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☆ Goldman Sachs refreshed its conviction lists of global stocks — giving one 63% upside
▼ + stars: | 2024-06-20 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Goldman Sachs refreshed its lists of top global stock picks for June by adding some and removing others. The stocks are captured in the investment bank's "Conviction List - Directors' Cut" and seeks to offer investors a "curated and active" list of 15 to 25 buy-rated stocks. The stocks are selected by a group designated by the bank's Investment Review Committee for each region. Here are three of the latest additions to Goldman's directors' cut lists — for Asia-Pacific and Europe — that were given more than 40% upside potential in the next 12 months. Goldman has a target price of 685 New Taiwan dollars ($21.16) on the stock, implying 54.1% potential upside.

Persons: Goldman Sachs, Goldman, Chao Wang, Oil Goldman, Nikhil Bhandari, Phillips, Daniela Costa, CNBC's Michael Bloom Organizations: bank's Investment, EMC, Taiwan Stock Exchange, SmartETFs Asia, New, Oil, Project, bbl, PTT Public Company, Stock Exchange of, Nasdaq, Philips, Euronext Locations: Asia, Pacific, Europe, New Taiwan, Thailand's, Stock Exchange of Thailand, Dutch, Euronext Amsterdam

☆ Millennials and Gen Zers are 'quiet quitting' friendships, and it could backfire
▼ + stars: | 2024-06-20 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +5 min

Read previewSome millennials and Gen Zers are embracing "quiet quitting" as a means of ending friendships. "While losing enduring connections can lead to feelings of isolation or missing out, quiet quitting may also be a healthy way for millennials and Gen Zers to prune their social lives, allowing new, richer relationships to grow," he added. Quiet quitting can lead to regret, experts sayMark Vahrmeyer, a psychotherapist and cofounder of Brighton and Hove Psychotherapy, told BI that the consequences of quiet quitting depend on the circumstances. Sophie Mort, a clinical psychologist and mental health expert at Headspace, told BI that quiet quitting to avoid conflict will lead to feelings of regret, as unresolved feelings remain permanently unaddressed. AdvertisementMargaret Bankole, a friendship and relationships counselor, told BI that quiet quitting can be harmful for both sides, as it will ruin the opportunity to gain closure.

Persons: —, Zers, Melissa Ann Marie, Marie, 168,7000, gossiped, Daniel Glazer, Blaquier, Mark Vahrmeyer, Sophie Mort, Margaret Bankole Organizations: Service, Business, Brighton, Hove Psychotherapy Locations: millennials, Argentina, Buenos Aires, Hove

☆ This AI play is about to pass Warren Buffett’s Berkshire Hathaway in market value
▼ + stars: | 2024-06-20 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Once-obscure chipmaker Broadcom has enjoyed a record-setting rally that's pushed its market capitalization inches behind Warren Buffett's Berkshire Hathaway conglomerate and its portfolio of household names and economic bellwethers. When Broadcom hit an all-time high earlier this week, its market capitalization briefly surpassed drug maker Eli Lilly's. As of Tuesday's close, Broadcom had a market cap of $839 billion, right behind Eli Lilly's $845 billion and Berkshire's $882 billion. Omaha-based Berkshire is currently No.7 in market value, after a cluster of megacap technology giants. Big AI beneficiary Broadcom, meanwhile, is seeing strong demand from customers in need of high-capacity chips that can power complex AI applications.

Persons: that's, Warren Buffett's, Eli Lilly's, Hock Tan, Steve Sosnick, Tesla, Morgan Stanley Organizations: Broadcom, Warren, Warren Buffett's Berkshire Hathaway, Apple, Berkshire, BNSF Railway, Geico Insurance, U.S ., PetroChina, Bank of America, Interactive Brokers, VMware Locations: Palo Alto , California, Omaha, Berkshire, U.S, Saudi Aramco

☆ Stocks making the biggest moves midday: Gilead Sciences, Accenture, Trump Media, AMD and more
▼ + stars: | 2024-06-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Trump Media & Technology Group — After former President Donald Trump's company said on Tuesday that the Securities and Exchange Commission had declared effective Trump Media's registration of additional shares, the stock dropped 13.5%. Super Micro Computer — Shares jumped 5% after Elon Musk said the company will help his AI firm, xAI, build a supercomputer . Winnebago reported $1.13 in adjusted earnings per share on $786 million of revenue for its fiscal third quarter. Commercial Metals — Shares gained 5.6% after the company reported a revenue beat for its third quarter. Analysts surveyed by LSEG had forecasted $1.80 earnings per share and $1.65 billion in revenue.

