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☆ The DOJ vs. Google: Breaking down the latest in the antitrust case and what it means for Chrome's future
▼ + stars: | 2024-11-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementThe DOJ has asked the judge in its antitrust case against Google to force the tech giant to sell Chrome, its massively popular browser. In August, a judge ruled Google violated antitrust laws and acted as a monopoly when it came to its search engine. Google will have a chance to respond next month with its own plan before the judge makes a ruling next year. That makes it a powerful distribution arm for Google since Chrome's default search engine is … Google. And Apple was making at least $20 billion a year by defaulting to Google Search .

Persons: Billy Bob Thornton, Trump, Elon Musk, Vivek Ramaswamy, Chelsea Jia Feng, Hugh Langley, Lara O'Reilly, Lara, Apple, Donald Trump, Matt Gaetz, Marc Rowan, Arturo Holmes, Apollo, Scott Kleinman, Jim Zelter, Morgan Stanley's, Jeff McMillan's, he's, You've, that's, Michael M, Tyler Le, Google's DeepMind, John Deere, Biden, Dan DeFrancesco, Grace Lett, Ella Hopkins, Hallam Bullock, Amanda Yen, Milan Sehmbi Organizations: Business, Justice Department, Google, Tech, Nvidia, Elon, DOJ, Microsoft, YouTube, Bloomberg, Big Tech, Trump, Getty, —, Comcast, Boston Celtics, White Locations: Los Angeles, New York, Chicago, London

☆ Morgan Stanley lets employees pitch AI uses. Here's how the firm puts those ideas into practice.
▼ + stars: | 2024-11-20 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

McMillan encourages employees to pitch new AI solutions. AdvertisementAs part of his role, McMillan co-chairs an AI steering group formalized earlier this year, with Global Director of Research Katy Huberty. Related storiesInside the 8-step processAlthough pitching AI solutions is open to anyone at the firm, there is some leg work involved. AdvertisementThe AI steering group meets every other week to listen to the pitches, usually going through five or six proposals. Every other week, the AI steering committee meets to review the status of these projects.

Persons: Jeff McMillan, Morgan Stanley's, Morgan Stanley, McMillan, who's, he's, Research Katy Huberty, AskResearch, you've Organizations: ChatGPT, Global, Research, Workers

☆ Citi needs a white knight. Donald Trump's second term might provide one.
▼ + stars: | 2024-11-07 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

AdvertisementDonald Trump's presidential victory and his promise of light regulation could help relieve one of Citi's biggest problems. Wells Fargo analyst Mike Mayo called Trump's win a "regulatory game changer" in a research note. For instance, the OCC has required Citi to submit plans each quarter to ensure they are allocating enough resources to the Transformation effort. AdvertisementSince the July fines, Citi has faced mounting pressure. A few weeks later, Fraser was dogged by questions in an earnings call about the bank's regulatory fate.

Persons: hasn't, Donald Trump's, bode, Jane Fraser, —, Wells, Mike Mayo, Trump, Michael Hsu, Jerome Powell, Stephen Biggar, Sen, Elizabeth Warren, Fraser, Vivek Juneja Organizations: Citi, Service, Wednesday, Federal Reserve, Currency, Trump's, OCC, Economic, of New, Republican, Argus Research Locations: of New York

☆ Morgan Stanley has a new innovation chief. Expect more OpenAI-like partnerships.
▼ + stars: | 2024-11-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

AdvertisementWhen Morgan Stanley and OpenAI announced their blockbuster partnership at the beginning of 2023, it signaled a competitive advantage for the Wall Street bank. Morgan Stanley, since then, has co-developed a handful of generative AI tools with the AI powerhouse for its lucrative wealth-management business. Morgan Stanley is far from the only financial firm using OpenAI. In his new role, Manahan oversees the bank's innovation council, which launched at the beginning of the year. The council is dedicated to identifying the bank's technology focuses.

