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☆ The Archegos disaster isn't over yet for banks as the feds reportedly revive criminal antitrust probe
▼ + stars: | 2024-09-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewFederal prosecutors are reexamining Wall Street banks that lost billions in the 2021 Archegos collapse, anonymous sources told Bloomberg. The revived probe follows just months after Archegos' founder Bill Hwang was convicted of fraud, racketeering, and market manipulation in July. AdvertisementHowever, this plot fell apart when the stocks fell in March 2021, sending Archegos's $150 billion in bets fell into freefall. After an agreement failed to materialize, banks such as Goldman Sachs and Morgan Stanley unleashed their shares onto the market. Sources told Bloomberg that the department has begun making inquiries, with special attention paid to the 2021 banks' emergency discussions.

Persons: —, Archegos, Bill Hwang, Hwang, Goldman Sachs, Morgan Stanley Organizations: Service, Bloomberg, US Department of Justice, Business, Credit Suisse, Nomura, UBS, DOJ Locations: freefall

☆ Top banking analyst Mayo says Citi shares can double over the next 2-and-a-half years
▼ + stars: | 2024-09-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

Wells Fargo bank analyst Mike Mayo highlighted Citigroup stock as his favorite bank name on Tuesday while speaking on CNBC's " Squawk on the Street ." Shares of Citigroup could double over the next two-and-a-half years "simply by going back to tangible book value," Mayo said. Citigroup sold for 73% of tangible book at the end of June, up from 60% at the end of last December, according to FactSet data. "Even after running this model, banks still have plenty of excess capital to support the economy," Mayo noted. "Recession or no recession; higher rates or lower rates … whatever hits you, I think banks are able to weather it quite well now."

Persons: Mike Mayo, Mayo, Jane Fraser Organizations: Citigroup, Federal Reserve, UBS, Lehman Brothers, Credit Suisse, Prudential, Deutsche Bank, Federal Locations: Wells Fargo, . U.S

☆ UBS posts $1.14 billion profit in second quarter, smashing expectations
▼ + stars: | 2024-08-14 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

General view of the UBS building in Manhattan, New York City, on June 5, 2023. Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, as revenue came in higher than expected. Net profit attributable to shareholders came in at $1.136 billion for the period, versus a company-compiled consensus forecast of $528 million. UBS had swung back to profit in the first quarter after two quarterly losses, but it warned that its net interest income would fall in both its global wealth management and its personal and corporate banking divisions. It has now been over a year since UBS completed the legal takeover of Credit Suisse, triggering a huge integration process and forming a wealth management juggernaut.

Organizations: UBS, Wednesday, Credit Suisse Locations: Manhattan , New York City, Swiss

☆ UBS chief Ermotti says resilient inflows and cost-cutting drove second-quarter profit beat
▼ + stars: | 2024-08-14 | 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 EmailUBS chief Ermotti says resilient inflows and cost-cutting drove second-quarter profit beatUBS CEO Sergio Ermotti discusses the Swiss bank's second-quarter results, including wealth management growth, asset derisking, the Credit Suisse integration and the macro outlook.

Persons: Ermotti, Sergio Ermotti Organizations: UBS, Swiss, Credit Suisse

☆ How the hedge fund superstar went extinct
▼ + stars: | 2024-07-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But for now, we're examining how the hedge fund superstar has gone extinct . The big storySo long, superstarGetty Images; Alyssa Powell/BIWhere have all the hedge fund superstars gone? AdvertisementIn years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. Meanwhile, the hedge fund industry has also evolved. Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium for his to-be-launched hedge fund .

Persons: —, Kamala Harris, Harris, Alyssa Powell, Insider's Linette Lopez, Julian Robertson, Griffin's, Izzy Englander's, Goldman Sachs, Jared Siskin, Bobby Jain, it's, Aaron Weiner, Jonathan Xiong's, Maja Hitij, Carl Godfrey, Apple, Sam Altman's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democratic, Democratic Party Convention, Business, Getty, Management, Goldman, Madison, Park Conservancy, Citadel, Credit Suisse, Jain, ExodusPoint, Investment Partners, Blackstone, Elon Musk's, Big Tech, Bank of America, BI Founders, Forge, Apple, Google, General Motors Locations: Venture, Wall, Park, Coatue, Miami, London, New York

☆ Death of Hedge Fund Stars: Wall Street, Stock Market Titans Are Gone
▼ + stars: | 2024-07-21 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Take activist hedge funds, which buy up a percentage of a company's stock (or an asset) and then use their weight to push for operational changes. Or there would be a fun, splashy war between the hedge fund and the C-suite. Hedge funds rely on outperforming the market when times are hard and it's easier to find pockets of outperformance and exploit them. Of course, hedge funds are having a hard time coming up with a crew because the clients have changed too. Advertisement"At the end of the 1960s, the bubble burst, and everyone thought, 'That's the end of hedge funds,'" Mallaby said.

