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Citi CEO Jane Fraser denied the prospect of an asset cap after being pressed by two analysts. CFO Mark Mason said Citi is reevaluating its budget and strategy to fix regulatory problems quicker. AdvertisementCiti topped Wall Street expectations this quarter, but CEO Jane Fraser was dogged by questions regarding the bank's regulatory fate. Fraser was asked three times for reassurances that Citi did not and would not have an asset cap before answering the question. "We do not have an asset cap and there are no additional measures other than what was announced in July in place and not expecting any."
Persons: Sen, Elizabeth Warren, Jane Fraser, Mark Mason, , Fraser, Vivek Juneja, Warren's, Anand Selva, Wells, Mike Mayo —, I'm, Mayo, Mason, Tim Ryan Organizations: Citi, Service, OCC, Federal Reserve Locations: Selva
Insider Today: Robotaxi reality check
  + stars: | 2024-10-13 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
On the agenda today:But first: Elon Musk's robotaxi got lost on the way to Wall Street. This week's dispatchTesla's upcoming Robotaxi TeslaRobotaxi dreams meet Wall Street realityElon Musk unveiled Tesla's robotaxi, along with a robovan and updates to its humanoid robot, at a flashy event in Los Angeles this week. Wall Street wasn't buying it. AdvertisementIt's tough to bet against Elon Musk, as many on Wall Street have discovered. Wall Street is taking note, and Amazon could soon face pressure to return some of its cash with buybacks or dividends.
Persons: , Microsoft's, Elon Musk's robotaxi, Tesla, Elon Musk, Musk, Alyssa Powell, Anand Selva, He's, who've, Selva, Chelsea Jia Feng, that's, Natalie Ammari, Vishal Persaud, SunPower, it's, Ibrahim Rashid Organizations: Business, Service, Warner Bros, Detroit, Elon, Citi Citi Bank, Getty, Citi, Big, Microsoft Locations: Los Angeles, Burbank, America
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
That is how we know Vice President Harris would make an excellent Commander-in-Chief, while Mr. Trump has proven he is not up to the job," they added. More than 700 former national security and military officials endorsed Kamala Harris for president over Donald Trump in the 2024 election in an open letter published Sunday by National Security Leaders for America. "President Trump is the only President in the modern era not to get our country into any new wars." Sunday's endorsement comes after 111 Republican former national security and foreign policy officials endorsed Harris in a letter Wednesday, saying that Trump is "unfit to serve again." Since then, the vice president has received endorsements from various high-profile Republicans, including Dick Cheney, former vice president to George W. Bush.
Persons: Peter Chiarelli, Paul Selva, Eric Thorne Olson, Trump, Harris, Hillary Clinton, John Kerry, of Defense Chuck Hagel, William Cohen, Hagel, Cohen, impulsiveness, Kamala Harris, Donald Trump, Steven Cheung, Dick Cheney, George W, Bush Organizations: Trump, U.S . Army, Joint Chiefs, Staff, of Defense, Democratic, National Security Leaders, America, Trump Campaign Communications, CNBC, Republican, Republicans Locations: United Kingdom, Israel, Australia, Canada, Germany, Kurdish, Syria
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
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In hopes of regaining compliance, CEO Jane Fraser bulked up a firm-wide initiative to overhaul the bank's technology. The head count for the so-called "Transformation" program has soared to 12,000 from some 3,000 since 2021, according to earnings reports. Citi's technology shortcomings are old news, according to Wells Fargo analyst Mike Mayo. Kathleen Martin, former interim data transformation chair, is suing the bank and Anand Selvakesari, the bank's chief operations officer who oversees Transformation.
Persons: , Jane Fraser bulked, Wells, Mike Mayo, Mayo, Fraser, We're, We've, Jane Fraser, SAUL LOEB, Janney Montgomery Scott, Timothy Coffey, Kathleen Martin, Anand Selvakesari, Martin, Selva, Hayley Cuccinello Organizations: Service, Citigroup, Citi, Business, Federal Reserve Board, Revlon, OCC, Citi —, Federal Reserve, Reuters Locations: Wells Fargo, United States, Selva, hcuccinello@businessinsider.com
Millones de venezolanos como la familia Aguilar Ortega han huido de la miseria económica y la represión política en su país natal mientras la nación se sumía en el caos. La decisión indignó a los críticos que alegan que contradice la imagen de Estados Unidos como un refugio seguro para los vulnerables. Inicialmente, los periodistas conocieron a la familia en Ciudad de México, y luego los alcanzaron en la frontera entre Estados Unidos y México. La dura experiencia sería una prueba para su fortaleza mental y física, tensaría la relación de la pareja, y retaría su compromiso y capacidad para forjarse una nueva vida en Estados Unidos. Aguilar afirma que los fiscales venezolanos distorsionaron los cargos y que él y su amigo no usaron violencia.
