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☆ Citi shakes up leadership after $136 million in fines for data quality issues. A memo to employees breaks down what you need to know.
▼ + stars: | 2024-09-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

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

☆ Two charged with stealing Banksy artwork 'Girl with a Balloon' from London gallery
▼ + stars: | 2024-09-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | Patrick Smith | ) www.nbcnews.com time to read: +2 min

LONDON — Two alleged art thieves will appear in court in London next month accused of stealing “Girl With Balloon,” a famous painting by the mysterious British street artist Banksy. Larry Fraser, 47, from east London, and James Love, 53, from Essex, were both charged with non-residential burglary and placed in police custody on Thursday. The artwork — which shows a little girl letting go of, or perhaps reaching out for, a heart-shaped balloon — was stolen from a gallery in central London on Sept. 8 at 11:00 p.m, police said. The painting was the only item stolen and police said it had been recovered and would be returned to the gallery. The latest artworks from Banksy were a series of animal paintings dotted around London last month.

Persons: Banksy, Larry Fraser, James Love Organizations: London's Metropolitan Police, force's, Wimbledon, Kingston Crown, Bank, West Bank, Banksy Locations: London, London's, Essex, Kingston, Bristol, Israel's

☆ 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

☆ The battle of Kursk hinges on the Russian railroad
▼ + stars: | 2024-09-08 | by ( Michael Peck | ) www.businessinsider.com time to read: +8 min

Related storiesExactly how overloaded the Russian rail network may be isn't clear. Despite the humiliation of foreign troops occupying Russian soil, Russian forces continue to grind forward in bloody attacks at places such as Pokrovsk, in the Donetsk region. Relying on trucks would require an extraordinary number of vehicles, so it seems likely that Russian forces at Kursk will require multiple railheads that depend on a limited number of railroad bridges. However, Ukraine has captured data about the Russian railway system, which will make it easier to disrupt operations, Fraser noted. Barros believes that Ukraine could seriously disrupt Russian rail traffic and logistics if the US would lift those restrictions.

Persons: —, We've, George Barros, ZwsdIWSBwg, — Rob Lee, Ben Hodges, Kyiv's, Barrow, Oleg Palchyk, Callum Fraser, Fraser, Biden, Barros, Michael Peck Organizations: Service, Business, Belarusian, Moscow Railway, Moscow Railways, Russian Railways, Study, UR, 101st Airborne Division, US Army, Interior Ministry, FSB, Kremlin, Getty, Britain's Royal United Services Institute, Ukraine, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Los Angeles, Russia, railheads, Kursk, Russian, Orel, Belarus, Smolensk, Moscow, Ukrainian, Washington, Belgorod, Europe, Ukraine, Donetsk, Bryansk, Russia's Kursk, Kharkiv, Leningrad, Oryol, Voronezh, Forbes

☆ How Wildfire Smoke Threatens Human Health
▼ + stars: | 2024-08-28 | by ( Jane C. Hu | ) www.nytimes.com time to read: +5 min

This could explain some of the health effects researchers have linked to wildfire smoke, including heart conditions, infertility and dementia. There are huge variations in how healthy people are before smoke exposure, how much smoke they are exposed to and what’s in that smoke. One metric of wildfire smoke pollution is the air-quality index, which measures five pollutants on a scale of 0 to 500. Researchers are just beginning to study how different levels of air pollution might affect health by tracking the outcomes of wildfire survivors over time. There aren’t clear answers on when, exactly, you should avoid smoke exposure outdoors, but public health officials often issue health warnings when the A.Q.I.

Persons: Luke Montrose, Montrose, Carlos Gould, ” Dr, don’t, “ There’s, ”, Stephanie Cleland, Gould, Cleland Organizations: Colorado State University, University of California, University of Montana, Research, Simon Fraser University Locations: San Diego, United States

☆ Ukraine's surprise incursion leaves Putin scrambling to save face — and his territory
▼ + stars: | 2024-08-13 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Yuliya-Talmazan-Circle-Byline-Template.Jpg | Yuliya Talmazan | ) www.nbcnews.com time to read: +2 min

Things seemed to be going so well for Vladimir Putin — at home and on the battlefield. Now Russia is the battlefield, after Ukraine’s stunning assault across the border turned the tables on Putin’s war and left his army scrambling to retake its own land. Putin convened a meeting with governors from the border regions as well as top defense and security officials on Monday. “One of the justifications that he routinely uses for the invasion of Ukraine is the security of the Russian state. The fact that Ukraine has launched this incursion into Russian territory, I think, is absolutely humiliating for him,” Fraser told NBC News.