Persons: Sean Manahan, Morgan Stanley's, —, Morgan Stanley, OpenAI, Andy Saperstein, Jeff McMillan, Manahan, Morgan Stanley execs Organizations: Service, York, Tech, Big Tech, Morgan Locations: Silicon Valley, Manhattan, Manahan, New York

☆ Market-making giant Citadel Securities is rebuilding the tech that powers its trades as it eyes growth
▼ + stars: | 2024-10-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Ken Griffin's market maker, Citadel Securities, is revamping its core trading infrastructure. AdvertisementIn 2023, Citadel Securities COO of technology, Jeff Maurone, was meeting with senior leaders to discuss technology priorities for the year. I almost look at it as the stretching of business," Woods told Business Insider. Building Citadel Securities' trading infrastructure of the futureIn the last few years, Citadel Securities pushed into credit trading, expanded its rates franchise, and introduced an institutional options offering. Maurone's team supports Citadel Securities' technology organization, and he manages a team of 15 people.

Persons: Ken Griffin's, Josh Woods, Jeff Maurone, —, Maurone, Woods, Matt Culek, Peng Zhao, Jim Esposito Organizations: Citadel Securities, Service, Securities, McKinsey, Deloitte, COOs, Citadel Securities Each Locations: Asia Pacific, EMEA, COOs —, New York, Jeff's

☆ Here are the 5 things that could move the stock market in the week ahead
▼ + stars: | 2024-10-20 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Earnings drove the stock market higher — can they do it again in the week ahead? But he acknowledged that timing is key because our portfolio discipline mandates that we consider lightening up our stock exposure in an overbought market. In fact, AMD was our worst-performing stock for the entire week, losing more than 7% following the prior week's 1.8% slide. Energy was the worst sector of the week for the market as oil prices sank. In the week ahead, housing numbers are the main draw on the economic front.

Persons: Jim Cramer, ASML, Morgan Stanley, WTI, industrials, We're, Sartorius, Danaher, we're, Stanley Black, Lockheed Martin, Philip Morris, Clark, Baker Hughes, Lam, DOV, CARR, Davidson, Northrop, Edwards Lifesciences, Jim Cramer's, Jim, Stocks, Tuesday's, Spencer Platt Organizations: Dow, Nasdaq, Netflix, Modelo, Corona, Constellation Brands, Taiwan Semiconductor Manufacturing Company, Nvidia, AMD, Broadcom, Club, Abbott Laboratories, Energy, Texas, Honeywell, Danaher, Federal Reserve, Treasury, SAP, Logitech, Verizon, General Motors, GE Aerospace, GE, Lockheed, Quest Diagnostics, Norfolk Southern, Polaris, Seagate Technology, Texas Instruments, Canadian National Railway Company, Boeing, GE Vernova, Fisher, Boston, General Dynamics, Hilton, Lam Research, Business Machines, IBM, Newmont, Viking Therapeutics, Vista Energy, Mattel, O'Reilly Automotive, Whirlpool, American Airlines, United Parcel Service, Southwest Airlines, Tractor Supply Company, Carrier Global, Dow Chemical, DOW, Harley, Union Pacific, Valero Energy, Hasbro, Northrop Grumman, Ryder, Boyd Gaming, Western, Boston Beer Company, York Community Bancorp, Colgate, Palmolive, Newell Brands, Jim Cramer's Charitable, CNBC, NEW, Traders, New York Stock Exchange, Getty Locations: BlackRock, CrowdStrike, U.S, Dover, Freeport, McMoRan, Kimberly, Norfolk, Las, ORLY, VALE, New York City

☆ Wall Street is trying to make AI search sexy
▼ + stars: | 2024-10-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

Finance firms and fintech startups are trying to use generative AI to improve search capabilities. Perfecting search, down the line, could lead to more automation and more complex generative AI tools. It has already onboarded some-25 Wall Street firms onto its generative AI platform. AdvertisementMeanwhile, two Stanford grads came together to build Mako, a generative AI associate for the private-equity industry. The search tool is the bank's second such generative AI tool, the first being a generative AI developer co-pilot that helps software engineers code more efficiently.

Persons: Goldman Sachs, Blackstone, —, Goldman hoovered, Neema Raphael, Raphael, it's, Morgan Stanley's, Keri Smith, Smith, Jeff McMillan, Gabe Stengel, Stanford grads, It's, Peter Anderson, Familiarizing, Goldman Organizations: Service, Bloomberg, Nasdaq, Goldman, Blackstone, Google, Bank of America's, Accenture, Stanford, Balyasny Asset Management Locations: Wall, OpenAI

☆ We're raising our Morgan Stanley price target after a post-earnings stock surge to record highs
▼ + stars: | 2024-10-16 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Morgan Stanley shares soared to all-time highs Wednesday after third-quarter beats on the bank's top and bottom lines, with strength seen across the board. MS YTD mountain Morgan Stanley YTD Club stock Morgan Stanley was up 7.5%. Morgan Stanley outpaced expectations in just about every aspect of each operating division and put up very strong quarterly results in terms of firmwide key performance indicators. Given its 15.1% CET1 ratio, Morgan Stanley has plenty of excess capital at its disposal to both continue investing in growth and return excess capital to shareholders. Morgan Stanley Why we own it : We own Morgan Stanley for the rebound taking place in IPO and M & A activity along with growth in wealth management, which provides more durable fee-based revenues.