Persons: lenacapavir, Donald Trump's, Elon Musk, Piper Sandler, Winnebago, FactSet, Heather Balsky, Jabil, LSEG, —, Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound, Lisa Han Organizations: Accenture, Gilead Sciences, Trump Media & Technology, Securities and Exchange Commission, Trump, Darden, Garden, LongHorn, LSEG . Revenue, Winnebago Industries, Bank of America, Jazz Pharmaceuticals, Metals, Revenue, KB

In 2023, Texas led the nation in solar installations on its power grid, surpassing California for its second consecutive year. Explosive power demand poses a challenge to the Biden administration's goal of converting the U.S. power grid to 100% clean electricity by 2035. Nextracker is a leading U.S. solar firm, building systems that allow panels to track to the position of the sun, improving the efficiency of solar power plants. Shugar pointed to the massive number of renewable projects in the U.S. seeking connection to the power grid. But as energy demand increases, the value of each additional hour should rise, eventually making longer duration batteries more cost effective, he said.

Persons: Brandon Bell, Andrés Gluski, Joseph Rand, We've, Kelley, Wells, Goldman Sachs, Biden, Ryan Sweezey, Wood Mackenzie, Richard Kinder, Kinder Morgan, Kinder, Amin Nasser, Nasser, Shugar, Lawrence, Lazard, Nextracker's Shugar, Lawrence Berkeley, Amol Phadke, Rand, Sweezey, Reid Ramdathsingh, Ramdathsingh, Fluence, John Zahurancik, Zahurancik, it's, Zahuranick Organizations: Getty, Renewables, Energy Information Administration, Department of Energy, Big Tech, Microsoft, AES Corporation, Google, AES, Meta, UBS, Solar, Lawrence Berkeley National Laboratory, U.S, Tech, North America, DOE, CNBC, University of California Berkeley's Goldman School of Public, Goldman School, Lawrence, Rystad Energy, Siemens Locations: Ector County , Texas, Texas, California, United States, U.S, Wells Fargo, Saudi, Houston, Lawrence Berkeley, Fluence's Americas

☆ More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says
▼ + stars: | 2024-06-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

But, according to a new report from Citigroup researchers, "finance will be at the forefront of the changes." That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement. Citi's AI in FInance report. AdvertisementIn an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point. "I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu.

Persons: —, Shameek Kundu, Kundu Organizations: Service, Citigroup, Business, Accenture Research, Economic, Citi, FInance, of England

☆ Klarna rival Zilch raises $125 million with aim to triple sales and accelerate path to IPO
▼ + stars: | 2024-06-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Zilch initially sourced credit for its installment plans and other loans from Goldman Sachs 's private credit arm. The additional $190 million of credit will become available to Zilch as the firm continues to grow. Once Zilch has reaches the $315 million maximum funding threshold, it expects to generate nearly $10 billion of GMV by 2026. The firm reported revenues of £30 million ($38 million) in the 12 months ended March 2023. Zilch also has an advertising sales network where it provides placements for retailers to promote their wares to consumers.

Persons: Phil Belamant, Zilch, it's, Goldman Sachs, Philip Belamant, we've, Goldman, Belamant Organizations: LONDON, Deutsche Bank, Goldman, CNBC, Apple, Citi

☆ Swiss regulator rules out UBS antitrust action over Credit Suisse deal
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

Switzerland's financial regulator ruled on Wednesday that the UBS takeover of Credit Suisse did not create any competition concerns, despite recommendations from the country's antitrust watchdog that it merited further scrutiny. "The merger of UBS and Credit Suisse will not eliminate effective competition in any market segment," Swiss financial regulator FINMA said in a statement. UBS said it will continue to implement its integration of Credit Suisse after FINMA's report. It also narrowed the financing options for the country's high-cost, export-orientated companies, especially with Credit Suisse seen as the bank which supported entrepreneurs. "When I look at the discussion after Credit Suisse's rescue by UBS, I see more fear than courage," he said in Lucerne.

