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☆ Doubt we'll see more than two 25bps rate cuts this year, says Bill Lee
▼ + stars: | 2024-04-29 | 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 EmailDoubt we'll see more than two 25bps rate cuts this year, says Bill LeeWilliam Lee, Chief Economist at the Milken Institute, gives his expectations for the upcoming Federal Reserve meeting.

Persons: Bill Lee William Lee Organizations: Milken Institute, Reserve

☆ Citigroup tops estimates for first-quarter revenue on better-than-expected Wall Street results
▼ + stars: | 2024-04-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted first-quarter revenue that topped analysts' estimates, helped by better-than-expected results in the bank's investment banking and trading operations. Revenue slipped 2% to $21.10 billion, mostly driven by the impact of selling an overseas business in the year-earlier period. Investment banking revenue jumped 35% to $903 million in the quarter, driven by rising debt and equity issuance, topping the $805 million StreetAccount estimate. Fixed income trading revenue fell 10% to $4.2 billion, edging out the $4.14 billion estimate, and equities revenue rose 5% to $1.2 billion, topping the $1.12 billion estimate. Now, analysts want to know if Citigroup can maintain its previous guidance for full-year revenue and expense targets.

Persons: Jane Fraser, Fraser, JPMorgan Chase, Goldman Sachs Organizations: Citi, Milken Institute Global Conference, Citigroup, LSEG Revenue, Revenue, Investment, Services, U.S, JPMorgan Locations: Beverly Hills , California

☆ Ripple CEO predicts crypto market will double in size to $5 trillion by the end of 2024
▼ + stars: | 2024-04-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Mike Blake | ReutersThe CEO of blockchain startup Ripple sees the combined market capitalization of the cryptocurrency market topping $5 trillion this year. If the market were to double, that would imply a new total crypto market cap of $5.2 trillion. Bitcoin accounts for about 49% of the entire crypto market, with a market capitalization of $1.3 trillion as of April 1. This year being an election year, crypto hopefuls are optimistic that the next administration will be more accommodating to the crypto industry with its policy focus. Garlinghouse isnt the only crypto bull predicting outsized gains for the crypto market this year.

Persons: Brad Garlinghouse, Mike Blake, Ripple's Brad Garlinghouse, I've, Garlinghouse, Gary Gensler, Ripple, Marshall Beard, there's, Beard, Anthony Pompliano Organizations: Milken, Global Conference, CNBC, U.S . Securities, Exchange Commission, SEC Locations: Beverly Hills , California, U.S, United States, London

☆ Certain work shifts may harm your health later in life, study finds
▼ + stars: | 2024-04-03 | by ( Kristen Rogers | ) edition.cnn.com time to read: +8 min

More dire long-term consequences may also be at play, according to new research on the associations between work patterns in young adulthood and health outcomes later in life. Multiple studies have shown how irregular work hours can harm overall health and social life, but the new paper views the relationship through a “life-course” approach, observing how work patterns affect health throughout adulthood instead of one point in time. Despite the challenges of today’s work schedules, health experts say there are strategies people can use to mitigate the negative impacts. Additionally, still having some kind of routine or schedule around that shift can make it easier to fit in those health-promoting activities — especially sleep, Yao added. And past research has found that refraining from eating late at night counteracts the negative effects of shift work on health, he added.

Persons: ”, Wen, Han, ” Han, White, Xiaoxi Yao, wasn’t, Yao, ” Yao, “, Leana Wen, Wen wasn’t, Azizi Seixas, Christian Benedict, Han’s, ” Benedict, Benedict, ” Seixas Organizations: CNN, Silver School of Social, New York University, Longitudinal Survey, Mayo Clinic, “, George Washington University Milken Institute School of Public Health, Center, University of Miami Miller School of Medicine, Uppsala University Locations: midlife, Minnesota, Sweden

☆ China is facing its most challenging economic problems in about 40 years: Milken Asia chair
▼ + stars: | 2024-03-26 | 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 EmailChina is facing its most challenging economic problems in about 40 years: Milken Asia chairRobin Hu, Asia chair of the Milken Institute, says "stability and predictability will show themselves to be necessary ingredients for success."

