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Last year, banks opened 2023 by forecasting layoffs, including for the investment bankers who suddenly had nothing to do following the pandemic-era M&A and IPO boom. Citigroup kicked off 2024 ominously, warning that it will lay off as many as 20,000 employees by 2026. The bank expects 2024 expenses to increase further to total $90 billion, up $2.8 billion from 2023, and much of that will be focused on hiring. CFO Barnum on Friday said the bank is gearing up for a "rebound in the investment banking wallet." Headcount declined 3% to 80,006 from 82,427, while compensation expenses rose to $24.5 billion from $23 billion.
Persons: It's, it's, Jane Fraser, Jeremy Barnum, JPMorgan Chase Jamie Dimon, JPMorgan Chase, Alex Wroblewski, JPMorgan's headcount, Barnum, Friday, Patrick T, Fallon, , Fraser, Q, Goldman Sachs Goldman Sachs, David Solomon, BRENDAN MCDERMID, Goldman Sachs, Denis Coleman, Coleman, Goldman, Bank of America Brian Moynihan, Robert Galbraith, headcount, BofA, Alastair Borthwick, execs, they've, Brian Moynihan, Wells Fargo Charles Scharf, Lucy Nicholson Wells Fargo, Michael Santomassimo, Charlie Scharf, Santomassimo, BlackRock Larry Fink, Fink, Kapito, Morgan Stanley Ted Pick, Morgan Stanley, Jeenah, Headcount, Morgan, Ted Pick, Sharon Yeshaya, Blackstone Steven Schwarzman, Blackstone, Gonzalo Fuentes Organizations: Business, Citigroup, JPMorgan, Citi, BlackRock, Blackstone, Getty, AlphaSense, Citigroup Citigroup, Bank of America, REUTERS, Robert, Robert Galbraith Bank of America's, Reuters, AP BlackRock, Global Infrastructure Partners Locations: Wall, headcount, Wells Fargo
What to Know About the Iowa GOP Presidential Caucuses
  + stars: | 2024-01-15 | by ( John Mccormick | ) www.wsj.com   time to read: 1 min
Audience members listen as Nikki Haley speaks at an Ankeny, Iowa town hall last November, one of many visits by Republican presidential hopefuls to the state last year. Photo: Charlie Neibergall/Associated PressIowa’s presidential caucuses have for the past five decades awarded the small, mostly white state an oversize sway in the nation’s politics, providing everyday Iowans and the state’s elected leaders with access to powerful politicians, boosting profits for local television stations and helping secure deferential treatment for corn-based ethanol and other segments of its economy. News organizations from around the globe have descended on the state to cover the first-in-the nation event, which former President Donald Trump is heavily favored to win.
Persons: Nikki Haley, Charlie Neibergall, Donald Trump Organizations: Press Locations: Ankeny , Iowa
Matt Krohn/USA Today Network/Reuters New York Jets linebacker Quincy Williams grabs the jersey of Washington Commanders wide receiver Curtis Samuel on December 24. Adam Hunger/AP Indianapolis Colts wide receiver Josh Downs can't make the catch as Atlanta Falcons cornerback Clark Phillips III defends on December 24. Nathan Ray Seebeck/USA Today Network/Reuters Green Bay Packers wide receiver Jayden Reed stiff arms Joey Porter Jr. of the Pittsburgh Steelers on November 12. Michael Conroy/AP Kansas City Chiefs quarterback Patrick Mahomes walks off the field after the Chiefs' loss to the Denver Broncos on October 29. Michael Dwyer/AP Las Vegas Raiders wide receiver Davante Adams drops a pass in the end zone on October 22.
