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☆ Lazard CEO Jacobs set to step down, Orszag to take helm -source
▼ + stars: | 2023-05-19 | by ( Anirban Sen | ) www.reuters.com time to read: +2 min

Jacobs' decision to step down comes after Lazard reported a loss in the first quarter as dealmaking activity slumped. Lazard's stock has lost about 17% this year, giving the independent investment bank a market capitalization of just over $3 billion. Orszag, 54, was previously was head of North America M&A at Lazard and joined the bank from Citigroup in 2016. Jacobs, 64, joined Lazard from Goldman Sachs Group (GS.N) in 1988 and took over as CEO in 2009 after the death of his predecessor, Bruce Wasserstein. The Wall Street Journal first reported on the succession.

☆ Markets next week may keep thinking about what could go right
▼ + stars: | 2023-05-19 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

At least that's the thinking of a small but growing chorus of voices on Wall Street who outline the case for further stock market gains after both the S & P 500 and Nasdaq Composite touched nine-month highs this past week. The VIX was trading around 16-17 late this week, signaling no great fear among professional traders. Walmart and other retailers this week highlighted consumers are spending less freely, but they're still spending , and that drives two thirds of the economy. Even Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote late this week that he has to entertain what could go right in markets, despite the fact his own view is fundamentally bearish. If that "upside scenario" happens, UBS sees global stocks moving 13% higher by the end of December, and the S & P 500 surging another 6% — to north of 4,400.

☆ As investors worry about a recession, take 3 steps to boost your financial security, advisor says
▼ + stars: | 2023-05-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A recent survey from Nationwide finds more than two-thirds of respondents — 68% — expect a recession within the next six months. Meanwhile, 62% of respondents believe the recession will be as severe or worse than the Great Recession of 2007 to 2009. "One of the things I share with others is control what you can control," Elliott said. While what happens with the economy or your employer may be out of your control, there are steps you can take to help boost your personal financial security. For many, we're using it as a buying opportunity to buy certain securities that are priced fairly low right now.

☆ Disney World is closing its Star Wars: Galactic Starcruiser in September
▼ + stars: | 2023-05-18 | by ( Natasha Chen | ) edition.cnn.com time to read: +2 min

CNN —Walt Disney World is closing down Star Wars: Galactic Starcruiser, one of its newest and splashiest attractions, at the end of September, the resort announced Thursday. The ultra-immersive – and ultra-pricey – bow to the “Star Wars” universe opened to much fanfare in spring 2022. When CNN asked Disney why the attraction was closing, a spokesperson said it was “a business decision” and did not elaborate. As for the fate of the building housing the futuristic experience, Disney had “nothing to share at this time.”Big experience on a small scaleQuite a motley crew enjoyed the first outing of the Star Wars: Galactic Starcruiser immersive experience in March 2022. Allen J. Schaben/Los Angeles Times/Getty Images/GILEIn an official media statement, Disney said “Star Wars: Galactic Starcruiser is one of our most creative projects ever and has been praised by our guests and recognized for setting a new bar for innovation and immersive entertainment.

☆ Mediobanca buys Arma Partners to boost tech advisory offer
▼ + stars: | 2023-05-18 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The acquisition, which Mediobanca expects to boost its fee income by 10%, comes ahead of a new three-year strategy CEO Alberto Nagel will unveil on May 24. In the same year, it advised Germany's Aareal Bank (ARLG.DE) on the sale of a stake in its $1.1 billion software unit Aareon to Advent International. The deal will boost earnings per share, based on last year's figures, Mediobanca said, without elaborating. With 86 staff and some $100 million in yearly revenue, Arma was founded in 2003 by Paul-Noël Guély, a former head of software and services investment banking at Goldman Sachs. Arma has offices also in Munich, a U.S. presence and a network of affiliated advisory firms in Japan, Australia, Israel, Turkey and Brazil.