Persons: Milken, Robin Hu Organizations: China, Milken Institute Locations: Milken Asia, Asia

☆ Foundation cancels RBG award ceremony that would have honored Musk, Murdoch after family’s outcry
▼ + stars: | 2024-03-18 | by ( Tierney Sneed | ) edition.cnn.com time to read: +2 min

CNN —The foundation that selected SpaceX CEO Elon Musk, conservative media mogul Rupert Murdoch and other honorees as recipients of an award named after Ruth Bader Ginsburg announced Monday it is canceling its award ceremony after receiving pushback from the late justice’s family. The slate of this year’s honorees for the foundation’s “RBG Leadership” award, formerly the “Ruth Bader Ginsburg Women in Leadership” award, was announced last week and also included lifestyle icon Martha Stewart, actor Sylvester Stallone and financier Michael Milken. Ruth Bader Ginsburg, a longtime liberal member of the high court who died at age 87 in 2020, consistently delivered progressive votes on major social issues, including abortion rights, same-sex marriage and immigration. It is not interested in generating a debate about whether particular honorees are worthy or not,” she said. Indeed, Justice Ginsburg was known for her civility.”

Persons: Elon Musk, Rupert Murdoch, Ruth Bader Ginsburg, Julie Opperman, RBG, ”, ” Opperman, Martha Stewart, Sylvester Stallone, Michael Milken, Ginsburg, Jim Ginsburg, CNN’s Paula Reid, Murdoch, ” “, Ginsburg’s Organizations: CNN, SpaceX, Opperman Foundation, Foundation, Leadership

☆ Four of investors' top 5 favorite investment destinations are in Europe, Milken Institute report shows
▼ + stars: | 2024-03-18 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +3 min

Four of investors' top five favorite destinations are in Europe, according to the Milken Institute's Global Opportunity Index (GOI) report. The country ranked fifth in the financial services category, which evaluates the overall financial system in a nation as well as the accessibility to finance. Among Asian E&D economies, Malaysia emerged as investors' favorite and ranked 27th globally. Overall, E&D regions "offer attractive opportunities to investors interested in emerging markets with favorable growth potential," the report said. Rising tensions between the U.S. and China, however, have hit inflows to Asian E&D economies, down 75.4% in 2022, the report added.

Persons: Maggie Switek, Switek Organizations: New York Stock Exchange, Milken, Denmark, Denmark Sweden Finland United States United, The Milken Institute, The New York Times, U.S Locations: New York, Europe, Denmark, Denmark Sweden Finland United States United Kingdom, U.S, Finland, Asia, Malaysia, China

☆ Award in Ruth Bader Ginsburg’s name given to Elon Musk and Rupert Murdoch is a ‘desecration’ of her memory, son says
▼ + stars: | 2024-03-17 | by ( Jack Forrest | ) edition.cnn.com time to read: +3 min

The Ginsburg award “celebrates leaders who have demonstrated extraordinary accomplishments in their chosen fields,” according to the foundation. The award “has previously recognized women of distinction” but was expanded this year to include men and women. In addition to Musk and Murdoch, lifestyle icon Martha Stewart, actor Sylvester Stallone and financier Michael Milken are also 2024 recipients of the award. The Opperman Foundation did not respond to an inquiry Friday from CNN. CNN also reached out Sunday night for comment on Jim Ginsburg’s interview.