Persons: FINMA, Sergio Ermotti Organizations: UBS, Credit Suisse Locations: Switzerland, Swiss, Lucerne

☆ Far-right blogger Jim Hoft used The Gateway Pundit's company funds to buy himself a Porsche and an oceanside Florida condo
▼ + stars: | 2024-06-18 | by ( Jacob Shamsian | Jack Newsham | ) www.businessinsider.com time to read: +5 min

Hoft appeared to view the distinction between his personal finances and TGP Communications, the now-bankrupt corporate entity that owns The Gateway Pundit, as little more than a formality. Both he and his brother, Joe Hoft — a Gateway Pundit cofounder — took loans from the company, he said. AdvertisementSome of the creditors suing The Gateway Pundit claim the bankruptcy is a legal maneuver to try to escape from accountability in other courts. Coomer has also sued Hoft after The Gateway Pundit falsely accused him of being on "a conference call filled with Antifa-sympathizing callers" to rig the election. He used the company to give himself an $800,000 loan to purchase a condo in 2021 in Jensen Beach, Florida, he said.

Persons: —, Jim Hoft, Hoft, Joe Hoft, We've, Ruby Freeman, Wandrea Moss, Eric Coomer, Freeman, Moss, Donald Trump, Rudy Giuliani, Coomer, Louis Organizations: Service, TGP Communications, Business, Voting Systems, New, New York City, Porsche, Trump, White House, US Trustee's, Pundit Locations: Florida, Georgia, New York, Jensen Beach , Florida, St

☆ Opinion | Why Israel Is in Existential Danger Today
▼ + stars: | 2024-06-18 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +2 min

On Nov. 4, 2022, just after the current far-right Israeli government coalition won election, I wrote a column with this headline: “The Israel We Knew Is Gone.” It was meant to be a warning flare about just how radical this coalition is. I believe events have proved them wrong — and the situation is now even worse: The Israel we knew is gone, and today’s Israel is in existential danger. Israel is up against a regional superpower, Iran, that has managed to put Israel into a vice grip, using its allies and proxies: Hamas, Hezbollah, the Houthis and Shiite militias in Iraq. Right now, Israel has no military or diplomatic answer. But Israel is led by a prime minister, Benjamin Netanyahu, who has to stay in power to avoid potentially being sent to prison on corruption charges.

Persons: Benjamin Netanyahu, — Organizations: West Bank, Palestinian Authority Locations: Israel, Iran, Iraq, Gaza, Lebanon, Oslo, Jordan

☆ Sen. Warren: It's not the job of Jay Powell to carry water for the biggest banks in this country
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Warren: It's not the job of Jay Powell to carry water for the biggest banks in this countrySen. Elizabeth Warren (D-Mass.) joins 'Squawk Box' to discuss her letter to Fed Chair Jerome Powell questioning the Fed about closed door conversations with JPMorgan CEO Jamie Dimon advocating for slashing bank capital requirements in half, why she's accusing Powell of doing the financial industry’s bidding in considering changes to Basel III Endgame regulations, and more.

Persons: Email Sen, Warren, It's, Jay Powell, Sen, Elizabeth Warren, Jerome Powell, Jamie Dimon, Powell Organizations: Email Locations: Basel

☆ 'Robust growth opportunity': Citi loves this global stock as it pivots to AI data centers
▼ + stars: | 2024-06-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Industrial property firm Goodman Group is converting its traditional warehouses into data centers to meet the surging demand for artificial intelligence infrastructure. Citi believes this trend will likely drive "double-digit medium-term earnings growth" and has added the Australian stock to its "Pan-Asia Focus list." Data centers are large buildings that house critical computing infrastructure and equipment. "As it progresses opportunities in data centers, it is likely to deliver a large range of products from powered sites and turnkey projects." Electricity has been a key bottleneck preventing many data centers from further expansion.

