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☆ Citigroup Plans to Cut 20,000 Jobs
▼ + stars: | 2024-01-13 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Citigroup Chief Executive Jane Fraser took over the bank in 2021 with a mandate to streamline. Photo: EVELYN HOCKSTEIN/REUTERSCitigroup plans to eliminate some 20,000 jobs by the end of 2026, marking the next phase of the bank’s most dramatic restructuring plan in decades. The cuts will trim about 10% of Citi’s head count, which totaled 200,000 in December excluding the staff employed by a Mexico business that is being spun off. Citi detailed its cost-cutting plans on Friday, when it also announced a fourth-quarter loss.

Persons: Jane Fraser, EVELYN HOCKSTEIN Organizations: Citigroup, Citi Locations: Mexico

☆ Charlie Munger, Warren Buffett’s Partner and ‘Abominable No-Man,’ Dies at 99
▼ + stars: | 2023-11-28 | by ( Jason Zweig | Justin Baer | ) www.wsj.com time to read: 1 min

No equal business partner has ever played second fiddle better than Charlie Munger . Warren Buffett ’s closest friend and consigliere for six decades, the billionaire vice chairman of Berkshire Hathaway died Tuesday at age 99 in a California hospital. A news release from Berkshire confirmed his death.

Persons: Charlie Munger, Warren Buffett ’, Berkshire Hathaway Organizations: Berkshire Locations: California

☆ ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
▼ + stars: | 2023-11-26 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

After ICBC FS was hacked, it was forced to unplug from the U.S. Treasury market and begin to clear trades manually. Photo: Alexander Cohn/The Wall Street JournalIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for. The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world.

Persons: Alexander Cohn Organizations: ICBC FS, U.S . Treasury, Street, Commercial Bank of China Locations: New York

☆ ICBC Hackers Used Methods Previously Flagged by U.S. Authorities
▼ + stars: | 2023-11-14 | by ( Justin Baer | Andrew Duehren | ) www.wsj.com time to read: 1 min

The report suggests that the Industrial and Commercial Bank of China, the world’s largest bank, could have anticipated the cyberattacks. Photo: FLORENCE LO/REUTERSThe hackers who infiltrated the New York arm of the Industrial and Commercial Bank of China and disrupted trading in the U.S. Treasury market appeared to exploit three vulnerabilities that had been flagged by U.S. officials earlier this year. In an email sent to financial-services executives and trade groups Monday that was viewed by The Wall Street Journal, Treasury officials said that the ICBC attack stemmed from Lockbit 3.0 ransomware and two tactics that target users of services managed by Citrix, a cloud-computing company.

Organizations: Commercial Bank of China, REUTERS, Industrial, Commercial Bank of, U.S . Treasury, Wall Street Journal, Treasury, Citrix Locations: FLORENCE, New York, Commercial Bank of China, U.S

☆ Bankman-Fried’s Parents Stand by Their Sam—and Face Their Own Legal Perils
▼ + stars: | 2023-11-13 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Barbara Fried wanted to get close to her son. During breaks in the monthlong criminal fraud trial of her firstborn child, Sam Bankman-Fried , she would sometimes leave her seat and walk up to the railing that separated him from the gallery. Watching him and his lawyers, often in silence, she was just inches away yet no more able to intervene on his behalf or prevent the conviction that many saw coming.

Persons: Barbara Fried, Sam Bankman

☆ Bankman-Fried’s Parents Stand By Their Sam—And Face Their Own Legal Perils
▼ + stars: | 2023-11-12 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Persons: Barbara Fried, Sam Bankman

☆ Money Manager TCW Shakes Up Bond-Investor Ranks
▼ + stars: | 2023-08-15 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ He Thought He Saw Wrongdoing on Wall Street. It Took Over His Life.
▼ + stars: | 2023-08-06 | by ( Justin Baer | Photographs José A. Alvarado Jr. For The Wall Street Journal | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/he-thought-he-saw-wrongdoing-on-wall-street-it-took-over-his-life-4d9ab491

Persons: Dow Jones, 4d9ab491

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/banc-of-california-pacwest-in-advanced-talks-to-combine-d9e48a1f

Persons: Dow Jones Locations: california

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/banc-of-california-pacwest-in-advanced-talks-to-combine-d9e48a1f

Persons: Dow Jones Locations: california

☆ Charles Schwab Survived the Deposit Crisis. What Comes Next?
▼ + stars: | 2023-07-20 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Charles Schwab is best known as the largest publicly traded U.S. brokerage firm, but it also runs a large bank that isn’t quite too big to fail. Investors are behaving as if a bit of good news about that bank means this year’s regional-banking crisis might be winding down.