Persons: Morgan Stanley, Wells Fargo, Morgan Stanley's, Sharon Yeshaya, Morgan Stanley repurchased, Goldman Sachs, Ted Pick, Morgan, Yeshaya, That's, Eaton Vance, Jim Cramer's, Jim Cramer, Jim, Bing Guan Organizations: Revenue, LSEG, Morgan Stanley YTD, Investment, Bloomberg, Institutional Securities, Bank of Japan, CNBC, Getty Locations: Wells Fargo

☆ Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order
▼ + stars: | 2024-10-09 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +18 min

For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. To do so, he has to solve for Citi's decades of underinvestment in its infrastructure, which affects every business line of the bank. Under Selva, Citi was the No. Related stories"The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. Courtesy of CitiBringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense.

Persons: Jane Fraser, Anand Selva, Selva, Sen, Elizabeth Warren, We've, Fraser, Gonzalo Luchetti, Luchetti, Kathleen Martin, Martin, Mike Mayo, Tim Ryan, Mayo, Vernon Yuen, Adora Tidalgo, Anand, Jim O'Donnell, Win McNamee, Andy Sieg, Tidalgo, Phil Waxelbaum, Jeffrey Warren, Ryan, Warren, Ashutosh Nawani, Japan Mehta, Mehta, Nawani, Tom Williams, Timothy Coffey, Janney Montgomery Scott, they've, Stephen Biggar Organizations: Citigroup, Citi, Federal Reserve, Currency, OCC, Business, underperformance, BI, Citi ., Coimbatore Institute of Technology, Madurai Kamaraj University, Asia Pacific, divesting, Employees, Merrill Wealth Management, PricewaterhouseCoopers, Russell Reynolds Associates, Securities, Exchange Commission, Bloomberg, Getty, Argus Research Locations: Selva, Chennai, India, Asia, who's, Wells, Madurai, Coimbatore, China, Singapore, New York, Fraser, Europe, Ryan

☆ Citi shakes up leadership after $136 million in fines for data quality issues. A memo to employees breaks down what you need to know.
▼ + stars: | 2024-09-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

In July, regulators fined the bank $136 million for failing to fix its data quality issues quickly enough. "Data and technology are intrinsically linked and the maturity and sustainability of our Data Transformation plan require that we leverage technology more," the memo reads. AdvertisementCiti is also appointing a new leader to run its Chief Data Office: Ashutosh Nawani, who previously led enterprise risk management. Nawani will report to Ryan and serve as head of enterprise data office and data transformation. Mehta became chief data officer the following month.

Persons: —, Tim Ryan, Anand Selva, Ryan, we've, Selva, We've, Ashutosh Nawani, Nawani, Japan Mehta, Jane Fraser, Kathleen Martin, Martin, Mehta Organizations: Service, Citigroup, Citi, Business, PricewaterhouseCoopers, Revlon, Data, PwC, OCC Locations: London, Japan, India, Asia, Singapore, New York, Selva

☆ We ranked the latest earnings reports from 30 portfolio stocks from great to ugly
▼ + stars: | 2024-09-14 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The company may have maintained its full-year revenue outlook, but that was taken as good enough after last quarter's debacle. Management also provided a better-than-expected sales, earnings, and recurring revenue outlook. The Good Abbott Laboratories : Sales, earnings and organic growth all exceeded analyst estimates. Broadcom : Sales and earnings outpaced expectations , driven by strong sales of its AI products and VMware software. Alphabet : Delivered largely better-than expected earnings results that showed the search and cloud giant is finally on better footing in the fast-growing AI space.

