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☆ Richard Branson: This is the worst piece of career advice anyone's ever given me
▼ + stars: | 2024-06-27 | by ( Megan Sauer | ) www.cnbc.com time to read: +1 min

"Do what you know" is common career advice, but not everyone agrees it's wise. Virgin Group co-founder and billionaire Richard Branson says it's the worst career advice he's ever received. In fact, Branson broke through by doing the opposite, he discussed on a recent episode of the Work Life with Adam Grant podcast. Branson — who has a $2.6 billion net worth, according to Forbes — built his career and fortune from the Virgin Group, a venture capital and holding company. While Branson sold the music label for nearly $1 billion in 1992, the Virgin Group now owns companies in sectors ranging from airlines and hotels to media and spaceflight.

Persons: Richard Branson, he's, Branson, Adam Grant, Branson —, Forbes —, Grant Organizations: Virgin Group, Branson, Virgin Records, Rice University Locations: Wharton

☆ 6 signs you'll be a 'late bloomer' in your career — and how to set yourself up for a strong second act
▼ + stars: | 2024-06-27 | by ( Julia Pugachevsky | ) www.businessinsider.com time to read: +7 min

AdvertisementHe said there's no universal age that makes someone a late bloomer. Instead, he defines late bloomers as "people who start doing incredible things after the point when no one expects it." Sometimes, late bloomers would find a way to use their talents in new ways. "We're always keen to compare the late bloomer with the early bloomer," he said. "But I would compare the late bloomer with the person who dies without doing their thing."

Persons: —, Henry Oliver, Jay, Vera Wang, Malcolm X, Margaret Thatcher, Oliver, Margaret Thatcher's, Frank Lloyd Wright, Katharine Graham, Samuel Johnson, bloomers, wasn't, Matthew Stockman, I'm, Audrey Sutherland, She'd, Angelou, Jack Sotomayor, you've, James Baldwin, everything's, it's, Katharine Graham's, Robert R, McElroy, stabler, We're, bloomer Organizations: Service, Business, Washington, Getty, Washington Post Locations: bloomer, Alaska, California, New York

☆ Drone-on-drone clashes in Ukraine are like WWI dogfights — and tactics are evolving fast
▼ + stars: | 2024-06-27 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +8 min

Read previewThe sheer scale of drone use in Ukraine has given rise to an increasing battle for the skies, and the rise of drone-on-drone dogfights. He described how a small commercial drone out on reconnaissance might notice an enemy drone in the sky, fly above it, and drop down to clip its rotors. Armed Forces of UkraineOne of the simplest attacks is using an FPV drone to crash into an enemy drone, with or without an explosive attached. Ukrainian drone footage shows a Russian drone with an explosive payload hanging from it. Drones can be sent to look for antenna peeking out of windows — "a tell-tale sign of an enemy drone pilot covertly operating," he said.

Persons: —, James Patton Rogers, Mike Monnik, DroneSec, Monnik, DroneHunter, Skip, Patton Rogers, John Moore, we'll Organizations: Service, Business, Cornell Brooks Tech Policy Institute, Armed Forces of, Royal United Services Institute, Ukraine's Center, Strategic Communications, Information Security, Scientific, BI, Ukrainian Army's 93rd Brigade, Aircraft Locations: Ukraine, Russia, Russian, Ukrainian, Armed Forces of Ukraine, Bakhmut

☆ An ex-Survivor contestant who brought in five figures from her online business while filming the show explains how she created a lucrative passive income stream in 3 steps
▼ + stars: | 2024-06-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

The 36-year-old single mom runs an email marketing business. Here's how Wilcox created passive income in three steps. Wilcox started her email marketing business during the pandemic. "Everyone talks about passive income, but they keep growing. Earning passive income doesn't happen overnight.

Persons: —, Liz Wilcox, Wilcox, I'm, Here's, it's Organizations: Service, LAX, Business

☆ The ongoing cyber-attack incident at CDK Global has crippled car dealerships for days
▼ + stars: | 2024-06-27 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +8 min

The latest attack to receive wide attention continues that trend: An ongoing cyber incident at CDK Global, whose software car dealerships use to manage everything from scheduling to records, has crippled dealerships for days now, with no clear end in sight. Experts say hackers are getting more sophisticated and can hide in an organization’s systems for longer undetected. These hackers target companies in a supply chain-style attack, taking down entire industries to leverage more money. “There’s never been a story written on a company that successfully paid a ransom, and then quickly recovered their systems,” Noonan said. Others say healthcare is targeted because of the field’s aging technology, Steven McKeon, founder and CEO of software companies MacguyverTech and MacNerd, said in a release.