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Alberti, Chamarri Conner, Charles Omenihu, Nick Bolton of, Ezekiel Elliott, Sarah Stier, Raheem Mostert, Lauren Sopourn, Desmond Ridder, Jared C, Tilton, Bradley Chubb, Zach Wilson, Sam Navarro, Tommy DeVito, Chris Graythen, Sam LaPorta, Brandon Staley, Staley, Tom Telesco, Sean M, DeAndre Hopkins, Moore, Quinn Harris, Jake Ferguson, Kelee Ringo, Sam Hodde, Jamie Squire, Kevin C, Cox, Tylan Wallace, Wallace's, David Tulis, Nick Bosa, Drew Lock, Lock, Geno Smith, Trevor Lawrence, David Rosenblum, Brock Purdy, Matt Slocum, Tim Boyle, Al Bello, Roger McCreary, Trey Sermon, Andy Lyons, Brandon Aiyuk, Eric Hartline, Courtland Sutton, Eric Christian Smith, Jamal Adams, Roger Steinman, Jalen, Ian Johnson, Tyler Allgeier, Todd Kirkland, Micah Hyde, Jevon Holland, Tim Boyle's, Mary, Holland, Chris Pedota, Jerome Miron, Reuters Christian Watson, Lauren Leigh Bacho, Marquez Valdes, David Eulitt, Devon Witherspoon, Matthew Stafford, Mark J, Terrill, Joe Burrow, Aaron M, Julian Blackmon, Nathan Ray Seebeck, Reed, Joey Porter Jr, Joe Sargent, Kyler Murray, Mike Christy, Tristan Wirfs, Chris O'Meara, Austin Ekeler, Detroit's Aidan Hutchinson, Derrick Barnes, Jack Campbell, Harry, Demario Douglas, Kenny Moore II, Steve Luciano, Noah Sewell, Kirill Kudryavtsev, Joshua Dobbs, Dobbs, Kevin Sabitus, Cooper Neill, Daniel Jones grimaces, John Locher, Cole Kmet, Tyrann Mathieu, Wesley Hitt, Jaylen Warren, Tre Avery, Joe Robbins, Ja'Quan McMillian, Justin Edmonds, Will Levis, Levis, George Walker IV, Brown, Benjamin St, Juste, Alex Brandon, Zack Moss, Michael Conroy, Mahomes, Jack Dempsey, Irv Smith Jr, Talanoa Hufanga, Josie Lepe, Dalton Kincaid, Rich Barnes, Sean McDermott, Michael Dwyer, Davante Adams, Jamie Sabau, Younghoe Koo, Javonte Williams, Jonathan Taylor, Trevor Ruszkowski, Charlie Riedel, Brock Purdy scrambles, Jeremiah Owusu, Sue Ogrocki, CJ Henderson, Mostert, Lynne Sladky, Justin Fields, Dick Butkus, Butkus, Todd Rosenberg, Christian Rozeboom, Tony Ding, DeVonta Smith, Kathryn Riley, Robert Spillane, David Becker, Paul Sancya, Dustin Bradford, KaVontae Turpin, Henderson, Matt Durisko, Chase, Marco Wilson, Joe Camporeale, Khalil Mack, Mack, Gregory Trott, Justin Setterfield, Brian Robinson Jr, Mitchell Leff, Damar Hamlin, Hamlin, Adrian Kraus, Evan McPherson, McPherson, Amon, Ra St, Braxton Berrios, Christian Wilkins, Rebecca Blackwell, Amari Cooper, Andrew Nelles, Evan Vucci, Taylor Swift, Travis Kelce, Swift, Alie, Tavius Robinson, Brent Skeen, Isaac Yiadom, Dan Powers, Rick Osentoski, Elijah Mitchell, Cary Edmondson, Nick Chubb grimaces, Michael Ainsworth, Lawrence, Sam Greenwood, Michael Wilson, Jason Pinnock, Matt York, Noah Gray, Leonard Floyd, Rodgers, Elsa, Christian McCaffrey, Justin K, Jakobi Meyers, Damarri Mathis, Ron Chenoy, Grant Delpit, Nick Wosika, JK Scott, Kirby Lee, Zay Flowers, Randy Litzinger, T.J, Watt, Matt Freed, Jared Goff, Stafford, Goff, Brett Maher, ” Goff, It’s, ” Stafford, I’m, Nacua Organizations: CNN, Green Bay Packers, 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With a midair emergency, disappointing profit forecast and more aircraft groundings after only two weeks, the airline industry is already off to a turbulent 2024. "It's a labor intensive, capital intensive, largely commodity-type business," Buffett said during the annual meeting of Berkshire shareholders in 2013. Selling airlines In 2020, Buffett revealed that Berkshire sold all of its equity holdings in the U.S. airline industry. That included stakes worth a combined $4 billion in all four legacy carriers — United Airlines , American Airlines , Southwest Airlines and Delta Air Lines . And I don't know how it's changed and I hope it corrects itself in a reasonably prompt way," Buffett said then.
