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☆ We're picking up more shares of an industrial stock on weakness pre-breakup
▼ + stars: | 2024-06-14 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

Following Friday's trade, Jim Cramer's Charitable Trust will own 1,125 shares of DD, increasing its weighting in the portfolio to 2.7% from 2.5%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer's, Stocks, Ed Breen, Jim Cramer, Jim Organizations: DuPont, DD, Treasury, Electronics, CNBC Locations: Nucor

☆ Nominate a top trader, investor, or dealmaker for Business Insider's 2024 Wall Street rising stars
▼ + stars: | 2024-06-10 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +1 min

Business Insider is putting together a power list of the young talent on Wall Street. We want to spotlight the standouts in investment banking, investing as well as sales and trading. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWe're seeking nominations for Business Insider's list of rising stars on Wall Street, and we want to hear from you. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business

☆ Point72's largest-ever intern class starts this week. Here's what Steve Cohen's hedge fund has in store for them.
▼ + stars: | 2024-06-10 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +6 min

Hedge funds and other buy-side firms have traditionally relied on investment banks as the primary source for culling entry-level talent. On Monday, June 10, 55 fresh-faced college students will start the first day of an eight-week summer training at Point72 — the firm's largest ever. Jim McIsaac/Getty ImagesThe summer aheadThis year, Point72 received a record of more than 30,000 applications, giving the Point72 Academy Investment Analyst Summer Internship an acceptance rate of under 1%. Related storiesSuccessful summer interns — who are college students between their junior and senior years — are invited to return to join the Point72 Academy after graduation. Last year, about 74% of the interns got a return offer to join the full-time Academy, and 97% accepted, Goodfriend said.

Persons: Jaimi Goodfriend, Point72, Goodfriend, Steve Cohen, Jim McIsaac, there's, —, they'll, I've, they've, It's Organizations: Service, Business, Big Tech, Point72, BI, Point72 Academy Investment, Point72 Academy, Academy, Mets, NY Locations: Point72, New York City, Stamford , Chicago, San Francisco, West Palm Beach , Miami, London, Hong Kong, Tokyo, Singapore

☆ We're taking profits in an industrial at a 52-week high and buying more of another
▼ + stars: | 2024-06-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

We are buying 125 shares of DuPont at roughly $80 and selling 85 shares of Honeywell at roughly $210.74. With the stock now trading at a new 52-week high of $210.88 on Friday, we are booking profits. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer's, We've, We're, we've, Ed Breen, Jim Cramer, Jim, Edward Breen, Brendan McDermid Organizations: DuPont, Honeywell, DD, Carrier's, Solutions, Management, CNBC, New York Stock Exchange

☆ Meet the ex-Goldman Sachs partner behind the scenes of the Skydance-Paramount deal negotiations
▼ + stars: | 2024-04-30 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Read previewParamount's CEO Bob Bakish was ousted on Monday night, putting the entertainment giant one step closer to accepting a merger deal. The would-be buyer, film studio Skydance Media, is owned by David Ellison, son of billionaire Oracle founder Larry. An investor in Skydance since 2020, RedBird is the media company's largest shareholder other than the Ellison family. This story is available exclusively to Business Insider subscribers. "I think it's my biggest competitive advantage that I don't get emotionally attached," Cardinale told Business Insider in 2022.

Persons: —, Bob Bakish, David Ellison, Larry, RedBird, Ellison, Gerry Cardinale, Goldman Sachs, Jeff Shell, Skydance, " Cardinale, Goldman, Jon Winkelried, Gerry, Axel Springer Organizations: Service, Skydance Media, RedBird Capital Partners, Business, New York Yankees, Dallas Cowboys, NFL, AC Milan, Paramount, KKR, Sony, TPG Locations: Skydance, RedBird

☆ Kasa Living, which partners with KKR and TPG, wants to become the Amazon of hospitality. See the 33-page slideshow it used to raise $70 million
▼ + stars: | 2024-04-26 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Kasa Living has made a habit of raising funds at some of the hardest times for the hospitality and proptech industries. Kasa Living CEO and founder Roman Pedan points to the shares of Marriott and Hilton, which are up over the last five years, as an indication of what Kasa could be. Kasa Living is now working with some investment firms to help locate and buy buildings that Kasa Living will operate, a model known as OpCo/PropCo. Instead of having to hire someone to handle bookings and finances for each property, Kasa Living handles it all centrally, "removing that fixed cost." Some financial information has been redacted from the deck by Kasa Living.