Persons: Ruth Bader Ginsburg, Elon Musk, Rupert Murdoch, ”, ” Jim Ginsburg, Paula Reid, Ginsburg, “, Murdoch, Martha Stewart, Sylvester Stallone, Michael Milken, Barbra Streisand, Jim Ginsburg, Reid, Jim Ginsburg’s, Stewart, Ruth Bader Ginsburg’s “, CNN’s Tierney Sneed Organizations: CNN, SpaceX, Opperman Foundation, Opperman, Foundation, ”

☆ Ruth Bader Ginsburg’s family dissents after award in her name is given to Elon Musk and Rupert Murdoch
▼ + stars: | 2024-03-15 | by ( Tierney Sneed | ) edition.cnn.com time to read: +3 min

CNN —The family of the late liberal Justice Ruth Bader Ginsburg wants her name pulled off an award after the foundation in charge of doling it out named SpaceX CEO Elon Musk and conservative media mogul Rupert Murdoch among this year’s recipients. In addition to Musk and Murdoch, lifestyle icon Martha Stewart, actor Sylvester Stallone and financier Michael Milken are also recipients of the award. The Ginsburg award “celebrates leaders who have demonstrated extraordinary accomplishments in their chosen fields,” according to an announcement by the foundation on Wednesday. “Justice Ginsburg fought not only for women but for everyone,” said Julie Opperman, chair of the foundation, in a statement accompanying the announcement this week. Barbra Streisand receives The Justice Ruth Bader Ginsburg Woman of Leadership Award on July 1, 2023 in Malibu, California.

Persons: Ruth Bader Ginsburg, Elon Musk, Rupert Murdoch, Ginsburg’s, Ginsburg, ”, Trevor Morrison, Murdoch, Martha Stewart, Sylvester Stallone, Michael Milken, “, Barbra Streisand, “ Justice Ginsburg, Julie Opperman, Stewart, ” Murdoch, Kevin Mazur, Dwight D, Morrison, CNN’s Devan Cole Organizations: CNN, SpaceX, Opperman, ”, New York University School of Law Locations: Malibu , California

☆ Denmark, Sweden, Finland top list for Milken's 2024 Global Opportunity Index
▼ + stars: | 2024-03-14 | 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 EmailDenmark, Sweden and Finland top the list for Milken's 2024 Global Opportunity IndexThe Milken Institute, an economic think tank based in California, released its annual Global Opportunity Index report which tracks investor interest in global economies. The U.S. ranked 4 while China ranked 39 — which is pretty high for an emerging economy, Senior Director Maggie Switek said.

Persons: Maggie Switek Organizations: Email, Milken Institute, U.S, China Locations: Email Denmark, Sweden, Finland, California

☆ 'Do I regret it? No’: AirAsia’s Tony Fernandes discusses viral topless LinkedIn post
▼ + stars: | 2024-03-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Tony Fernandes, chief executive officer of Capital A Bhd., during the Milken Institute Asia Summit in Singapore, on Thursday, Sept. 14, 2023. AirAsia founder and CEO Tony Fernandes says he does not regret the viral LinkedIn post that showed him receiving a massage during a meeting — and that transparency is worth potential controversy. The Malaysian businessman is known for an unfiltered approach to posting on social media. It has a disadvantage, that people will misrepresent and misunderstand Tony Fernandes the persona," he said. But by far the strongest reaction to a social media post by Fernandes came in October, when the businessman shared a photograph of himself shirtless in the office.

Persons: Tony Fernandes, Fernandes Organizations: Milken Institute Asia Summit, AirAsia, CNBC, Singapore Airlines Locations: Singapore, Malaysian, Indonesia

But a big problem persists as long as the coronavirus continues to spread: long COVID. Long COVID is a condition involving new, returning or ongoing health problems four or more weeks after initial coronavirus infection. “The long COVID community and the COVID cautious community are pretty furious about it,” Hennessy says. And of the people who were aware of long COVID, more than 20% said they at least somewhat agreed with the statements “those with Long COVID may just be depressed” and “Long COVID symptoms are often just the normal aches and pains of life.”“They’re told that their brain fog or other symptoms are not real, and that’s demoralizing,” Rylance said. Young adults and children can also have long COVID, with more than 1% of kids ever having long COVID as of 2022, according to a national survey.