Persons: Warren Buffett, Buffett, Berkshire Hathaway, That's, he's, I've, Charlie Munger, it's, Donald Trump, ’ Buffett, Kitty Hawk, Orville, Richard Branson Organizations: Berkshire, U.S, — United Airlines, American Airlines, Southwest Airlines, Delta Air Lines, Buffett, U.S . Global JETS ETF, JETS, Chicago Cubs, CNBC, Virgin Atlantic Airways Locations: Omaha, NetJets
The final pre-caucus NBC News/Des Moines Register/Mediacom Iowa poll shows Trump ahead of Haley 48%-20%. AdvertisementTrump is in the best position he's ever been in for a contested GOP caucus in Iowa. Texas Sen. Ted Cruz won the Iowa GOP caucuses in 2016. And polling showed that evangelicals comprised roughly 64% of the GOP caucus electorate that year. The former president won first-time GOP caucusgoers in 2016, earning 30% of their vote compared to Cruz's 23% support.
Persons: Donald Trump, Trump, Haley, , Nikki Haley, Ron DeSantis, Vivek Ramaswamy, Texas Sen, Ted Cruz, Charlie Neibergall, Jeb Bush, Cruz, Florida Sen, Marco Rubio, Bush, Rubio, DeSantis, haven't Organizations: NBC, Des Moines Register, Service, GOP, Florida Gov, Trump, Iowa GOP, AP, Texas, Iowa Locations: Iowa, Florida, Texas
That pushed Taiwan’s trade surplus with China to an enormous $80.5 billion in 2023. For Taiwan, China has been its favorite investment stop for decades. China imports electronic components or precision machine tools from Taiwan, assembles them and exports the finished products to global markets. China may respond to a DPP victory by putting military and economic pressure on the island, Vest said. In 2022, China retaliated after Pelosi’s visit by banning imports of a range of food products from Taiwan.
Persons: Xi Jinping, Lai Ching, Lai, , Charlie Vest, Nancy Pelosi’s, Tsai Ing, Kevin McCarthy, they’re, ” Vest, Mike Kai Chen, Vest, there’s Organizations: Hong Kong CNN, Communist Party, Democratic Progressive Party, US, Taiwan’s Ministry of Economic Affairs, Imports, Hsinchu Science, Bloomberg, Getty, Capital Economics, Taiwan Semiconductor Manufacturing Company, Apple, Foxconn, Analysts, Atlantic Locations: China, Hong Kong, Taiwan, Beijing, Taiwan Strait, California, United States, Europe, Japan, South Korea, “ Taiwan, Hsinchu, Hsinchu Science Park
Wells Fargo shares fell Friday even after fourth-quarter profit rose from a year ago, as the bank warned that net interest income for 2024 could come in significantly lower year over year. Wells Fargo also recorded a $621 million, or 17 cents per share, tax benefit. That's a 2% increase from the fourth quarter of 2022 when Wells Fargo posted $20.30 billion in revenue. The decline in net interest income was due to lower deposit and loan balances, but offset slightly by higher interest rates, the bank said. Wells Fargo shares are virtually flat this year after rallying more than 19% in 2023.