Persons: we've, Lisa Su, —, Eli Lilly, Zepbound, Stanley Black, Stanley, Morgan Stanley, Procter, Jim Cramer's, Jim Cramer, Jim, Steve Marcus Organizations: Costco, DuPont, Club, Management, Nvidia, Palo Alto Networks, Good Abbott Laboratories, Broadcom, VMware, Wealth Management, Investment Management, Microsoft, Constellation Brands, TJX, Amazon Web Services, Coterra Energy, GE Healthcare, Honeywell, Gamble, Jim Cramer's Charitable, CNBC, AMD Locations: China, Covid, Dover, Eaton, Palo, North America, GEHC, Wells Fargo, Las Vegas , Nevada, U.S

☆ Inside Wall Streets biggest tech projects, from Blackstone's DocAI to Goldman Sachs' Legend
▼ + stars: | 2024-09-10 | by ( Bianca Chan | ) www.businessinsider.com time to read: +1 min

Built by the hedge fund's Applied AI team, Deep Research helps analysts and portfolio managers answer complex research questions. Mostly used by investment teams, Deep Research helps analysts and PMs research stocks before making a trade and gauge the impact of global market events on a portfolio or set of stocks. Those teams send their questions to the Applied AI team, which passes them on to the bot. The goal is to release the tool firmwide by the fourth quarter, with every team accessing the tool directly. In one recent example, a PM asked Deep Research to find companies whose supply chains were affected by tariffs.

Persons: Chen Fang, Fang Organizations: Balyasny, Management, Research

☆ 3 ways Wall Street's largest banks are leveraging AI to increase profitability
▼ + stars: | 2024-09-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI. Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes. If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter . However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.

Persons: Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim Organizations: Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty Locations: Wells Fargo, Silicon, management's, Wells, New York

☆ Balyasny wants to build an AI equivalent of a senior analyst. A recent breakthrough brings the hedge fund one step closer.
▼ + stars: | 2024-08-29 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

The AI team at Balyasny Asset Management has been vocal about its ambitions to build an AI equivalent of an analyst, and a recently developed tool called Deep Research is getting it one step closer to its goal. Built by the hedge fund's Applied AI team, Deep Research helps analysts and portfolio managers answer complex questions to research stocks before making a trade. In one recent example, a portfolio manager asked Deep Research to find companies whose supply chains are impacted by tariffs. The Applied AI team wants to continue to level up what the bots can do. Those teams experiment with Deep Research by sending research questions to the Applied AI team to process.

Persons: —, Chen Fang, Fang, Balyasny, Peter Anderson, it's, Anderson Organizations: Service, Balyasny, Management, Research, Business, Deep Research, Microsoft, Google, SEC

☆ Morgan Stanley wealth advisors are about to get an OpenAI-powered assistant to do their grunt work
▼ + stars: | 2024-06-26 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

The assistant, called Debrief, keeps detailed logs of advisors' meetings and automatically creates draft emails and summaries of the discussions, bank executives told CNBC. Morgan Stanley's wealth management division hosts about 1 million Zoom calls a year, the bank told CNBC. Zoom In Icon Arrows pointing outwards Morgan Stanley’s new Debrief program, a new AI tool for wealth management advisors based on OpenAI’s GPT-4. In a sense, Morgan Stanley's projects in generative AI amount to a "grand experiment in productivity," said McMillan. Morgan Stanley's wealth management division is one of the world's largest with $5.5 trillion in client assets as of March; the firm wants to reach $10 trillion.

Persons: Bing Guan, Morgan Stanley, Jeff McMillan, Morgan Stanley's, McMillan, Morgan, I'm, Don Whitehead, who's Organizations: Bloomberg, Getty, CNBC Locations: Houston

☆ JPMorgan's Lori Beer just added 2 new tech leaders to her ranks. Meet the team behind the bank's AI future.
▼ + stars: | 2024-06-13 | by ( Bianca Chan | ) www.businessinsider.com time to read: +2 min

Shivananda held the same position at PayPal and will report to Lori Beer, JPMorgan's global chief information officer. AdvertisementIn April, Manoj Sindhwani was tapped to be the chief information officer of the Chief Data and Analytics Office. The new additions to Beer's leadership table are a sign that America's biggest bank is placing key executives who will play a crucial role in JPMorgan's AI future. A key piece to the AI puzzle is the Data and Analytics organization, formed last June and led by Teresa Heitsenrether, JPMorgan's firmwide chief data and analytics officer. Business Insider mapped out key tech executives at JPMorgan who report to Beer and help her lead the bank's massive tech org.

