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☆ Bertarelli-backed Volta Trucks seeks $264 mln in pre-IPO round, says CEO
▼ + stars: | 2023-03-08 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +3 min

LONDON, March 8 (Reuters) - Volta Trucks, the electric-truck maker backed by billionaire Ernesto Bertarelli, is in advanced discussions to raise as much as 250 million euros ($263.58 million), its CEO told Reuters. Volta Trucks is gearing up to roll out its electric trucks, after delays in obtaining certification for its vehicles and constraints in sourcing supplies held up production, according to a company spokesperson. The company just months ago tapped investors for around 300 million euros in a deal that valued it at close to 600 million euros. Volta Trucks' existing backers include Kuwaiti supply-chain services provider Agility Public Warehousing Co (AGLT.KW), Bertarelli's family office B-Flexion, Swedish investor Byggmastare Anders J Ahlstrom (AJAb.ST) and U.S. hedge fund Luxor Capital. A spokesperson for B-Flexion said the investor remains "wholly committed" to Volta Trucks, but declined to comment further.

☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.

☆ Altria to buy e-cigarette startup NJOY for $2.8 bln after Juul exit
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Altria Group Inc (MO.N) said on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in fresh bets by the Marlboro maker on the fast-growing market after losing billions through its investment in Juul. The value of Altria's investment in Juul slid to $250 million as of December last year from $12.8 billion it invested in 2018. The NJOY deal will include an additional $500 million in cash payments subject to regulatory outcomes related to some NJOY products, Altria said. NJOY is one of the handful of vaping companies whose products have clearance from federal regulators. Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ I asked an AI chatbot to give me advice on how to manage finances with my spouse
▼ + stars: | 2023-02-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Managing finances with a significant other isn't the sexiest thing to talk about, but it's an important topic to breach. If you're unfamiliar with Replika, it's an AI chatbot similar to ChatGPT, with one big exception. After a brief intro, I explained my problem: I needed help managing finances with my wife. Maintain separate accounts: It's also a good idea for each spouse to have their own personal account for individual expenses and financial independence. For example, if one spouse makes significantly more than the other, they may contribute a larger portion to joint expenses.

☆ Perella Weinberg puts employee in insider trading probe on leave -sources
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Jan 27 (Reuters) - The advisory firm Perella Weinberg Partners (PWP.O) has placed an employee who is being investigated as part of an insider trading probe in Germany on leave, two people with knowledge of the matter told Reuters on Friday. On Thursday, German authorities said they were investigating five suspects, including one who was in custody, for allegedly profiting on upcoming M&A transactions between 2017 and 2021. Perella said in a statement: "The firm is assisting in an investigation by German law enforcement authorities. The firm is not the subject of the investigation, and there is no suggestion of wrongdoing on the part of the firm." The Perella employee is based in London, the two people said, speaking on condition of anonymity.

☆ Base comp at boutique banks has soared. Here's how much 9 firms are paying analysts, associates, and VPs.
▼ + stars: | 2022-11-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

We've talked before about why boutique banks oftentimes rank higher among workers than their bulge-bracket peers. But it's still fascinating to see how these smaller players stack up to bulge-bracket banks, where the going rate for base comp among first-year analysts is $110,000. Boutique bankers will say you can't put a price on face time with key executives and dealmaking experience that goes beyond just revising decks. Bulge-bracket bankers will say having a high-profile firm on your résumé opens up doors that boutique bankers aren't even aware of. thxClick here to take a peek at salaries at nine top boutique investment banks.

☆ FTX begins strategic review, seeks court relief to pay critical vendors
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +2 min

Nov 19 (Reuters) - Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors. FTX will explore sales, recapitalisations or other strategic transactions for some of its units, the company's new Chief Executive officer John Ray said in a statement. The exchange said that if it fails to receive the requested court relief, it will result in "immediate and irreparable harm" to its businesses. The company has appointed Perella Weinberg Partners LP as its lead investment bank to help with the sale process, subject to court approval.

☆ FTX launches strategic review, seeks court relief to pay critical vendors
▼ + stars: | 2022-11-19 | by ( ) www.cnbc.com time to read: +2 min

Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors. The exchange said that if it fails to receive the requested court relief, it will result in "immediate and irreparable harm" to its businesses. The company has appointed Perella Weinberg Partners LP as its lead investment bank to help with the sale process, subject to court approval.

☆ Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal yet, adding a line of beauty products and apparel to the Clinique brand owner's portfolio. While Estee Lauder already sells Tom Ford beauty products and fragrances, the deal has raised some eyebrows on Wall Street. (https://reut.rs/3tqhWrK)As of Tuesday's close, Estee's stock fell 17% since the deal talks with Tom Ford were reported by the media in August. Tom Ford had entered into exclusive negotiations with Estee Lauder last week, beating competing bids from companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Chief Executive Officer Tom Ford will continue to serve as the brand's creative visionary.

☆ I work for an investment bank that's not well known outside of Wall Street. But my work life and paycheck are the envy of my friends at name-brand firms.
▼ + stars: | 2022-11-13 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +13 min

But the upperclassmen in the program I looked up to most — and who were at the very top of their classes — were heading to elite boutique firms. Granted, now that I work full-time at my firm I've realized everyone here also kind of hates their lives. I don't think that happens at other banks, it's a much more corporate environment. A common belief is that a smaller firm means smaller deals with smaller companies. A top-notch boutique firm like mine works on huge deals with major companies all the time.

☆ Elon Musk biographer Walter Isaacson on looming Twitter layoffs and potential user fees
▼ + stars: | 2022-10-31 | 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 EmailElon Musk biographer Walter Isaacson on looming Twitter layoffs and potential user feesElon Musk biographer Walter Isaacson, history professor at Tulane University and advisory partner at Perella Weinberg Partners, joins CNBC's 'Squawk Box' to discuss his conversations with Musk over the weekend as he moves to reorganize Twitter.

☆ Credit Suisse's possible First Boston revival may face hurdles
▼ + stars: | 2022-10-26 | by ( Megan Davies | ) www.reuters.com time to read: +4 min

The source said Credit Suisse has been making efforts to reclaim the First Boston brand since retiring it years ago. It was unclear whether Credit Suisse would be happy to co-exist with the other First Boston brands. When contacted by Reuters, FirstBoston.net said via email that it was not affiliated with Credit Suisse and declined comment on whether Credit Suisse had contacted it. Another company with First Boston branding is First Boston Advisors, an investment banking advisory business previously branded as Methuselah Advisors. McShane said that reviving First Boston would probably see Credit Suisse "try and brush over that the brand was abandoned."

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ Credit Suisse bankers are preparing for 'Uli the Knife' to carve up the investment bank.
▼ + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

It's a tense time for many insiders at Credit Suisse. One person told me it's a case of "rinse and repeat," as Credit Suisse undergoes its second strategic review in less than a year. Law firm sued Credit Suisse over claims it misled investors on business dealings related to Russian oligarchs. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. Under Chief Executive Ulrich Körner, Credit Suisse wants to transform its investment bank into a "capital-light, advisory-led banking business."

☆ First Boston deserves a selective revival
▼ + stars: | 2022-09-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. By 2006, Credit Suisse First Boston was once again just Credit Suisse. Register now for FREE unlimited access to Reuters.com RegisterFor today’s Credit Suisse, anything that conveys renewed ambition is worth a try. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978. The Swiss bank took full control in 1990 after First Boston incurred large losses on loans it had made to clients.

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