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☆ Justice Samuel Alito blames upside-down American flag on his wife and a flap with neighbors
▼ + stars: | 2024-05-17 | by ( John Fritze | Holmes Lybrand | ) edition.cnn.com time to read: +7 min

Alito said that a neighbor had posted a sign saying “F**k Trump” near a school bus stop and then a sign attacking his wife, Martha-Ann Alito. The upside-down flag was a symbol for former President Donald Trump’s supporters who falsely claimed widespread fraud in the presidential election. A spokeswoman for the Supreme Court has not respond to CNN’s requests for comment. “Flying an upside-down American flag — a symbol of the so-called ‘Stop the Steal’ movement — clearly creates the appearance of bias,” Durbin said in a statement. Renewed calls for ethics reformThe Supreme Court is weighing major cases this term tied to the 2020 election and the attack on the Capitol.

Persons: Samuel Alito, Alito, Martha, Ann Alito, Fox, Donald Trump’s, Tim Walz, “ I’m, Joe Biden’s, “, ”, “ It’s, Trump, Hank Johnson, Clarence Thomas, ” MAGA, Thomas, ” Johnson, ” Sen, Dick Durbin, ” Durbin, Sen, Tom Cotton, Carolina Sen, Lindsey Graham, Jack Smith’s, John Roberts, Sheldon Whitehouse, ” Whitehouse, Roe, Wade, Renee Knake Jefferson, ” Jefferson Organizations: CNN, Fox News, Trump, Democratic, Capitol, Minnesota Gov, New York Times, Times, Gadsden, Georgia Democrat, Committee, Illinois Democrat, Republicans, Arkansas Republican, Republican, Congress, Supreme, Rhode, Rhode Island Democrat, ”, University of Houston Law Center Locations: Minnesota, Alexandria , Virginia, Washington, DC, Georgia, House, Arkansas, ”, Carolina, Rhode Island

☆ Jane Street ordered to share what it sued Millennium to protect: its trade secrets
▼ + stars: | 2024-05-16 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +1 min

Jane Street was ordered to turn over trade secrets to hedge fund Millennium as part of a lawsuit . Jane Street claims Millennium and two former traders stole an "immensely profitable" options trade. Jane Street will seek a protective order to block the trade from being revealed to others. AdvertisementA Manhattan federal judge ruled that proprietary trading giant Jane Street must turn over the details of the super-secretive and profitable trade that it claims were stolen by Izzy Englander's Millennium hedge fund. Manhattan federal judge Paul Engelmayer set a deadline of Thursday, May 23 for Jane Street to hand over details of the trade, which the firm has called "immensely profitable."

Persons: Jane Street, —, Izzy Englander's, Paul Engelmayer Organizations: Service, Business Locations: Manhattan

Associate Supreme Court Justice Clarence Thomas arrives for the swearing-in ceremony of Neil Gorsuch as an Associate Supreme Court Justice in the Rose Garden of the White House, Washington, D.C., April 10, 2017. Two leading Democratic senators are pressing Supreme Court Justice Clarence Thomas to say whether he repaid a wealthy friend any of the principal for a $267,230 loan he used to buy a luxury motorhome. The letter to Thomas's lawyer, dated Tuesday, raises questions about potential tax violations by the conservative justice, who is the longest-serving member of the Supreme Court. Democrats point to reports that his wife, Ginni Thomas, took part in efforts to overturn the results of the 2020 election. The Supreme Court heard arguments in Trump's immunity appeal on April 25, with Thomas on the bench.

Persons: Clarence Thomas, Neil Gorsuch, Ron Wyden, Sheldon Whitehouse, Thomas, Anthony Welters, Prevost Le, Wyden, Elliot Berke, Whitehouse, Justice Thomas, Welters, Berke, ProPublica, Harlan Crow, Harlan, Donald Trump, Ginni Thomas Organizations: Justice, White House, D.C, New York Times, Finance Committee Locations: Rose, Washington, Welters

☆ King Charles’ first official portrait by Jonathan Yeo unveiled
▼ + stars: | 2024-05-15 | by ( Christy Choi | ) edition.cnn.com time to read: +5 min

CNN —Buckingham Palace revealed the first official portrait of King Charles III since his coronation on Tuesday, and it’s proving to be divisive with its lurid red brushstrokes. The 8.5 by 6.5-foot painting is by British artist Jonathan Yeo, who has painted high-profile subjects throughout his career including former British Prime Minister Tony Blair, actor Nicole Kidman and education activist Malala Yousafzai. Artist Jonathan Yeo's oil on canvas portrait of Britain's King Charles III. It’s what Yeo captures here.”While the celebrated artist works mainly in oils, he has dabbled in another medium: collage. The King is an artist himself, and a collection of his watercolors went on show in London in 2022.

