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Morgan Stanley dumped $5 billion in Archegos’ stocks the night before massive fire sale hit rivals

Morgan Stanley dumped $5 billion in Archegos’ stocks the night before massive fire sale hit rivals

Key PointsMorgan Stanley dumps Archegos stock before fire saleThe night before the Archegos Capital story burst into public view late last month, the fund's biggest prime broker quietly unloaded some of its risky positions to hedge funds, people with knowledge of the trades told CNBC. sold about $5 billion in shares from Archegos' doomed bets on U.S. media and Chinese tech names to a small group of hedge funds late Thursday, March 25, according to the people, who requested anonymity to speak frankly about the transaction.It's a previously unreported detail that shows the extraordinary steps...

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Hugh Son
Apr 6
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Citigroup CEO Jane Fraser calls for Zoom-Free Fridays and new bank holiday as pandemic fatigue grows

Citigroup CEO Jane Fraser calls for Zoom-Free Fridays and new bank holiday as pandemic fatigue grows

Key PointsJim Cramer on Citigroup CEO banning Zoom calls on Friday's and encourages vacations CEO told staff that she is banning internal video calls on Fridays, encouraging staff to set boundaries for a healthier work-life balance and instituting a firmwide holiday called Citi Reset Day as fatigue takes a toll on employees.Fraser, who took over for predecessor Mike Corbat this month, told staff of the changes in a memo sent Monday afternoon to her 210,000 employees around the world, according to a person with knowledge of the matter."The blurring of lines between home and work and the...

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Hugh Son
Mar 23
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Goldman CEO addresses junior bankers' complaints after survey goes viral

Goldman CEO addresses junior bankers' complaints after survey goes viral

Key Points CEO David Solomon addressed junior bankers' complaints over heightened workloads in a message to employees, after the results from an where one employee called conditions "inhumane" went viral."Let me say to everyone, and in particular to our analysts and associates: We recognize that people working today face a new set of challenges," Solomon said in a voice note to Goldman employees Sunday evening. "In this world of remote work, it feels like we have to be connected 24/7," he said. "All of us—your colleagues, your managers, our divisional leaders—we see that. We're here to...

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Hugh Son
Mar 22
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Goldman's junior bankers complain of crushing workload amid SPAC-fueled boom in Wall Street deals

Goldman's junior bankers complain of crushing workload amid SPAC-fueled boom in Wall Street deals

Key PointsGoldman junior bankers detail 'crushing' work loadJunior investment bankers at are suffering burnout from 100-hour work weeks and demanding bosses during a SPAC-fueled boom in deals, according to an done by a group of first-year analysts.The surge in activity has taken a serious toll on analysts' mental and physical health since at least the start of the year, according to slides released to social media and authenticated by people with knowledge of the matter."The sleep deprivation, the treatment by senior bankers, the mental and physical stress ... I've been through foster care...

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Hugh Son
Mar 18
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Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds

Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds

Key PointsMorgan Stanley to offer some clients access to bitcoin funds: Sources is the first big U.S. bank to offer its wealth management clients access to funds, CNBC has learned exclusively.The investment bank, a giant in wealth management with in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.The move, a significant step for the acceptance of as an asset class, was made by Morgan Stanley after clients demanded exposure to the...

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Hugh Son
Mar 17
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Deutsche Bank to pay $125 million to settle U.S. probes into overseas bribes, trading practices

Deutsche Bank to pay $125 million to settle U.S. probes into overseas bribes, trading practices

Key Points has agreed to pay about $125 million to resolve separate U.S. probes into allegations that it paid bribes to secure business overseas and that it manipulated metals markets, according to a person with direct knowledge of the deal.The bank, a global capital markets player and Germany's largest lender, entered into a three-year deferred prosecution agreement as part of the settlement, according to a copy of documents filed Friday in federal court in Brooklyn.Nearly all of the dollar value of the punishments to be announced Friday is tied to the allegation that Deutsche Bank...

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Hugh Son
Jan 8
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Haven, the Amazon-Berkshire-JPMorgan venture to disrupt health care, is disbanding after 3 years

Haven, the Amazon-Berkshire-JPMorgan venture to disrupt health care, is disbanding after 3 years

Key PointsJPM, Berkshire, Amazon to wind down joint health care venture, the joint venture formed by three of America's most powerful companies to lower costs and improve outcomes in health care, is disbanding after three years, CNBC has learned exclusively.The company began informing employees Monday that it will shut down by the end of next month, according to people with direct knowledge of the matter.Many of the Boston-based firm's 57 workers are expected to be placed at , or as the firms each individually push forward in their efforts, and the three companies are still expected to...

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Hugh Son
Jan 4
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Top Goldman dealmaker Lemkau is leaving the bank to helm $15 billion investment firm linked to Dell fortune

Top Goldman dealmaker Lemkau is leaving the bank to helm $15 billion investment firm linked to Dell fortune

Key Points is losing one of its top dealmakers.Gregg Lemkau, a nearly-three decade veteran of the bank and co-head of its powerhouse investment banking division, is leaving Goldman at the end of the year, according to an internal memo sent Monday from CEO David Solomon. Lemkau is joining MSD Partners, an investment firm linked to Michael Dell's family office, in February as CEO, according to a separate .Lemkau, known as one of the top mergers bankers on Wall Street, has advised on hundreds of transactions since joining the bank in 1992. He first discussed this move with Solomon around...

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Hugh Son
Nov 16
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JPMorgan warns of another potential regulatory fine tied to weak 'internal controls’ at bank

JPMorgan warns of another potential regulatory fine tied to weak 'internal controls’ at bank

Key Points said that just weeks after paying a record penalty it is facing another potential fine, this time over internal controls in wealth management and other areas.The bank disclosed the impending action late Monday in a , saying that one of its regulators told the New York-based company that it faced action "related to historical deficiencies in internal controls and internal audit over certain advisory and other activities."JPMorgan, the biggest U.S. bank by assets, said that it had already improved its controls tied to the proposed penalty and is in ongoing discussions with the...

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Hugh Son
Nov 3
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Jamie Dimon says economic boom fueled by deficit spending, vaccines could ‘easily run into 2023’

Jamie Dimon says economic boom fueled by deficit spending, vaccines could ‘easily run into 2023’

Key PointsIn this articleHere's what JPMorgan CEO Jamie Dimon wrote in his 2021 letter to shareholders is bullish on the U.S. economy – at least for the next few years.In his , the long-time chairman and CEO said he sees strong growth for the world's biggest economy, thanks to the U.S. government's response to the coronavirus pandemic that has left many consumers flush with savings."I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S....

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Hugh Son
Apr 7
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