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...In 2021, he hired three former Goldman partners — Paul Russo, Scott Rofey and Jeffrey Verschleiser — to lead the risk management of the firm’s equity, macro and rates, and credit divisions respectively....
...He also singled out Credit Suisse, which collapsed in March and was bought by UBS, as an example of operational risk management gone awry....
...Additional reporting by Joshua Franklin and Jennifer Hughes in New York...
...I don’t think what has happened [at Credit Suisse was] about [needing] more capital,” he added....
...For more than a decade Citi has operated with two divisions: ICG and a consumer-focused division that includes Citi’s retail bank, credit cards and wealth management....
...Neuberger Berman and Franklin Templeton declined to comment....
...A month later the New York-based firm said it had acquired private credit firm Iron Park, a business set up by Tripp Smith, a former Blackstone credit executive....
...I’m joined now by the FT’s Josh Franklin to talk about it. Hey, Josh. Joshua FranklinHi....
...Instead, both businesses reported 10 per cent increases in revenues compared with a year earlier, benefiting from trading in mortgages, currencies and credit in the quarter....
...In September, Discover agreed to improve its consumer compliance management system under a consent order from the FDIC....
...Other investors included Hudson Bay Capital Management, which put in $250mn, and Citadel, the hedge fund led by billionaire Ken Griffin....
...Moody’s said NYCB faced numerous “financial, management and risk management” issues....
...Delinquencies in credit card and commercial real estate loans were on the rise, the FDIC said, and were now at the highest level in almost a decade....
...In Europe, the implosion of Credit Suisse showed that even bigger lenders were not immune to turmoil....
...Goldman on Tuesday said it had surpassed a fundraising target of $225bn at its so-called alternatives business, a vital plank of that strategy that includes private equity, private credit and real estate...
...Goldman Sachs and Morgan Stanley, whose businesses skew more towards investment banking and money management, report earnings on Tuesday....
...Morgan Stanley’s wealth management business is mainly made up of US customers but its international business has been an area of growth, hiring money managers from the likes of Credit Suisse and Wells Fargo...
...Meanwhile the EU approved new rules this year that will curb fund leverage in the rapidly growing private credit market....
...Goldman has earmarked its alternative assets business, which includes areas like private equity, private credit and infrastructure, as a priority for growth....
...Goldman Sachs’ Petershill Partners, which owns minority stakes in alternative asset companies, has bought a stake of more than 20 per cent in private credit specialist Kennedy Lewis Investment Management...
...Bank leaders said AWM is hitting targets ahead of schedule and building up their client offerings of “alternatives”: private credit, private equity and infrastructure funds among others....
...Izzy Englander goes poaching: Goldman Sachs’ global treasurer is leaving after a 24-year career at the bank to join Millennium Management. Harriet A, Josh Franklin and Ortenca Aliaj have the scoop....
...high credit scores....
...The announcement came as Amundi, created in 2010 by the merger of the asset management companies of Crédit Agricole and Société Générale, reported net inflows of €26bn in 2023, boosted by a strong fourth...
...“In the wealth channel, [sales] is a blocking and tackling game,” said Jenny Johnson, the chief executive of Franklin Templeton....
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