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Brown’s agreement will let students make their case and then have the Brown Corporation, the university’s governing body, vote on the matter in October. But Dr. Paxson’s initial offer did not include bringing a divestment proposal to a vote. That came after two university negotiators and six students involved with the Brown Divest Coalition, one of the groups behind the movement, reached a deal on Tuesday, the university and several students said. The agreement immediately gave the university control of its facilities in time to allow students to finish classes and hold in-person graduation ceremonies and an alumni reunion this month. One donor, an investor who has made sizable contributions to the university and describes himself as a supporter of Israel, said members of the administration had assured him that Brown wouldn’t ultimately divest from Israel.

Persons: William A, Marc Rowan, Christina H, Paxson, Brown, Brown wouldn’t Organizations: Wall Street titans, Democratic Party, Republican, Harvard University, University of Pennsylvania, Brown Corporation, Coalition Locations: Israel, Gaza

☆ All New U.S. Cars Must Carry Automatic Brakes by 2029
▼ + stars: | 2024-04-29 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Starting in 2029, a new federal safety regulation will require all new cars and trucks in the United States to be sold with automatic emergency braking — sensors that hit the brakes to avoid a collision if the driver does not. The new rule, which was made final on Monday, imposes more stringent requirements than the automatic emergency braking technology now sold on most vehicles, and even goes past the point of present technological feasibility, automakers said. The National Highway Traffic Safety Administration set a September 2029 date for compliance, saying it was confident that the systems would be ready by then. The system will also have to at least begin to apply the brakes at speeds up to 90 m.p.h. That’s higher than the maximum U.S. speed limit of 85 m.p.h.

Organizations: Traffic, Administration Locations: United States

☆ Dimon Warns of ‘Unsettling’ Pressures as JPMorgan Reports Earnings
▼ + stars: | 2024-04-12 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

His gloom, however, has also been consistently at odds with heady financial markets. In late 2022, for instance, he predicted economic bumps and, potentially, a severe recession for the next year; instead, the American economy boomed in 2023. Mr. Dimon has been among the few to say they are preparing for the possibility that interest rates will be raised again, a move that would suggest more extreme inflation than is currently being measured. Mr. Dimon made more extended remarks on the tricky environment in his annual letter to shareholders this week. JPMorgan also disclosed a fall in its so-called net interest income, a closely watched financial metric that essentially measures how much money it is able to make from lending.

Persons: Dimon, ” Organizations: Federal Reserve, JPMorgan Locations: United States, Ukraine

☆ New York Community Bancorp, Winner in Last Year’s Crisis, Takes a Hit
▼ + stars: | 2024-01-31 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Less than a year ago, New York Community Bancorp looked like one of the big beneficiaries of a crisis among its peers when it swooped in to take over most of the assets of ailing Signature Bank and catapulted to over $100 billion in assets. Its stock plummeted 38 percent to a 25-year low, dragging down shares of other regional banks 6 percent on average. New York Community Bancorp tried to put a brave face on the news — an accompanying release included the headline “Record Results for 2023,” true inasmuch as the bank is now much larger than before the Signature acquisition — but analysts and investors quickly zeroed in the weaknesses. It was an uneasy reminder of last March’s tumult, when problems at Silicon Valley Bank spilled over into the industry, felling among others Signature, a bank known for its real estate, legal and cryptocurrency lending. New York Community Bancorp bought much of Signature out of federal receivership.

Organizations: New York Community Bancorp, Signature Bank, Bank Locations: Silicon

☆ Citi Is Sued by New York State Over Account Transfer Fraud
▼ + stars: | 2024-01-30 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

New York State’s attorney general sued Citi on Tuesday, accusing it of failing to stop scammers from stealing an unspecified amount of money from customer accounts, and saying the bank should reimburse fraud victims for any losses. The lawsuit, filed in federal court, laid out a variety of ways in which Citi clients had been fooled into disclosing sensitive information that let hackers gain access to their accounts and steal millions of dollars. In what are known as phishing scams, some of the cases involved Citi’s customers receiving text messages or emails that purported to be from Citi but were really from criminals. The New York attorney general, Letitia James, said that Citi should have been suspicious when large transfers were requested from customer accounts that had not had such activities for decades — and that only minutes before had their passwords changed. Citi later denied her request to be reimbursed, saying it was her fault for clicking on the scammer’s message.