With three children and a dog, the Aguilar Ortega family trekked through the jungle, hopped freight trains and toured Times Square. Millions of Venezuelans like the Aguilar Ortega family have fled economic misery and political repression in their homeland as it descended into turmoil. “The kids want to go to New York,” Mr. Aguilar said in Spanish as he stood by his tent in Mexico City. Mr. Aguilar created hiding places for their cash, using toenail clippers to cut small openings into Hayli’s jacket and Josué’s pants. She called Ms. Ortega to check in, and learned of the family’s setup.
Persons: Aguilar Ortega, trekked, Miles, — Hayli, Samuel, Henry Aguilar, Leivy Ortega, Eric Adams, Biden, Aguilar, Ms, Ortega, Donna, ” Mr, , COLOMBIA Samuel, Hayli, Nicolás Maduro, It’s, Mr, selfies, , Josué, Donna meandered, patted, Aguilar Ortegas, Aguilar’s, weren’t, “ It’s, Rafael García, “ Papi, Ortega’s, Floyd Bennett, Simón, Floyd Bennett Field, “ I’ve, I’m, Maria Cardona, ” Ms, Cardona, Amy Swan, Ray Swan, Swan Organizations: New York Times, U.S ., The Times, GAP, MEXICO CITY, Mexico City, Central America, CIUDAD, Times, United, Venezuela’s, Roman Catholic Church, New York, La Guardia Airport, Delta, Roosevelt, Queens, Honda, Facebook Locations: Mexico City, Latin America, Venezuelan, New York City, New York, U.S, United States, Venezuela, , COLOMBIA, Colombia, Chile, Ecuador, Peru, Panama, la, , ” PANAMA, MEXICO, Guatemala, Mexico, earshot, Central, Costa Rica, Nicaragua, Honduras, CIUDAD JUÁREZ, Ciudad Juárez, Texas, Juárez, Mexican, Rio Grande . Texas, Rio Grande, Cuba, Haiti, El Paso , Texas, El Paso, PASO , TEXAS, York, La, Michigan, Santa Claus, Manhattan, Spanish, MANHATTAN, BROOKLYN, Brooklyn, Simón Bolivar, Spain, Jamaica, MIDDLETOWN, CONN, Middletown, Conn, Connecticut
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . His line of work depends on networking, and he's noticed a decline in touch points across the board, including conference attendance and one-on-one meetups. Multiple experts told me the way we network has changed due to the pandemic and discussed the modifications they've witnessed and experienced. "Ever since people moved into hybrid or remote because of the pandemic, more people are actually responsive towards direct messages," Param said. But now, they're agreeing to meet up and having pretty robust but casual chats — most of the meetings have nothing to do with recruitment anymore, Param told me.
Persons: , We're, Scott Fletcher, he's, Cheryl Campanaro, TikTok, Campanaro, Stanton Chase, Waters, You've, there's, Fletcher, they're Organizations: Service, Growth, LinkedIn, Facebook Locations: Ubers
For Migrating Birds, It’s the Flight of Their Lives
  + stars: | 2023-08-29 | by ( Emily Anthes | ) www.nytimes.com   time to read: +17 min
Simone NoronhaFor Migrating Birds, It’s the Flight of Their Lives Leer en españolAmerica’s birds are in trouble. If migrating birds lose their winter refuges, the consequences will ripple across the hemisphere. MissouriMissouri provides breeding habitats for many grassland bird species, which have been faring especially poorly in recent decades. “This is a classic Pacific Northwest to west Mexico species,” Mr. Jiang said. The birds breed at marshes and wetlands across the Western United States and Canada.