Persons: Buckingham, King Charles III, Jonathan Yeo, Tony Blair, Nicole Kidman, Malala Yousafzai, Yeo, Charles, Prince, Wales, ”, ” Yeo, Jonathan Yeo's, Britain's King Charles III, Wales's, Charles ’, Philip Mould, — Yeo, Camilla, you’ve, “, Richard Morris, George W, Bush, Arnold Schwarzenegger, Sarah Palin, Silvio Berlusconi, Mary Whitehouse Organizations: CNN, British, Welsh Guards, Company, ’, CNN’s Royal Locations: British, “, London

But the rattling shook buildings in New York City and drove startled residents into the streets. Image The command room of New York City Emergency Management. Today’s earthquake Magnitude 4.8 Conn. Pa. 1964 4.5 1994 4.6 250-mile radius from New York City Md. 250-mile radius from New York City Del. While earthquakes in New York City are surprises to most, seismologists say the ground is not as stable as New Yorkers might believe.

Persons: “, Kathy Hochul, ” Gov, Philip D, Murphy, Con Edison, Eric Adams, ”, Adams, Zach Iscol, Dave Sanders, Ron Hamburger, Valorie Brennan, Ada Carrasco, The New York Times “ I’ve, Kristina Feeley, Feeley, Folarin, “ There’s, Kolawole, Lazaro Gamio, Riyad H, Mansour, Janti, Hamburger, Michael Kemper, Clara Dossetter, David Dossetter, Dossetter, ’ ”, Lola Fadulu, Gaya Gupta, Hurubie Meko, Michael Wilson, William J . Broad, Kenneth Chang, Emma Fitzsimmons, Sarah Maslin Nir, Erin Nolan, Mihir Zaveri, Maria Cramer, Grace Ashford, Camille Baker, Liset Cruz, Michael Paulson, Patrick McGeehan, Troy Closson Organizations: ”, United States Geological Survey, Police Department, Fire Department, Con, Gracie Mansion, The New York Times, Whitehouse, New York City Emergency Management, Credit, Lamont, Columbia University, Maine CANADA, New York City Del, Lincoln Center, New York Philharmonic, United Nations, Children U.S, Security, New York Police, United Airlines, Newark Liberty International Airport Locations: Newark, New Jersey, Manhattan, Philadelphia, Boston, New York City, New York, Rockland County, Murphy of New Jersey, Whitehouse, N.J, California, Japan, Zach Iscol , New York, New, Northridge, Los Angeles, Califon, Marble, Ramapo, New York , New Jersey, Pennsylvania, Palisades, N.Y, N.H, Pa, New York City Md, Del, Va, Maine, R.I, Md, Palestinian, Gaza, East Coast, “, York, San Francisco, Gaya

☆ New York City earthquakes are unusual, but not unheard of
▼ + stars: | 2024-04-05 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

New York City experienced an earthquake with an estimated magnitude of 4.8 on Friday. Eighteen quakes with 2.4-or-greater magnitude have occurred in or around NYC since 1737, records show. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOn Friday, residents across New York City's five boroughs and the tri-state area experienced a rare earthquake. With an estimated magnitude of 4.8, the quake's epicenter was located in Whitehouse Station, New Jersey, according to the United States Geological Survey (USGS).

Persons: — Organizations: Service, United States Geological Survey Locations: York City, Virginia, New York, Whitehouse, New Jersey, East Coast, Philadelphia, Boston

Map: 4.8-Magnitude Earthquake Strikes New JerseyShake intensity The New York TimesA light, 4.8-magnitude earthquake struck in New Jersey on Friday, according to the United States Geological Survey. The quake was felt across the New York City metropolitan area, and from Philadelphia to Boston. Earthquakes Magnitude 4.5+ Others 1983 5.1 CANADA 1982 4.5 Vt. N.H. N.Y. Mass. Today’s earthquake Magnitude 4.8 Conn. Pa. 1964 4.5 1994 4.6 250-mile radius from New York City Md. Today’s earthquake Magnitude 4.8 Conn. R.I. Pa. 1964 4.5 1994 4.6 N.J. Md.