Persons: Roman Pedan, Kasa, Pedan, Pendan Organizations: Marriott, Hilton, KKR, Sonder, TPG, Amazon Web, Citi Ventures, FirstMark, New York Life Ventures, Fireside Investments, RET, Zigg, Ribbit, EBay, Kasa Locations: Brookfield

☆ Satya Nadella just tried to show everyone who's boss in AI, again
▼ + stars: | 2024-04-18 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Satya Nadella is hoping to prove he's the shrewdest dealmaker in AI. Microsoft just put $1.5 billion in UAE firm G42 while getting it to divest its China ties. G42 has been linked to a chip venture led by Microsoft's other main AI bet, OpenAI. Last month, Nadella pulled off a big coup by hiring Mustafa Suleyman, a DeepMind cofounder and Inflection AI CEO, and several of his software engineers to head up a new AI division at Microsoft. InflectionThe move involved a $650 million payment to Inflection AI that would also allow Microsoft to license Inflection's AI models.

Persons: Satya Nadella, —, Redmond, Peng Xiao, hasn't, Sam Altman, Nadella, Brad Smith, who's, …, Altman, Mustafa Suleyman, Mistral Organizations: Microsoft, Service, OpenAI, Huawei Locations: UAE, China, Abu Dhabi, DarkMatter, Beijing, @G42ai, OpenAI, Paris

☆ Kyrsten Sinema’s exit puts the spotlight on the Senate’s shrinking pool of dealmakers
▼ + stars: | 2024-03-08 | by ( Lauren Fox | ) edition.cnn.com time to read: +9 min

For months, the two of them had worked tirelessly alongside Republican Sen. James Lankford of Oklahoma to craft a bipartisan deal on immigration. “The base of each party wants individuals who will fight, but not individuals who will reach across the aisle to get things done,” Republican Sen. Mitt Romney of Utah said. “I’ve seen a shift towards basically really not wanting to do anything,” West Virginia Republican Sen. Shelley Moore Capito said. Last cycle alone saw the retirement of Ohio Republican Sen. Missouri Republican Sen. Roy Blunt, another GOP pragmatist, retired after the 2022 election, replaced by Sen. Eric Schmitt.

Persons: Sen, Kyrsten, Democratic Sen, Chris Murphy, Republican Sen, James Lankford of, Sinema, Murphy, ” Murphy, “, ” Sinema, Donald Trump, Mitt Romney, Joe Manchin, he’d, Romney, Trump, ” Romney, I’ve, ” West Virginia Republican Sen, Shelley Moore Capito, Ohio Republican Sen, Rob Portman, J.D, Vance, Trump . Missouri Republican Sen, Roy Blunt, GOP pragmatist, Eric Schmitt, appropriator Sen, Richard Shelby of, Richard Burr of, Bob Corker, Marsha Blackburn, Anna Moneymaker, we’ve, Lamar Alexander, ”, Tim Kaine, “ We’re, Kari Lake, –, Mark Kelly, ” Corker, Kaine, Todd Young, Thom Tillis, It’s, Brian Schatz, ” Sen, Mark Warner, Nathan Howard, Manchin, John Cornyn of, John Thune of, isn’t Organizations: Democratic, Connecticut, Republican, CNN, Senate, ” West Virginia Republican, Ohio Republican, GOP, Trump . Missouri Republican, Intelligence, Senate Foreign Relations, 118th, Democrat, North Carolina Republican, Getty, America Locations: Arizona, James Lankford of Oklahoma, Utah, Virginia, Ohio, Richard Shelby of Alabama, Richard Burr of North Carolina, Tennessee, Indiana, Hawaii, Washington , DC, John Cornyn of Texas, John Thune of South Dakota, America

