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Citi goes back to the wealth drawing board

Wealth Management

Wealth Management Correspondent

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Citigroup has gone back to the drawing board and 

overhauled its private banking leadership team

Catch up on the top news in wealth management this week

Kristen McGachey

Banking

Finance

Investing

Syz Capital to raise over $200m in bitcoin for crypto fund

Crypto market absorbs $9bn bitcoin sale with ‘barely a blip’

Zodia Markets receives backing from Circle Ventures in $18m funding round 

Milbank hires private equity M&A rising star in Germany

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

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US law firm hires private equity specialist from key client

The hedge-fund founder’s move ends a tumultuous transition at the firm. Also, Brunei’s sovereign-wealth fund now owns almost 20% of the hedge fund.

Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire

The largest U.S. crypto exchange’s revenue fell short of Wall Street expectations.

Coinbase’s Profit Jumps on Crypto Investment Gains

The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

Wells Fargo to Name CEO Charlie Scharf Chairman

Microsoft joined Nvidia in the $4 trillion market-cap club, while Meta is closing in on the $2 trillion mark.

By Rolfe Winkler, Nate Rattner and Sebastian Herrera

Big Tech’s $400 Billion AI Spending Spree Just Got Wall Street’s Blessing

The New York investment firm posted a profit of $472.4 million, compared with $667.9 million a year earlier.

KKR Posts Higher Revenue, Increases Assets Under Management

America’s most powerful banker and the president have met twice in the past two months to talk about the economy, interest rates and trade.

By Alexander Saeedy and AnnaMaria Andriotis

Trump and Dimon Are Talking Again After Yearslong Rift

The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

Standard Chartered Quarterly Profit Jumps, Announces $1.3 Billion Buyback

Britain’s Lottie Woad became one of the top players in the world by demolishing professionals while she was still an amateur. Now, she’s ready to start winning majors.

She Just Turned Pro—and She’s Already Taking Over Golf

Individual investors are trading with abandon, driving up prices of everything from stocks to crypto—and turbocharging the brokerage business.

In This Frothy Market, It’s Boom Times for Brokers Like Robinhood

The retail trading platform posted a profit of $386 million for the quarter.

Robinhood Second-Quarter Revenue Rose on Transaction Sales Growth

Work-to-party founder Adam Neumann liked to say he ran a tech company. WeWork’s new, postbankruptcy marketing chief is tasked with positioning the brand as an old-fashioned office space provider.

WeWork Wants You to Know It’s a Grown-Up Real-Estate Firm Now

Companies have long leaned on entry-level workers to do grunt work that doubles as on-the-job training. Now ChatGPT and other bots can do many of those chores.

By Lindsay Ellis and Katherine Bindley | Graphics by Rosie Ettenheim

AI Is Wrecking an Already Fragile Job Market for College Graduates

The shooter who killed four including Blackstone executive and NYPD officer left suicide note indicating he believed he had CTE from brain trauma, Adams says

By Jack Morphet, Miriam Gottfried and James Fanelli

Gunman Was Targeting NFL in Midtown Office Shooting Spree

U.S. stock futures and European indexes gained, while the dollar strengthened against the euro, after President Trump announced the trade agreement Sunday.

Global Markets Rise After U.S. and EU Reach Deal

Homegrown names such as Laopu, Mao Geping and Songmont are winning over customers who are losing their taste for high-end Western brands.

Forget Cartier: Made-in-China Luxury Captivates Chinese Consumers

The pact imposes a baseline tariff of 15% on the U.S.’s biggest trading partner.

Trump and EU Reach Tariff Deal, Avoiding Trade War

Bosses aren’t just unapologetic about staff cuts. Many are touting shrinking head counts as accomplishments in the AI era.

CEOs Trumpet Smaller Workforces as a Sign of Corporate Health 

CEOs Are Shrinking Their Workforces—and They Couldn’t Be Prouder

Many in the Gen Z generation missed out on critical experiences during the pandemic. Bosses should be filling in those gaps.

Stop Complaining About Gen Z Workers—and Start Helping Them  

The lender forecast total income excluding notable items to exceed $21.61 billion as loan growth and structural hedges continue to mitigate the impact of interest-rate cuts.

NatWest Raises Outlook, Launches Buyback After Strong Quarter

The president turned a rare visit to the U.S. central bank into political theater that included hard hats and a back slap.

Trump Says He Won’t Fire Powell Despite Bout of Bickering Over Renovation Costs

Company points out early progress on robotaxis and bots, as revenue from electric vehicles plummets.

Elon Musk Tells Tesla Investors to Focus on a Future Filled With Robots

The leaders of America’s chip giants cheered the president’s artificial intelligence orders, which could help boost the domestic semiconductor industry.

Nvidia, AMD CEOs Rally Behind President Trump’s AI ‘Action Plan’

The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

By Jenny Strasburg and Shalini Ramachandran

Probe of Davos Founder Finds Unauthorized Spending, Inappropriate Behavior

CME Group’s second-quarter earnings and revenue rose sharply as the derivatives-exchange operator benefited from a surge in trading activity due to market volatility.

CME Earnings Surge on Volatility, Increased Trading

The Italian bank lifted earnings and shareholder-distributions guidance after reporting better-than-expected profit, looking to turn the page on its aborted takeover bid for its smaller peer.

UniCredit Upgrades Guidance After Dropping Banco BPM Deal

The Wall Street firm is being investigated over whether it properly vetted its clients for money-laundering risks.

Morgan Stanley’s Screening of Wealth-Management Clients Draws More Scrutiny

When team leaders provide their opinions first, it can discourage lower-level employees from providing dissenting views or alternative ideas.

Bosses Should Never Speak First, or Even Second, in a Meeting

U.S. stock futures pointed to a flat open after a mixed session on Wall Street Monday, while international equity markets were also mixed so far Tuesday as earnings season sweeps into full gear.

Global Markets Mixed as Earnings Pick Up Pace

‘All-In,’ which hosts cabinet secretaries and senators, is scheduled to have an appearance by President Trump at a conference Wednesday.

Silicon Valley’s Favorite Podcast Is Now Hot in Washington Too

The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

Julius Baer Profit Falls on Higher Loan Provisions, Brazil Unit Sale

Julius Baer’s Net Profit Falls on Higher Loan Provisions, Brazil Unit Sale

The Stargate venture, unveiled at a White House event, is now setting the more modest goal of building a small data center by year-end.

SoftBank and OpenAI’s $500 Billion AI Project Struggles to Get Off Ground

It issued an alert about “active attacks” targeting its server software and urged customers to install new security updates that have been released.

Microsoft Alerts Firms to Server-Software Attack

The biopharmaceutical company said the investment includes plans for a new manufacturing center focused on chronic diseases.

AstraZeneca Plans to Invest $50 Billion in U.S. by 2030

SS&C Technologies Holdings has struck a deal to buy funds network operator Calastone from private-equity firm Carlyle Group for roughly $1 billion.

SS&C Technologies to Buy Calastone From Carlyle for About $1 Billion

Consumers are spending again after the spring’s tariff chill. But some expect growth to be slow.

The U.S. Economy Is Regaining Its Swagger

The European Union still wants a deal, but with U.S. demands growing, the bloc is getting ready to push back.

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