Persons: Lazaro Gamio Organizations: New York Times, United States Geological Survey, New, Maine CANADA, New York City Del Locations: New Jersey, New York City, Philadelphia, Boston, Whitehouse, N.J, N.H, N.Y, Pa, New York City Md, Del, Va, Maine, R.I, Md

☆ An Earthquake Startled the Northeast
▼ + stars: | 2024-04-05 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

A 4.8-magnitude earthquake sent tremors from Philadelphia to Boston this morning, rattling New York City skyscrapers and surprising many East Coasters. The earthquake struck at 10:23 a.m. Eastern, with an epicenter near Whitehouse Station, N.J. — about 40 miles west of New York City — according to the United States Geological Survey. It was the largest quake within 250 miles of Manhattan in more than 30 years, and the third largest since the data began in 1957. New Yorkers are more familiar with much smaller tremors, which usually go unnoticed in a city full of rumbles. The city is also filled with old brick buildings, and officials said they remained concerned about the aftereffects of the quake.

Organizations: United States Geological Survey Locations: Philadelphia, Boston, New York City, Whitehouse, N.J, Manhattan

In this photo illustration, an emergency alert is displayed from the national Emergency Broadcast System warning of an earthquake in the area on April 5, 2024 in New York City. Earthquakes of Friday's magnitude are relatively rare in the northeastern U.S., and the intensity and duration of Friday's quake startled people across the region. The National Tsunami Warning Center said there was no danger of a tsunami on the East Coast after the quake. The USGS said there was a 46% likelihood of another earthquake of magnitude 3.0 or greater in the next week. The Federal Aviation Administration inspected runways at the three major airports in New York City and Newark, New Jersey.

Persons: @NYSE, CNBC's Carl Quintanilla, X Organizations: . Geological Survey, Earthquakes, New York Stock Exchange, State, Tsunami Warning, Federal Aviation Administration, Newark Liberty International, United Airlines Locations: New York City, Allentown , Pennsylvania, Whitehouse, New Jersey, Boston, Baltimore, U.S, New York, Manhattan, East Coast, Newark , New Jersey, Newark, JFK, LaGuardia, Philadelphia

LONDON (AP) — A British newspaper publisher has agreed to pay Prince Harry a “substantial” sum in costs and damages for invading his privacy with phone hacking and other illegal snooping, Harry’s lawyer said Friday. Judge Timothy Fancourt found that Harry’s phone was hacked “to a modest extent.”The settlement avoids a new trial over 115 more tabloid articles that Harry says were the product of hacking or other intrusions. He recently dropped a libel case against the publisher of the Mail after an unfavorable pretrial ruling. He ordered the publisher to pay “common costs” of a general case seeking to show wrongdoing by the company. Mirror Group Newspapers said it has paid more than 100 million pounds ($128 million) in other phone hacking lawsuits over the years, but denied wrongdoing in Harry’s case.

Persons: —, Prince Harry, David Sherborne, Harry, Judge Timothy Fancourt, Princess Diana, Meghan, “, ” Harry, Duke of Sussex, King Charles III, Harry’s, Fancourt, ”, Nikki Sanderson, Fiona Wightman, Paul Whitehouse, Michael Turner, Rupert Murdoch’s, Murdoch Organizations: Newspapers, Mirror Group, Daily, The Sun, Daily Mail, Mail, Group Locations: London, California, United States

Evidence of a strong economy has so far been lost on a general public that still feels the pinch of inflation and worries about the uncertainty of life in 2024. Signs of a thaw in public opinion, but pessimism still dominatesA new CNN poll shows Biden still has a lot of convincing to do: Perception of the economy remains deep under water. However, if hiring remains strong and inflation keeps falling, it may become easier for Biden to convince voters he’s doing a good job strengthening the economy. CNN’s polling editor Ariel Edwards-Levy notes that about half the country, 48%, thinks the economy remains in a downturn. Their letter is proof that the fact of a strong economy is felt, if at all, in different ways.