Persons: Vladimir Putin —, Putin, Gavriil, ”, Callum Fraser, ” Fraser, “, Volodymyr Zelenskyy Organizations: Kremlin, Royal United Services Institute, NBC News, Kyiv Locations: Russia, It’s, Russian, Ukraine’s, Russia’s, London, Ukraine, Kursk

☆ Ukraine's audacious invasion of Russian territory is a massive blow to Putin's power
▼ + stars: | 2024-08-09 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

But as the scale of the attack became clearer, with thousands of Ukrainian troops advancing up to 6 miles into Russia, Russian President Vladimir Putin hurried to contain the fallout. Ukraine's attack catches Russia off guardA Russian military video showing a Ukrainian tank during an attack on the Kursk region in Russia in August. It's led to fierce criticism of the Kremlin from ultranationalist bloggers, who've questioned why the Russian military was so unprepared and criticized chaotic attempts to evacuate civilians. Putin has so far been able to avoid major domestic unrest from the two-year war — despite the vast casualties it's inflicted on the Russian military. But the 2023 rebellion by the Russian mercenary group Wagner exposed Putin's vulnerability to blowback from events in Ukraine.

Persons: —, Vladimir Putin, Alexei Smirnov, Putin, Vladimir Putin's, It's, who've, Bryden Spurling, Callum Fraser, Russia aren't, Wagner, Russia's, Fraser, Spurling, STRINGER, Ukraine's, Maxim Alyukov, it'll, Alyukov Organizations: Service, Kremlin, Business, Anadolu, Russian MOD, RAND Corp, Royal United Services Institute, Wagner, Don, Getty, King's College London Locations: Ukraine, Russia's Kursk, Russia, Russian, Kursk, US, Kharkiv, London, Rostov, Moscow

☆ Olympics recap: What you missed in swimming, gymnastics, track and field, and more
▼ + stars: | 2024-08-03 | by ( Rohan Nadkarni | Rohan Nadkarni Is A Sports Reporter For Nbc News. | ) www.nbcnews.com time to read: +7 min

We saw legends in their sport add to their gold-medal counts, thrilling finishes on the track and much more. Track and FieldRacing in her first Olympics after being ruled ineligible for the Tokyo Games, USA’s Sha'Carri Richardson won silver in the women’s 100-meter finals Saturday. Richardson won gold in the same event at the World Athletic Championships in Budapest last year. And on the field, American Ryan Crouser won his third straight gold medal in the men’s shot put. He hurt the ulnar nerve in his throwing elbow before tearing his pectoral muscle leading up to the Olympics.

Persons: USA’s Sha'Carri Richardson, Lucia’s Julien Alfred, Melissa Jefferson, Jamaica’s Shelly, Ann Fraser, Price, didn’t, Richardson, Femke Bol, Bol, Ryan Crouser, John Kovacs, Rajindra Campbell, Crouser, ”, Denis, Ben Stansall, Simone Biles, It’s, ” It’s, she’ll, “, ” Biles, USA's Jade Carey, Carey, “ We’ve, ” Carey, Stephen Nedorosick, Guy, Clark Kent, Glen Powell, Nedoroscik, ” Nedoroscik, Katie Ledecky, Ledecky, Titmus, Paige Madden, Alex Walsh, Walsh, Canadian Summer McIntosh, Kate Douglass, Australia’s Kaylee McKeown, ” Douglass, Trinity Rodman, Crystal Dunn, ” Rodman, Emma Hayes, What’s, Noah Lyles, Jamaica’s Kishane Thompson, Carlos Alcaraz, Novak Djokovic Organizations: Racing, Tokyo Games, St, World Athletic, Paris Games, Getty, Tokyo, Canadian, U.S Locations: Lucia, Budapest, Tokyo, Netherlands, Paris, America, Belgium, Rio, Saint, AFP, Los Angeles, Germany