☆ Disney World's costly Star Wars Galactic Starcruiser to close in late September
▼ + stars: | 2023-05-18 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Disney World's Star Wars: Galactic Starcruiser, a two-day hotel experience, is closing and will make its final voyage this September after being open for only more than a year. First teased during Disney's D23 Expo in 2019, the Galactic Starcruiser, located near the company's Orlando, Florida-based Disney World Resort opened in March 2022. However, the Galactic Starcruiser has been lauded as a dream come true for fans looking for the ultimate Star Wars experience. Alongside these villains there are spies, musicians, rebels and reluctant heroes, everything that makes up a Star Wars story. "Star Wars: Galactic Starcruiser is one of our most creative projects ever and has been praised by our guests and recognized for setting a new bar for innovation and immersive entertainment," the company said in a statement.

☆ Mediobanca dips toe into tech M&A shark tank
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

Mediobanca (MDBI.MI), the 8.5-billion-euro financial group run by veteran CEO Alberto Nagel, said on Thursday it had agreed to buy London-based Arma Partners, an advisory boutique that specializes in technology deals. With revenue in excess of $100 million, or about 90 million euros, Arma should add more than 10% to Mediobanca’s annual net fees and commission of 850 million euros. The French boutique’s contribution, although a record, stood at 63 million euros in the financial year that ended in June 2022. Buying Arma allows Mediobanca to gain expertise in growing areas like cloud services, software and cybersecurity, which are outside the Italian bank’s core strengths. Star banker Erik Maris left Mediobanca a year after Nagel clinched the purchase of a 66% stake in the boutique.

☆ ‘Benefits outweigh the harm’: Worried about their livelihood, small business owners push back on potential TikTok ban
▼ + stars: | 2023-05-17 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +8 min

A potential TikTok ban has raised concerns among small business owners on TikTok, who have found success and built sizable audiences without having to pay for marketing. When Aparna Singh first heard about a potential TikTok ban, she "immediately went into panic mode." Concerned about a potential ban of TikTok, small business owners told CNBC Make It why they think the short-video app should stay. Despite the security concerns, small business owners have expressed frustration over the possibilities of a complete ban. Let your followers know where they can find you if the ban is approved," Powers advised other small business owners on TikTok.

☆ RuPaul opens the doors to his maximalist Beverly Hills mansion
▼ + stars: | 2023-05-16 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +3 min

In a four-poster canopy bed — or velvet claw-foot daybed — in the Beverly Hills mansion he shares with husband Georges LeBar. The property is more than worthy of royalty, with grand airy rooms and neoclassical details dressed up in bold colors and maximalist glamour. RuPaul and LeBar bought the European-style estate in 2019, and enlisted interior designer Martyn Lawrence Bullard — a longtime friend — and architect Christopher Hatch McLean to work their magic. RuPaul and Georges LeBar transformed their Beverly Hills estate with the help of interior designer Martyn Lawrence Bullard. Orange is the drag icon's favorite color and appears in velvet, lacquer or painted accents through the home.

☆ How a 31-year-old built a 'cash stuffing' business on track to bring in $1 million this year: 'Make sure you have the backbone for it'
▼ + stars: | 2023-05-10 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

"I just went into it hoping I would make my money back," Taylor told CNBC Make It in March. In 2022, her business, which now sells not only budgeting accessories but branded apparel, pulled in revenue of about $850,000. Capitalize on unmet demandWhen Taylor started posting her cash stuffing videos to TikTok, she wasn't looking to become famous or launch a business. "I instantly went on Shopify, built the website and started collecting emails," she says. "So when we launched, things went really well.

☆ No office tower is safe from the roiling market — not even a trophy building housing Google and Visa deemed one of the best
▼ + stars: | 2023-05-10 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

Potential problems at One Market Plaza show how far San Francisco's office market may fall. One Market Plaza has long been considered the pinnacle of San Francisco's office market. Autodesk plans to downsize by about 73,000 square feet to 211,000 square feet, a spokeswoman told Insider. Google did not respond to a request for comment on its plans for One Market Plaza. One Market Plaza could indicate how far San Francisco's office woes reachTurbulence at One Market Plaza indicates the extent of the problems facing San Francisco's office market.