Persons: Howard Penny, Goodman Organizations: Goodman Group, Citi, GMG Locations: Asia, Sydney, United States, Australia, Japan, Hong Kong, Singapore

☆ Wells Fargo may have underestimated just how savvy millennial credit card holders can be
▼ + stars: | 2024-06-18 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +7 min

Read previewWells Fargo may have underestimated just how savvy young professionals could be with a credit card that rewards renters. A Bilt spokesperson told Business Insider that Wells Fargo does not make the numbers publicly available. In an email, a Wells Fargo spokesperson told Business Insider that co-branded credit cards are "one modest piece of the company's overall credit card business strategy, and the BILT credit card is one component of that." The Wells Fargo spokesperson said that "there has been no conversation among decision-makers to exit the BILT agreement. A Bilt spokesperson said the Journal's story is an "inaccurate representation of our strategic partnership with Wells Fargo."

Persons: —, Wells, Bilt, Dave Canty, Bilt's, Ankur Jain, Kevin, Amanda Smidt, they've, I've, Amanda, anesthetist, I'm, Wells Fargo, Amanda chimed, Jain Organizations: Service, Bilt Technologies, Business, Alaska Airlines, Virgin Atlantic, Hyatt, Wall Street, Financial Technology Partners, Miami, The Locations: Wells Fargo, San Francisco, Alaska, Wells, Miami, New York

☆ Inside the highly competitive training program that puts MBAs into a CEO role right after graduation — and is harder to get into than Harvard
▼ + stars: | 2024-06-18 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

Read previewWhat's the most sought-after job opportunity for graduating students of top business schools like Harvard Business School, Wharton at UPenn, and Stanford's Graduate School of Business? For the 2024 CIT program, which starts this summer, Alpine received 750 applications for just 12 slots, giving it an acceptance rate of 1.6%. Related stories"You're moving from Yale Law School and Harvard Business School to Jackson, Mississippi, to run a plumbing company," Anderman said as an example. Wurtzbacher also got invaluable leadership training from Weaver, a longtime professor at Stanford's Business School and winner of the MBA Distinguished Teaching Award in 2024. The CIT program is so attractive to them because it offers a clear path to doing this by leading a company.

Persons: —, Wharton, David Wurtzbacher, Wurtzbacher, Tal Lee Anderman, Graham Weaver, Weaver, JP, Graham, Anderman, they're, they've Organizations: Service, Harvard Business School, Stanford's Graduate School of Business, McKinsey, Business, Investors, Harvard, Stanford Business School, Green, Partners, CIT, Alpine's CIT, Wharton, Alpine, BI, Yale Law School, Alpine's San, Stanford's Business School, Stanford Locations: UPenn, San Francisco, Stanford, Manhattan, America, Jackson , Mississippi, Alpine's, Alpine's San Francisco, York, Carolinas, Virginia

☆ Shein's CEO is so low-profile his employees don't even recognize him: report
▼ + stars: | 2024-06-18 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

Read previewFast-fashion giant Shein is gearing up for its widely-anticipated debut as a public company. But one key figure has stayed out of the spotlight: CEO Xu Yangtian, also known as Sky Xu. Even Xu's own employees don't recognize him in the office, the South China Morning Post reported on Monday. As a public company CEO, he'll be expected to participate in regular updates — UK companies are not required to have quarterly earnings calls, but most do — and interact with investors. Loyalty to China under scrutinySo far, Shein's public face has been executive chairman Donald Tang.

Persons: —, Xu Yangtian, Xu, Chris Xu, Shein, Frances Townsend, Townsend, he'll, Jack Ma, Donald Tang, Bear Stearns, Tang Organizations: Service, TikTok, Business, China Morning Post, Wall, Bloomberg, Shein's, Street, Shein, Milken, Pacific, Financial Locations: Guangzhou, London, China, Shanghai, Beijing

☆ Asia-Pacific markets rebound as Wall Street rallies overnight; Australia holds rates
▼ + stars: | 2024-06-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A pedestrian and jogger pass the Reserve Bank of Australia (RBA) building, during a partial lockdown imposed due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020. David Gray | Bloomberg | Getty ImagesAsia-Pacific markets rebounded on Tuesday as Wall Street rallied overnight, with investors assessing the Reserve Bank of Australia's interest rate decision. The RBA held its benchmark interest rate at 4.35% for its fifth straight meeting, saying that inflation "remains above target and is proving persistent." The RBA also noted that the economic outlook remained "uncertain," with recent data signaling that achieving the inflation target was unlikely to be smooth. Automaker Hyundai also hit a fresh record, gaining about 1.62% on news that it plans to list its India unit in Mumbai.

