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☆ MLB roundup: Ryan Mountcastle's 9 RBIs propel Orioles to win
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +11 min

Austin Hays also homered and went 4-for-5 as the Orioles won for the second night in a row. Kyle Schwarber hit a solo home run and Bryson Stott added two hits and two RBIs for Philadelphia. Guardians starter Hunter Gaddis (0-1) allowed eight runs on eight hits with three strikeouts and two walks in three-plus innings. Blue Jays 9, Tigers 3Alejandro Kirk hit a three-run home run and had four RBIs as Toronto won its home opener, beating Detroit. Detroit right-hander Matt Manning (1-1) allowed four runs on six hits with one walk and three strikeouts in six innings.

April 11 (Reuters) - Mark Shafir, one of Citigroup Inc's (C.N) top dealmakers, is retiring after a career spanning over three decades during which he advised some of the world's largest corporations on several landmark deals. Shafir, who has led Citi's global mergers and acquisitions unit since joining the bank in 2008, will stay on till mid-May to help with the transition, according to an internal memo sent on Tuesday by Tyler Dickson and Manuel Falco, Citi's global co-heads of banking, capital Markets and advisory. Cary Kochman, who has served as co-head of global M&A at Citi alongside Shafir since 2017, will continue to lead the franchise. "(Mark) has been one of the lead drivers of our M&A business and has played a central role developing the franchise, which grew significantly under his leadership," Dickson and Falco said in the memo. Shafir was instrumental in shaping Citi's M&A franchise during his tenure and advised on several landmark transactions.

☆ How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp., Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ NBA roundup: Warriors hang 157 on Blazers, glide into playoffs
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +12 min

Shaedon Sharpe added 18 points to go with a team-high seven rebounds, while Jeenathan Williams had 17 points for Portland. New Orleans' Brandon Ingram had 42 points and 12 rebounds, CJ McCollum scored 23 points and Trey Murphy III had 20. Lindell Wigginton scored 17 points and Bobby Portis had 16 for the Bucks. Jaden Hardy led all scorers with 25 points, with Theo Pinson forging a triple-double (23 points, 13 rebounds, 12 assists) for the Mavericks. De'Aaron Fox, who scored 13 points, played less than 18 minutes.

☆ Can’t Afford to Scuba in Aruba? Try This Snorkeling Adventure Closer to Home
▼ + stars: | 2023-04-05 | by ( Caleb Johnson | ) www.wsj.com time to read: +1 min

STREAMING NOW Snorkel in a freshwater river for a brief encounter with an eel, a lamprey and other colorful fish. MY SNORKELING ADVENTURE began in a parking lot at Mile-0 of the French Broad River, which flows across more than 200 craggy miles in western North Carolina and into eastern Tennessee. It was a sunny day, and Kevin Merrill, who would serve as my guide, asked me to meet him there so he could gauge the conditions and figure out where to start. Over the weekend, heavy rain had fallen across Transylvania County, so the river was running higher than normal. I followed his white Subaru through the town of Rosman, N.C., where Mr. Merrill grew up and later worked at the public high school before starting Oxbow River Snorkeling along with his wife, Christie.

☆ Why two of North America's richest families are coming together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp, Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

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☆ DeSantis gets support from some on Wall Street, but Trump looms large in their concerns
▼ + stars: | 2023-04-03 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Ron DeSantis, according to people familiar with the conversations. "I think most people favor DeSantis over Trump but it's unclear that [DeSantis] can win," a Wall Street donor strategist told CNBC. Peterffy has even donated more than $360,000 to a pro-DeSantis political action committee called Friends of Ron DeSantis. DiLella has donated at least $80,000 to the Friends of Ron DeSantis PAC, according to state records. Gerson donated $3,000 to DeSantis' 2018 campaign for governor and just over $100,000 to the Friends of Ron DeSantis PAC between 2018 and 2022, according to state records.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

☆ Is Jamie Dimon the most powerful person in finance?
▼ + stars: | 2023-03-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. Carter's story got me thinking: Who's the most powerful person in finance? Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. Place your vote here — or name someone else — for who you think is the most powerful person in finance. The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.

☆ Bank of America's Andy Sieg is joining Citi as head of global wealth
▼ + stars: | 2023-03-30 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

Andy Sieg, a veteran of Merrill Lynch, is parting ways with Bank of America to join Citigroup . He will be the new head of Citi Global Wealth, reporting to Jane Fraser, the bank's CEO. Previously, Sieg was president of Merrill Lynch Wealth Management, a post he's held for six years. He was also a member of Bank of America's executive management team. Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management.

March 30 (Reuters) - Citigroup Inc (C.N) on Thursday it has hired Andy Sieg to lead its global wealth arm from Bank of America Corp (BAC.N), where he led the Merrill Wealth management unit. Two years ago, Citigroup unified its various wealth businesses into a single wealth management organization, which was led by Jim O'Donnell and included the Citi Private Bank and Citi Personal Wealth Management. At its investor day last year, Fraser signaled the bank's intention to become a global leader in wealth management. Sieg's departure led to the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement. Sieg joined Merrill Lynch in 1992 and had served as Merrill president since 2017.