Persons: Phil, Joe Biden’s, Biden, Donald Trump, “, Trump, Ariel Edwards, Levy, that’s, Sen, Elizabeth Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: CNN, Bureau of Labor Statistics, Trump, Federal, Fed, Democratic

☆ Trump criticizes Fed Chair Powell for considering interest rate cuts this year to 'help the Democrats' win elections
▼ + stars: | 2024-02-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +2 min

On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell's handling of the economy, particularly regarding interest rates. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected." While the committee's Summary of Economic Projections in December penciled in three interest rate cuts for this year, Powell said on Wednesday that it's highly unlikely those cuts will take place at the next meeting in March. The jobs data on Friday will support a decision to delay rate cuts until after March — the US economy beat expectations by adding 353,000 jobs. However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.

Persons: Donald Trump's, Trump, Jerome Powell's, Powell, reappoint Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Fox News, Federal

☆ The White House weighs in on the AI copyright debate for the first time
▼ + stars: | 2024-02-01 | by ( Kali Hays | ) www.businessinsider.com time to read: +15 min

In the three months since the executive order was issued, the White House has made progress on a number of the directives. Something else that has developed since the executive order came out is the debate around copyright and AI. Some that I'm really excited about are AI for science and generative AI, but also more generally AI systems in biology and healthcare. AdvertisementAnd then second, in the executive order, we stand up the AI Safety Institute at the Department of Commerce. Do you or the White House have thoughts on where AI training falls in copyright law?

Persons: Joe Biden's, There's, Ben Buchanan, Buchanan, Biden, there's, I'm, Ben, we've, Biden's, They're, let's, We've, they've, Schumer Organizations: Artificial Intelligence, National Security, White, US, Meta, Microsoft, Google, National Security Council, Management, AI, Department of Commerce, NIST, Defense, of Commerce, Commerce Locations: deepFakes, United States, whitehouse.gov, EU

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ Meet the JPMorgan executive emerging as a dark horse to succeed Jamie Dimon
▼ + stars: | 2024-01-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

Read previewA longtime JPMorgan executive who has kept a low public profile while cultivating a reputation as a successful trader with a talent for managing risk is emerging as a contender to succeed Jamie Dimon as chief executive. His new position through the internal shuffle has vaulted him more publicly and prominently into the most closely watched succession race on Wall Street. JPMorgan executive David Hudson told the publication that he returned to JPMorgan after working at Nomura in 2010 "to work for Troy." Rohrbaugh's other stops at JPMorgan have been head of global markets and head of macro markets. A senior JPMorgan executive who works with Rohrbaugh recalled that time during the pandemic.

Persons: —, Jamie Dimon, Dimon, Troy Rohrbaugh, Jennifer Piepszak, Wall, Marianne Lake, Rohrbaugh, Goldman Sachs, Euromoney, Eddie Wen, David Hudson, He's, Gary Gensler's, Goldman, Cantor Fitzgerald, Tim Soulas, Cantor, Johns Hopkins, you've, he'll, Kaja Whitehouse, Alex Morrell Organizations: Service, JPMorgan, Wall, Business, CIB, North America, Goldman, Nomura, Troy, Federal Reserve Bank of New, Global, Securities, Exchange, Banque Nationale, CooperNeff, Philadelphia Stock Exchange, World Trade Center, New York Daily News, Gilman School, Johns Hopkins University, Alpha Delta Phi, Baltimore Sun, Bloomberg Locations: Dimon, North, JPMorgan's, Canadian, Manhattan, Baltimore, Maryland, New York

☆ Americans are getting closer to an interest rate cut — but it probably won't happen in the Fed's next big decision
▼ + stars: | 2024-01-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewThe nation's central bank is gearing up to make its first big decision of 2024 — and while it likely won't be the interest rate cut many Americans are hoping for, it's set to bring them closer to that relief. The Fed hinted at how many interest rate cuts Americans can expect this year in its December Summary of Economic Projections. New labor market data out this Friday will show how employment looked at the start of 2024, and some labor market experts already think 2024 will see a cooler job market . That continuing strength in the labor market does represent a slowdown from the hot post-pandemic recovery in 2022. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the lawmakers wrote.

Persons: —, it's, Jerome Powell, Powell, Nick Bunker, would've, Greg McBride, David Kelly, Kelly, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Business, Federal, Federal Reserve, Spelman College, Labor Statistics, Fed, North America, Morgan Asset Management, Democratic Locations: Sens

☆ It's time for the Fed to cut interest rates and bring relief to Americans who 'cannot afford to pay rent,' Elizabeth Warren says
▼ + stars: | 2024-01-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren joined some of her colleagues in pushing for the Federal Reserve to cut interest rates. AdvertisementAs Americans grapple with high housing costs, a group of Democratic lawmakers is urging the Federal Reserve to implement relief as soon as possible. While rent costs have decreased slightly over the past few months, "high interest rates mean higher mortgage rates for landlords, who may pass off these costs in the form of rent hikes for their tenants," the Democrats wrote. Powell has previously acknowledged the impact of interest rate increases on housing costs. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the Democrats wrote.