Persons: Letitia James Organizations: Citi, New Locations: York, New York

☆ Jamie Dimon Reshuffles Management Team at JPMorgan
▼ + stars: | 2024-01-26 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

JPMorgan Chase is reshuffling its leadership team, a move that many consider a succession plan even though its longtime chief executive, Jamie Dimon, has signaled he’s staying put. Mr. Dimon, 67, has been head of what is now the largest bank in the United States for nearly two decades, and repeatedly brushed off suggestions that he might step aside. It said that Daniel Pinto, the bank’s chief operating officer and Mr. Dimon’s deputy, would no longer handle the bank’s daily operations. Ms. Piepszak, who co-heads JPMorgan’s massive consumer banking business, has long been seen as a potential candidate for the top job. Mr. Rohrbaugh had been one of the co-heads of the bank’s markets and securities business.

Persons: JPMorgan Chase, Jamie Dimon, he’s, Dimon, Daniel Pinto, Dimon’s, Pinto, ” Mr, Pinto’s, Jennifer Piepszak, Troy Rohrbaugh, Piepszak, Rohrbaugh Organizations: JPMorgan Locations: United States

☆ Goldman Sachs Sticks the Landing at End of Tumultuous Year
▼ + stars: | 2024-01-16 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Goldman Sachs on Tuesday reported its second consecutive quarter of steady profits, a return to form for the bank that has struggled with management missteps that tarnished its once untouchable reputation on Wall Street. The bank’s fourth-quarter profit of $2 billion was roughly equal to what it earned in the third quarter, but that was a sign of accomplishment. Helping the bottom line: Goldman cut 3,200 employees over the course of 2023, a 7 percent trim in its head count. Goldman’s stock rose about 2 percent , bringing the gain to roughly 10 percent gain over the past year. But shares are still lower than their 2021 peak and the bank’s full-year profit of $8.5 billion last year was the lowest since 2019.

Persons: Goldman Sachs, Goldman

☆ A C.E.O. Who Resigned in Scandal Now Wants More Money
▼ + stars: | 2023-12-02 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

As chief executive of Wells Fargo, Timothy J. Sloan failed to clean up a string of scandals that shook the bank and abruptly stepped down amid widespread criticism more than four years ago. He now says Wells Fargo owes him at least $34 million in back pay. Mr. Sloan sued Wells Fargo on Friday, saying that the bank owed him for unpaid stock awards, bonuses and unspecified “emotional distress.” His lawyers said that the bank he formerly led made him a scapegoat for problems that predated his tenure, and they recast his resignation under fire in 2019 as “an act of further loyalty to the bank.”The lawsuit was a surprise move, inasmuch as Wells Fargo for years has been trying to move on from Mr. Sloan’s tenure and improve its relationship with both customers and regulators. A Wells Fargo spokeswoman, Beth Richek, said the bank stood behind its decision to withhold the pay. “Compensation decisions are based on performance,” she said in a statement.

Persons: Wells, Timothy J, Sloan, Wells Fargo, ”, Sloan’s, Beth Richek Locations: Wells Fargo

☆ How Does the World’s Largest Hedge Fund Really Make Its Money?
▼ + stars: | 2023-11-01 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

For years, the whispered questions have passed from one Wall Street trading floor to the next. Bridgewater Associates, a global investing force, had $168 billion under management at its peak in 2022, making it not just the world’s largest hedge fund, but also more than twice the size of the runner-up. Yet the hedge fund’s overall descriptions of its investment approach could be maddeningly vague. Mr. Dalio often said he relied on Bridgewater’s “investment engine,” a collection of hundreds of “signals,” or quantitative indicators that a market was due to rise or fall. (One rule reads, in part: “Not all opinions are equally valuable so don’t treat them as such.”)