Persons: David Tepper, Anthony Scaramucci, Lenny Kravitz, lanyards, Bobby Jain, Goldman Sachs, Denise Shull, Charles Lemonides, ValueWorks, Saba Capital's Boaz Weinstein, BlackRock, Nelson Peltz, Bob Iger, Paul Singer's Elliott, —, Elliott, Meir Statman, Statman, I'm, That's, Paris, Marc Jacobs, they've, they're, Sebastian Mallaby, Julian Robertson, Julian, Mallaby, Lemonides, wonky quants, Keith Gill, David Einhorn, Andrew Left, bro Organizations: Appaloosa Management, Carolina Panthers, Bellagio, Millennium Management, Credit Suisse, Jain, Disney, Paul Singer's Elliott Management, Santa Clara University, Behavioral Finance, New, Tiger Management, Met, rockstar, Ferrari, Greenlight, Harvard, Princeton grad, Research Locations: Vegas , New York City, Singapore, Argentine

☆ Archegos founder Bill Hwang convicted at criminal trial over fund's collapse
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +4 min

Sung Kook (Bill) Hwang, the founder and head of the private investment firm Archegos, arrives at the Manhattan Federal Courthouse in New York City, U.S., July 9, 2024. The jury, which began deliberations on Tuesday, found Hwang guilty on 10 of 11 criminal counts and Patrick Halligan, his Archegos deputy and co-defendant, guilty on all three counts he faced. Hwang and Halligan sat flanked by their lawyers as the verdict was read by a soft-spoken foreperson. Hwang, 60, had pleaded not guilty to one count of racketeering conspiracy, three counts of fraud and seven counts of market manipulation. At its peak, prosecutors said Archegos had $36 billion in assets and $160 billion of exposure to equities.

Persons: Sung Kook, Bill, Hwang, Patrick Halligan, Halligan, Prosecutors, Andrew Thomas, Barry Berke, William Tomita, Scott Becker, Archegos Organizations: Archegos Capital Management, Prosecutors, U.S . Justice Department, U.S, Attorney's, Southern, of, Credit Suisse, UBS, Nomura Holdings Locations: Manhattan, New York City, U.S, of New York

☆ Brevan Howard has transformed since Alan Howard gave up the reins. Meet the five portfolio managers with the most capital at the $35 billion hedge fund.
▼ + stars: | 2024-07-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Read previewThere is perhaps no better example of the hedge fund industry's maturation than Brevan Howard. The $35 billion firm has changed considerably since 60-year-old Alan Howard stepped back from running its day-to-day operations in 2019. Now, Howard — the firm's majority owner — no longer manages money at Brevan. The firm's two biggest funds — the long-running, $11.9 billion Master Fund and the younger, $12.2 billion Alpha Fund — each manage more money now than the entire firm did five years ago. Advertisement"The real challenge is keeping the trading talent," said Nagi Kawkabani, a former Brevan Howard co-CEO told Institutional Investor in 2019.

Persons: —, Brevan Howard, Alan Howard, Howard, Howard —, Rishi Shah, Fash, Minal Bathwal, Trifon Natsis, Aron Landry, James Vernon, Jean, Philippe Blochet, Chris Rokos —, Natsis, Landry, Brevan, Nagi Kawkabani, Shah, Shaw, He's, he's Organizations: Service, Business, Fund, Alpha, Credit Suisse, Alpha Fund, Citadel, Bloomberg, Investor, United Arab, Winton Group Locations: Brevan, Ville, Natsis, Abu Dhabi, United Arab Emirates

☆ André Drege: Norwegian cyclist dies after crashing in race at age 25
▼ + stars: | 2024-07-06 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —Norwegian cyclist André Drege has died aged 25 following a crash at the Tour of Austria, his team Coop-Repsol announced on Saturday. “Our thoughts and prayers are with André’s family and loved ones during this incredibly difficult time,” the team posted on X, formerly known as Twitter. Cyclists (L-R) Italy's Samuele Zoccarato, Austria's Michael Gogl, Norway's André Drege, the Netherlands' Oscar Riesebeek and Germany's Jonas Rapp ride in a partly snow-covered mountain area on Saturday. After news of his death broke, the cycling world paid tribute to Drege with several teams offering their condolences. Drege’s death comes just over a year after another professional cyclist in his 20s – Gino Mäder – died in a crash during a stage of the Tour de Suisse.