Persons: New York CNN —, ” Dror Liwer, they’re, Liwer, ” Liwer, Eric Noonan, Noonan, “ Ransomware, ” Noonan, John Dwyer, “ There’s, Gabby Jones, Cliff Steinhauer, Steinhauer, ” Steinhauer, Steven McKeon, shutdowns Dwyer, —, CNN’s Sean Lyngaas Organizations: New, New York CNN, CDK, Healthcare, UnitedHealth, Coro, CNN, Binary Defense, Bloomberg, Getty, FBI, “ Auto, National Cybersecurity Alliance, Ascension Providence Rochester Hospital Locations: New York, St, Louis, cybersecurity, Detroit , Michigan

☆ Luxury-travel advisors are in demand as Gen Z and millennials splurge on stress-free, meaningful vacations
▼ + stars: | 2024-06-27 | by ( Mariette Williams | ) www.businessinsider.com time to read: +8 min

Luxury travelers are not necessarily looking for the best deals but the best way to plan a trip without the hassle. Business Insider talked to three luxury-travel advisors about the industry's growth and how to transition into travel advising. D. Tours TravelAngela Adto Tepper, the owner of AZA Luxury Travel, said that the shift toward luxury travel had increased since the pandemic, with more Americans prioritizing travel. Traveler agents work on commission, getting a percentage of hotel, cruise, or tour costs, which is paid after a trip is over. Travel advisors can also offer complimentary upgrades and have access to experiences that might not be available to the public.

Persons: Gen, —, Gen Z, Diana Hechler, Hechler, Angela Adto Tepper, Tepper, it's, Maurice Smith, Eugene Toriko, Smith Organizations: Service, Travelers, Grand View Research, Agents, Business, AZA, Advisors, Michelin

☆ The Supreme Court is poised to unleash a weapon against Biden's climate policies
▼ + stars: | 2024-06-27 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Climate advocates and business groups are closely watching the US Supreme Court this week. The court could issue a ruling that sharply curtails the federal government's power to regulate the environment, including President Joe Biden's climate policies. Legal experts say the Supreme Court, with its conservative majority, is likely to overturn or significantly limit the Chevron doctrine. Meanwhile, he added, administrative lawyers have been preparing for this very scenario at the Supreme Court. Biden's EPA hasn't relied on the Chevron doctrine to defend its climate rules.

Persons: Joe Biden's, Charles Koch, Chevron, Biden, isn't, Ronald Reagan, David Doniger, Reagan, Doniger, Obama, Neil Gorsuch, Elena Kagan, Trump Organizations: Service, Business, Action Institute, Environmental, Agency, Natural Resources Defense Council, Chevron, Trump, EPA, Republican, Supreme Locations: Chevron

☆ Microsoft's new AI CEO Mustafa Suleyman works closely with these execs, internal tracking tool reveals
▼ + stars: | 2024-06-26 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +4 min

Read previewAn internal Microsoft tracking tool has revealed which executives AI CEO Mustafa Suleyman is working with most during his first few months on the job. Microsoft in March hired Suleyman , the head of startup Inflection AI and a cofounder of AI pioneer DeepMind, to be CEO of a newly formed Microsoft AI group. The organization is responsible for consumer AI products such as Microsoft's Copilot AI chatbot and the Bing search engine. Kevin Scott, Microsoft chief technology officerKevin Scott MicrosoftKevin Scott is Microsoft's chief technology officer and executive vice president of AI. Caitlin McCabe, CEO chief of staffMcCabe is Satya Nadella's chief of staff.