Persons: Long, Long COVID, –, Paul Hennessy, ” Hennessy, Mandy Cohen, didn’t, Hennessy, “, ” Jamie Rylance, hadn’t, ” “ They’re, that’s, ” Rylance, they’re, ”, it’s, Lynn Goldman Organizations: World Health Organization, Washington , D.C, Survey, Centers for Disease Control, CDC, PBS, COVID, CDC’s National Center for Health Statistics, U.S . Research, New England, of Medicine, Milken Institute School of Public Health, George Washington University Locations: U.S, Washington, Washington ,

☆ How sleep can affect diabetes risk, according to new study
▼ + stars: | 2024-03-05 | by ( Kristen Rogers | ) edition.cnn.com time to read: +5 min

Sleep is an important lifestyle factor in reducing risk for type 2 diabetes, a new study has found. In terms of risk for type 2 diabetes, there wasn’t a significant difference between those with normal sleep and those who slept six hours. And even for those who ate the healthiest, their diet didn’t offset the effects of insufficient sleep on diabetes risk. The findings are also based on participants’ recollections of their food and sleep habits, according to the study. Confirming a causal relationship “would require randomized trials intervening on sleeping habits to increase sleep time and see if this reduces risk of diabetes in those at risk, e.g.

Persons: CNN —, Dr, Diana Nôga, ” Nôga, ”, Leana Wen, Wen wasn’t, ” Wen, Naveed Sattar, ” Sattar, Wen Organizations: CNN, JAMA, biosciences, Uppsala University, Lighthouse Films, George Washington University Milken Institute School of Public Health, University of Glasgow Locations: Sweden, United Kingdom, Scotland, “

☆ Two market experts debate the push and pull between stocks and the economy
▼ + stars: | 2024-03-04 | 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 EmailTwo market experts debate the push and pull between stocks and the economyJames Cakmak, Partner at Clockwise Capital, and William Lee, Chief Economist at the Milken Institute, discuss the staying power of the markets' rally.

Persons: James Cakmak, William Lee Organizations: Milken Institute

☆ FTX fraudster Bankman-Fried seeks less than 7 year sentence, claims he is at risk of 'harm and extortion' in prison
▼ + stars: | 2024-02-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +7 min

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. "The harm to customers, lenders, and investors is zero," Bankman-Fried's lawyers wrote. The lawyers wrote that Bankman-Fried has a "neurodiversity" that "greatly affects how he perceives and is perceived." It is not a disease or a condition that needs to be cured," the lawyers wrote. "Individuals with ASD are often at considerably greater risk of physical harm and extortion in prison than other inmates," the lawyers wrote.

Persons: Sam Bankman, Fried, Joseph Bankman, Barbara Fried, Lewis Kaplan, —, Michael Milken, Damian Williams, Williams, Kaplan, Marc Mukasey, Sam, Drexel Burnham Lambert, Milken Organizations: Bankman, Alameda Research, The Manhattan U.S, PSR, Defense, Drexel, CNBC PRO Locations: New York, FTX, Manhattan, Alameda, Brooklyn , New York

☆ Inside the rocky marriage of hedge funds and top AI talent
▼ + stars: | 2024-02-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +11 min

AI researchers have struggled with hedge funds' culture around proprietary secrets, which goes against the open-source philosophy foundational to AI and academia. Some recruiters, including Michael Stover, are seeing double- and triple-digit growth in AI hiring among hedge funds and prop-trading firms. For heads of AI, he said, hedge funds are dishing out a minimum of $1.5 million in total comp. But perhaps the top reason hedge funds are interested in the technology is that AI capabilities are bait in the war for investing talent. It's one of the few large US hedge funds without an executive or centralized team dedicated to AI or machine learning.