☆ Citi is betting big on high-profile executives to turn things around
▼ + stars: | 2024-02-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In today's big story, we're looking at the reshuffling of top executives at two of the biggest US banks . Viswas Raghavan, JPMorgan's top dealmaker, has joined Citi as its head of banking and executive vice chair, reporting directly to CEO Jane Fraser. The move is a big deal, but even more shocking since Raghavan was just promoted to be the sole head of JPMorgan's deals business. Since high interest rates aren't stopping stocks from reaching record highs, cuts might not come at all this year , according to analyst Jim Bianco. Market vet Ed Yardeni said interest rates are actually in a sweet spot for stocks, similar to the late '90s.

Persons: Viswas Raghavan, Jane Fraser, Raghavan, Filippo Gori, Doug Petno, Insider's Reed Alexander, Patrick T, Fallon, Fraser, Merrill Lynch, Andy Sieg, Warren Buffett, Warren, Berkshire Hathaway's, Jim Bianco, Ed Yardeni, Gemini, Demis Hassabis, Long, Alyssa Powell, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Citi, JPMorgan, Warren, Warren Buffett REUTERS, Chip, Berkshire, Buffett, Research, Wall, BI, Google, eBay Locations: Bronx, Gori, Rivian, New York, London

☆ Wall Street gets its biggest investment-banking shakeup in years. Here are the key players making moves.
▼ + stars: | 2024-02-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Read previewWall Street experienced a big shakeup on Monday when two big banks announced new leaders for their investment-banking units. Citi's hire comes just weeks after JPMorgan promoted Raghavan to the sole head of its deals business, forcing America's biggest bank by assets to regroup. Under Raghavan, JPMorgan rose to No. For the last decade, the 59-year-old has been CEO of the bank's commercial bank, dedicated to corporate lending, including to Silicon Valley startups and real-estate investors. In an internal memo announcing his new role, bank executives said he's "significantly" grown revenue in the region since he took over the region in 2019.

Persons: —, Viswas Raghavan, Raghavan, Jamie Dimon, Filippo Gori, Doug Petno, Filippo Gori —, Jane Fraser, Fraser, Merrill Lynch, Andy Sieg, Patrick T, Fallon, Raghavan Raghavan, Doug Petno Petno, Jennifer Piepszak, Troy Rohrbaugh, Piepszak, Marianne Lake, Rohrbaugh, he's, He'll, Sjoerd Leenart, Mary Erdoes, Reed Alexander Organizations: Service, Citigroup, America's, Business, JPMorgan, Citi, Financial Times, Banking & International, Citi Foundation, EMEA, Financial News, JPMorgan's, Corporate Banking Locations: Hong Kong, London, Europe, Africa, Fraser, EMEA, Silicon, Filippo Gori Gori, JPMorgan's Asia, Pacific

☆ Dealmaking is showing signs of life, but it comes with some downsides
▼ + stars: | 2024-02-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at why M&A could be staging a comeback and which bankers made the most of 2023 . The big storyDealmaker's delighttatomm/iStock, Tyler Le/BIThree monster deals announced in less than a week has Wall Street wondering: Is M&A back? But after a dreadful 2022 and 2023, dealmaking is showing signs of life, Business Insider's Theron Mohamed writes. Capital One, Truist, and Walmart announced acquisitions totaling $53 billion this week, leaving bankers hopeful the good times (and fees) are back. Deals represent an exit opportunity for companies, giving their investors (some of whom are employees) a chance to cash out.