Persons: Wells, Charlie Scharf, Scharf, Wells Fargo Organizations: LSEG, Revenue, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Wells, Treasury, CNBC PRO Locations: U.S, Wells Fargo
There are some trades for investors looking to avoid a possible asset bubble and other potholes that could be ahead. The standard 30-year fixed mortgage rate rose even further, a function of both the rising risk-free rate and the rising spread. Buying bonds has interest rate risk. Moreover, the spread between mortgage rates and Treasuries is unusually high. Risk-free rates stay static or even rise mildly, but if the spread narrows mortgage rates could fall, a tailwind for a mortgage portfolio.
Persons: There's, Murray Rothbard, Milton Friedman, Ben Bernanke, Bernanke's, Janet Yellen, Jerome Powell, Howard Marks, Charlie Munger, Berkshire Hathaway, Marks, Steve Eisman, Neuberger Berman, they've Organizations: Federal Reserve, Fed, Federal Reserve Bank, Vanguard Value, Technology, MBS Locations: U.S, deflate, Berkshire
A three-judge panel of the federal appeals court in Washington heard arguments on Tuesday in a momentous case over former President Donald J. Trump’s claim that he is immune from criminal charges for the efforts he took to overturn the 2020 election. A ruling by the court — and when it issues that decision — could be a major factor in determining when, or even whether, Mr. Trump will go to trial in the federal election case. Here are some takeaways:All three judges signaled skepticism with Trump’s position. The judges on the Court of Appeals for the District of Columbia Circuit appeared unlikely to dismiss the charges against Mr. Trump on grounds of presidential immunity, as he has asked them to do. The two Democratic appointees on the court, Judge J. Michelle Childs and Judge Florence Y. Pan, peppered John Sauer, a lawyer for Mr. Trump, with difficult questions.
Persons: Donald J, Trump, Judge J, Michelle Childs, Florence Y, John Sauer, Karen L, Henderson, Biden Organizations: Appeals, District of Columbia Circuit, Mr, Democratic, Republican Locations: Washington
Tiger Woods splits with Nike
  + stars: | 2024-01-08 | by ( Jordan Hart | Madeline Berg | Meredith Cash | ) www.businessinsider.com   time to read: +4 min
Tiger Woods and Nike are splitting up. Woods thanked the Nike cofounder Phil Knight in his statement on the departure. Woods and his son, Charlie Woods, sport matching Nike apparel at the 2022 PNC Championship. AdvertisementDespite the incredibly lucrative nature of its deal with Woods, Nike has increasingly moved out of the golf business in recent years. Andrew Redington/Getty ImagesKnight's company has continued selling golf clothing and shoes — including Woods' apparel line — in the years since.
Persons: Tiger Woods, Woods, Phil Knight, , he's, Forbes, Charlie Woods, Mike Ehrmann, Knight —, Andrew Redington Organizations: Nike, Service, Business, Oregonian, Carnegie Mellon, Riviera Country Club Locations: Los Angeles, LA
Why America hates its children
  + stars: | 2024-01-07 | by ( Lydia Kiesling | ) www.businessinsider.com   time to read: +17 min
Time and again, I was struck by a public attitude toward children I seldom encountered in America: unequivocal support. In America, we socialize our children to see strangers not as helpers but as threats. Virtually every other industrialized nation provides more government aid for their children than America does. Children who are neglected — a loose term inextricably tied to poverty — are thrown into a foster-care system known for its propensity to harm children. From the tumult of the pandemic, the calls for America to care more for its children are getting louder.