Persons: Ray Dalio, Dalio, Bridgewater Organizations: Bridgewater Associates, Bridgewater, White, Federal Reserve Locations: Manhattan, Bridgewater

☆ Morgan Stanley Names Ted Pick, a Bank Veteran, Its Next C.E.O.
▼ + stars: | 2023-10-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Pick, 54, joined Morgan Stanley in 1990 and rose through the ranks in its investment banking and trading businesses, most recently serving as a co-president overseeing those units. In an interview, he said he hadn’t found out that he would be named chief executive until around 4:30 p.m. Wednesday, when the bank’s board of directors called him into a meeting and welcomed him with a standing ovation. He stands to inherit a very different bank from the one Mr. Gorman took over after the 2008 financial crisis. The power struggle was captured in “Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley,” by the journalist Patricia Beard. With a strong technology banking practice, Morgan Stanley played a central role last year in Mr. Musk’s takeover of Twitter, now known as X.

Persons: Pick, Morgan Stanley, hadn’t, Gorman, Morgan Stanley’s, John J, Mack, Philip J, Purcell, ”, Patricia Beard, Smith Barney, Morgan Organizations: Credit Suisse, Elon, Twitter

☆ For Goldman Sachs, No Bad News Is Good News After a Brutal Stretch
▼ + stars: | 2023-10-17 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

The bank’s third-quarter profit fell about a third from a year earlier, to $2.1 billion, though that drop was expected. Trading revenue stayed steady, an encouraging sign given the slowdown in such activities across Wall Street in face of a potential recession. “We’re confident that the work we’re doing now provides us a much stronger platform for 2024,” the bank’s chief executive, David M. Solomon, said in a statement. It has been a year to forget for Goldman and Mr. Solomon. Mr. Solomon has contended with what amounts to a staff revolt, by the buttoned-up standards of a Wall Street bank, as scores of prominent partners have departed and others have complained about his unyielding management style.

Persons: Goldman Sachs, David M, Solomon, Goldman, Lloyd C, Mr Organizations: Wall, Mr

☆ Billionaire Ray Dalio Pushes for Return to Hedge Fund in Succession Clash
▼ + stars: | 2023-09-15 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Less than a year after retiring, Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, is threatening his former colleagues with the one thing they have worked hard to prevent: his return. The billionaire investor, who is 74, doesn’t necessarily want to come back to run the firm he founded 50 years ago. Bridgewater’s main fund has been on a downward slide since Mr. Dalio’s retirement. Some of Bridgewater’s top staff and board members, including its chief executive, Nir Bar Dea, whom Mr. Dalio appointed, have repeatedly told him that they will quit if he interferes. They fear that Mr. Dalio might use the proposed fund as a way to come back and reassert control, according to people briefed on internal deliberations but not authorized to speak publicly.

Persons: Ray Dalio, Dalio, Dalio’s, Nir Bar Dea Organizations: Bridgewater Associates Locations: Bridgewater

☆ Citi, Falling Behind Peers, Unveils ‘Uncomfortable’ Changes and Layoffs
▼ + stars: | 2023-09-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Citigroup unveiled a wide-ranging management shake-up on Wednesday and its chief executive, Jane Fraser, admitted in unusually frank terms that the bank was headed in the wrong direction and said that for the foreseeable future her employees “might not enjoy it so much.”The global banking colossus said it would cut some divisions and move others to report directly to Ms. Fraser. Long known for its international arms, it will wind down some of its operations abroad and all but eliminate the overlapping, co-heads of various business lines. The firm’s three regional chiefs, who previously had wide authority to make decisions in their geographic areas, were eliminated. The changes amount to a public confession that the bank has failed to crack the upper echelon of its peers in areas like investment banking and wealth management since Ms. Fraser took over two and a half years ago. Citi’s stock is down 13 percent over the past year, though shares rose more than 2 percent on Wednesday after the bank announced the changes.