Persons: Tyler Le, Theron Mohamed, Biden, Alex Morrell, Reed Alexander, Alyssa Powell, Emily Stewart, Wall, it's, M, Getty, Jenny Chang, Rodriguez, Jensen Huang, Goldman Sachs, Carlos Delgado, Associated Press Rivian, Rivian, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Federal Reserve, Walmart, Activision Blizzard, ExxonMobil, Cisco, Acquisitions, Activision, Wall Street, Big Tech, Nvidia, ING, Microsoft, Associated Press, BI, Google, Walgreens, Sunshine State, CVS, Intuit, Nestle, Square Locations: Europe, Florida, VillageMD, New York, London

☆ The Rainmakers: These 20 bankers rode a choppy deals market to top the M&A charts in 2023
▼ + stars: | 2024-02-21 | by ( Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +4 min

In 2023, the overall value of M&A transactions dipped globally to $2.9 trillion across 53,529 deals, down from $3.4 trillion across 57,830 transactions in 2022. Business Insider partnered with MergerLinks , a financial-data service that tracks deals, to present the fifth edition of "The Rainmakers," the 20 M&A bankers who orchestrated the largest deals in North America. MergerLinks tracks publicly announced deals and calculates deal values on a net basis, including both equity and debt pieces. This year’s list has a mix of returnees and first-timers and was dominated by energy bankers, including Goldman’s Sikhtian and Morgan Stanley’s Hoover. Nearly half of the bankers on this year's list worked on energy deals.

Persons: —, Scott Sheffield, Goldman Sachs, Suhail Sikhtian, Morgan Stanley, Greg Weinberger, Aaron Hoover —, Patrick Ramsey, Claudio Sauer, Hess, Goldman’s Sikhtian, Morgan Stanley’s Hoover Organizations: Service, Pioneer Natural Resources, ExxonMobil, Sheffield, Pioneer, Exxon, Business, Centerview Partners, LSEG, MergerLinks, Chevron, Centerview, Health Partners, Pfizer, & $ Locations: Sheffield, Texas, North America

☆ Sports investing has taken off, but the biggest prize in the industry remains almost untouchable
▼ + stars: | 2024-01-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. 3 things in marketsJim Esposito, Goldman Sachs' head of global markets and banking, is set to retire from the bank, the firm said Monday. Jim Esposito is leaving Goldman Sachs after nearly 30 years. While he didn't share his next move, he told peers he'd "bleed Goldman Sachs forever." Goldman Sachs says rate cuts need to be on the menu in March.

Persons: —, Brooks Koepka, Rory McIlroy, Keyur Khamar, Marc Lasry, Steve Cohen, Aaron Mok, LeBron James, — Arthur Blank, Gerry Cardinale, Goldman Sachs, who's, Lasry, Cohen, Point72, it's, Patrick Smith, Peacock, David Tepper, Jim Esposito, We've, he'd, Jean Boivin, David Mericle, NurPhoto, Getty, Javier Zayas, Kevin Winter, Tyler Le, Critics, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Costco, Getty, PGA Tour, Fenway Sports Group, NFL's Atlanta Falcons, Capital Group, Milwaukee Bucks, New York Mets, NFL, Denver Broncos, Washington, Washington Post, Kansas City Chiefs, San Francisco 49ers, Carolina Panthers, BlackRock, Spotify, Apple, Google, Entertainment, Netflix, Studios, HBO, Disney, Walmart, Microsoft, Business Locations: Vegas, BlackRock, New York, London

That sort of approach resonated in conservative strongholds like Alabama long before Trump. Alabama Democrats, especially, cite deep historical roots involving racism, class and urban-rural divides when explaining Wallace, Trump and the decades between them. Moderate to progressive “national Democrats” were concentrated in north Alabama, Baxley explained, while reactionary “states-rights Dixiecrats” cohered in south Alabama. Wallace won four Deep South states as an independent in 1968. Wallace won his fourth term as governor in 1982 after disavowing segregation and winning over enough Black voters.