Persons: —, Mustafa Suleyman, Suleyman, Karén Simonyan, Yusuf Mehdi, Microsoft Nick Adams, Reuters Mehdi, Kevin Scott, Kevin Scott Microsoft Kevin Scott, He's, Scott, Kevin, Satya Nadella, Amy Hood, Phillip Faraone, Hood, Rajesh Jha, Jha wasn't, Jha, Caitlin McCabe, McCabe, Satya Nadella's, She's, Nadella, Jon Tinter, Chris Young, Tinter Organizations: Service, Microsoft, Business, Reuters, OpenAI

☆ 3 job search strategies for when the market feels impossible, from a career coach: 'Strong relationships are more important than ever'
▼ + stars: | 2024-06-26 | by ( Phoebe Gavin | ) www.cnbc.com time to read: +6 min

Think quality over quantityGiven the realities of the current job market, mentally prepare for a longer job hunt and be proactive about managing your energy. Job seeking is draining, and searches are inevitably going to take longer right now. Pick the right shortcutsCreating first-rate materials is time- and energy-intensive, even if the potential prize is a job you're over the moon for. Let them know you're on the hunt and tell them what you're looking for and why you're a good fit. Let them know you're on the hunt and tell them what you're looking for and why you're a good fit.

Persons: doesn't, aren't, you'll Organizations: Energy, LinkedIn

☆ Now Narrating the Olympics: A.I.-Al Michaels
▼ + stars: | 2024-06-26 | by ( John Koblin | ) www.nytimes.com time to read: +1 min

This year, highlights from the Summer Olympics will be brought to you by artificial intelligence — and more specifically, the A.I.-generated narration of Al Michaels. The reel will feature the voice of Mr. Michaels, the 79-year-old American broadcaster, who first covered the Olympics decades ago. Mr. Michaels, however, will not be holing up in a broadcast booth each night to briefly summarize the dozens of Olympic events that took place. Mr. Michaels granted approval for the use of his voice. “When I was approached about this, I was skeptical but obviously curious,” Mr. Michaels said in a statement issued by the company.

Persons: Al Michaels, Peacock, Michaels, —, Mr, ‘, ’ Organizations: NBCUniversal, Mr, NBC, Football

☆ Volkswagen Will Invest Up to $5 Billion in Rivian
▼ + stars: | 2024-06-25 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Volkswagen, the German automaker, said on Tuesday that it would invest up to $5 billion in Rivian, a maker of electric trucks that has struggled to turn a profit, and that the companies would cooperate on software for electric vehicles. Volkswagen said it would initially invest $1 billion in a new joint venture, and over time increase that to as much as $5 billion. The deal provides cash to Rivian, which has struggled to ramp up manufacturing of its electric pickups and sport utility vehicles. The deal could also help Volkswagen, which has struggled to develop software for its electric vehicles and compete with Tesla, by giving it access to Rivian’s software expertise. Vehicles using the new software will go on sale during the second half of the decade, Volkswagen said.

Organizations: Volkswagen, Tesla, Vehicles Locations: German, Rivian

☆ A 36-year-old single mom explains how she turned her skill for getting people to open their emails into a business that brings in $40,000 a month
▼ + stars: | 2024-06-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

That's how ignorant I was," the 36-year-old single mom told Business Insider. I'm used to working with beginners. That's when I thought, 'OK, I'm really on to something.'" "The first two years of the membership, it wasn't overwhelming but it definitely wasn't passive. "More than the money, I really want to do that because I want to show people what is possible.

Persons: —, Liz Wilcox, Wilcox, I'm, she'd, I've, she's Organizations: Service, Google, Business, Netflix, Black, LAX Locations: Destin , Florida

☆ Here are Monday's biggest analyst calls: Nvidia, Amazon, IBM, Micron, Apple, Tesla, Broadcom, Planet Fitness, UnitedHealth & more
▼ + stars: | 2024-06-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley initiates Ryder System as overweight Morgan Stanley said the transformation is underway for the transport company. " Morgan Stanley names UnitedHealth a top pick Morgan Stanley said the health-care company is compelling. "With this note, we are adjusting our Top Pick to UNH (from CI), where its relative share price performance presents an opportunity in our view." Morgan Stanley initiates Elevance Health as overweight Morgan Stanley called out Elevance Health's earnings power as it initiated coverage of the stock. " Melius reiterates Apple as buy Melius raised its price target on Apple to $260 per share from $227.