Persons: Jane Fraser, Fraser . Long, Fraser Organizations: Citigroup

☆ Zuckerberg Says It’s ‘Time to Move On’ From ‘Cage Fight’ With Musk
▼ + stars: | 2023-08-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

The will-they-or-won’t-they drama between Elon Musk and Mark Zuckerberg over a potential “cage fight” appeared on Sunday to end with a whimper, as Mr. Zuckerberg said that Mr. Musk’s delays and excuses had rendered the discussion moot. In a post to his nascent social-networking platform, Threads, Mr. Zuckerberg, the chief executive of Meta, wrote, “I think we can all agree Elon isn’t serious and it’s time to move on.” He included the hint of a taunt, “If Elon ever gets serious about a real date and official event, he knows how to reach me.”Mr. Zuckerberg’s message seemingly ended the suspense around a stranger-than-fiction summer of tension between the technology titans. Less than two months ago, Mr. Musk mused that he was “up for a cage match.” That was just before Instagram, owned by Meta, introduced Threads as a competitor to Mr. Musk’s Twitter (now renamed “X”). Whether or not he was serious at the time, intermediaries between the men began sketching out the contours of a match. Both executives continued to fan the flames; Mr. Zuckerberg posted photographs of himself shirtless in training, and Mr. Musk said in posts on X that the event could happen in Italy.

Persons: Elon Musk, Mark Zuckerberg, ”, Zuckerberg, “, Elon isn’t, Elon, Mr, Musk’s, Musk Organizations: Elon, Meta, Musk’s Twitter Locations: Italy

☆ CBS News President Steps Down
▼ + stars: | 2023-08-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: 1 min

The CBS News president Neeraj Khemlani stepped down on Sunday after a little more than two years in his post, the latest executive reshuffling in a tumultuous period for television news. Mr. Khemlani had been in charge of flagship programs such as “CBS Evening News,” and “60 Minutes.” He will remain at CBS in a different capacity, he told staff in an internal email. He has signed a multiyear deal to develop content for the conglomerate, including documentaries, series and books. “It’s an opportunity that will allow me to write, report and develop stories that I’ve long wanted to pursue,” Mr. Khemlani said in the email. He had been co-head of the news division with the local news veteran Wendy McMahon, who will remain in her role.

Persons: Neeraj Khemlani, reshuffling, Khemlani, “, ” Mr, Wendy McMahon Organizations: CBS, CBS Evening

☆ Goldman’s C.E.O. Is Stuck, Without a Clear Lifeline
▼ + stars: | 2023-08-11 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Mr. Solomon had not been expecting it. He made it clear to Mr. Solomon that his patience was waning, according to three people briefed on the conversation. Mr. Solomon, politely but firmly, turned Mr. Blankfein down. It has been a slog for Mr. Solomon. It isn’t just Mr. Blankfein who is fed up.

Persons: Lloyd Blankfein, David Solomon, Goldman Sachs, Solomon, Blankfein, Solomon’s, Goldman

☆ PacWest Bank, Thrashed by Deposit Crisis, Will Be Taken Over
▼ + stars: | 2023-07-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

PacWest Bank, which never fully recovered from its hammering during this year’s banking crisis, will be absorbed by a smaller lender, Banc of California, the banks announced on Tuesday. The development was a humbling end for the 24-year-old PacWest, a once fast-growing Los Angeles bank whose clients fled amid turmoil for regional lenders this year. The PacWest name will be retired, and the combined banks will operate under the Banc of California name. Jared Wolff, the chief executive of Banc of California, will run the new entity. In an indication of how weakened PacWest has become, the combined bank will have just $30.5 billion in deposits — considerably less than the $34 billion that PacWest had at the start of the year.

