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Wall Street bank’s efforts to jump-start wealth management business have proved unpopular with some staff
...Its business has benefited from customers increasingly using the sort of digital banking services it helps facilitate....
...The standout business has been Citi’s transaction services division — which houses its vast payment processing and cash management network — though revenue growth there has been slowing this year....
...Traditional asset managers such as Franklin Templeton, AllianceBernstein and T Rowe Price have been racing to snap up alternative providers, including infrastructure, private equity and private credit funds...
...Gas-rich Qatar boasts a collection shown across a broad range of museums, from modern art to Islamic antiquities, overseen by the emir’s sister, Sheikha Al Mayassa bint Hamad al-Thani....
...“I remain extremely bullish on Jefferies and fully committed to helping us continue to build the best independent, global and full-service investment banking firm.”...
...“We think [alternatives] are not going away,” said Franklin Templeton chief executive Jenny Johnson on an earnings call on Monday....
Deal would be latest move by financial data firm as it tries to compete with Bloomberg
...It was the smallest of Citi’s five divisions behind US personal banking, trading, services and wealth management....
Salary and bonus rise a combined 6% despite 40% decline in profits at bank in 2023
...Reverence Capital, founded by three former Goldman Sachs executives, is led by Milton Berlinski, who founded the investment bank’s financial institutions group and has targeted mid-sized financial services...
...He has pushed to make Goldman operate more like the Fortune 50 company it has become, rather than a looser collection of different businesses operating with more autonomy that it was under his predecessor...
Biggest lenders optimistic about economic outlook despite higher interest rates
...Active mutual funds experienced outflows of more than $50bn in the first three months of the year, according to Morningstar Direct, hurting large asset managers such as Capital Group, T Rowe Price and Franklin...
...Citi and Wells provide lawyers with a quasi-consulting service by offering granular market intelligence on how their firm compares to the wider industry, including on metrics such as hourly rates, hours...
...BlackRock, the most successful of the new ETFs, had inflows of $527mn this week but others, such as Invesco, Franklin Templeton and Valkyrie, had minimal inflows....
...DBRS’s report also contains this wonderful description of Sotheby’s Financial Services’ collection strategy if any deadbeat art collectors fall behind on their payments: SFS employs a strategy for collections...
...There followed a long career spanning drama and documentary, and a knighthood for services to media in 2022....
...“You have this huge concentration of seven stocks, and that’s risky,” said Jenny Johnson, the chief executive of active manager Franklin Templeton....
...The two dinner services being offered by Freeman’s|Hindman “would have been used during these intimate dinner parties with presidents, heads of state and other important political figures”, says Hause....
Lender is cutting jobs and hacking back top-heavy management structure
...The four other units — wealth management, transaction services, markets and its US consumer bank — will be managed by their current leaders....
...Mizuho’s larger Japanese rivals have opted for partnerships with US firms rather than building out full-service corporate investment banks — Mitsubishi UFJ Financial Group bought a stake in Morgan Stanley...
...Crucial as well was the clarity that the company’s aim — to “democratise financial services through technology” — had not changed. “The mission barely changes,” said Perret....
...In its early days Citigroup styled itself as a “financial supermarket”, a one-stop shop for all kinds of banking services around the world. But that plan has backfired in recent years....
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