Persons: Jefferies, kingmaker, CARR, Goldman Sachs, Goldman, Morgan Stanley, Ryder, UnitedHealth, Bernstein, Tesla, TD Cowen, TD, it's, Melius, BEV, Eli Lilly, LLY Organizations: Nvidia, Citi, Micron, Carrier, UBS, Anheuser, Busch InBev, IBM, Bank of America, Broadcom, VMWare, CI, Elevance Health, Cherniere Energy, Cheniere Energy Inc, Ally, Barclays, Apple, " Bank of America, Alexa, Reuters, China, JPMorgan, Royal Locations: LLY, Royal Caribbean

☆ Getting Acquainted With Our New Workplace Columnist
▼ + stars: | 2024-06-22 | by ( Stefano Montali | ) www.nytimes.com time to read: +1 min

Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. Some writers aim to develop one area of expertise over the course of their careers. “Let’s put it this way: I don’t have a beat,” Ms. Holmes said. Ms. Holmes is the incoming writer of Work Friend, a column published by the Sunday Business section of The New York Times. It is a formula she’s used to, having explored workplace culture in Sad Desk Salad, a column for Bloomberg Businessweek.

Persons: Anna Holmes, “ Let’s, ” Ms, Holmes, Holmes’s, Roxane Gay Organizations: New York Times, Bloomberg Businessweek

☆ LVMH owner Bernard Arnault liked this Paris bistro so much his company bought it
▼ + stars: | 2024-06-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —French luxury conglomerate LVMH has added a tiny Parisian bistro to its sprawling empire of designer fashion brands, jewelry makers and hotels. A dish served at Chez l'Ami Louis restaurant in Paris. Her lifestyle company Goop describes Chez L’ami Louis on its website as “one of the best, most venerable bistros in Paris.”“It is small and wood-paneled, with an ancient oven and a sick wine list,” Goop gushed. In 2019, the company acquired Belmond, which owns hotels and organizes luxury rail and river cruises, in a $3.2 billion deal. Earlier this month, LVMH announced “a strategic investment” in the Orient Express, a brand offering luxury train travel owned by French hospitality firm Accor.

Persons: Bernard Arnault, Chez L’ami Louis, LVMH, “, Bill Clinton, Martin Scorsese, Victoria Beckham, Gwyneth Paltrow’s, Paris Arnault, Arnault, Kering, ” Arnault, Jeff Bezos, Elon Musk, Louis Vuitton Organizations: London CNN, Chez, Louis, CNN, Notre Dame, Bloomberg, Dior, Orient Express Locations: Paris

☆ Food hoarding is a problem. Here is what you need to know
▼ + stars: | 2024-06-21 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +6 min

Food hoarding can vary depending on the access the person has to buying food, Daigle said. It is interesting to talk about food hoarding after the lockdowns of the Covid-19 pandemic, because food hoarding served a purpose in that time, Daigle said. Some people engaging in food hoarding behaviors may isolate out of shame or feel more comfortable being around food versus being out in public. Some eating disorders have food hoarding as part of their behaviors, and the same experience may drive people to cope with both hoarding and eating disorder behaviors, she said. But shortages of other things children need may also lead to food hoarding, Daigle said.

Persons: Kimi Ceridon, Ceridon, “ We’ve, ”, Kate Daigle, Alexis Conason, Daigle, “ It’s, ” Daigle, “, Erin Rhinehart, ” Rhinehart, you’re, ” Conason, it’s Organizations: CNN, International, Susquehanna University Locations: Boston, Denver, York, Selinsgrove , Pennsylvania

☆ I was shocked to be laid off from my tech job — but I quickly realized it was a dream come true
▼ + stars: | 2024-06-20 | by ( Robin Madell | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I completed a 3.5-year apprenticeship as a media designer and engineer, and I've been in the tech industry since I was 15. Leaving so quickly wouldn't have been possible without the support of our LA friends, who helped us in many ways. Courtesy of Lucas FrischmannI came up with this idea as I struggled to keep up with all my connections. AdvertisementIf you were laid off from a tech company and want to share your story, please email Manseen Logan at mlogan@businessinsider.com.

Persons: —, Lucas Frischmann, It's, I've, Frischmann, it's, I'd, Manseen Logan Organizations: Service, Twitter, Meta, Business Locations: Los Angeles, Asia, Vietnam, Italy, Taiwan, Thailand, Japan, Indonesia, South Korea, Europe, Austria, Germany, Switzerland, Bangkok, Amalfi Coast, Bali , Indonesia, mlogan@businessinsider.com

☆ NatWest swoops on retailer Sainsbury's banking business
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: +2 min

The disposal by Sainsbury's mirrors this year's deal by rival supermarket chain Tesco to offload most of its banking activities to Barclays for 600 million pounds. The assets acquired include 1.4 billion pounds in unsecured personal loans, 1.1 billion pounds in credit card balances and about 2.6 billion pounds of customer deposits. The deal is expected to close in March 2025 and NatWest will receive an additional 125 million pounds payment from Sainsbury's at completion. Argos Financial Services (AFS) is also excluded from the deal, the retailer said, adding that its plans for this business will be announced at a future date. Sainsbury's expects to return excess capital of at least 250 million pounds to investors after the disposal and its future model for AFS is in place.