Persons: André Drege, Coop, “, Drege, Johann Alpendorf, Austria's Michael Gogl, Oscar Riesebeek, Germany's Jonas Rapp, Johann Groder, PostNL, Wanty, ”, –, Gino Mäder – Organizations: CNN, of Austria, Repsol, European Cycling Union, Tour of Austria, AFP, of Rhodes, South, UCI –, Tour de Suisse Locations: Norwegian, Austrian, St, Netherlands, Stranda, Norway, Lillehammer, ”

☆ Costco had 100-gram gold bars for $7,600. They sold out in less than a day.
▼ + stars: | 2024-07-05 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Costco's largest gold product is a 100-gram bar from PAMP Suisse that last sold for $7,599.99. The jumbo-sized bar was briefly available this week, but sold out in less than a day. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Look no further than this week's sell-off of the company's largest gold product: 100-gram bars of 24-karat gold from PAMP Suisse that last sold for $7,599.99.

Persons: — Organizations: PAMP Suisse, Service, Costco, Business

☆ US judge’s financial conflict leads to revived lawsuit against big banks
▼ + stars: | 2024-07-02 | by ( ) edition.cnn.com time to read: +2 min

A US appeals court threw out the dismissal of an antitrust lawsuit accusing 10 large banks of overcharging investors on corporate bonds, saying the trial judge should have been recused because his wife owned stock in one of the banks. Liman, an appointee of former President Donald Trump, was assigned the lawsuit in April 2020 and dismissed it with prejudice in October 2021, three months after his wife sold $15,000 of Bank of America stock. The banks said Liman’s failure to uncover his conflict didn’t require recusal or reviving the case. But the appeals court found a “legitimate risk” that similar violations could undermine public confidence in the judicial process. US Supreme Court Chief Justice John Roberts highlighted in his 2021 annual report on the judiciary a need for judges to be vigilant about financial conflicts.

Persons: Judge Lewis Liman “, ”, Liman, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells, Donald Trump, Valerie Caproni, John Roberts, George Zelcs, Judge Caproni Organizations: US, Bank of America, Street Journal, Barclays, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan, NatWest, ” Bank of America Locations: Manhattan, overcharging

☆ Banks Could Weather Even Extreme Economic Tumult, Fed Finds
▼ + stars: | 2024-06-26 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: 1 min

A severe spike in inflation. A plummet in the value of the dollar. The collapse of their biggest clients. The largest banks in America could survive even those dire economic scenarios, according to analysis released by the Federal Reserve on Wednesday. The industry cleared the higher bars, with as close to a clean bill of health as its leaders might have hoped.

Organizations: Federal Reserve, Credit Suisse Locations: America

☆ Jain Global, the most anticipated new hedge fund in years, is about to make its debut. An architect of the manager explains how it will be different.
▼ + stars: | 2024-06-24 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +12 min

The launch of Jain Global has dominated industry gossip since its founder left Millennium Management, where the 53-year-old Jain was Izzy Englander's right-hand man, in late 2022. And more specifically, scalability without incremental cost," Jonathan Barton, the firm's chief operating officer, said in an interview with BI. Starting from a clean sheet of paper gave Jain Global certain advantages, said one senior banker who worked closely with the new manager as it built out its teams and systems. 3Forge, a specialty-software provider, worked with Jain Global to build the interface that connects all the systems for PMs, the risk team, and management. In five to 10 years, Jain Global hopes it won't need a sprawling business-development function because a strong talent pipeline will have developed inside the firm.

Persons: —, Bobby Jain's, Jain, Izzy Englander's, It's, Morgan Stanley, Griffin's, Steve Cohen's Point72, Michael Gelband's, redemptions, Jonathan Barton, Barton, — Barton, it's, Bobby, Paul Enright, Sam Kellie, Smith, David Hochberg, Enright, Hochberg, there's, Jon Caplis, Caplis, they're Organizations: Service, Jain Global, Millennium Management, Business, UBS, Citadel, Bank of America, Meru Capital Group, Jain, Credit Suisse, Viking Global, Macquarie, Investors, Bloomberg Locations: Singapore, Balyasny, New York, Houston, London, Hong Kong, York, Lane, Meru, Asia, PivotalPath

☆ A 28-year market vet shares 2 similarities between the dot-com bubble and today's stock market environment — and 4 threats to the AI trade that could spoil the rally
▼ + stars: | 2024-06-22 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThere are two major similarities between today's stock market environment and the dot-com bubble era, says RIA Advisors CIO Lance Roberts. RIA Advisors/AccentureAnd two, there is a small group of firms leading the overall stock market rally, just as it was in 2000. He's a bit more optimistic this time around because of the robust earnings performance fueling the few stocks leading the market. Advertisement"We are again experiencing another of these speculative 'booms,' as anything related to artificial intelligence grips investors' imaginations," Roberts said.