Persons: Ken Griffin's Citadel, Li Deng, Deng, Ken, Ken Griffin, Michael Stover, Stover, ExodusPoint, Balyasny, Agni Ghosh, Stott, isn't, Sumeet Chabria, Conor Twomey, Tim Mace, Mace, May's Ghosh, it's, They're, Peter Finter, Finter, That's, Ghosh, you've Organizations: Microsoft, Business, Citadel, Milken Institute, Reuters, Millennium Management, Bloomberg, Balyasny Asset Management, Man, Bank of America, Wall, Wall Street, Tech, Google Locations: Chicago, Seattle, Beverly Hills , California, London, San Francisco, Silicon Valley, Wall

☆ Giving Big, a California Couple Gets Gratitude and Scrutiny
▼ + stars: | 2024-02-26 | by ( Robin Pogrebin | ) www.nytimes.com time to read: +1 min

Standing on the grand staircase of Lynda and Stewart Resnick's opulent Beverly Hills mansion at a party last fall — where Diane Keaton, Bob Iger and Brian Grazer were among the luminaries making small talk over crudités and Sazerac cocktails — the author Walter Isaacson took a moment to thank his hosts. Not only were the Resnicks giving the party to celebrate his new biography of Elon Musk, they had also been major supporters of his former professional home, the Aspen Institute, donating $36 million to the think tank over the years. Isaacson was not the only one in the room with reason to be grateful to them. Overall, the Resnicks — whose Wonderful Company business empire includes Pom Wonderful pomegranate juice, Wonderful Pistachios, Fiji Water, Halos mandarins and Teleflora, the flower-delivery service — have donated $1.9 billion of their estimated $13 billion fortune to academic institutions, climate change initiatives, cultural organizations and programs in California’s Central Valley. Their gifts have landed them on the Chronicle of Philanthropy’s annual list of the 50 biggest donors three times.

Persons: Stewart, Diane Keaton, Bob Iger, Brian Grazer, Walter Isaacson, Elon Musk, Isaacson, Picasso, Fragonard, Boucher, Michael Govan, Ann Philbin, Michael Milken Organizations: Aspen Institute, Angeles County Museum of Art, Milken Institute, Wonderful Company Locations: Beverly, Fiji, Central Valley

☆ Woman drops lawsuit against Leon Black alleging rape at Jeffrey Epstein mansion
▼ + stars: | 2024-02-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

FILE: Leon Black, chairman and chief executive officer of Apollo Global Management LLC, at the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 1, 2018. A woman who had accused Apollo Global Management co-founder Leon Black of raping her at the New York mansion of the late sex predator Jeffrey Epstein has agreed to drop her civil lawsuit against Black. Black, in a statement provided to CNBC on Monday, said, "I have never met Ms. Pierson. Black left Apollo in March 2021, months earlier than he previously had said he would. The Wigdor law firm is continuing to pursue a separate lawsuit against Black that its attorneys filed in July, alleging that he raped a then-16-year-old girl with autism at Epstein's Manhattan home in 2002.

Persons: Leon Black, Jeffrey Epstein, Cheri Pierson, Pierson, Black, Danya Perry, Wigdor, Epstein, Wigdor . Black, Jane Doe Organizations: Apollo Global Management, Milken Institute Global Conference, Black, Manhattan Supreme, Epstein's, CNBC, Wigdor LLP, U.S . Virgin, Wigdor, Manhattan Locations: Beverly Hills , California, U.S, York, Florida, Manhattan, Wigdor .

Fran Horowitz, Abercrombie & Fitch CEO: The future of retail is small, efficient, omni stores, and they're located where the customer tells us. I get really, really excited about what this means in the operations of the business, using predictive analytics to help us forecast demand. They're worldwide, a zillion stores, and their operations and execution, aside from their merchandising, I think they're always on top of the game. I think you're going to see an interaction with someone in a setting that doesn't look like retail, but looks like a fantastic experience. Nicholas of Sam's Club: Another retail standard that is really going to be important beyond the customer is energy.