Persons: George Wallace, Wallace, Donald Trump, Trump, “ Alabamians, ”, Terry Lathan, ” Trump, Barack Obama, Brent Buchanan, Wayne Flynt, “, Lathan, Ron DeSantis, Reagan, Trump's, ” Wallace, Lyndon Johnson, Bill Baxley, Baxley, Lincoln ”, ” Baxley, Franklin Roosevelt’s, “ Wallace, Johnson, Barry Goldwater, Flynt, Alabama “, Richard Nixon, Ronald Reagan, Wallace’s, Jimmy Carter, Carter, Alabama's, Democratic pollster Zac McCrary, Hillary Clinton’s, Joe Biden’s, ” McCrary, Sen, Richard Shelby's, Shelby, Newt Gingrich, Dan Carter, Jeff Sessions, Trump’s, John McCain, Mitt Romney, Mike Huckabee, Rick Santorum, Tommy Tuberville, Katie Britt, dealmaker, Britt, Buchanan, Republican pollster, Donald Trump’s, Kim Chandler Organizations: ATLANTA, — Republican, University of Alabama, Civil Rights Movement, Republicans, Party of Lincoln, Party of Trump, Trump, America, GOP, Alabama Republicans, Democratic, Alabama Democrats, “ Party, Democrats ”, Politics, National Democrats, Franklin Roosevelt’s New, Civil, Act, Republican, Reconstruction, Klux Klan, Birmingham's, Baptist Church, Washington, Democrat, “, Democrats, U.S, Senate, Sessions, Alabama, Alabama Legislature, Southern Democrats, Capitol, Shelby, Associated Press Locations: Tuscaloosa, Washington, Alabama, lockstep, Florida, Southern, U.S, Texas, New York, Trump, Jan, Montgomery , Alabama

☆ Far-right anti-Islam candidate clinches shock Dutch election win. Here's what comes next
▼ + stars: | 2023-11-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Dutch voters have gone to the polls today in one of the most tightly contested general elections in recent years. Next stepsForming a coalition in the 150-seat Dutch parliament is typically lengthy and difficult, even where the victor is not a political pariah. There is still no guarantee Wilders will become the new prime minister, even with his Freedom Party (PVV)'s 37 seats. On fiscal policy, Wilders' party has a "clear populist" bent, said Ester Barendregt, chief economist at Rabobank. Certainly one wish of Geert Wilders is to pay less to Europe.

Persons: Geert Wilders, Carl Court, shockwaves, Wilders, Mark Rutte, Sarah de Lange, Pieter Omtzigt's, de Lange, CNBC's, Ester Barendregt, Barendregt, Liza Mügge Organizations: Party for Freedom, Getty, European Union, Freedom Party, Department of Political Science, University of Amsterdam, Party, Rabobank Locations: SCHEVENINGEN, NETHERLANDS, Dutch, Scheveningen , Netherlands, Netherlands, Brussels, Ukraine, policymaking, U.S, China, Europe

☆ OpenAI's interim CEO once described meeting Sam Altman and immediately recognizing his business superpower
▼ + stars: | 2023-11-21 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

OpenAI's interim CEO Emmett Shear praised Sam Altman's dealmaking skills in a podcast interview. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementSam Altman, the ex-CEO of OpenAI who got ousted from the company, is more than just the face of ChatGPT. He's also known for his business superpower as a savvy dealmaker, at least according to Emmett Shear, now interim CEO of OpenAI. "Sam Altman is really good at raising money," Shear said on the podcast.

Persons: Emmett Shear, Sam Altman's, Shear, OpenAI CEO's, Altman, —, Sam Altman, OpenAI, He's, Twitch, Logan Bartlett, Sam, Bartlett, Altman's, Y, Kevin Bacon, Peter Thiel, Rahul Vohra, Sundar Pichai, Lachy Groom Organizations: Microsoft, Service, Sprint, Verizon, Financial Times, Google Locations: Helion, Silicon Valley

☆ Detained, missing or under investigation: Business leaders in China face an ‘aggressive’ crackdown
▼ + stars: | 2023-11-10 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Business leaders in China are under immense pressure, as the country’s leader Xi Jinping intensifies a regulatory crackdown on companies and strengthens its control of the economy. They face rising risks, including the possibility of police raids and detentions of staff, in the world’s second largest economy. A former banker, he has invested in a series of Chinese companies since 2000 and brought their shares to the public markets in mainland China and Hong Kong. No end in sightThe crackdown this year has spooked the business community in China, but it is not unfamiliar. Xi launched a sweeping regulatory crackdown on the private sector in 2020, which wiped trillions of dollars off the market value of Chinese companies worldwide.