Persons: Jared Wolff, PacWest, Warburg Pincus Organizations: PacWest Bank Locations: Banc, California, Los Angeles

☆ UBS Is Fined Nearly $400 Million in Credit Suisse’s Archegos Mess
▼ + stars: | 2023-07-24 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS. That UBS is now left with the bill is a reminder of the risk it took when it agreed, under pressure from the Swiss authorities, to rescue Credit Suisse for $3.2 billion. The settlement increases the takeover price more than 10 percent, and it saddles UBS with a host of measures ordered by regulators to prevent a repeat of such losses. Regulators also ordered UBS “to address additional longstanding deficiencies in other risk management programs at Credit Suisse’s U.S. operations.”

Persons: Credit Suisse’s, ” Organizations: UBS, Credit Suisse, Credit, Archegos Capital Management, Suisse, Federal Reserve, Regulators, UBS “, Credit Suisse’s Locations: United States, Britain

☆ Steep Profit Fall at Goldman Sachs Highlights Wall St. Giant’s Woes
▼ + stars: | 2023-07-19 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

The NumbersGoldman Sachs reported a profit of $1.1 billion in the second quarter, down more than 60 percent from last year. Goldman acquired GreenSky less than two years ago, as part of an ill-fated foray into consumer lending. Goldman has gone through at least three rounds of layoffs this year, taking head count down 8 percent so far this year. Having already conceded some losses in that area, Goldman can now shift attention to other areas of the business. The bank is still unwinding the businesses, at a loss, and it may expect more ugly headlines until that is finished.

Persons: Goldman Sachs, Goldman, GreenSky, ” David Solomon, Solomon, JPMorgan Chase, Marcus Organizations: JPMorgan Locations: yore

Jamie Dimon, the bank’s chief executive, has deep political connections, and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. The U.S. economy “continues to perform better than many had expected,” said Charles W. Scharf, the bank’s chief executive. Unlike the other banks, Citigroup reported a fall in second-quarter profit, although the decline was not as severe as analysts had predicted. The U.S. government debt-limit standoff in April and May was also reflected in the banks’ results, with Citi citing anxiety during the negotiations as pushing investment-banking clients to the “sidelines” during the second quarter. What’s NextIn the next week or so, a slew of other banks will report quarterly earnings.

Persons: Jamie Dimon, Dimon, didn’t, ”, Wells, “, Charles W, Scharf, Jane Fraser, Goldman Sachs Organizations: JPMorgan, Treasury, Citigroup, Citi, Western Alliance and Comerica Locations: U.S, Wells Fargo, Republic

☆ JPMorgan’s Profit Jumps, but Interest Rates Remain a Threat
▼ + stars: | 2023-07-14 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Why It MattersGiven its size, JPMorgan is a proxy for the banking industry at large. Jamie Dimon, the bank’s chief executive, has deep political connections and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. On Friday, in a statement, Mr. Dimon said the U.S. economy was “resilient,” echoing language he has used repeatedly this year, but listed a litany of risks, including that consumers are burning through their cash buffers and that inflation remains high. BackgroundJPMorgan and Mr. Dimon have been all over the news this year, thanks to their prominent role as an attempted stabilizing force during the spring’s banking crisis that felled three smaller lenders. What’s NextThe next week or so will see a slew of other banks report their quarterly earnings.

Persons: Jamie Dimon, Dimon, Goldman Sachs Organizations: JPMorgan, Treasury, Western Alliance and Comerica Locations: U.S, Republic

The overhaul would require the largest banks to increase their holdings of capital — cash and other readily available assets that can be used to absorb losses in times of trouble. Mr. Barr predicted that his tweaks would be “equivalent to requiring the largest banks hold an additional two percentage points of capital,” if they are implemented. “The beauty of capital is that it doesn’t care about the source of the loss,” Mr. Barr said in his speech previewing the proposed changes. If the Fed Board votes to institute them, their implementations will involve transition time. But the sweeping set of changes that he set out meaningfully tweak both how banks police their own risks and are overseen by government regulators.

Persons: Michael S, Barr, ratcheting, Mr Organizations: Federal, Monday Locations: ”

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