Persons: Christina Locopo, Fran Horowitz, Abercrombie, Patrick MacLeod, WWD, Michelle Gass, Levi Strauss, they're, Jens Grede, Geoffroy van Raemdonck, Neiman Marcus, there'll, Trina, Patrick T, Fallon, Chris Nicholas, Kara Trent, Levi's Gass, Tom Ward, Erin Black, CNBC Abercrombie's Horowitz, Marc Lore, Mickey Drexler, TikTok, Adam Jeffery, Dave Kimbell, It's, Scott Mlyn, CNBC Neiman's van, you've, Yael Cosset, —, Ulta's, Arturo Holmes, Trent, That's, we've, Kroger's, Abercrombie's Horowitz, I've, Dia Dipasupil, Neiman's van, who's, Lulu, Drexler, Armour's, Dior, Louis Vuitton, Hermes, Armour Levi's Gass, Emma Grede, Kardashian, Kim, Geoffroy van Raemdonck Patrick Mckleod, Nicholas of Organizations: CNBC, Abercrombie, Fitch, Abercrombie & Fitch Co, Penske Media, Getty, Milken Institute Global Conference, AFP, Sam's, Technology, Walmart U.S, Walmart, New York Times, Navy, WWD, Young, Nike, TJX, Zara, Armour's Trent, Americas, Nicholas of Sam's, Sam's Club Locations: they're, Beverly Hills , California, New York City, America, New York, U.S, Skims, Inditex, Kara, Walmart's

☆ 11 US cities with the best mix of jobs, pay, and affordability
▼ + stars: | 2024-02-07 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Raleigh and Boise also placed high for large cities, while Idaho Falls ranked first for small cities. Per the rankings, only 11 large cities and seven small cities were classified as Tier 1, placing high among many metrics. Big cities also saw their tech sectors grow much faster than small cities. Philadelphia jumped 130 places between 2023 and 2024 in the large cities list, while Manhattan, Kansas, rose 160 places for small cities. AdvertisementFour of the top seven small cities were in Idaho, exemplified by Coeur d'Alene, Twin Falls, and Pocatello.

Persons: Austin, —, Milken, hasn't, Richmond , Virginia —, Paso Robles, El Centro Organizations: Milken Institute, Raleigh, Idaho Falls, Service, Boise, Bureau of Labor Statistics, Idaho National Laboratory, Obispo Locations: Boise, Austin, Raleigh, Los Angeles, Long, Glendale and New York, Jersey, White, Sunbelt, Provo, Orem, Utah, Salt Lake City, Elgin , Illinois, Houston, , Texas, Richmond , Virginia, Charleston, North Charleston, South Carolina, Philadelphia, Manhattan , Kansas, Wichita, Lawrence, Kansas, Idaho, Coeur d'Alene, Twin Falls, Pocatello . Idaho, California, San Luis, Arroyo Grande, Modesto, El

☆ Byron Allen, offering $14 billion for Paramount, has a long history of media bids that haven't materialized
▼ + stars: | 2024-01-31 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +4 min

Byron Allen, founder, chairman and CEO of the Allen Media Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2022. Byron Allen, the media mogul offering $14 billion for Paramount Global , told CNBC on Wednesday that he has the money to finance a deal, despite skepticism around his deal-making. Allen told CNBC he hasn't received a response from Paramount to his most recent offer. Paramount reported in its third-quarter earnings report that its streaming platform, Paramount+, increased its subscriber count to 63 million. Allen told CNBC he wants to buy Paramount for its linear networks, what he says is the most challenging part of the company.

Persons: Byron Allen, Allen, hasn't, Shari Redstone, David Ellison's, Tegna Allen, of Famer Babe Ruth, Babe Ruth, Ruth, Paramount's, — CNBC's Alex Sherman, Julia Boorstin Organizations: Allen Media Group, Milken Institute Global Conference, Paramount Global, CNBC, Federal Communications Commission, Street, Paramount, CBS, Showtime, Nickelodeon, Media, Paramount Pictures, Warner Bros, Black Entertainment Television, VH1, Bloomberg, Scripps, ABC, Disney, National Football League's, The Weather, of Famer, Netflix, CNBC PRO Locations: Beverly Hills , California, U.S, E.W

☆ Wells Fargo CEO expects severance expenses to exceed $750 million
▼ + stars: | 2023-12-05 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

Charlie Scharf, CEO, Wells Fargo, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Dec 5 (Reuters) - Wells Fargo (WFC.N) CEO Charlie Scharf told investors on Tuesday he expects to book higher-than-anticipated severance expenses between $750 million to a little less than $1 billion in the fourth quarter. The bank has reduced its workforce since the third quarter of 2020 and it stood at 227,363 at the end of third quarter of this year. Wells Fargo set aside $359 million for potential credit losses on office real estate in the third quarter, bringing total allowances to $2.6 billion for the first nine months of 2023. Wells Fargo has reduced its origination in auto loans and has also been reducing the size of its mortgage servicing portfolio.