Persons: George Washington, Jesse Zhang, Charlie Shepherd, Shepherd, Richard Nixon, Nixon, Franklin Roosevelt, leery, unironically, Sen, Joe Manchin, Serabi Medina, Serabi, Sandy, , Lydia Kiesling Organizations: United Nations, hasn't, UN, Senate, National Government, Social Security, Jet, Centers for Disease Control, Business, Child Protective Services, Pediatrics, Black Panthers, National Domestic Workers Alliance, State, Mobility, New York Times Magazine, New Yorker Locations: Greece, America, Sweden, Oregon, Idaho, Athens, Chicago, Sandy Hook , Connecticut, Uvalde , Texas, Portland , Oregon, New Mexico
NCAA and ESPN ink 8-year, $920 million media rights deal
  + stars: | 2024-01-04 | by ( Jessica Golden | ) www.cnbc.com   time to read: +3 min
The NCAA and ESPN have reached a new eight-year media rights deal worth more than $115 million annually, as the value of sports media rights reaches new heights. The new agreement carries an annual value of roughly three times the current 14-year deal, which pays about $40 million annually. It will include the rights to 40 NCAA championships — 21 women's and 19 men's events — as well as exclusive championship coverage of all rounds for women's basketball, women's volleyball, women's gymnastics, softball, baseball and FCS football. ESPN has benefited through its airing of the NCAA women's basketball tournament and the WNBA playoffs, among other sports. "Concurrent with the terms of the new media rights, several enhancements to student-athlete benefits across all three NCAA divisions will take effect, and this deal will help fund those important programs.
Persons: Jimmy Pitaro, Charlie Baker, Baker, Linda Livingstone Organizations: ESPN, Orange, Georgia Bulldogs, Florida State Seminoles, NCAA, FCS, WNBA, IMG, WME Sports, Associated Press, of Governors, Baylor University, NBA, CNBC PRO Locations: Miami Gardens , Florida
Dividend-paying stocks took a backseat to this year's tech-driven market rally, but 2024 could be the year that they come back in vogue. A couple of catalysts could swing the pendulum back in favor of dividend payers in 2024, including the Fed's forecast for three rate cuts in the new year. "Not only do you get the dividend yield and dividend growth, but you get some capital appreciation perhaps – that's where it gets interesting," he added. Special dividend payers Kim Abmeyer, certified financial planner and founder of Abmeyer Wealth Management in Dallas, sees dividend-paying stocks coming into focus for 2024. The energy company in November announced that it raised its regular dividend by 10% and it declared a $1.50 per share special dividend.
Persons: gangbuster, Charlie Gaffney, Eaton Vance, Gaffney, bode, Bernstein, it's, Nelson, Piper Sandler, Paul Newsome, Kim Abmeyer, Abmeyer, Stocks, Roth MKM's Leo Mariani Organizations: Big Tech, Nasdaq, Morgan Stanley Investment Management, Broadcom, VMware, Evercore ISI, Disney, Allstate, Abmeyer Wealth Management, Costco Wholesale, Costco Locations: Dallas
Hannah Beier | The Washington Post | Getty ImagesCall 2023 an explosive comeback at the box office. Together, those three films contributed more than $1.5 billion to the domestic box office, according to data from Comscore. But in the meantime, here's a look at some of the most important theatrical releases of 2023 — and why they worked. Meanwhile, Disney has seen its animated content lag at the box office in the wake of the pandemic. "His Only Son," a biblical drama released in early 2023, cost $250,000 to make and generated $12.4 million at the box office.
Persons: Barbie, Oppenheimer, Hannah Beier, Mario, Comscore, Greta Gerwig, Christopher Nolan's, J, Robert Oppenheimer, Chris Pratt, Charlie, Luigi, Disney, Kung, Taylor Swift, Michael Jackson's, Buda Mendes, tas23, Swift, Beyoncé, Tim Ballard, Jim Caviezel, Covid, Blumhouse, Cabrini, Saint Francesca Cabrini, Bonhoeffer, Dietrich Bonhoeffer Organizations: Washington Post, Getty, Warner Bros, Mario Bros, Universal, Disney, Pixar, Walt Disney Animation, Swift, AMC, National Football League, Angel Studios, Century Fox, Roman Catholic, Reich Locations: Somerdale , New Jersey, There's, New York, Universal, Hollywood, Colombia
The education community — students, teachers, parents, staff and those connected to all of them — are barraged with threats to their physical safety. Now, they're also increasingly dealing with the kind of threats that don't take lives but impact them nonetheless. Schools are "definitely not funded enough to support cyber warfare," said Josh Heller, supervisor of information security engineering at Digi International. Penn Manor School District has 5,500 students who collectively generate more than two million individual data points in the core student management system alone. Going after a student's spotless creditCybercriminals seeking ransom payouts or identity thieves going after a student's spotless credit can gain access to identifying information, assessments, assignments, grades, homework, health records, attendance history, discipline records, special education records, home communications and more.