Persons: Jose Sarmento Matos, Paul Thwaite, Thwaite, Sainsbury's, Simon Roberts Organizations: National Statistics, Bloomberg, Getty, NatWest, Sainsbury, NatWest Chief, Tesco, Barclays, Argos Financial Services Locations: London

☆ The best-funded generative AI startups in Europe have something in common: Big Tech experience
▼ + stars: | 2024-06-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

That figure rose to more than a third (38%) for the top 40 European and Israeli generative AI companies in terms of venture funding raised, and 60% for the top 10 generative AI companies for funding levels. Google bought British AI lab DeepMind in 2014, and the firm's tech is now key to AI products including its Gemini generative AI tools. Many AI founders are professors, tooAccel noted universities play a major role in the creation of generative AI startups. British universities are the most popular study destination for generative AI founders, Accel's research found. France's Ecole Polytechnique is the second-highest academic founder factory in Europe, with 7% of generative AI founders having studied there.

Persons: Arthur Mensch, Porte de Versailles, Dealroom, Harry Nelis, Europe's, Nelis, Timothee Lacroix, Guillaume Lample, Laurent Sifre, Karl Tuyls, Charles Kantor, Mistral, Accel, —, Lourdes Agapito, Agapito, Matthias Niessner, Victor Riparbelli, Steffen Tjerrild Organizations: Viva Technology, Parc, Chesnot, Getty, Accel, Apple, Google, Microsoft, CNBC, Mistral France Paris, Alpha, Alpha Germany Heidelberg, Face France Paris, France Paris, United, United Kingdom London, Kingdom London, Facebook, Research, Meta, Amazon, Stanford University, British, University College London, UCL, University of Cambridge, France's Ecole Polytechnique Locations: Paris, France, Europe, Israel, Israeli, Alpha Germany, United Kingdom, British, London, France's

☆ Businesses are rushing to use generative AI. Now comes the messy part.
▼ + stars: | 2024-06-19 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +1 min

A vast majority of US companies are adopting generative AI tools, according to a new Bain survey. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBusinesses are embracing generative AI at an unusually fast pace. Half were tech companies while the rest were spread across retail and consumer goods, manufacturing, healthcare, and financial services. Here are the highlights:This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bain, Service, Bain & Company, Business

☆ A top VC predicts the industry is heading for a massive and enduring contraction
▼ + stars: | 2024-06-19 | by ( Blake Dodge | ) www.businessinsider.com time to read: +5 min

Venture capital has cyclical fluctuations, but Scott Stanford, a cofounder and partner at ACME Capital, an early-stage VC firm, thinks something more meaningful is underway. In a chart compiled by Stanford and shared with BI, by 1990, there were 300 VC firms overseeing $17 billion in assets. Now, there are 3,000 VC firms overseeing $1.2 trillion. Limited partners (LPs), or investors who put money into venture firms, have other options thanks to higher interest rates, Stanford added. AdvertisementThe ACME Capital team.

Persons: —, EisnerAmper, You've, Scott Stanford, Hany Nada, Stanford, today's, Nada Organizations: Service, Venture, Business, ACME Capital, Stanford, BI, ACME, Tech

☆ Wikipedia editors label the ADL as an unreliable source on the Israel-Palestine conflict
▼ + stars: | 2024-06-19 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

CNN —Wikipedia’s editors declared that the Anti-Defamation League cannot be trusted to give reliable information on the Israel-Palestine conflict, and they overwhelmingly said the ADL is an unreliable source on antisemitism. The editors, a group of volunteer moderators for one of the world’s most popular information websites, voted last week to label the ADL as a “generally unreliable” source on the Israel-Palestine conflict. Other generally unreliable sources, according to Wikipedia editors, include Russian state media, Fox News’ political coverage and Amazon reviews. The ADL also faces a vote from Wikipedia editors to potentially label the organization as unreliable on the topic of antisemitism. “Antizionism is a negation of Jewish history, a denial of Jewish humanity.”That didn’t sit well with Wikipedia’s editors.