Persons: David Gray, Kazuo Ueda, Akio Toyoda, Kospi Organizations: Reserve Bank of Australia, Bloomberg, Getty, Wall Street, Bank, Japan's Nikkei, Reuters, Bank of Japan, Toyota, Samsung Electronics, SK Hynix, Hyundai, CSI Locations: Sydney, Australia, Asia, Pacific, Mumbai, Hong

☆ How MBAs Are Skipping the Corporate Ladder to Become CEOs
▼ + stars: | 2024-06-18 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

☆ Goldman Sachs says it prefers Indian private banks to public sector banks
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs says it prefers Indian private banks to public sector banksRahul Jain of the investment bank discusses the landscape of India's banking sector and what investors should look out for.

Persons: Goldman Sachs, Rahul Jain

☆ Paris loses stock market crown to London as political upheaval looms
▼ + stars: | 2024-06-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —London’s stock market has edged ahead of its rival in Paris as fears grow over the outcome of France’s looming parliamentary elections. The first round of the French elections is scheduled for June 30, followed by a second round on July 7. Hubert de Barochez, a senior market economist at consultancy Capital Economics, said investors might be concerned that a parliament run by the National Rally would penalize banks. In contrast with the political and financial turmoil in France, UK financial markets are “relatively stable,” said Rudolph at IG Group. Credit ratings agencies are already keeping a close eye on France, one of the EU’s three most-indebted countries.

Persons: Emmanuel Macron, Axel Rudolph, you’ve, ”, OpinionWay, Macron, Hubert de Barochez, Rudolph, Richard Hunter, Mohit Kumar Organizations: London CNN, Bloomberg, CAC, FTSE, European Union, “, CNN, National, BNP, Credit, Capital Economics, IG Group, Labour Party, Interactive Investor, National Rally, Jefferies Locations: Paris, France, United Kingdom, Europe’s, Britain

☆ US announces major bust as efforts to crack down on Chinese money launderers working with drug cartels ratchet up
▼ + stars: | 2024-06-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +17 min

A US-based lawyer who has represented accused Chinese money launderers said the tempo of law enforcement operations against the alleged launderers has increased in recent weeks as federal agents close in on “bigger fish” among Chinese money launderers in the US. None of the federal law enforcement agencies involved in tracking Chinese money launderers agreed to be interviewed on the record. Grassley and Whitehouse have each introduced legislation they say is key to closing loopholes in US law that are actively exploited by the cartels’ money launderers. Elaborate networksRecent court documents illuminate how far-flung and elaborate US-based networks of alleged Chinese money launderers are. Mirror TransactionsExperts say the Chinese money launderers have mastered the art of so-called mirror transactions, which involve a series of deposits at multiple bank accounts to conceal the drug money.

Persons: ”, Anne Milgram, surveil, “, Don Im, Biden, HSI, Ricardo Mayoral, William Kimbell, ” Kimbell, launderers, —, Sen, Sheldon Whitehouse, ” Whitehouse, Treasury Department —, Whitehouse, Christopher Wray, Joe Biden, Xi Jinping, Republican Sen, Charles Grassley, Enhua Fang, Li Pei Tan, Tan, Joe Habachy, Matthew Rothbeind, Fang, Chaojie Chen, Chen, Greg Hunter, ” David Luckey, JPMorgan Chase Organizations: CNN, Drug, Administration, Sinaloa Cartel, US Court, Central, Central District of, DEA, IRS, “, Centers for Disease Control, Federal, Homeland Security, Treasury, Treasury Department, Treasury’s, Network, Homeland Security Investigations, DHS, Financial Crimes, Rhode Island Democrat, intel, Department of Homeland Security, FBI, Senate, ” CNN, White, Office of National Drug Control, Service, Biden, Republican, Grassley, Rand Corporation, of, JPMorgan Chase, Bank of America, JPMorgan, Organization Locations: California, Mexican, China, Mexico, Los Angeles, Sinaloa, Central District, Central District of California, Colombia, America, Oregon, Virginia, South Carolina, Washington, DC, North, Central America, —, Iowa, North Carolina, Belize, Chinese, Georgia, Chicago, Tulsa, East Coast, Detroit , Chicago, Ohio, Western, of North Carolina, Wells Fargo

