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United Healthcare CEO shooting: Executives worry about safety

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Closed circuit screenshots of a person of interest in the UnitedHealthcare CEO killing.

Source: NYPD

UnitedHealthcare CEO Brian Thompson was fatally shot Wednesday doing something countless other American executives routinely do: Walking unaccompanied to an investor event held by his company.

But Thompson’s death this week in the heart of corporate America’s capital has sent shockwaves throughout the business world, forcing companies to rethink the risks in even the most routine executive responsibilities.

“Everyone’s scrambling to say, ‘Are we safe?'” said Chuck Randolph, chief security officer for Ontic, an Austin, Texas-based provider of threat management software. “This is an inflection point where the idea of executive protection is now raised to the board level. Everyone I know in the industry is feeling this.”

Threats against corporations have been rising for years, fueled in part by the echo chamber of social media and a more polarized political environment, according to security professionals. But the slaying on a Manhattan sidewalk of Thompson, head of the largest private health insurer in the U.S., is the highest profile such incident in decades.

Companies now worry their leaders face greater risk of being targets of violence, especially as they hold more public investor events in New York in the coming weeks.

The gunman is still at large, and his motivation isn’t known. Words written on the shell casings found at the scene may offer hints about what incited the shooter.

One question from security experts not involved in the case was whether the shooter demonstrated grievances against UnitedHealthcare in online forums and searched for information about the investor event. Several health-care companies have reacted by pulling photos of executives from websites, and health insurer Centene made an investor meeting virtual after the killing.

Thompson didn’t have a security detail with him on Wednesday morning, despite known threats against him, according to NYPD officials. None of the executives of UnitedHealth received personal security benefits, according to the company’s filings.

Cups mark the location of shell casings found at the scene where the CEO of United Healthcare Brian Thompson was reportedly shot and killed in Midtown Manhattan, in New York City, US, December 4, 2024.

Shannon Stapleton | Reuters

If Thompson had, several key factors would have been different. Personnel would have gone to the hotel before his arrival to detect threats; he also would have been accompanied by armed security who may have used an alternate hotel entrance, said Scott Stewart, a vice president of TorchStone Global.

“This was preventable,” said Stewart, who said he had nearly four decades in the industry.  “I’ve never seen an executive with a comprehensive security program ever be victimized like that.”

Still, before this week’s shocking events, it wasn’t unusual for executives to decline security because of the disruption to their lives, or the image it may give, several security veterans said.

“Not every CEO needs heavy duty protection,” said the security chief of a technology firm who wasn’t given permission to speak to the press. “Senior executives are subject to threats all day long, you need a platform to” examine them and determine whether they are credible and timely, he said.

‘Guns, guards and gates’

Since Thompson’s killing, a wide spectrum of companies have sought extra protection for executives, Matthew Dumpert, managing director at Kroll Enterprise Security Risk Management, told CNBC.

In the coming weeks, there are several financial conferences in New York with CEOs scheduled to attend in person. Until now, the major concern for these events has been disruption by environmental activists or other protestors, said a manager at large bank.

“Everybody is taking a look and thinking through security for their senior people,” said an executive at a major Wall Street firm who declined to be identified out of concern it would draw attention.

Some corporate security veterans vented that they are seen as a cost center whose leaders are “buried too deeply in an organization to be listened to.”

“The bias is, security is a pain in people’s butts, and not that important,” said the person, who asked for anonymity to speak candidly.

“I hope this opens their eyes,” he said. “Risk intel and assessment is important, and security is about much more than just guns, guards and gates.”

— CNBC’s Jordan Novet, Bertha Coombs and Dan Mangan contributed to this report

Companies bolster security around executives following United Healthcare CEO killing

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Warner Bros. Discovery, Tesla, Robinhood, IonQ and more

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Robinhood shares drop after the online brokerage fails to get the nod to join the S&P 500

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People wait in line for T-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an initial public offering earlier in the day on July 29, 2021 in New York City.

Spencer Platt | Getty Images

Robinhood shares sold off on Monday as the online brokerage was snubbed in the latest quarterly rebalance of the S&P 500 Index after months of speculation that it could earn a coveted spot in the benchmark.

Shares of Robinhood dropped nearly 5% in premarket trading. The stock has rallied 3.3% Friday to bring last week’s gain to over 13% before the S&P Dow Jones Indices said after the bell that the S&P 500 would remain unchanged.

Just last week, Bank of America called Robinhood a top candidate to join the S&P 500 during the big reshuffling in June. The S&P 500 rebalance, which typically comes on the third Friday of the last month in a quarter, is usually an impactful event as it can spark billions of dollars of trading and spur passive funds to snap up its shares. Companies being added to the index can generally expect funds like that to buy huge amounts of their shares in the coming weeks.

Crypto exchange Coinbase was the latest beneficiary of such an inclusion. The stock skyrocketed 24% in the next trading session following the announcement last month.

Still, Robinhood has had a major comeback this year so far with shares doubling in price. The online brokerage’s shares hit a fresh record high last week amid a rebound in both stocks and crypto. The company had fallen out of favor after the GameStop trading mania of 2021 fizzled and the collapse of FTX triggered a sell-off in digital assets.

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UK’s FCA teams up with Nvidia to let banks experiment with AI

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Jakub Porzycki | Nurphoto | Getty Images

LONDON — Britain’s financial services watchdog on Monday announced a new tie-up with U.S. chipmaker Nvidia to let banks safely experiment with artificial intelligence.

The Financial Conduct Authority said it will launch a so-called Supercharged Sandbox that will “give firms access to better data, technical expertise and regulatory support to speed up innovation.”

Starting from October, financial services institutions in the U.K. will be allowed to experiment with AI using Nvidia’s accelerated computing and AI Enterprise Software products, the watchdog said in a press release.

The initiative is designed for firms in the “discovery and experiment phase” with AI, the FCA noted, adding that a separate live testing service exists for firms further along in AI development.

“This collaboration will help those that want to test AI ideas but who lack the capabilities to do so,” Jessica Rusu, the FCA’s chief data, intelligence and information officer, said in a statement. “We’ll help firms harness AI to benefit our markets and consumers, while supporting economic growth.”

The FCA’s new sandbox addresses a key issue for banks, which have faced challenges shipping advanced new AI tools to their customers amid concerns over risks around privacy and fraud.

Large language models from the likes of OpenAI and Google send data back to overseas facilities — and privacy regulators have raised the alarm over how this information is stored and processed. There have meanwhile been several instances of malicious actors using generative AI to scam people.

Nvidia is behind the graphics processing units, or GPUs, used to train and run powerful AI models. The company’s CEO, Jensen Huang, is expected to give a keynote talk at a tech conference in London on Monday morning.

Last year, HSBC’s generative AI lead, Edward Achtner, told a London tech conference he sees “a lot of success theater” in finance when it comes to artificial intelligence — hinting that some financial services firms are touting advances in AI without tangible product innovations to show for it.

He added that, while banks like HSBC have used AI for many years, new generative AI tools like OpenAI’s ChatGPT come with their own unique compliance risks.

Zopa CEO: Fintechs face challenges when it comes to scaling in the UK

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