C – The News Desk

The Tax Whiz With the Strangest Hustle on Wall Street

1Jan

By adminNo Comments

Money

The Tax Whiz With the Strangest Hustle on Wall Street

By Ben Foldy | Photographs by Clark Hodgin for The Wall Street Journal Andy Lee is the king of a lucrative niche in the financial markets. Being king isn’t easy.Lee invests in tax receivable agreements, increasingly common arrangements that put cash into the pockets of early investors in companies. Not many investors know how they work, and a surprising number of people don’t even know they have them.Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

7Dec

By adminNo Comments

Money

Big Banks Need More Out of Wall Street

As the calendar turns for the biggest banks, a big question mark looms: Where will growth come from next year?A major feature of the global Wall Street banks is the diversity of their revenue sources. They don’t just make money from lending and deposits, like many regional banks, but also via trading and corporate advisory fees. And while volatile interest rates are known to scare chief executives and corporate boards from making big acquisition moves, they can sometimes be a big boost for trading desks.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

McKinsey Shrinks New Partner Class by Roughly 35%

7Dec

By adminNo Comments

World

McKinsey Shrinks New Partner Class by Roughly 35%

Updated Dec. 6, 2023 6:51 pm ETIt got a lot harder to make it to the top of McKinsey & Co.The closely held firm named its new class of partners, and the group is roughly a third smaller than last year, according to people familiar with the matter, in the latest sign that economic conditions have dented demand for high-price consultants.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Citigroup Makes Fresh Round of Layoffs in Jane Fraser’s Restructuring Plan

21Nov

By adminNo Comments

Money

Citigroup Makes Fresh Round of Layoffs in Jane Fraser’s Restructuring Plan

Updated Nov. 20, 2023 11:52 am ETCitigroup began making an extensive round of layoffs and organizational changes, part of Chief Executive Jane Fraser’s efforts to streamline the sprawling global bank.The bank didn’t say how many employees were due to be cut on Monday and it hasn’t set a target for total layoffs. Instead, Fraser in September ordered her subordinates to remake their teams for a new alignment she devised and then cut positions that no longer were needed.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Citigroup Moving On to Next Phase of Reorganization

20Nov

By adminNo Comments

World

Citigroup Moving On to Next Phase of Reorganization

Citigroup is moving ahead with the next layer of changes across its businesses and functions, a move to reorganize it said would involve difficult and consequential decisions.The bank didn’t address layoffs in a brief statement released on its website, but said it had shared the next phases of organizational changes with its colleagues.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Citi to Pay $25.9M For Discriminating Against Armenian-American Credit Card Applicants

8Nov

By adminNo Comments

Money

Citi to Pay $25.9M For Discriminating Against Armenian-American Credit Card Applicants

Citigroup will pay $25.9 million in fines and redress to consumers after illegally discriminating against credit card applicants that the bank identified as Armenian American, according to the Consumer Financial Protection Bureau.“Citi stereotyped Armenians as prone to crime and fraud,” CFPB Director Rohit Chopra said. “In reality, Citi illegally fabricated documents to cover up its discrimination.”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Wall Street CEOs Flocked to Hong Kong—and Kept Quiet on China

7Nov

By adminNo Comments

World

Wall Street CEOs Flocked to Hong Kong—and Kept Quiet on China

Updated Nov. 7, 2023 4:16 pm ETHONG KONG—When some of Wall Street’s most powerful executives assembled in Hong Kong this week, one topic was noticeable by its absence: China.The chief executives of U.S. banks including Citigroup, Goldman Sachs and Morgan Stanley were in the city on Tuesday for the Global Financial Leaders’ Investment Summit, where they rubbed shoulders with local government officials and senior Chinese regulators. They spoke about broad topics such as financial stability, interest rates and capital markets.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Citi to Cardholders: Go Paperless or Else

4Nov

By adminNo Comments

World

Citi to Cardholders: Go Paperless or Else

Some Citigroup credit-card customers are getting a stark warning from the bank: Go paperless or lose access to your online account. Banks and credit-card companies have been nudging customers to give up paper statements for years. Aside from the environmental benefits of not printing millions of pages, banks have said switching to digital statements is also a cost-saving measure.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

3Nov

By adminNo Comments

Money

Citi to Cardholders: Go Paperless or Else

Some Citigroup credit-card customers are getting a stark warning from the bank: Go paperless or lose access to your online account. Banks and credit-card companies have been nudging customers to give up paper statements for years. Aside from the environmental benefits of not printing millions of pages, banks have said switching to digital statements is also a cost-saving measure.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Why Jamie Dimon Changed His Mind on Europe

2Nov

By adminNo Comments

Money

Why Jamie Dimon Changed His Mind on Europe

Updated Nov. 2, 2023 12:03 am ETLONDON—Not long ago, JPMorgan Chase Chief Executive Jamie Dimon insisted the Wall Street giant would never get into retail banking in Europe.Now, he’s all in.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8