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...The move is an edict from Andy Sieg, who runs Citi’s wealth management division and joined the company last year from Bank of America....
...Looking ahead, Gorman said he planned to spend more time teaching in his role as chair of Columbia’s business school but that “for once in my life not having a clear plan, that’s a good thing”....
...“But if my doing it publicly in any way is distracting to Goldman Sachs, my number one focus is Goldman Sachs.”...
...Plaid’s investors include Silver Lake Partners and Ribbit Capital, as well as the asset management arms of JPMorgan Chase, Goldman Sachs and American Express....
...While the proposed plan would give Fraser more direct control, one person familiar with her thinking said she saw the potential break-up as a way to give the business chiefs more influence over their own...
...Handler started his career at Jefferies 34 years ago as a trader, and became chief executive in 2001....
...And that explains, you know, any bearish tone about JPMorgan on Friday and their share price falling as much as it did. Kasia BroussalianJosh Franklin is the FT’s US banking editor. Thanks, Josh....
...Citigroup has appointed top JPMorgan investment banker Vis Raghavan as head of banking, completing its new management team and attempting to jump-start an underperforming business....
...Raghavan’s new role puts him in charge of Citi’s corporate loan business as well as investment banking, and, unlike at JPMorgan, he will report directly to the chief executive....
...S&P, best known for its rating agency business and stock market indices, could announce a deal for Visible Alpha as soon as Tuesday, the people said....
...First, they decided that the century-old company would reposition itself as a forward-looking “mobility” group that would stand out in a crowded field with a fleet heavy on Tesla’s electric vehicles....
...That company now, however, serves as a cautionary tale for the current crop of top-ranked boutiques....
...He’s been incredibly successful at doing that . . . If Sorrell or anybody else leaves it won’t really matter. That’s just the new reality.” Additional reporting by Ortenca Aliaj and Antoine Gara...
...Barnum said JPMorgan’s $2.8bn provision was primarily driven by loan growth at its credit card business — as banks make more loans they need to build provisions for a certain amount of losses — and “the...
...That’s a pretty good business to be in. You can make a good living from doing that if you’re a bank....
...Bankers and industry executives are expecting more corporate carve-outs, when a private equity firm buys a business unit from a large corporation, such as GTCR’s $18bn carve-out of payments company Worldpay...
...In turn, JPMorgan is banking more junior lawyers through its Chase Wealth Management business, who can over time graduate to a private banking account as their earning power increases....
...Such clients require white-glove service and can take years to woo, so growth will require the bank to add to the ranks of its 1,000 advisers, as well as support staff....
...More than $5.6tn is held in money market funds, according to the Investment Company Institute....
...“We have a first-class team that will take the next chapter, which is continuing to do what we’ve been doing with clients and continuing to grow the company,” Pick said....
...“There’s lots of logic to what she is doing, because we were just running too much cost in this business and we need to get to the right place.” Citigroup declined to comment....
...Since then, it has steadily built out other areas of its investment bank, including its coverage of financial sponsors, as well as its fixed income and equities trading business....
...Strategy two is a challenge because alternatives and passives are turning viciously competitive, and the business is dominated by giant companies such as Blackstone....
...In the meantime, the Covid-19 crisis had turbocharged Plaid’s business as customers stuck at home increasingly relied on the sort of digital banking services the company helped facilitate....
...Citi will shift from having two large business units — one focused on commercial clients and the other on its consumer businesses — to five divisions made up of its primary business segments....
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