Persons: —, Andrew Lang, who's, Shivananda, Lori Beer, Manoj Sindhwani, Sindhwani, Jamie Dimon, JPM, Dimon, Teresa Heitsenrether, JPMorgan's, Beer Organizations: Service, JPMorgan, Sri, Business, PayPal, Analytics, Amazon, Amazon Alexa Locations: Sri Shivananda

☆ Billionaire Steve Cohen's $33.9 billion Point72 sheds stockpickers
▼ + stars: | 2024-05-07 | by ( Bradley Saacks | Alex Morrell | ) www.businessinsider.com time to read: +2 min

Billionaire Steve Cohen's Point72 has cut at least seven long-short equity portfolio managers. The firm, which is up 5.9% in 2024 through April, has dozens of portfolio managers across strategies. AdvertisementBillionaire Steve Cohen's Point72 has cut at least seven long-short equity portfolio managers, several people close to the fund told Business Insider. As of last September, the firm had 100 long-short portfolio managers. Five more macro portfolio managers joined the firm in March, Bloomberg previously reported, and the total number of macro teams now stands at more than 50.

Persons: Steve Cohen's Point72, —, Brevan Howard, Schonfeld, Point72, Mo Grimeh Organizations: Service, Business, Bloomberg, Millennium

☆ Morgan Stanley's new wealth boss Jed Finn shares his playbook from playing matchmaker with E-Trade clients to getting advisors to teach each other how to use AI
▼ + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

AdvertisementThe units are combining their outsourced investment services for ultra-high-net-worth wealth clients and institutional customers. The wealth management arm is there to help them pay less taxes on their windfall and manage their fortune. That said, Morgan Stanley has drawn the line in the past at some offerings like health savings accounts. AdvertisementFor Finn, those offerings are a means to an end: converting as many of these clients as possible to become fee-paying wealth management clients. The revenue and margins of the workplace channel and E-Trade, which Morgan Stanley acquired for $13 billion in 2020, are "irrelevant," he said.

Persons: —, Morgan, Jed Finn doesn't, Finn, Andy Saperstein, James Gorman's, Saperstein, Jacques Chappuis, Ben Huneke, Andy Saperstein's, Larry Lettera, Wagner, multibillion, Morgan Stanley, Finn isn't, We're, Jeff McMillan Organizations: Service, McKinsey, bank's, Business, Wall Street, Solium, OpenAI, AIMS

☆ Morgan Stanley is betting on AI to free up advisors' time to 'be more human.' Nearly 100% of advisor teams use it, and here's how.
▼ + stars: | 2024-04-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Now, he can answer those questions mid-call by asking the bank's AI chatbot, which typically takes 15 to 20 seconds. Morgan Stanley plans to expand AI projects firmwide, promoting wealth management tech head, Jeff McMillan, in March to lead the effort. It can only reference the bank's internal content, can't use metaphors or analogies, and only answers questions related to wealth management. When asked if Donald Trump would make a good president, AIMS declined to answer, McMillan demonstrated to Business Insider. AdvertisementBefore AIMS, Morgan Stanley had a product called FAST that could answer about 5,000 questions.

Persons: —, Patrick Biggs, Morgan Stanley, couldn't, Jeff McMillan, Donald Trump, McMillan, doesn't Biggs, Biggs, Morgan Stanley's, Morgan, We're, Morgan Stanley's chatbot, Dr, Seuss, Morgan Stanley McMillan, hasn't, Jed Finn, Patrick Biggs Stavros Panopoulos, Morgan Stanley Morgan Stanley's, Biggs isn't Organizations: Service, Business, OpenAI, AIMS, IBM, Morgan Locations: Cayman Islands

☆ Morgan Stanley is betting on AI to free up advisors' time to be 'more human.' Nearly 100% of advisor teams use it, and here's how.
▼ + stars: | 2024-04-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Now he can answer those questions mid-call by asking the bank's AI chatbot, which typically takes 15 to 20 seconds. Morgan Stanley plans to expand AI projects firmwide, promoting Jeff McMillan, the head of wealth-management tech, in March to lead the effort. It can reference only the bank's internal content, can't use metaphors or analogies, and answers questions related only to wealth management. When asked if Donald Trump would make a good president, AIMS declined to answer, McMillan demonstrated to Business Insider. Related storiesBefore AIMS, Morgan Stanley had a product called FAST that could answer about 5,000 questions.