Persons: Xi Jinping, ”, Doug Guthrie, ” Guthrie, Tencent, Chen, Zhao Bingxian, “ China’s Warren Buffett, Zhao, Guthrie, “, Zhou Zheng, Zhou, watchdogs, Zhang Hongli, Bao Fan, Bao, Xi, Kevin Frayer, Mauro Guillen, ” Guillen Organizations: Hong Kong CNN — Business, China Initiatives, Arizona State University’s Thunderbird School of Global Management, CNN, Cyberspace Administration of China, Wohua Pharmaceutical, Central Commission, National Supervisory Commission, COFCO, Industrial, Commercial Bank of, Wharton School, University of Pennsylvania Locations: China, Hong Kong, Communist, Beijing, Arizona, Shenzhen, “ Beijing, DouYu, Shandong, Commercial Bank of China

☆ DouYu CEO Chen Shaojie: Yet another CEO is missing in China
▼ + stars: | 2023-11-07 | by ( Manav Tanneeru | Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —The CEO of a Chinese live-streaming service backed by Tencent has become the latest high-flying executive to fall mysteriously silent in the world’s second largest economy. According to a Monday report from the Cover News, a state-owned media outlet, DouYu (DOYU) CEO Chen Shaojie has been unreachable in recent days. It also cited unconfirmed reports that Chen was being investigated and had been missing for nearly three weeks. DouYu listed on the Nasdaq in 2019, where it raised about $775 million in one of the largest share offerings by a Chinese company on Wall Street that year. Chen’s unexplained absence comes as China continues an anti-corruption crackdown that has ensnared top executives, particularly in the finance and tech sectors.

Persons: Tencent, Chen Shaojie, Chen, DouYu, Zhang Hongli, Zhang, Bao Fan, Bao, haven’t, Xu Jiayin Organizations: New Delhi CNN, CNN, Nasdaq, Wall, Industrial, Commercial Bank of China, Central Commission, Inspection, Evergrande Locations: China, New Delhi, Hong Kong

☆ ICBC ex-VP being probed by China’s anti-graft body
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Zhang Hongli, a former senior executive at Industrial and Commercial Bank of China (ICBC), is being probed by China’s top anti-corruption watchdog, in a sign of a continuing crackdown in the country’s financial sector. State-owned ICBC is one of China’s “Big Four” banks and the world’s largest lender by assets, according to S&P Global. Prior to joining ICBC, Zhang worked at Deutsche Bank and Goldman Sachs, where he held senior management roles. They include three top executives at the highest ranks of China’s financial world, who have either been probed or charged, according to the commission. In October, Li was expelled from the Communist Party and arrested for allegedly taking bribes, according to Xinhua.

Persons: Hong Kong CNN — Zhang Hongli, Zhang, Goldman Sachs, Bao Fan, Bao, Xi, Li Xiaopeng, —, Li, Liu Liange, Liu, “, Wang Bin, Wang Organizations: Hong Kong CNN, Industrial, Commercial Bank of China, Central Commission, P, Deutsche Bank, ICBC’s Communist Party, Xinhua, CNN, China, Communist Party, of China, China Life Insurance Locations: China, Hong Kong, ICBC, Xinhua

☆ Storylines Residential Cruise Faces Backlash From Investors, Ex-Employees
▼ + stars: | 2023-11-01 | by ( Kate Taylor | Brittany Chang | ) www.businessinsider.com time to read: +31 min

Storylines' first cruise ship was initially scheduled to launch in 2019; it's now set for December 2026. Nine former employees, consultants, and investors told Insider that they'd come to doubt the MV Narrative would ever be built. The only existing residential cruise ship is The World. Many Storylines buyers remain optimistic about the residential cruise ship. "The ball is in your court," Punton told buyers in July in a video that's since been taken down.