Persons: Sen, Elizabeth Warren, —, — John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Jerome Powell, Powell, they'll Organizations: Federal Reserve, Service, Democratic, Harvard's, for Housing Studies Locations: York

Attorney David Sherborne argued that his case was “overwhelmingly successful" and his clients should be reimbursed legal fees because Mirror "advanced a fundamentally dishonest case." Attorney Roger Mallalieu for Mirror Group argued that it should only have to pay legal fees for the portions of the claims it lost. Fancourt found that Mirror used unlawful information gathering in 15 of the 33 newspaper articles about Harry that were examined at trial. Once those claims are resolved, Harry will be able to seek additional lawyers' fees. Mirror Group Newspapers said it has paid more than 100 million pounds ($128 million) in other phone hacking lawsuits over the years, but denied wrongdoing in Harry’s case.

Persons: —, Prince Harry, Duke, Sussex, Harry, King Charles III, Britain’s, ”, Nikki Sanderson, Fiona Wightman, Paul Whitehouse, Michael Turner, David Sherborne, Roger Mallalieu, Sanderson, Wightman, Turner, Timothy Fancourt, Fancourt, Sherborne, Rupert Murdoch’s, Murdoch Organizations: Daily, Group Newspapers, The Sun, Daily Mail, Mail, Mirror Group, Newspapers, Mirror

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ Blackstone is gearing up for a real-estate buying spree. Here are the types of properties it's eyeing.
▼ + stars: | 2024-01-25 | by ( Kaja Whitehouse | Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Blackstone sees a light at the end of the tunnel for the troubled commercial real estate market — and the private equity giant is not waiting for things to settle down before it starts picking winners. "While it will take time, we can see the pillars of a real estate recovery coming into place." Gray noted that the firm made three major real estate transactions in the past two months, including its $3.5 billion deal to take Canadian real estate firm Tricon Residential private. He said the company sees further buying opportunities in residential real estate, including single-family rentals and multi-family rentals. The Tricon transaction, he said, was focused on single-family homes for rent: "That space, because of the shortage of single-family homes, has been much stronger."

Persons: Blackstone, Jonathan Gray, Gray, we've Organizations: Business, Signature Bank, Savings, Loans, Invitation Homes

"When you see the news of a Wall Street employee or any highly paid professional dying this way, it obviously wakes you up." Wall Street is all about relationships, which often means spending big money to show people a good time. "That's been the Wall Street playbook for many, many years, and I don't think it has changed." On the other side of the coin is Wall Street, where a history of drug use can haunt working professionals for years. AdvertisementLaird thinks Wall Street firms could learn a thing or two from other industries when it comes to their response to addiction.

Persons: Rudy Giuliani, It's, Joe, I'm, Anna Lembke, Streeters, biohacking, Wall, couldn't, Rudolph Giuliani, Getty John Battaglia, Spear, Goldman Sachs, " Battaglia, Goldman, Adderall, Jaime Blaustein, Blaustein, Sylvia Brafman, Zyn, who's, JAMES ARTHUR GEKIERE Denise Shull, hasn't, Shull, —, Artur Widak, they've, Ray Donovan, AGNES BUN, Battaglia, Ross Peet, Betty, Lembke, Leonardo DiCaprio, Paramount Pictures Trey Laird, Laird, Trey, That's, Peet Organizations: Business, New York Times, Wall, psychedelics, Stanford, Addiction, Mental Health Services Administration, Bettmann, Leeds, Kellogg, Sylvia Brafman Mental Health, BI, Citadel, Getty, National Institute on Drug Abuse, Credit Suisse, Traders, Bank of America, New, Betty Ford Foundation, Street, Paramount Pictures, Needham & Co, Treatment, Industry Locations: Manhattan, New York, Brussels, Silicon Valley, California, Arlington , Virginia, New York City, Bank, New Canaan , Connecticut