☆ Sha’Carri Richardson takes second in women’s 100-meter as Julien Alfred wins first ever gold for Saint Lucia
▼ + stars: | 2024-08-03 | by ( Andrew Greif | Andrew Greif Is A Freelance Sports Journalist. | ) www.nbcnews.com time to read: +3 min

PARIS — Since qualifying for the Olympics in 2021 only to be barred from competing, Sha’Carri Richardson had waited three years for the second chance that arrived Saturday night. Yet right from the gun, Richardson was forced to play catch-up to Saint Lucia’s Julien Alfred, who left no doubt on her way to a gold medal in her Olympic debut in 10.72 seconds. It was a repeat of the semifinal earlier Saturday night when Alfred also beat Richardson convincingly. In Paris, Richardson planned to leave that turbulent period like the seven other racers in the Olympic final — behind her. Instead, it was Alfred who was never seriously challenged on her way to gold, screaming in joy as she crossed the finish line.

Persons: Sha’Carri Richardson, Richardson, Saint Lucia’s Julien Alfred, Melissa Jefferson, Alfred, Jamaica’s Shericka Jackson, Richardson didn’t, Britain’s Dina Asher, Smith, Shelly, Ann Fraser, Pryce, Jackson, Fraser, Asher, Jefferson, Twanisha Terry — Organizations: PARIS, Olympics, Stade de France, June’s U.S, Olympic, Paris, NCAA, U.S Locations: Clermont, Fla, —, Tokyo, Paris

☆ Jamaican sprinting great Shelly-Ann Fraser-Pryce unexpectedly out of 100-meters
▼ + stars: | 2024-08-03 | by ( Andrew Greif | Andrew Greif Is A Freelance Sports Journalist. | ) www.nbcnews.com time to read: +1 min

PARIS — A noise rippled through Stade de France on Saturday evening when, before a semifinal of the women’s 100 meters at the Paris Olympics, the lane belonging to Jamaican sprinting star Shelly-Ann Fraser-Pryce was unexpectedly left empty. Fraser-Pryce, long the standard-bearer for the event after winning Olympic gold in 2008 and 2012, bronze in 2016 and silver in 2021, did not start the race, a dropout that was not revealed publicly until her competitors stepped up to their starting blocks. It marked the second stunning withdrawal of a Jamaican star of these Olympics, after Shericka Jackson also withdrew from the 100 days earlier. Jackson will run the 200-meters. Richardson safely advanced to Saturday night’s final, though was beaten in her semifinal by Julien Alfred of Saint Lucia.

Persons: Shelly, Ann Fraser, Pryce, Shericka Jackson, Jackson, Fraser, Dina Asher, Smith, Sha’Carri Richardson, Richardson, Julien Alfred of Saint Lucia Organizations: PARIS, Stade de France, Paris Olympics, Great

☆ Want to vacation like a billionaire? Here's how much it costs to charter a superyacht
▼ + stars: | 2024-08-03 | by ( Jordan Hart | Madeline Berg | ) www.businessinsider.com time to read: +4 min

"Our charter clients are looking for a 6-star experience perfectly tailored to them," Katie Schneidman, a charter broker at brokerage Burgess, told Business Insider over email. Take the Carinthia VII, a 97-meter yacht for charter from Fraser Yachts that costs more than $1.5 million a week to charter. Provisioning a charter yacht can run as much as 40% of the charter fee, Schneidman said. AdvertisementThat means food, drink, and fuel for the Carinthia VII could cost as much as $600,000. Related storiesAltogether, a week on the Carinthia VII can total $2.7 million — or just over $32,000 per person per day.

