NewsDialy
When a company first sells shares to the public, many of its employees become wealthy in a compressed window of time.
That event is called an initial public offering, a process by which a private firm becomes publicly traded and employees holding equity can convert their stakes to cash.
JPMorgan Chase (JPM), Bank of America, and other financial institutions are now competing to manage the personal wealth of Anthropic employees, each positioning for a moment that has not arrived.
The short version: banks want the right client relationship in place before the money moves.
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