Persons: Simone Noronha, , , Viviana Ruiz, Gutierrez, Jeremy Radachowsky, Ken Rosenberg, Deb Hahn, Hahn, Anna Lello, Smith, Sarah Kendrick, Nick Bayly, That’s, Andrew Stillman, Archie Jiang, Mr, Jiang, Dr, Stillman, Camila Gómez, ” Dr, Ruiz Organizations: Center, Avian, Cornell, of Ornithology, Wildlife Conservation Society, Partners, New, New York Metro Area, UNITED STATES, BERMUDA BAHAMAS MEXICO Maya, PERU Moderate, Forest, Association of Fish & Wildlife Agencies, Southern Wings, The, Central, Mesoamerican Alliance for People, Forests Initiative, Forests Initiative . Missouri, CANADA UNITED STATES, BERMUDA CUBA MEXICO VENEZUELA COSTA RICA BRAZIL, U.S . Fish, Wildlife Service, Missouri Department of Conservation, Colorado Colorado, CANADA, ARGENTINA CANADA Colo, U.S, Bird Conservancy, Rockies, , Cornell Atkinson Center for Sustainability, UNITED STATES Calif, Western Locations: North America, United States, Canada, Costa Rican, Caribbean, U.S, eBird, New York, BERMUDA BAHAMAS MEXICO, BRAZIL, PERU, CHILE, ARGENTINA, PERU Moderate CHILE, Forest BRAZIL, CHILE ARGENTINA, Forest BRAZIL PERU, New York City, Bahamas, The New York, Mexico, Guatemala, Belize, Central America, Central American, Forests Initiative ., Forests Initiative . Missouri Missouri, South America, BERMUDA MEXICO VENEZUELA COSTA RICA, Missouri, BERMUDA MEXICO VENEZUELA COSTA RICA BRAZIL, BERMUDA CUBA MEXICO VENEZUELA COSTA RICA, BERMUDA CUBA MEXICO VENEZUELA COSTA RICA BRAZIL PERU, Venezuela, Argentina, Cuba, Central, South, SELVA, Colombia, Costa Rica, Plains, UNITED STATES MEXICO ECUADOR, Colorado, UNITED STATES Colo, MEXICO ECUADOR BRAZIL, Northern Mexico, Texas, California, West Coast, Alaska, Pacific, MEXICO, URUGUAY ARGENTINA Alaska, Salt, CHILE URUGUAY ARGENTINA Alaska, BRAZIL PERU BOLIVIA, URUGUAY ARGENTINA, Sierra Nevada, Chile, Western United States
Not optimistic about Turkey's inflation outlook: Economist
  + stars: | 2023-07-07 | 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 EmailNot optimistic about Turkey's inflation outlook: EconomistSelva Demiralp from Koc University attributes the cooling of Turkey's inflation figures in June to base effects, and cautions against being too optimistic.
Persons: Selva Organizations: Koc University
Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara. Turkey's President Recep Tayyip Erdogan has appointed a former Wall Street banker Hafize Gaye Erkan as the country's new central bank governor — another move that could potentially mark a policy pivot away from economic unorthodoxy. Erkan, Turkey's first female central bank chief, was a former managing director at Goldman Sachs and co-CEO at First Republic Bank. She is also Turkey's fifth central bank governor in four years. The caveat would lie in how much autonomy the central bank could exercise, and to what extent —something that Demiralp says investors will have to wait and see.
Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, , Turkey's, Goldman Sachs, Mehmet Simsek's, Selva Demiralp, Demiralp Organizations: Turkish Central Bank, Wall Street, First Republic Bank, Princeton, Koç University, CNBC Locations: Ankara, U.S, Istanbul
The central bank's first female governor, Erkan is also its fifth chief in four years, underlining the challenge she may face delivering a lasting policy turnaround after Erdogan has all but stamped out the bank's independence in recent years. Analysts now expect Turkey's central bank to hike interest rates to between 20% and 25% from 8.5% as soon as this month. ORTHODOX FINANCE MINISTERErdogan, a self-proclaimed "enemy" of interest rates, has pressed the central bank to deliver stimulus in recent years and has been quick to replace its governor. The central bank slashed its policy rate to 8.5% from 19% in 2021, leaving real rates deeply negative and the lira largely managed by dozens of regulations covering credit and foreign exchange. But the last central bank governor to raise rates, Naci Agbal, was fired in 2021 after less than five months on the job.
Persons: Tayyip Erdogan, Hafize Gaye Erkan, Goldman Sachs, Erdogan's, Erdogan, Kavcioglu, Selva Demiralp, Mehmet Simsek, Simsek, Erkan, Naci Agbal, Marsh, Kathryn Wylde, Wylde, Ali Kucukgocment, Jonathan Spicer, Daren Butler, Cynthia Osterman, Hugh Lawson Organizations: Lira, First Republic Bank, Official Gazette, Koc University, U.S . Federal Reserve, Princeton University, First, JPMorgan, Analysts, FINANCE, Greystone, Partnership, New, Thomson Locations: ISTANBUL, United States, unorthodoxy, Erkan, U.S, New York City
The damage from Turkey earthquake is 'excessive,' professor says
  + stars: | 2023-02-10 | 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 EmailThe damage from Turkey earthquake is 'excessive,' professor saysSelva Demiralp, professor of Economics at Koc University, discusses the impact of the earthquake on Turkey's economy and the need for international aid.
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