Persons: Charles Schwab

☆ Bank Deals Are Back on the Table. Getting One Done Could Be Messy.
▼ + stars: | 2023-07-04 | by ( Justin Baer | Gina Heeb | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/bank-deals-are-back-on-the-table-getting-one-done-could-be-messy-3d77a2b2

Persons: Dow Jones

☆ Vanguard Fined for Misleading Money-Market Fund Customers
▼ + stars: | 2023-06-01 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/vanguard-fined-for-misleading-money-market-fund-customers-70fab86b

Persons: Dow Jones

☆ Franklin Resources to Acquire Putnam Investments From Great-West Lifeco
▼ + stars: | 2023-05-31 | by ( Justin Baer | Dean Seal | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/franklin-templeton-to-acquire-putnam-investments-from-great-west-lifeco-6e4b7baa

Persons: Dow Jones, templeton Organizations: franklin, putnam

☆ Who Is James Gorman? Morgan Stanley CEO, Taylor Swift Booster
▼ + stars: | 2023-05-20 | by ( Justin Baer | Gregory Zuckerman | ) www.wsj.com time to read: 1 min

☆ Schwab Taps Credit Markets to Raise $2.5 Billion in Debt
▼ + stars: | 2023-05-17 | by ( Justin Baer | Sam Goldfarb | ) www.wsj.com time to read: 1 min

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☆ Concern Over TD Anti-Money-Laundering Practices Helped Scuttle First Horizon Deal
▼ + stars: | 2023-05-08 | by ( Justin Baer | Vipal Monga | ) www.wsj.com time to read: 1 min

Toronto-Dominion Bank said it works diligently to prevent criminals from using the bank for illegal activity. Photo: Joe Raedle/Getty ImagesToronto-Dominion Bank ’s handling of suspicious customer transactions was behind regulators’ refusal to bless the Canadian lender’s $13.4 billion bid to buy First Horizon , people familiar with the matter said. The banks called off the proposed union Thursday, citing uncertainty over whether and when they could receive regulatory approvals, without being more specific. The reluctance by the Office of the Comptroller of the Currency and the Federal Reserve to give TD a clean bill of health on its anti-money-laundering practices proved to be the biggest obstacle, the people said.

☆ State Street, Schwab See Deposits Drop
▼ + stars: | 2023-04-17 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Charles Schwab Corp. and State Street Corp. both reported a decline in customer deposits, the latest sign that rising interest rates continue to weigh on banks’ balance sheets. At Schwab, the brokerage giant, deposits fell 11% to $326 billion from the previous quarter and were down 30% from a year earlier. State Street, one of the largest custody banks, said Monday that deposits totaled about $224 billion at the end of the first quarter, down 5% from December and 11% from a year ago.

Credit Suisse Group AG’s new-look investment bank, CS First Boston, was supposed to help salvage the lender. Instead, it may have hastened its fall. The Swiss bank, buffeted by years of missteps and scandals, had a choice last year: Raise even billions more in new stock to shut down its scandal-prone investment bank or pull out the best parts and try to make money. It went for the second option, and miscalculated investors’ willingness to give it one more shot.

☆ Charles Schwab Says It Could Ride Out a Deposit Flight
▼ + stars: | 2023-03-23 | by ( Justin Baer | Charley Grant | ) www.wsj.com time to read: 1 min

Charles Schwab Corp., one of a host of financial firms that have taken a drubbing since the collapse of several regional banks this month, is pushing back against fears that it could face some of the same problems as paper losses on its bondholdings mount. In an interview with The Wall Street Journal, Schwab’s chief executive said the brokerage giant could continue to operate even if it lost most of its deposits over the next year.

Swiss authorities are expected to reach at least a rough deal before markets reopen. UBS Group AG is in talks to take over parts or all of Credit Suisse Group AG , which might involve a government backstop, part of an urgent effort by Swiss and global authorities to restore trust in the banking system, people familiar with the situation said. Credit Suisse took a more-than-$50 billion Swiss National Bank liquidity lifeline this week after concerns deepened about its prospects. The action didn’t do enough to stop the slide in Credit Suisse’s shares or stem the loss of bank deposits, compelling the central bank and Switzerland’s top financial regulator to orchestrate talks with Credit Suisse’s larger rival, UBS.

UBS has long been seen as part of any state-backed solution for Credit Suisse. UBS Group AG is nearing a deal to take over Credit Suisse Group AG, part of an urgent effort engineered by Swiss and global authorities to restore trust in the banking system, people familiar with the situation said. The deal could come together Sunday if not sooner, the people said. Regulators have offered to waive a requirement for customary shareholder votes to expedite the sale, one of the people said. The discussions were fast-moving and a remaining sticking point was the status of who will own Credit Suisse’s substantial Swiss retail arm, the people said.

Greg Becker and two top lieutenants, Chief Financial Officer Daniel Beck and President Michael Descheneaux , were at the helm of Silicon Valley Bank as it rode a wave of low rates and easy-money policies. Last year, when the world changed and the Federal Reserve started raising rates at its fastest pace in decades, they all but ignored it, betting that interest rates would fall and homing in on the boom-and-bust tech industry.

Max Cho found himself in the middle of a bank run while sitting on a shuttle bus in Montana. The co-founder of insurance startup Coverage Cat, Mr. Cho had landed at the Bozeman airport Thursday and boarded the bus for the hourlong drive to a startup founders’ retreat in Big Sky.

☆ Coinbase Buys a Crypto Hedge Fund, Setting Its Sights on Institutional Clients
▼ + stars: | 2023-03-03 | by ( Hannah Miao | Justin Baer | ) www.wsj.com time to read: 1 min

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