Persons: —, Lance Roberts, Roberts, Jonathan Golub Organizations: Service, RIA, Business, Accenture, Nvidia, UBS, Investors, Federal Reserve

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

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

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

☆ The luxury conglomerate behind Cartier is beating LVMH at its own game
▼ + stars: | 2024-06-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef & Arpels, and Piaget, is having a moment. "All of this favors the most established brands: Cartier and Van Cleef." Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef.

Persons: —, Louis Vuitton, Bernard Arnault's, Van Cleef, Piaget, outperforming LVMH, Saint Laurent, It's, Cartier, Chiara Battistini, it's, Gucci, Arnault, Johann Rupert, Rupert, Richemont, Fflur Roberts, HSBC's Rambourg, Diana —, Tim Graham, Jelena Sokolova, Morningstar, Rambourg, Euromonitor's Roberts, Van, Keith Tsuji, Sokolova, Cleef, Nicolas Bos, — Bos, Nicholas Bos, Jared Siskin, I've, What's, JPMorgan's Battistini, Bos, Porter Organizations: Service, LVMH, Business, Cartier, Gucci, HSBC, Google, JPMorgan, Credit Suisse, Deloitte, Local, Art Basel, McKinsey, Prada Locations: Switzerland, China, Euromonitor, Hong Kong, Macau, Art Basel Hong Kong, Asia

☆ I retired in my 30s with a net worth of $2.5 million over a decade ago. Now, I'm going back to work at 46.
▼ + stars: | 2024-06-12 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +8 min

Read previewThis as-told-to essay is based on a conversation with Sam Dogen, a 46-year-old in San Francisco. It was easy to save money because I was working so muchI started saving only a month after starting at Goldman Sachs. A promotion and move to San Francisco got me on the property ladderIn June 2001, I was recruited to join Credit Suisse and moved to San Francisco. In 2005, I bought a house for $1,520,000 in San Francisco and rented my condo until I sold it in 2017. Having kids took up a lot of our passive income budgetOnce our son was born in 2017, we began spending more of our passive income.

Persons: —, Sam Dogen, I'd, Mary, Goldman Sachs, San Francisco, I've, I'm Organizations: Service, Business, College of William, San, Credit Suisse Locations: San Francisco, Virginia, USA, Manhattan

☆ Oil giant Saudi Aramco begins massive share sale to raise around $12 billion
▼ + stars: | 2024-06-02 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi state oil giant Aramco commenced its secondary public offering on Sunday as the company looks to raise in the region of $12 billion. At the midpoint of that range, the sale would total around $11.5 billion but could eventually reach up to $13.1 billion. Four more banks were added to the share offering, Reuters reported on Sunday, including Credit Suisse Saudi Arabia and BNP Paribas. The share sale is the company's second, after Aramco first entered public markets in 2019 and offered 1.5% of the company to investors. Aramco is the world's largest oil company in terms of both daily crude production and market cap.

Organizations: Aramco, Saudi Arabian Oil Group, World Petroleum Congress, Saudi, Reuters, Credit Suisse Saudi, BNP Locations: Saudi, Stampede, Calgary, Canada, Credit Suisse Saudi Arabia

☆ Rare Hermès Birkin Bags Are up for Auction and May Fetch Over $100,000
▼ + stars: | 2024-06-01 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

Read previewIf you're in the market for a Hermès bag that doubles as a doll house, you're in luck — as long as you have $100,000 or so to spare. A new Birkin bag starts at about $10,000 and can cost well into the six figures depending on material, size, and rarity. Since 2022, Hermès bags sold at Christie's auctions have gone for an average of 141% of the lowest estimated price, Christie's said. "Hermès Birkin and Kelly bags, especially the Faubourg bag, for example, are iconic symbols of luxury and status, coveted by collectors worldwide." Courtesy of Christie'sAs the auction demonstrates, luxury handbags — particularly those made by tightly controlled brands like Hermès — are increasingly worthy investments.

