alternative to China” on trade. The Dow Jones Industrial Average subsequently dropped roughly 400 points. Beijing threatened to impose extra tariffs of 5% or 10% on $75 billion worth of U.S. goods as of Sept. 1 and Dec. 15 should Washington escalate duties on China imports further. China said it plans to impose its tariffs on agricultural products, apparel, and crude oil. ?? Here's what people are saying.

Wall Street readies for robots

Artificial intelligence may replace some people on Wall Street, but the technology is simultaneously creating new jobs. The U.S. financial industry saw job postings seeking people with big-data skills increase by almost 60% over the past year, reported Bloomberg. Job seekers with experience in AI, machine learning, and data science are the sector's most in-demand candidates. Goldman Sachs is planning to beef up its trading unit, for example, but it's only hiring coders. ?? Here's what people are saying.

Big banks' survival strategy: tech

Big banks are increasingly investing in financial technology, or fintech, in a bid to maintain their dominance across payments, wealth management, lending, and more. U.S. banks have participated in 24 fintech deals so far this year, following a record 45 investments for all of 2018, according to a new report from CB Insights. The major banks are focusing on different areas as they experiment, and some haven't been afraid to reverse course. This week, JPMorgan Chase discontinued its Chase Pay app, which followed the bank's recent decisions to shutter digital bank Finn and end a partnership with online lender On Deck. ?? Here's what people are saying.

Shareholder mantra sparks debate

Do companies have a role beyond making money for shareholders? The Business Roundtable's statement this week — that companies need to balance the interests of shareholders against those of employees and broader society — is sparking a lively debate in the business community and among LinkedIn members. Some want to know what happens when the interests of various group collide, while others said the statement would change little in practice. ?? Here's what people are saying.

SoftBank's unusual fund strategy

SoftBank is planning to lend nearly $20 billion to its employees, including CEO Masayoshi Son, for them to invest in its giant venture-capital fund, sources told The Wall Street Journal. The Japanese company announced its second technology fund last month. Executives managing funds often put their “skin in the game,” but the amount that employees contribute is usually less than 5%. With the new setup, SoftBank's employee pool would represent nearly a fifth of the $108 billion it said it had lined up for VisionFund 2. ?? Here's what people are saying.

—With Cate Chapman, Monica Fike, Andrew M. Seaman, and Riva Gold.

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