☆ Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
▼ + stars: | 2023-03-30 | by ( Hayley Cuccinello | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Merrill Lynch head Andy Sieg is leaving to lead rival Citi's wealth management business. Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The move was made after the wealth business had missed revenue targets, the Wall Street Journal reported. Citi CEO Jane Fraser described the wealth management unit's performance as "disappointing" on a call to discuss earnings in January.

Ermotti may need to persuade Switzerland's authorities that UBS should keep "the piece de resistance," Credit Suisse's domestic bank, said Porta's Wittmann. During the financial crash of 2008 it was UBS, not Credit Suisse, that took the lion's share of support from the state. One of Ermotti's biggest challenges may be to prevent Credit Suisse's problems contaminating UBS, which will involve hacking back its investment bank and its unwieldy derivatives. Disentangling Credit Suisse's finances, however, is only a part of the problem. "There are clearly parts of Credit Suisse that have had a bad culture.

☆ Pharmacy startups are losing their battle with giants like CVS and Walgreens
▼ + stars: | 2023-03-28 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +12 min

Pharmacy startups like Capsule and Truepill are crumbling in the fight against pharmacy giants. But in the past year, the pharmacy startups have begun to crumble. Plus, each chain has thousands of stores across the country, providing the convenience that the pharmacy startups seek to replicate with tech. The digital-pharmacy shakeoutAnalysts suggested that healthcare startups with pharmacy components, rather than pure-play pharmacy startups, are best positioned to succeed. Truepill CEO Sid Viswanathan TruepillBut the pharmacy startups that have attempted to offer additional services have largely shelved those efforts in recent months.

☆ Home prices are in their longest slump since 2012. Here's what experts think happens next.
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US home prices just fell for the seventh consecutive month, Case-Shiller data showed Tuesday. Here's what economists are saying about the housing market outlook. Over the last year, the Federal Reserve's aggressive interest rate hiking campaign has helped lift mortgage rates sharply, weighing on affordability and demand. Here's what experts have said could come next for the housing market. "Long-term [the housing shortage] puts a floor under demand in this country for newly built homes," he told CNBC on Thursday.

☆ How First Republic's courtship of the wealthy led to meltdown
▼ + stars: | 2023-03-27 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +6 min

March 27 (Reuters) - First Republic Bank (FRC.N) became the epicenter of the U.S. regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left the bank reeling. Reuters GraphicsFor years, First Republic lured high net-worth customers with preferential rates on mortgages and loans. Morgan Stanley analysts estimated a deposit outflow of nearly half of total deposits according to a March 20 note. First Republic's loan book and investment portfolio also became less valuable as interest rates rose, which is hampering a capital raise. "Wealthy customers were drawn to First Republic in part because they could get large mortgages at rock-bottom interest rates," said McCoy.

☆ A Rivian buyer got his dream car after a 3-year wait. Days later, the car was dead and he faced a $2,100 bill.
▼ + stars: | 2023-03-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +7 min

In an interview with Insider, Rivian executives said the car did exactly what it was programmed to do in a dangerous slide-away situation. Rivian risks alienating early adoptersChase Merrill's Rivian R1S the day it was delivered. Chase MerrillMerrill isn't the first early Rivian fan to start souring on the company. Merrill's Rivian returns with an error messageChase Merrill's disabled Rivian R1S is loaded onto a flatbed tow truck. After Insider called Rivian this week to ask about Merrill's experience, a Rivian representative called Merrill and offered to cover the $2,100 bill.

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☆ Beazer Homes CEO Allan Merrill on the current state of the housing market
▼ + stars: | 2023-03-23 | 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 EmailBeazer Homes CEO Allan Merrill on the current state of the housing marketBeazer Homes CEO Allan Merrill explains what he's seeing in housing ahead of the spring selling season.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

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☆ Brace for a 'crash landing' as the US economy barrels toward recession, top economist David Rosenberg warns
▼ + stars: | 2023-03-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

David Rosenberg has warned the US economy is headed for a "crash landing" or major downturn. Rosenberg told Insider in February that the S&P 500 could plunge 25% from its current level. "Philly Fed at a level that is 8 for 8 on the recession call and with no head fakes," Rosenberg said. He was commenting on the fact that stocks didn't rally, despite mounting expectations that the Fed won't hike interest rates this month. Moreover, they can put pressure on banks' bond holdings, as bond prices move inversely to interest rates.

☆ Silicon Valley investors and founders express shock over SVB's collapse, describe struggles to get money out
▼ + stars: | 2023-03-10 | by ( Jonathan Vanian Ashley Capoot Jordan Novet Annie Palmer | Jonathan Vanian | Ashley Capoot | ) www.cnbc.com time to read: +9 min

Nikolas Kokovlis | Nurphoto | Getty ImagesVenture capitalists and technology executives are scrambling to make sense and account for the potential repercussions of the sudden implosion of Silicon Valley Bank on Friday. The Federal Deposit Insurance Corp. said Friday that U.S. federal regulators shut down Silicon Valley Bank , the premiere financial institution for Silicon Valley tech startups for the past 40 years. On Friday, Yang returned to the Silicon Valley Bank branch 15 minutes before it opened to remove the remaining money. One person showed a tweet on their phone suggesting that bank employees had been instructed not to come to work. Watch: CEO's react to the closure of Silicon Valley Bank

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