Persons: CNN —, “, ”, refutations, Jonathan Greenblatt, James Loeffler, ” Greenblatt, ” Loeffler Organizations: CNN, Defamation, ADL, Fox News, Israel, White, John Hopkins University, ADL “ Locations: Israel, Palestine, Hate, Gaza

☆ Titan Disaster Forces Global Rethinking of Deep Sea Exploration
▼ + stars: | 2024-06-18 | by ( William J. Broad | ) www.nytimes.com time to read: +1 min

When five men died on June 18, 2023, in the implosion of the Titan submersible during a dive to the Titanic’s resting place, the knowledge of Paul-Henri Nargeolet was lost too. It was Nargeolet’s 38th dive to the sunken liner. Known as Mr. Titanic, he helped retrieve thousands of artifacts that have been displayed in museums and at events around the world. Jessica Sanders, president of RMS Titanic which is organizing the expedition, said, “there’s an art to artifact recovery and a human element that technology can never replace — and shouldn’t.” She said Mr. Nargeolet had embodied that kind of expertise. The robots are seen as safer.

Persons: Paul, Henri Nargeolet, Jessica Sanders, “, ”, Nargeolet Organizations: Titan

☆ During summer my family moves from New York City to Illinois. Summer camp is more affordable there.
▼ + stars: | 2024-06-17 | by ( ) www.businessinsider.com time to read: +5 min

I've always wanted my kids to experience the joy of summer camp — hiking, singing, and weaving colorful friendship bracelets. Thankfully, I'm an educator who doesn't work full-time during the summer, so we usually pursue an economical option, the DIY "Mama Camp." The author — who has summers off — would do "mama camp" with her children in New York City. Courtesy of the authorMy kids never complained about Mama Camp — but I still wanted them to see what camp was like with other kids. This year, "Mama Camp" will allow some time for Mama to play too.

Persons: I've, —, Mama Camp —, I'm, Mama Organizations: Service, Business, Parks Department Locations: New York, New York City, Queens, —, Illinois, Chicago, Manhattan, sister's

☆ Andy Sieg Could Be Citi's Next CEO If He Can Fix a Broken Wealth Business
▼ + stars: | 2024-06-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +23 min

Andy Sieg shocked the finance industry last spring when he left Merrill Wealth Management. AdvertisementBank of America analyst Ebrahim Poonawala recently argued that Citi should consider selling the wealth business if it cannot improve its profitability. AdvertisementWhile Sieg has told Citi managing directors to manage up less, a former Merrill executive who worked under him said Sieg was adept at it. Former Citi managing directorAdvertisementVahid's position will be taken by Kris Bitterly, the global head of investment products, in September. Mirroring tactics that supercharged Merrill, Sieg has changed Citi Wealth's compensation scheme to prioritize asset gathering, to the consternation of several employees.

Persons: Andy Sieg, Kevin Crain, Sieg, Crain, Jane Fraser, Fraser, Morgan Stanley, Merrill, Smith Barney, Ebrahim Poonawala, Wells, Mike Mayo, Brian Moynihan, Alex Wong, Moynihan, Fraser isn't, Mayo, anoint, Jamie Dimon, Jennifer Piepszak, Marianne Lake, Viswas Raghavan, Jane, He'd, George H, Bush, Bill Schreyer, Merrill Lynch, Dave Komansky, David Komansky, YOSHIKAZU TSUNO, Phil, Doug, Lord Abbett, David Poole, Citi's, there's, That's, Poole, Glenn Schorr, Jim O'Donnell, O'Donnell, Sieg's, Andy Sieg's, Naz Vahid, David Bailin, Bailin, Naz, Phil Waxelbaum, Vahid, Kris, Don Plaus, Keith Glenfield, Dawn Nordberg, Edward Jones, They're, Ernst & Young, he's Organizations: Merrill Wealth Management, Business, Citi, Bank of America, Morgan, BI, Merrill, Bank, Citigroup, JPMorgan, Harvard, Penn State, JPMorgan Advisors, United Arab, Citi . Citi, Work, Citi lifer, Former Citi, North, Citi Alliance, Citi Wealth, Bloomberg, Ernst &, Citizens Bank Locations: Sieg, Wells Fargo, Merrill, Bellefonte , Pennsylvania, Poole, Singapore, United Arab Emirates, Mexico, London, Aventura , Florida, Asia, Manhattan, North America

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