☆ What Wall Street bosses from Goldman Sachs to JPMorgan are saying about the jobs outlook for 2024 in investment banking, wealth management, and more
▼ + stars: | 2024-01-16 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +11 min

Last year, banks opened 2023 by forecasting layoffs, including for the investment bankers who suddenly had nothing to do following the pandemic-era M&A and IPO boom. Citigroup kicked off 2024 ominously, warning that it will lay off as many as 20,000 employees by 2026. The bank expects 2024 expenses to increase further to total $90 billion, up $2.8 billion from 2023, and much of that will be focused on hiring. CFO Barnum on Friday said the bank is gearing up for a "rebound in the investment banking wallet." Headcount declined 3% to 80,006 from 82,427, while compensation expenses rose to $24.5 billion from $23 billion.

Persons: It's, it's, Jane Fraser, Jeremy Barnum, JPMorgan Chase Jamie Dimon, JPMorgan Chase, Alex Wroblewski, JPMorgan's headcount, Barnum, Friday, Patrick T, Fallon, —, Fraser, Q, Goldman Sachs Goldman Sachs, David Solomon, BRENDAN MCDERMID, Goldman Sachs, Denis Coleman, Coleman, Goldman, Bank of America Brian Moynihan, Robert Galbraith, headcount, BofA, Alastair Borthwick, execs, they've, Brian Moynihan, Wells Fargo Charles Scharf, Lucy Nicholson Wells Fargo, Michael Santomassimo, Charlie Scharf, Santomassimo, BlackRock Larry Fink, Fink, Kapito, Morgan Stanley Ted Pick, Morgan Stanley, Jeenah, Headcount, Morgan, Ted Pick, Sharon Yeshaya, Blackstone Steven Schwarzman, Blackstone, Gonzalo Fuentes Organizations: Business, Citigroup, JPMorgan, Citi, BlackRock, Blackstone, Getty, AlphaSense, Citigroup Citigroup, Bank of America, REUTERS, Robert, Robert Galbraith Bank of America's, Reuters, AP BlackRock, Global Infrastructure Partners Locations: Wall, headcount, Wells Fargo

Here are 6 signals investment bankers are watching as they pray for an M&A rebound in 2024. By contrast, activity from private equity firms "was off almost 40%," he said. In 2021, private equity firms transacted $1.5 trillion across 2,869 deals, according to Dealogic. Last year, private equity M&A made up 40% of total activity, according to Goldman Sachs. AI companies, many of which are only now being formed, need to mature, and the winners and losers need to come into focus, bankers said.

Persons: Wall, LSEG, Goldman Sachs, Vito Sperduto, Sperduto, we've, Stephan Feldgoise, Hess, Anthony J, Carfang, Cash, Goldman, Goldman's Feldgoise, Feldgoise, Mark Sorrell, I'm, Harold M, Lambert, Jerome Powell, Greg McBride, McBride, Jonathan Gray, dealmaking, Gray, Rob Chisholm, Chisholm Organizations: Fed, London Stock Exchange, Business, RBC Capital Markets, Conference Board, Conference, Federal, Goldman, Federal Reserve, Private, Bankers, DOJ, FTC, Federal Reserve Board, Bankrate, of Labor Statistics, Cisco, LSEG, Qatalyst Partners, Citi, & $ Locations: LSEG, Ukraine

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ Senate committee investigating Florida’s state-backed home insurance company as private insurers flee
▼ + stars: | 2023-11-30 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer of last resort - if owners cannot convince a private insurance company to cover their property, Citizens will step in. If that were to happen, the Senate Budget Committee is worried Florida might turn to the federal government looking for a bailout, Whitehouse said. State insurers of last resort were originally intended as a stopgap for consumers, ensuring their coverage wouldn’t be interrupted. Florida isn’t alone; some major private insurers have either pulled out or stopped writing new policies in wildfire-prone California.

Persons: Ron DeSantis, “, Sen, Sheldon Whitehouse, ” Whitehouse, Michael Peltier, Whitehouse, ”, Benjamin Keys, ” Keys, ’, Keys, “ It’s Organizations: CNN, Citizens Property Insurance Corporation, Republican Gov, Citizens, Democrat, ”, Munich Re, Swiss, Wharton School, University of Pennsylvania, Senate, FAIR, Florida’s Citizens, Budget Locations: After Florida, Rhode Island, Florida, Miami, Tampa, “ Florida, Munich, riskiest, California

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