It was a glimmer of familial normality in Gaza for a nine-year-old and her younger sibling that ended in tragedy. Hanan is one of thousands of critically ill patients waiting for medical evacuation from Gaza but unable to leave following the closure of the Rafah crossing to Egypt in early May. The only hope for many is to be evacuated through the Rafah crossing into Egypt and get treatment in neighboring countries. Since May 7, not one single case has been able to leave through Rafah, creating a backlog of desperation and severe cases. “The Rafah crossing should be reopened as quickly as possible,” Peeperkorn says, “or there should be an alternative crossing or mechanism actually applied because we cannot leave these critical patients.

Persons: CNN — Hanan Aqel, ” Hanan, Hanan, Mahmoud Mahane, Hanan Aqel, handout Hanan, Mohammad Al, ”, “, Rik Peeperkorn, Peeperkorn, ” Peeperkorn, European Union –, Kholoud, Malak Organizations: CNN, Aqsa Martyrs Hospital, Health, West Bank, European Union, Nasser Locations: Gaza, Al, Aqsa, Rafah, Egypt, Israel, Jerusalem, Qatar, Jordan, UAE, Turkey, COGAT, Palestinian Territories

☆ Bank of America's clients are increasingly worried about a stock market peak. Here are 10 indicators to identify a top — and the best investing approach for when it unfolds.
▼ + stars: | 2024-06-17 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

So that's what the bank did, listing 10 signals that they found to be most reliable, as well as the best investing approach for a market peak. The index has reached 110 within the six months preceding every market peak since July 1990, and in January 2024, it reached 111. ValuationElevated stock valuations are also telling of a market peak, but Bank of America's indicators relating to P/E ratios aren't currently triggered. A third macroeconomic indicator, Bank of America's Credit Stress Indicator (CSI), is not triggered. It often drops below 0.25 within six months of a market peak, but sits at 0.39.

Persons: —, Savita Subramanian, America quantifies Organizations: Service, Bank of America, Business, Conference, Bank of America Investor, Bank, America, The Conference Board, SSI, Wall Street, of America's, CSI Locations: today'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

"Consumers need to understand that the cavalry isn't coming anytime soon, so the best thing you can do is take things into your own hands when it comes to lowering credit card interest rates," said Matt Schulz, chief credit analyst at LendingTree. But that hasn't deterred credit card issuers from offering generous terms on balance transfer cards, Rossman said. But right now, it's kind of a Goldilocks environment for credit card issuers." It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: Matt Schulz, Michele Raneri, APRs aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, CNBC, Finance, Treasury Department, Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York

☆ Malaysia is emerging as a data center powerhouse amid booming demand from AI
▼ + stars: | 2024-06-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Over the past few years, the country has attracted billions of dollars in data center investments, including from tech giants like Google , Nvidia and Microsoft . Data center capacity is typically measured by the amount of electricity it consumes. Until then, Japan followed by Singapore currently lead the region in terms of live data center capacity. The index did not provide a detailed breakdown of data center capacity in China. Kenanga Investment Bank Research estimates that potential electricity demand from data centers in Malaysia will hit a total maximum demand of 5 GW by 2035.

Persons: James Murphy, APAC, Murphy, Byte's Murphy, it's Organizations: Luza, Getty, Malaysia, Google, Nvidia, Microsoft, DC, Authorities, Kenanga Investment Bank Research, Tenaga Nasional Berhad Locations: Southeast Asia, Johor Bahru, Singapore, Asia, Malaysia, Japan, India, China, Hong Kong, Malaysian

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