JPMorgan warns a ‘parallel banking system’ is emerging—and it could put trillions in deposits at risk

Stablecoins that offer interest-bearing rewards may increasingly resemble bank deposits. But unlike traditional deposits, they lack the regulatory safeguards that undergird the banking system. That gap, according to JPMorgan CFO Jeremy Barnum, risks creating what he calls a “parallel banking system.” The issue is already on lawmakers’ agenda. During JPMorgan’s fourth-quarter 2025 earnings call, Evercore…

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Daisy Fancourt on Art Cure: ‘If a drug had the same benefits as the arts, we’d take it every day’

Regular engagement in the arts can lead to ‘widespread longer-term physiological changes’ Maskot/Getty Images I can pinpoint the precise comment that made me want to embark on a career researching the health benefits of the arts. I was fresh out of university, working in the NHS, managing the performing arts programme at Chelsea and Westminster…

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