Persons: —, Mark Zuckerberg, Jeff Bezos, Katie Schneidman, Burgess, Fraser, It's, Anders Kurtén, Schneidman Organizations: Service, Business, Fraser Yachts, Palm Locations: Carinthia, Greece, Naples, Positano

☆ Olympics 100-meter final: Welcome to the the most intimidating start line in sports
▼ + stars: | 2024-08-03 | by ( George Ramsay | ) edition.cnn.com time to read: +8 min

“I think it was the worst pressure you could ever be put under,” British former sprinter Allan Wells, who won 100m gold at the 1980 Moscow Olympics, told CNN Sport. “You run through it in your head thousands of times – the start, the gun going off,” Wells added. “It was the worst feeling you could ever have but still be in control of what you were hoping to achieve,” said Wells, one of only three British sprinters to win 100m gold at the Olympics. The legendary Bolt, winner of three consecutive 100m gold medal between 2008 and 2016, said that he would try not to overthink things. Bolt was famously relaxed on the start line, fist-bumping race officials and playing up to the crowd with gestures and poses.

Persons: crouch, Allan Wells, ” Wells, – you’ve, you’ve, Zharnel Hughes, cramping, Hughes, ”, Wells, Bolt, ” Donovan Bailey, Canada’s, ’ That’s, ” Bailey, Bailey, Michael Johnson, ’ ” Donovan Bailey, John Giles, Noah Lyles, “ Noah, ” Jo Brown, Lyles, “, Brown, she’s, “ They’ll, ‘, ” Noah Lyles, Yu, Christian Petersen, Kishane Thompson, Ferdinand Omanyala –, Sha’Carri Richardson, Shelly, Ann Fraser, Pryce, “ It’s Organizations: CNN, Paris ’ Stade de France, CNN Sport, Olympics, NBC, Olympic, Olympic Games Locations: British, Tokyo, Atlanta, Seville

☆ What to watch at Olympics today: Sha’Carri Richardson, Simone Biles, Katie Ledecky — and so much more
▼ + stars: | 2024-08-03 | by ( Lukas Weese | ) www.nytimes.com time to read: +8 min

ET, 5:16 p.m. in Paris (men’s pommel horse)TV: NBC and PeacockWhat to watch: Biles continues her gold medal aspirations when she competes in the individual vault competition. Biles enters the vault competition as the leader from qualifying after posting a 15.3. The Canadiens, reigning gold medal winners, needed to win all three matches to get through — and they did. GO DEEPER Ledecky becomes most decorated U.S. female OlympianCanadian Summer McIntosh eyes her third Olympic gold at just 17 years old. With a win Saturday, Crouser would be the first male shot putter to win three Olympic gold medals.

Persons: We’ve, Sha’Carri Richardson, Simone Biles, Stephen Nedoroscik, Katie Ledecky’s, —, Nedoroscik, Biles, Jade Carey, Rebeca Andrade, Nedoroscik —, Ireland’s Rhys McClenaghan, Peter Vidmar, It’s, Richardson, Jamaica’s Shericka Jackson, Jamaica’s Shelly, Ann Fraser, Pryce, Sha'Carri Richardson, Mallory Swanson, Alex Livesey, Sophia Smith, Trinity Rodman dazzled, Emma Hayes ’, Hayes, Davidson, Shaw, Ledecky, American Paige Madden, Ariarne, McIntosh, American Kate Douglas, Douglass, Crouser, Ryan Crouser, American Joe Kovacs, Germany’s Leo Neugebauer, Michael Steele, Damian Warner, Kevin Mayer of, Pierre LePage, Leo Neugebauer, Ayden Owens, Sander Skotheim, Franz Wagner, Orlando, Wagner, Andrej Isakovic Organizations: Paris Olympics, NBC, U.S, USA, Stade de France, Getty, United, Olympic, Canada, FIFA, New Zealand, Canadiens, Spain, Canada Soccer, La Defense, Ledecky, Kevin Mayer of France, Puerto Rico Locations: Paris, American, Sha'Carri, USWNT, Canada, women’s, United States, Japan, Germany, U.S, Colombia, France, Brazil, Los Angeles, Tokyo, Puerto, Norway, AFP

☆ Julien Alfred stuns Sha’Carri Richardson, takes crown as world’s fastest woman with 100m win
▼ + stars: | 2024-08-03 | by ( Marcus Thompson Ii | ) www.nytimes.com time to read: +4 min

Only a gold medal seemed worthy of her ability. Richardson’s time of 10.87 was good enough to win a silver, her first Olympic medal. Julien Alfred just won the FIRST Olympic medal EVER for Saint Lucia! Richardson missed out on delivering the United States’ first gold medal in the women’s 100 meters since Gail Devers in 1996. She could still win a gold medal in the 4×100 relay on Aug. 9.