Persons: Alister Punton, Punton, Shannon Lee, Mike Kasperzak, Jim Holt, Holt, Angela Nuran, Paul Cosentino, Cosentino, We're, Lee, it's, Alexandre Caillol, Condé, superyachts, Sean Fremder, Weeks, Caillol —, —, Marco Polo —, PitchBook, Alexandra Zodian —, Caillol, Michael Edwards, Edwards, he'd, Martin Buggy, Melissa Edyvean, Edyvean, Paul Read, Salvatore R, Mercogliano, Pat Helmers, Helmers, Michael Perisi, Andrew Lentz, didn't, Lentz, Wrocław . Lentz, Andrew, I'm, Lee ., Dick Rosman —, Lee —, Krzysztof Kontek, Kontek's, Michal Jackiewicz, Brodosplit, Brian Martin, Read, Nuran, We've, he's, New Zealand —, Kasperzak, " Lentz Organizations: Punton, Army, West —, Industry, CNN, Brodosplit, Regent Seven Seas, Wall Street Journal, Korea's Samsung Heavy Industries, Utopia, Beverly Hills, Rock City, The Raiders, Raiders, Holland America's, Mariners, New Zealand Locations: massages, Croatian, Beverly, Punton, Queensland, Australia, Broadbeach, California, Rock, Brisbane, Netherlands, Caillol, Polynesia, French Polynesia, France, London, Australian, British, Delaware, Sweden, Tahiti, Perth, Ecuador, Poland, Wrocław, Mexico, Florida, New

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ Kyrsten Sinema said she doesn't care if she loses reelection because she 'saved the Senate by myself' and can go serve 'on any board I want to,' book says
▼ + stars: | 2023-10-24 | by ( Bryan Metzger | Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Kyrsten Sinema doesn't care one bit if she wins re-election, according to a new book. Sinema told Romney said she saved the filibuster and the Senate and that's "good enough for me." AdvertisementAdvertisementSen. Kyrsten Sinema will face an exceedingly difficult re-election race in Arizona next year, if she chooses to run. I can do anything," she told Romney, according to the book. "I saved the Senate filibuster by myself.

Persons: Kyrsten, Sinema, Romney, —, Sen, McKay, Republican Sen, Mitt Romney, Hannah Hurley, Hurley, Ben Sasse, Nebraska, Joe Manchin, Coppins, Joe Biden's, Manchin, Ruben Gallego, she's, Gallego, Kari Lake Organizations: Senate, Service, Democrat, Republican, —, University of Florida, Democratic, Republicans, Democratic Party, Democratic Rep, Democrats Locations: Arizona, Utah, West Virginia

☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

☆ Nomura is merely first in line for new China risk
▼ + stars: | 2023-09-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

After all, Nomura is a minnow in China, ranking 82nd in investment banking in the country by net revenue in 2021, data from Dealogic shows. Like most of its more successful global investment banking peers, Nomura has an eye on deepening its business in China. It acquired a license for a majority-owned securities joint venture, Nomura Orient International Securities, in 2019. Follow @ugalani on TwitterCONTEXT NEWSAuthorities in China have barred Charles Wang Zhonghe, China investment banking chair at Nomura, from leaving the mainland, Reuters reported on Sept. 25 citing two sources with knowledge of the matter. Beijing’s investigation into Cong, former president of China Renaissance Holdings, resulted in the investment bank’s founder Bao being taken away by Chinese authorities in February.

Persons: Charles Wang Zhonghe, Nomura, Goldman Sachs, Morgan Stanley, Wang, Bao Fan, hasn’t, Xi Jinping, Banks, Cong Lin, Bao, Cong, Nomura’s Wang, Antony Currie, Oliver Taslic Organizations: Reuters, Financial Times, UBS, HK, China Securities, Nomura, Commercial Bank of China, China, Apple, Nomura Orient International Securities, Authorities, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Thomson Locations: MUMBAI, China, Hong Kong, It’s, Singapore, People’s Republic

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

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