Persons: Charlie Scharf, Wells, Mike Blake, Scharf, Goldman Sachs, " Scharf, Wells Fargo, Nupur Anand, Lananh Nguyen, Chizu Organizations: Milken, Global Conference, REUTERS, San, . Financial Services Conference, U.S, Thomson Locations: Wells Fargo, Beverly Hills , California, U.S, San Francisco, Wells

☆ Wells Fargo CEO warns of severance costs of nearly $1 billion in fourth quarter as layoffs loom
▼ + stars: | 2023-12-05 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. Wells Fargo CEO Charlie Scharf said Tuesday that low staff turnover means the company will likely book a large severance expense in the fourth quarter. That expense is an accrual for worker layoffs that Wells Fargo expects to make next year, according to a bank spokeswoman. Wells Fargo needs to get "more aggressive" managing headcount because employee attrition has slowed this year, Scharf added. Wells Fargo shares fell more than 1% on Tuesday.

Persons: Charlie Scharf, Wells, Scharf, Goldman Sachs, Wells Fargo, Morgan Stanley, James Gorman, Read Organizations: Milken Institute Global Conference, Street, U.S, Workers, Wells Locations: Wells Fargo, Beverly Hills , California, New York, U.S

☆ What makes lead poisoning so dangerous? A doctor explains
▼ + stars: | 2023-12-05 | by ( Deblina Chakraborty | ) edition.cnn.com time to read: +8 min

CNN: Why are high lead levels so dangerous, and why is it that children are most at risk for lead poisoning? This screening is essential, given the adverse outcomes of lead poisoning and because high lead levels are often asymptomatic. There are some therapies that exist for acute lead poisoning if a child has ingested a large quantity of lead-containing substances. A major source of lead exposure is through lead paint. Lead poisoning is a preventable tragedy, and we can all take steps to reduce its harm.

Persons: Biden, Leana Wen, Wen, laxatives Organizations: CNN, US Environmental Protection Agency, George Washington University Milken Institute School of Public Health, US Centers for Disease Control, CDC, US Food and Drug Administration Locations: United States

☆ Op-ed: Europe is leaving a void in a multipolar world
▼ + stars: | 2023-11-30 | by ( Kevin Klowden | Chief Global Strategist At The Milken Institute | ) www.cnbc.com time to read: +5 min

The Russian invasion of Ukraine only three months later served to provide an immediate driver for greater political unity within Europe. China, Russia and even the United States under Donald Trump have expressed dissatisfaction with institutions such as the World Trade Organization, the G7 and the United Nations. watch nowThe void is particularly apparent at the WTO, where the lack of European leadership on trade as the U.S. turned inward is particularly felt. Perhaps nothing shows the consequences of the lack of European strength in preserving these institutions than the Russian invasion of Ukraine. However, the combination of a split over Ukraine, and internal divisions within Europe, have prevented any way for Europe to play a key role with China.

Persons: Emmanuel Macron, Ursula von der Leyenââ, Pedro Sanchez Perez, Klaus Iohannis, Chancellor, Germany, Olaf Scholz, Charles Michel, Dursun, Angela Merkel, Donald Trump, Vladimir Putin, Merkel, Ursula von der Leyen, Xi Jinping Organizations: European Commission, European, European Union, Anadolu Agency, Getty, World Trade Organization, United Nations, WTO, EU, NATO, APEC Locations: Spain, Romania, Brussels, Belgium, United States, China, Europe, Russia, Ukraine, Israel, U.S, Germany, Moscow, India, Southeast Asia, EU, East, Africa

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