Persons: DENIS, Julien Alfred, Saint Lucia, Alfred, Melissa Jefferson’s, 🇱🇨 #, lim, Gail Deve, t have, ela, on A Organizations: FIRST Locations: France

The Summary Studies have found that wildfire smoke negatively affects brain health. “A lot of the research on wildfire smoke has historically focused on our lungs and our hearts,” said Stephanie Cleland, an assistant professor at Simon Fraser University who studies the health impacts of wildfire smoke. Scientists think the reason wildfire smoke affects the brain is that the tiny particles within it can cross the barrier between the bloodstream and the brain, causing inflammation in the central nervous system. Other research published the same year showed that exposure to wildfire smoke during the school year reduced students’ test scores relative to a year with no smoke. “Last summer completely changed our conversation around who’s exposed to wildfire smoke,” she said.

Persons: ”, Stephanie Cleland, Holly Elser, Cleland, Marshall Burke, ” Burke, ” Elser, “, Elser, it’s, who’s Organizations: Simon Fraser University, Alzheimer’s Association International Conference, Hospital of, University of Pennsylvania, Stanford University Locations: California , Oregon, Montana, Northern, Southern California, U.S, Midwest, “ Oregon, California, Washington, British Columbia, Northeast U.S, Ontario

☆ ‘I don’t have a budget’: Why people are going into debt to travel
▼ + stars: | 2024-07-29 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

The majority of those going into debt do so by charging travel expenses on a credit card, with 20% of respondents saying they would rather skip a credit card payment and put the money toward a vacation. The mindset is “‘I can’t buy a house, I’m not sure I can afford college or grad school, so I might as well go to Spain and backpack. ”They think (credit card debt) is not as risky as it is. They don’t care so much about not getting into debt.”King adds that social media has changed the way many people think about travel. “Eventually, if I’m going to get a house, I’ll get a house.

Persons: CNN — “, ”, Lisa Fraser, “, Elizabeth Currid, Halkett, Tim Gurner, something’s, I’m, ’ ” Alex King, they’re, Fraser, FOMO, King, It’s, I’ll Organizations: CNN, University of Southern, United Locations: Taipei, Budapest, New York, University of Southern California, Spain, Hong Kong

☆ Salt Lake City to host 2034 Winter Games while French Alps get tentative 2030 nod
▼ + stars: | 2024-07-24 | by ( David K. Li | ) www.cnbc.com time to read: +3 min

International Olympic Committee President Thomas Bach with Salt Lake City Utah delegation members after it was announced that Salt Lake City Utah will be the location for the 2034 Winter Olympics. PARIS — The Winter Games will make a return visit to Salt Lake City in 2034 while the 2030 Olympics were tentatively set for the French Alps, officials said Wednesday. "The last 10 days of my life were totally unexpected," Fraser Bullock, head of the Salt Lake City bid, told NBC affiliate KSL minutes after the vote for Salt Lake City. But with an 83-6 vote for Salt Lake City to host, Bullock said he believes the IOC has total confidence in 2034 organizers. The naming of Salt Lake City and French Alps as the next two winter sites had been in the works for months, with only moderate concerns rooted in France's snap elections.

Persons: Thomas Bach, PARIS —, Spencer Cox, Erin Mendenhall, Peacock, Fraser Bullock, Bullock, Utahans, Kaitlin Eskelson, it's, Emmanuel Macron Organizations: Olympic, Utah Gov, Olympic Committee, Winter, IOC, Doping Agency, U.S, NBC, KSL, Washington, Eccles, University of Utah, United Locations: Salt Lake City Utah, PARIS, Salt Lake City, Salt Lake, Paris, Tokyo, Utah, Rice, United States, Lake Placid, Squaw, France, Chamonix, Grenoble, Albertville, French

☆ Faith Kipyegon on motherhood and the quest for history
▼ + stars: | 2024-07-22 | by ( Sean Coppack | ) edition.cnn.com time to read: +5 min

