Tag Archives: Ash Heap Of History

Banks’ ‘Uber moment’: 100,000 bankers fired in 2015

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“The analysis comes just weeks after Antony Jenkins, who until July was CEO of Barclays, warned in a speech that as much as half of banking jobs could be replaced by apps and algorithms over the next 10 years.  Jenkins’ argument rests on the rise of fintech — financial technology — startups that do things like payments, lending, and investments in a smarter, cheaper, and often faster way. Jenkins believes fintech startups will ‘disrupt’ financial services in the same way Uber has disrupted the taxi industry. That will squeeze profit margins, forcing banks to cut staff, and also force them to compete on technology, another change that will reduce headcount.”

http://www.businessinsider.com/banks-uber-moment-100000-bankers-fired-in-2015-2015-12

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Chicago struggles to auction off taxi medallions

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“Amid the rise of ride-booking services such as Uber, the city’s cab regulator has been unable to close out a sale of taxi medallions more than two years after first taking bids on them.  Back then, the city insisted on minimum bids of $360,000 per medallion, creating the possibility of a windfall worth at least $18 million for the cash-strapped city.  The failure to finish up the auction is another example of how ride-booking firms have upset assumptions about taxi medallions, which permit drivers to operate a licensed cab in the city. As consumers have shifted to Uber and Lyft, pricing for medallions has fallen and lenders that previously made loans into the market have fled it.”

http://www.chicagobusiness.com/article/20151124/NEWS10/151129923/chicago-struggles-to-auction-off-taxi-medallions

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Taxi lender’s stock dives after city botches medallion sale disclosure

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“The share price of Medallion Financial, which finances the purchase of taxi medallions, plunged 12.52% Monday after the city’s taxi regulator reported the sale price of a medallion without disclosing that only a 50% interest in the medallion changed hands.  Two years ago, individual medallions were selling for more than $800,000 and corporate medallions for more than $1 million.  Medallion Financial makes money from various other kinds of business loans, but its share price has suffered because of its association with the beleaguered taxi industry, and because of short-sellers trying to take advantage of that.”

http://www.crainsnewyork.com/article/20151208/BLOGS04/151209897/taxi-lenders-stock-dives-along-with-medallion-sale-price

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Cab medallion owners sue NYC, blame Uber for ruining business

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“A medallion is required to operate a New York City yellow taxicab, the only type of vehicle allowed to accept passengers who hail cabs on the street. Until recently, those medallions could sell for over $1 million. Companies like White & Blue Group, one of the plaintiffs in the case, managed fleets of licensed taxicabs by leasing out the medallions. ‘With companies like Uber operating in the marketplace free of regulatory burdens… licensed taxicab drivers have left the taxicab industry in droves, choosing instead to drive for Uber,’ states the complaint.  Companies like White & Blue ‘have been forced to repeatedly slash daily lease rates to compete,’ it continues.”

http://arstechnica.com/tech-policy/2015/11/cab-medallion-owners-sue-nyc-blame-uber-for-ruining-business/

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Once a sure bet, taxi medallions becoming unsellable

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“Until recently in America’s big cities, purchasing a taxi medallion—the city-issued license to operate cabs —was about as sound of an investment as they come.  But with the rise of Uber and other ridesharing services, the value of taxi medallions are plummeting, leading cabbies and fleet owners throughout the USA worried that their industry will be decimated if local and state government doesn’t intervene. Charles Goodbar, a Chicago attorney who helps secure loans for medallion owners, said that financing has all but dried up. At the same time, new regulations, as well competition from ridesharing services, has reduced how much fleet owners can lease their vehicles to cabbies.”

http://www.usatoday.com/story/news/2015/05/17/taxi-medallion-values-decline-uber-rideshare/27314735/

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Uber vs. the State, 1851 Edition

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“But, they insisted, they weren’t arguing in favor of a monopoly in the ferry business — no, they pointed out that their permit actually required them to run more frequent ferries if demand so warranted.  Therefore there was no danger of a monopoly, because they could be trusted to operate more ferries if need be. This proved that there was no necessity for a new ferry company to compete against them, and that the government should not have granted the second company a permit.  This is precisely the same argument made today by existing taxi monopolists who oppose the introduction of Uber and other ride-sharing companies.”

http://fee.org/anythingpeaceful/detail/uber-vs-the-state-1851-edition

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French Police Ordered to Crack Down on Uber After Strike Turns Violent

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“Yesterday’s protest made big news when it turned violent and ensnared Courtney Love, who tweeted the incident, saying her car had been ambushed and her Uber driver attacked. Like the shutting down of highways and other transportation links, violence too is a common tactic of the striking French taxi driver. For several years taxi drivers have targeted and attacked Uber drivers and their passengers. Earlier this week France 24 reported about a French man who was attacked by a cabbie after pointing out he couldn’t tell if the taxi was on-duty and noting that that was why Uber outcompeting the taxi drivers.”

http://www.cnn.com/2015/06/26/europe/france-paris-uberpop-protests/

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Taxis on Las Vegas Strip go idle in protest of Uber

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“Dozens of taxi drivers parked their cabs and instead took to the Las Vegas Strip sidewalk today to protest the arrival of Uber and the disastrous effect drivers said it would have on their livelihoods.  The protest was organized by drivers from the Industrial, Technical and Professional Employees Union Local 4873 and took place on a sidewalk in front of Caesars Palace for about two hours.  Although many drivers who participated were on the clock and supposed to be on the roads, they won’t be subject to discipline from Yellow Checker Star because the protest is protected as a union-related activity.”

http://lasvegassun.com/news/2015/may/29/taxis-strip-go-idle-protest-uber/

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The Bank Branch: An Endangered Species?

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“At Citigroup (C), we just learned that 15% have been eliminated in the past year. That leaves only 779 in North America.  At Bank of America (BAC), 234 have gone the way of the dodo in the past several months.  At JPMorgan Chase (JPM), 300 are being shuttered as we speak.  I’m talking about one of the 21st century’s biggest endangered species: the bank branch. And chances are, you’re helping eliminate them almost every single day.  When was the last time you deposited a check with an actual bank teller? Or even at an ATM? I can’t remember personally, and for a very simple reason. I bank with Chase, and the company’s smartphone app lets me do it right from my iPhone 6!”

http://www.moneyandmarkets.com/bank-branch-endangered-species-72212

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496 Uber cars seized by NYC taxi police amid crackdown

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“Hundreds of Uber cars were taken off the streets this spring as part of a larger city crackdown on illegal activity by black and livery cars, new data reveals.  The Taxi and Limousine Commission seized 496 cars currently affiliated with Uber’s bases between April 29 and June 15 for picking up illegal street hails, records show.  Black and livery car drivers are only allowed to do pre-arranged trips, whether it is through a smartphone app or a base dispatch.  Many of the Uber drivers who had their cars seized were doing illegal pickups at JFK Airport. The New York Taxiworkers Alliance said business has worsened for them because there is no cap on the number of Uber drivers.”

http://nypost.com/2015/06/16/hundreds-of-uber-cars-seized-for-illegal-pickups/

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