☆ A consultant used ChatGPT to free up time so she could focus on pitching clients. She landed $128,000 worth of new contracts in just 3 months.
▼ + stars: | 2023-05-08 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

Jacqueline DeStefano-Tangorra, the founder of consulting firm Omni Business Intelligence Solutions, started using ChatGPT when it launched last year. In her first three months using ChatGPT, DeStefano-Tangorra booked $128,000 worth of new deals. As a result, the chatbot, she said, freed up her capacity to focus on crafting more business proposals to potential clients. Meanwhile, DeStefano-Tangorra has helped her new clients craft personalized business proposals, customize legal documents, and design sales dashboards with guidance from ChatGPT. She won't stop using ChatGPT anytime soon.

☆ Two Creative Directors on Sports, Hip-Hop and Faith
▼ + stars: | 2023-05-08 | by ( Justin Baek | ) www.nytimes.com time to read: +2 min

Everybody has a story, and you can tell it through A.I., pictures, music, all the creative elements. It came, and though it’s not gone, the whole time, I was like, I’m still going to go with touchable, feel-able art. A lot of things are happening through technology, and a lot of things are going to happen, but I don’t know anything that is bigger than the Mona Lisa. No matter what happens in technology, the root of creativity will always be around. It’s the reason we still hear Fleetwood Mac and Marvin Gaye songs in the same rotation that you hear Drake.

☆ Terence Kawaja's adtech-focused investment bank Luma Partners may lose 3 of its partners amid a disagreement over its future direction
▼ + stars: | 2023-05-05 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

Luma Partners' three partners are currently planning to exit the company, Insider has learned. It followed a disagreement with Luma Founder and CEO Terence Kawaja about the future vision for the firm. Luma Partners, the adtech-focused investment bank may lose all three of its partners following a disagreement with the company's founder, Terence Kawaja, about the future direction of the firm, Insider has learned. Kawaja's court jester style is in sharp contrast to that of Andersen, Greenbaum, and Filippini who tend to keep a lower profile. For the moment, they remain partners with Luma, which is currently working on a live M&A deal, Andersen said.

May 4 (Reuters) - Canadian lender Toronto-Dominion Bank Group (TD.TO) has called off its deal to acquire First Horizon Corp (FHN.N) for $13.4 billion on Thursday, sending the U.S. bank's shares down 44.5% in premarket trading. As part of the termination, TD will pay $200 million to First Horizon in addition to a $25 million fee reimbursement, the banks said. TD first agreed to buy First Horizon in February last year to expand its presence in the United States. Since then, the lender has acquired New York-based boutique investment bank Cowen Inc for $1.3 billion this year. ORTEX data from early last month showed the second-largest Canadian lender was the world's most shorted banking stock.

First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis. TD agreed to buy First Horizon in February last year to expand its presence in the United States. Average deposits at First Horizon fell 4% to $62.2 billion in the first quarter, compared to the end of last year.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Macy’s opens more strip mall stores as expansion strategy faces pivotal test
▼ + stars: | 2023-05-04 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +11 min

The shops, called Market by Macy's and Bloomie's, are about one-fifth of the size of the retailer's typical Macy's and Bloomingdale's stores. It has not announced the locations of the four Market by Macy's stores, but said the additional Bloomie's store will be in Seattle. By opening the strip-mall shops, the retailer could steal business away from its larger namesake mall stores. Market by Macy's stores have worked best in shopping centers with grocery anchors or stores such as off-mall retailers that draw traffic, Mastronardi said. Melissa Repko | CNBCInside of Market by Macy's, shoppers find a narrower mix of merchandise than in the mall stores.

☆ At Instagram’s Favorite Hotel, the Other Guests Are Part of the Draw
▼ + stars: | 2023-05-03 | by ( Lane Florsheim | Photography Daniel Arnold For Wsj. Magazine | ) www.wsj.com time to read: 1 min

GRAND CAYMAN—At a sunny beachside lunch earlier this month, concierge Bambi Grimotes was sketching an itinerary for a short stay at Palm Heights, a boutique hotel here in the Cayman Islands. Bambi—whom guests refer to mononymously, as they would Madonna—is the hotel’s master of ceremonies, whose job it is to hang out with vacationers, host monthly dinner parties and MC its increasingly packed Saturday karaoke night. “You would probably need some sort of massage,” he said, estimating that most guests need two days for their nervous systems to submit to the slowed-down pace of Palm Heights. “My goal is for you to feel rich. That’s how I feel.