Kipyegon and a string of top athletes are continuing to prove that elite sport and motherhood are not incompatible. “[Jamaican sprinter] Shelly Ann Fraser Pryce came back after maternity leave, and [US runner] Allison Felix, and we met in Tokyo at the 2021 Olympic Games,” she recalls. At those Games, Felix won a gold and a bronze and Fraser-Pryce won silver to become the most decorated 100m sprinter in Olympic history. Courtesy NN Running TeamThe Kenyan's training regime for the Paris Games has been intense, and partially under the mentorship of men's marathon legend Eliud Kipchoge. “Going to Paris and remembering the history I’ve talked about and getting that gold medal, it’ll be a huge history for me,” she says.

Persons: Kipyegon, ”, it’s, Kipyegon’s, Alyn, Eliud Kipchoge, ” Kipyegon, “, Shelly Ann Fraser Pryce, Allison Felix, Felix, Fraser, Pryce, he’s, Eliud, Aurelien Meunier, it’ll Organizations: Kenya CNN, Paris, those Games, Paris Games, Kenyan Olympic, Diamond League, Olympic Games Locations: Kenya, Kaptagat, Tokyo, Paris, Europe, Ndabibit

☆ Allied P-8 Poseidon crew shares what it was like hunting down and torpedoing a US Navy nuclear submarine in big Pacific drills
▼ + stars: | 2024-07-15 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

Read previewThe crew of a Royal Australian Air Force P-8A Poseidon maritime patrol and anti-submarine warfare aircraft shared their experiences tracking a US Navy nuclear submarine and dropping training torpedoes on it off the coast of Hawaii last Wednesday. The P-8A Poseidon, which succeeded the older P-3 Orion, usually serves in a surveillance and deterrence role. Australian Defence Force photo by Royal Australian Air Force Imagery Specialist Corporal Adam AbelaThe submarine targeted was the US Navy Los Angeles-class attack submarine USS Topeka (SSN 754). 11 Squadron during an anti-submarine warfare training mission with a Royal Australian Air Force P-8A Poseidon as part of Exercise Rim of the Pacific (RIMPAC) 2024, Hawaiian Islands. Australian Defence Force photo by Royal Australian Air Force Imagery Specialist Corporal Adam Abela"We dropped sonobuoys to determine the track of the submarine," No.

Persons: —, it's, CPL Brendan King, Zachary Sellman, Adam Abela, Adam Fraser, sonobuoys, Tristan Hull, Hull, Eric Morant Organizations: Service, Royal Australian Air Force, US, Business, US Navy, Air Force, Squadron, CPL, Joint Base, Australian Defence Force, Fleet, Hawaiian Islands . Australian Defence Force, Tactical, Squadron Tactical Locations: Hawaii, Australian, Hickam, US Navy Los Angeles, Topeka, Los Angeles, Hawaiian Islands, NATO, Russian, Baltic, Cuba

☆ Citigroup tops expectations for profit and revenue on strong Wall Street results
▼ + stars: | 2024-07-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted second-quarter results that topped expectations for profit and revenue on a rebound in Wall Street activity. Here's what the company reported:Earnings: $1.52 a share vs. $1.39 a share LSEG estimateRevenue: $20.14 billion vs. $20.07 billion estimateThe bank said net income jumped 10% from a year earlier to $3.22 billion, or $1.52 a share. Revenue rose 4% to $20.14 billion. JPMorgan Chase reported results earlier Friday, while Goldman Sachs, Bank of America and Morgan Stanley report next week. Correction: This article has been updated to correct that Citigroup reported revenue of $20.14 billion for the second quarter.