Persons: Patrick Biggs, Morgan Stanley, couldn't, Jeff McMillan, Donald Trump, McMillan, doesn't Biggs, Biggs, Morgan Stanley's, Morgan, OpenAI, We're, Dr, Seuss, ChatGPT, Morgan Stanley McMillan, hasn't, Jed Finn, Patrick Biggs Stavros Panopoulos, Morgan Stanley Morgan Stanley's, Biggs isn't Organizations: Business, OpenAI, AIMS, IBM, Morgan Locations: Cayman Islands

☆ Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer
▼ + stars: | 2024-04-11 | by ( Leslie Picker | ) www.cnbc.com time to read: +1 min

Carey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Prior to running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings on Monday.

Persons: Carey Halio, Goldman Sachs, Denis Coleman, Philip Berlinski, Halio, Carey, David Solomon, Jehan Ilahi Organizations: Millennium Management, Financial Times, CNBC, Goldman Sachs Bank USA, Financial

☆ Goldman Sachs taps Carey Halio as treasurer amid criticisms of its handling of women's careers — read the full memo here
▼ + stars: | 2024-04-11 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Beth Hammack, a past treasurer and CEO of Goldman Sachs Bank USA, recently left after reportedly being passed over for the CFO job. April 11, 2024Carey Halio Named Global Treasurer of Goldman SachsI am pleased to announce that Carey Halio has been named global treasurer of Goldman Sachs and will become a member of the Management Committee. Previously, Carey was chief executive officer of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. He first joined Goldman Sachs in 2006 in Investment Banking, where he advised US financial institutions on capital markets and regulatory capital issues. Please join us in congratulating Jehan on his new responsibilities, and in wishing him and the Investor Relations team continued success.

Persons: Goldman Sachs, Philip Berlinski, Berlinski, Goldman, Denis Coleman, Carey Halio, Halio, David Solomon, she'll, Jehan Ilahi, who's, Coleman, Russell Horwitz, Beth Hammack, Stephanie Cohen, Solomon, Horwitz, Carey, David, Jehan, Morgan, Denis Coleman Russell Horwitz Organizations: Financial Times, Goldman Sachs Bank USA, Business, BI, Street Journal, Goldman, Management, Investor Relations, Goldman Sachs Bank, Financial, Investment Banking, Equity Investor Relations, Banking Locations: New York

☆ Bitcoin jumps 7%, retakes $70,000 to start the week
▼ + stars: | 2024-03-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

MicroStrategy , which trades as a proxy for the price of bitcoin, surged 20%, while Coinbase advanced 9%. The mining sector got a lift from bitcoin, too, with Marathon Digital and Riot Platforms up 4% and 9%, respectively. Bitcoin had been in correction mode for the past week, after it hit an all-time high of $73,797.68 on March 14. Sam Callahan, lead analyst at bitcoin services firm Swan Bitcoin, said it's likely tied to the messaging coming from the Federal Reserve last week. Despite its pullbacks, bitcoin is on pace to finish March on a winning note.

Persons: CleanSpark, cryptocurrency, cryptocurrencies, Bitcoin, Alex Thorn, Thorn, Genesis, Sam Callahan, Swan Bitcoin, it's Organizations: Marathon, Mining, Metrics, Galaxy Digital, Federal Reserve, Fed

☆ Meet Neema Raphael, the data whiz overseeing Goldman Sachs' army of engineers and scientists key to the bank's AI ambitions
▼ + stars: | 2024-03-06 | by ( Bianca Chan | ) www.businessinsider.com time to read: +8 min

We always use this code: garbage in, garbage out," Raphael, chief data officer and Goldman partner, told Business Insider. As Goldman goes all-in on AI, Raphael is emerging as a key player impacting the bank's future. How Raphael's data platform team is leading the way for AI innovation at GoldmanEven though Raphael's day can vary greatly, it always starts the same. AdvertisementOne is the data platform team, which oversees the entire data stack, including infrastructure and how people access data. For Goldman, AI is not new.

Persons: Goldman Sachs, Raphael, Goldman, It's, SecDB, That's Organizations: Service, Business, Goldman, JPMorgan, UC Berkeley, Engineering SWAT, Curation

☆ 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

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