☆ A travel influencer with 680K TikTok followers shares her 4-page media kit and strategies to get free hotel stays
▼ + stars: | 2023-05-03 | by ( Marta Biino | ) www.businessinsider.com time to read: +4 min

The 23-year-old creator joined the platform in 2012, when she was in middle school, and has been determined to become a content creator since then. But while this content was helpful to build an audience, she decided her aim was to build a career based on travel content. She shared some of her top tips to get started as a travel creator and pitch hotels for a free stay. When she decided she'd focus on creating travel content, she archived her old posts and started mindfully curating her feed. Read the 4-page media kit Seaberg uses to pitch hotels and brands for collaboration:

☆ Where the royal family goes in London, from Indian restaurants to theme parks
▼ + stars: | 2023-05-02 | by ( Julia Buckley | ) edition.cnn.com time to read: +13 min

Well, they’re not, obviously – but sometimes they do put down their tiaras, leave their palaces and join the hoi polloi at restaurants, bars and even theme parks. He once called Brilliant Restaurant in Southall, west London his favorite Indian restaurant – and Gordon Ramsay is also a fan. Stuart C. Wilson/Getty ImagesBack in the noughties, party Prince Harry was a regular at Mahiki, a Tiki-themed bar-club-restaurant in Mayfair. Simon Dack/AlamyIn his memoir “Spare,” Prince Harry wrote about popping out to shop for clothes at T.K. Toby Melville/Getty ImagesThe-then Meghan Markle was apparently spied In the heart of Chelsea while she was engaged to Prince Harry, getting a facial from Sarah Chapman.

These publicists help bridge the gap between traditional media and the creator economy. They represent influencers on platforms like TikTok, YouTube, and Instagram. These high-profile influencers use PR professionals to help them craft their images and land them media appearances. In our fourth annual power list, Insider is spotlighting top publicists and PR pros working with creators on Instagram, TikTok, YouTube, and Twitch. We chose the PR professionals based on factors like their roles, responsibilities, and impact on their clients and the creator economy broadly.

☆ Here are the top 10 Wall Street research firms of the past decade, according to TipRanks
▼ + stars: | 2023-04-30 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +4 min

Henry Nicholls | ReutersAfter identifying the 10 best analysts on Wall Street of the past decade, here is a list of the 10 top research firms. To create this list, TipRanks analyzed every stock recommendation made by investment research firms in the past decade. This explains why some research firms may have a higher success rate and average return yet rank lower. TipRanks has leveraged its Experts Center tool to identify the top 10 research firms. Top 10 Wall Street Research FirmsThe image below shows the most successful Wall Street research firms in descending order.

Fabrizio Campelli, who oversees Deutsche's investment bank, said it had been looking to grow its business in Britain. Deutsche Bank shares rose as much as 2.5% in early trade before erasing gains. MOVING INAs part of the deal, 35 Deutsche Bank corporate finance employees will move in with more than 300 London-based Numis staff. As part of its strategy, Deutsche Bank - a leading bank in Germany with strong European roots - said earlier this week that it aims to accelerate "growth initiatives" including potential acquisition of portfolios and assets. Britain is the largest investment banking market in Europe and Numis is a diversified investment bank with a UK franchise.

For the fourth year, Insider is recognizing the top PR reps for influencers and content creators. These publicists help bridge the gap between traditional media and the creator economy. These high-profile influencers use PR professionals to help them craft their images and land them media appearances. In our fourth annual power list, Insider is spotlighting top publicists and PR pros working with creators on Instagram, TikTok, YouTube, and Twitch. We chose the PR professionals based on factors like their roles, responsibilities, and impact on their clients and the creator economy broadly.

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