Persons: they're, Charlie Reisinger, Josh Heller, Reisinger, Heller, Warren Young, Young Organizations: Penn Manor School District, Millersville University of Pennsylvania's, Digi International, U.S . Senate, Pennsylvania School, Absolute Software Locations: Lancaster County, Penn, U.S
Here's a rapid-fire update on all the stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. If we get a sell-off in January, Eaton is a logical place to look to buy, Jim said. Procter & Gamble : It's possible that 2024 is a better year for P & G the company than P & G the stock, Jim said. 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.
Persons: Jim Cramer's, Jim, they'll, we've, there's, he'd, Dupont De, Ed Breen, Danaher, Walt Disney, Bob Iger, Trian's Nelson Peltz, Estee Lauder, Bausch, we're, Eaton, Mary, Eli Lilly's, he's, Vimal Kapur, Kapur, We've, Eli Lilly, Mark Zuckerberg, Morgan Stanley, Morgan, Elliott, Stanley Black, Decker, TJ Maxx, Charlie Scharf, it's, Jim Cramer, Virginia Sherwood Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Broadcom, VMWare, Bausch, Bausch Health, Charitable Trust, Caterpillar, Federal, Costco Wholesale, Coterra Energy, Dupont De Nemours, Fed, Walt, Eaton Corporation, Ford, GE Healthcare, Google, Honeywell, New, Facebook, Meta, Reality Labs, Microsoft, Activision Blizzard, Nvidia, AMD, Apple, Palo Alto Networks, Procter & Gamble, Constellation Brands, Elliott Management, Constellation, Modelo, Corona, Street, TJX, TJ, Wynn Resorts, Jim Cramer's Charitable, NYSE Locations: hospitalizations, China, U.S, Palestine, Wells Fargo
CNBC Special Podcast: Charlie Munger - A Life of Wit and Wisdom
  + stars: | 2023-12-12 | by ( ) www.cnbc.com   time to read: 1 min
Billionaire investor Charlie Munger - the longtime right-hand man and close friend of Berkshire Hathaway CEO Warren Buffett – has died at age 99, a few weeks shy of what would have been his 100th birthday. Becky Quick, Squawk Box co-host, interviewed Munger two weeks before his death. She traveled to his home in Los Angeles for a discussion on how to live a long life, pragmatic investing and the stunning advancements of the last century. This would be their final conversation.
Persons: Charlie Munger, Berkshire Hathaway, Warren Buffett –, Becky Quick, Munger Locations: Los Angeles
For 74 years, the North Atlantic Treaty Organization has been America’s most important military alliance. Presidents of both parties have seen NATO as a force multiplier enhancing the influence of the United States by uniting countries on both sides of the Atlantic in a vow to defend one another. Donald J. Trump has made it clear that he sees NATO as a drain on American resources by freeloaders. In his 2000 book, “The America We Deserve,” Mr. Trump wrote that “pulling back from Europe would save this country millions of dollars annually.” As president, he repeatedly threatened a United States withdrawal from the alliance. Yet as he runs to regain the White House, Mr. Trump has said precious little about his intentions.
Persons: Donald J, Trump, Mr, Organizations: Atlantic Treaty Organization, NATO, freeloaders, White Locations: United States, Europe
Li Lu, the "Chinese Warren Buffett," penned a tribute to his late mentor Charlie Munger. Li earned Munger's acclaim after he nearly quintupled Munger's $88 million investment in his fund. AdvertisementA hedge fund manager the late Charlie Munger once called the "Chinese Warren Buffett" has penned a glowing tribute to his mentor and friend, likening Munger to "an enlightened sage." Li penned a tribute to his late mentor in a Facebook post published on Friday. AdvertisementThe feelings between Li and Munger appear to be mutual, with Munger once saying that Li would become one of Berkshire Hathaway's top investment chiefs.
