Citigroup slashes banker promotions in cost-cutting drive: report
Citigroup CEO Jane Fraser plans to cut the number of bankers receiving year-end promotions as the Scottish-born executive looks to cut costs, according to reports. The Financial Times reported on Tuesday that just 2,000 Citi employees could expect an early Christmas gift of a pay rise or senior title, down from 8,000 a year earlier. […]
How Amex's CEO is addressing borrower stress – American Banker
Susana Gonzalez/Bloomberg News update: This article includes commentary from Amex management and analysts. Signs of weakness in American Express' consumer base on Friday tempered an otherwise strong earnings report. “Organic spending hasn't been very strong,” Chief Executive Officer Steve Squery said on the credit card lender's earnings call. “If cardholders lose confidence, they will pull […]
Billionaire Banker Grows Singapore Lender Across Southeast Asia And Spruces Up Its Image – Forbes
UOB, one of the city-state's oldest lenders, has gained support among young people across the region by acquiring Citibank's consumer banking business and partnering with global superstar Taylor Swift. by Jonathan BurgosForbes staff aWee Yi Chong, an avid bonsai collector, has nine ornamental trees planted around his headquarters. United Overseas Bank (UOB) overlooks Singapore's Raffles […]
JPMorgan taps senior banker to focus on ‘well-being and success’
JPMorgan Chase & Co. is focused on tackling persistent overwork issues on Wall Street, creating a new role to oversee junior bankers and analysts. Ryland McClendon, a nearly 14-year JPMorgan veteran, has been named global investment banking associate and analyst lead, according to an internal memo sent earlier this month and seen by Reuters on […]
Citi tasks ex-PwC leader with overseeing data quality improvement team – American Banker
Citigroup The company is adding another person to oversee improvements to its data quality control processes, which regulators have cited as inadequate. Tim Ryan is City In June, he joined forces with Anand Selva as head of technology and business enablement. City Chief Operating Officer John F. Kelly will lead the data-boosting effort, according to […]
Top Wall Street rainmaker left Evercore after ‘affair’ with younger banker: sources
A top Wall Street dealmaker has left an elite New York investment bank after his bosses discovered he was having an affair with a younger colleague on his team, The Washington Post has learned. Adam Teitle has resigned as a senior managing director at Evercore, which was founded by Democratic Party leader Roger Altman, following […]
Man shot outside $3M NYC home of ballet dancer, banker in South Harlem
Shots rang out next door to the Harlem mansion (worth approximately $3 million) shared by a ballet dancer and her banker husband. Sunday's shooting happened at 1:40 p.m. on West 118th Street in South Harlem, an area that real estate agents have dubbed “SoHa” and which is shaping up to be the next big boom […]
Powell ‘solely responsible’ for delays on banker compensation reform: Warren
Sen. Elizabeth Warren (D-Mass.) has grown increasingly frustrated with the Federal Reserve’s slow regulatory response and is calling on Fed Chairman Jerome Powell to step on the gas. Warren’s latest gripe is the banker-pay provisions of the Dodd-Frank reform law, which was enacted in 2010 after Congress bailed out the financial sector and required Wall […]
Goldman Sachs banker fired after pleading guilty to sexual assault
A Goldman Sachs banker was fired last month after his superiors learned that he had pleaded guilty in February to sexually assaulting his niece multiple times over a period of several years, beginning in 2004. Ronan O’Grady, 33, who has worked as a personal wealth adviser at Goldman’s London office since 2017, was sentenced to […]