Persons: —, Christie's, Birkin —, handmake, Hitha Herzog, Hermès, Faubourg Birkin, Birkin, Nicole Pollard Bayme, Hermès Birkin, Kelly, Chanel, Alexis Clarbour, Louis Vuitton, Yayoi, Dior, Loewe, Roger Vivier Organizations: Service, Business, Rue du Faubourg Saint, Deloitte, Credit Suisse, Madison Avenue Couture Locations: Birkins, Rue, Paris, retails

☆ UBS overhauls wealth management leadership in wider board shake-up
▼ + stars: | 2024-05-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The three keys USB logo is seen outside the London office of Swiss bank UBS in central London, on March 20, 2023. LONDON — UBS on Thursday announced a shake-up of its executive board in the latest phase of a radical overhaul of the Swiss banking giant, following its takeover of fallen rival Credit Suisse. It marks the first time a divisional UBS president has been based in Asia-Pacific, the bank said. George Athanasopoulos and Marco Valla also join the executive board as co-presidents of the investment bank, alongside Damian Vogel, incoming global chief risk officer. The trio replace outgoing board members Credit Suisse CEO Ulrich Korner, UBS Asia-Pacific President Edmund Koh, and UBS Americas Regional President Naureen Hassan.

Persons: Iqbal Khan, Rob Karofsky, Sergio Ermotti, Ermotti, George Athanasopoulos, Marco Valla, Damian Vogel, Ulrich Korner, Edmund Koh, Naureen Hassan Organizations: UBS, LONDON, Credit Suisse, Group, Credit, UBS Americas, Swiss Locations: London, Swiss, Asia, Pacific, U.S, Americas, UBS Asia

We asked seven pro investors to identify the best trades of their careers and explain how the lessons from those decisions still apply today. The CBOE Volatility Index, also known as the VIX, shot above 40, essentially meaning traders were betting that the stock market would be exceptionally rocky over the following month. Jeff Muhlenkamp, lead portfolio manager at Muhlenkamp & CompanyJeff Muhlenkamp Muhlenkamp & CompanyJeff Muhlenkamp's namesake Muhlenkamp Fund (MUHLX) has been in the top 3% of its category in the past half-decade, thanks to trades like one he pulled off on Chinese internet firm Baidu (BIDU). "I pretty much expected, 'OK, if I get a double out of this in five years, I'll be happy' — that's pretty decent money," Muhlenkamp said. He noted that industrials within the Russell Mid Cap value index have returned 116% over the previous five years.

Persons: —, That's, Michael Burry, Warren Buffett, Berkshire, Rob Arnott, Tim Boyle, Arnott, I'd, Bob Elliott, Bob Elliott's, Elliott, Jeff Muhlenkamp, Jeff Muhlenkamp Muhlenkamp, Jeff Muhlenkamp's, Muhlenkamp, you've, Sona Menon, Cambridge Associates Sona Menon, Bryant VanCronkhite, Allspring Bryant VanCronkhite Allspring Bryant VanCronkhite, VanCronkhite, Russell, industrials, James Davolos, Davolos, George Patton, Harley Bassman, Harley Bassman's, Bassman, Merrill Lynch, I'm Organizations: Service, American Express, Business, Research, Bloomberg, Getty, Bridgewater Associates, Treasury, Securities, Muhlenkamp, Baidu, Google, North, Cambridge Associates, Allspring, Horizon Kinetics, Opportunities Fund, Credit Suisse Locations: industrials, West Africa, New York City, Guinea

☆ Wells Fargo goes on quiet hiring spree to expand from lending. What it means for the stock
▼ + stars: | 2024-05-24 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.

Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City

☆ I quit my job at Goldman Sachs to risk it all on a crypto startup. Then the industry crashed.
▼ + stars: | 2024-05-24 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +8 min

Luckily, Goldman hadn't filled the role, so I started working for them in November 2018. Working at Goldman Sachs would always be limitingI liked working as a trader at Goldman, but it wasn't fulfilling. I slowly realized that working for Goldman or any company, the end goal is limited to possibly being a partner. At the same time all this was happening, Luna Crypto, followed by the crypto market, crashed. AdvertisementThe crypto industry had been decimated, and I'd lost around two-thirds of my savings in cryptocurrency.

Persons: —, Hong, Goldman Sachs, wasn't, Goldman hadn't, There's, I'd, Matthew, Aaron, He'd, Aron, Goldman, Luna Crypto, I, FTX, We're Organizations: Service, Credit Suisse, Business, Amazon, Goldman Locations: Hong Kong, Canada, Barcelona, Singapore, cryptocurrency

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ UBS earnings: Numbers 'heavily influenced' by integration of Credit Suisse, analyst says
▼ + stars: | 2024-05-07 | 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 EmailUBS earnings: Numbers 'heavily influenced' by integration of Credit Suisse, analyst saysJohann Scholtz of Morningstar discusses UBS' first-quarter results, and says its integration of Credit Suisse makes it "tricky" to compare numbers across periods.

Persons: Johann Scholtz, Morningstar Organizations: UBS, Credit Suisse

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