Persons: Li Lu, Warren Buffett, Charlie Munger, Li, Munger, , it's Organizations: Service, Berkshire Hathaway's, Wall Street, Business Insider Locations: Himalaya, Munger, Thailand, Charlie, China, India, Berkshire
Avoiding mistakes in business and life comes down a few simple things, according to billionaire investor Charlie Munger, who died last week at age 99: good financial habits, integrity and "avoiding toxic people and toxic activities." Munger shared the advice during a Q&A session at Berkshire Hathaway's annual shareholders meeting in May. As for avoiding toxic people, look out for those "who are trying to fool you or lie to you or aren't reliable in meeting their commitments," Munger said. At the shareholders meeting in May, Buffett shared his own thoughts on the topic. To him, most major mistakes in life can be avoided by simply being a good person who acts with integrity.
Persons: Charlie Munger, Munger, Warren Buffett, Berkshire Hathaway, Buffett, Becky Quick, Tom Murphy, he's Organizations: Berkshire
One day, I asked my dad, "Why do you do so much work for Mr. X, this overreaching blowhard, instead of working more for wonderful men like Grant?" "Grant treats his employees right, his customers right, and his problems right," my father said. But Mr. X is a walking minefield of wonderful legal business." Here, two of my kids Charles and Wendy share key lessons they've learned from me over the years. My hope is that they'll hold onto all of these until their 100th birthdays.
Persons: Charlie Munger, Grant McFayden, Grant, I've, Charles, Wendy, they've Organizations: CNBC, Ford
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
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
In today's big story, we're looking at the rising similarities between Target and Walmart. Dominick Reuter/Business InsiderIf imitation is the sincerest form of flattery, Walmart and Target are embarking on some serious tributes to each other. AdvertisementTwo of the country's largest retailers are taking pages from each other's playbooks as they adjust to a changing economic landscape. And Walmart founder Sam Walton openly admitted he stole borrowed plenty of ideas from Sol Price, the originator of the wholesale club model. That's led Walmart to see an increase in higher-income clientele, a trend they're leaning into.
Persons: , Dominick Reuter, Insider's Dominick Reuter, Dominick, Christina Hennington, it's, Sam Walton, Sol Price, That's, Charlie Flanagan, Management's Bryan Kelly, Li Deng, Mike Schuster, Sam Altman Andrew Caballero, Reynolds, Daniel Ek, Slaven Vlasic, Rebecca Zisser, Elon, Zers, Xochitl Gomez, Alyson Hannigan, Jason Mraz, Charity Lawson, Ariana Madix, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Target, Walmart, AQR, Investments, AQR Capital Management, Vatic Investments, Sigma, Investment, Barclays, ING, MSCI Israel, Tel, Tel Aviv Stock Exchange, Israel Securities Authority, Reuters, Broadcom, VMware, The New York Times, Inc, Adobe, ABC, Major, Baseball, MLB Network Locations: Israel, Tel Aviv, New York City, San Diego, London, New York
Options strategists believe market gyrations may stay subdued for some time - potentially smoothing the way for further gains in equities. The S&P 500 is up 19% year-to-date, following a 9% gain in November - its best monthly performance since July 2022. Since the VIX tends to move inversely to stocks, market participants watch it closely as an indicator of investor sentiment and positioning. Among the factors closely watched by market participants are the funds that take their signals from market volatility, selling when volatility picks up and buying when it subsides. History also shows that once volatility expectations become subdued, they can linger at low levels for a while.
Persons: Lucas Jackson, Ilya Feygin, Nomura, Charlie McElligott, Brent Kochuba, Cantor Fitzgerald, Eric Johnston, Cantor Fitzgerald’s, Johnston, Saqib Iqbal Ahmed, Ira Iosebashvili, Grant McCool Organizations: New York Stock Exchange, REUTERS, Federal, Monday, WallachBeth, Nomura Securities, , Thomson
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