Persons: Jane Fraser, Fraser, JPMorgan Chase, Goldman Sachs, Morgan Stanley Organizations: Citi, Milken Institute Global Conference, Citigroup, Investment, U.S, JPMorgan, Bank of America Locations: Beverly Hills , California

☆ Citi CEO Jane Fraser pledges to fix tech mess and appease regulators. Here's what she told analysts.
▼ + stars: | 2024-07-12 | by ( Hayley Cuccinello | ) 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 previewDespite topping Wall Street's expectations, Citi CEO Jane Fraser kicked off Friday's quarterly earnings call by addressing the bank's failing attempts to fix regulatory issues. Two days prior, the bank was fined $135.6 million for not fixing its data quality management quickly enough. To address this, Citi plans to increase its annual spend on Transformation by about $250 million to $3.15 billion, according to chief financial officer Mark Mason. Citi is prioritizing data fixes that relate to 15 to 30 reports required by US regulators, he added.

Persons: —, Jane Fraser, Fraser, We've, Mark Mason, Mason, we've Organizations: Service, Citi, Business, Federal Reserve Board, Currency, OCC

☆ Pressure is building on Wall Street’s most powerful woman to pull Citi out of the gutter
▼ + stars: | 2024-07-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Since September, when Fraser laid out her vision for a more streamlined Citigroup, the bank’s stock has shot up more than 50%. For the first time in nearly two decades, Wall Street appears to be feeling something almost like optimism about America’s third-largest bank. But speaking of Fraser’s tenure, Mayo sounded unusually sanguine about her progress in simplifying Citi’s notoriously labyrinthine corporate structure. Still, Mayo said the bank offers the “worst-in-class efficiency, returns and stock market valuation.”“I think she will pull it off. Of course, Fraser, who took over in March 2021, is still being haunted by the sins of Citi’s past.

Persons: CNN Business ’, Jane Fraser, —, Fraser, Revlon —, Jane Fraser’s, ”, Mike Mayo, “, ” Mayo, Mayo, “ It’s, I’m Organizations: CNN Business, New York CNN, Citigroup, Citi, Revlon, JPMorgan Chase, Bank of America, Wells Locations: New York, Wells Fargo

☆ Citi has 12,000 employees dedicated to pleasing regulators and fixing the bank's broken tech. It is going terribly.
▼ + stars: | 2024-07-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

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

☆ Is women’s track the next sport ready to boom? Alexis Ohanian is betting on it
▼ + stars: | 2024-07-11 | by ( Marcus Thompson Ii | ) www.nytimes.com time to read: +9 min

Alexis Ohanian, at his first-ever track and field event, found himself transported. So he didn’t need to experience track to spark his motivation to invest in track. Gabby Thomas and Alexis Ohanian speak at the Athlos announcement in April. AdvertisementKipyegon is one of those gems of women’s track. Winning an Athlos event will pay $60,000.

Persons: Alexis Ohanian, Serena Williams, Gabby Thomas, He’d, Thomas ’, Spencer McManes, ” Ohanian, Reddit, Ohanian, Athlos, Sha’Carri Richardson, Sydney McLaughlin, Levrone, Shelly, Ann Fraser, Pryce, Athing Mu, Alica Schmidt, Elsa, Getty, Athlos ’, Thomas, “, Alexis Holmes, Kipyegon, Let’s, ”, Noah Lyles, Richardson, Jakob Ingebrigtsen, Michael Johnson, it’s, “ I’ve, Andy Lyons Organizations: Paris Games, Wimbledon, Hayward Field, University of Oregon, U.S, Angel City Football Club, Angel City FC, —, Harvard, Olympics, Diamond League, sport’s, Athletics, Netflix, de France —, Getty Locations: New York City, Germany, New York, United States, America, Paris, Athlos, Norwegian

☆ Here's where — and how — the super-rich are investing, according to a wealth manager
▼ + stars: | 2024-07-10 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

The super-rich have a very different mindset toward investing than the average person, wealth manager Robert Fraser says. Fraser named real estate as another asset class the ultra-rich like, with many owning properties and earning rental income. "Billionaires love real estate — it brings benefits to owners like growth through inflation, depreciation, tax-deferral and long-term capital gains," Fraser added. He suggests that the remaining funds be channeled into real estate — starting with single family residences and eventually diversifying into industrial properties, multi-family residences and retail real estate. "It is good for the average investors regardless of whether they are accredited to be in real estate.

Persons: Robert Fraser, Fraser, cryptocurrencies — Organizations: Aspen Funds, CNBC Pro, Forbes, Yale Endowment Fund Locations: U.S

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