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Summer in the City: How London coped with the heatwave

Financial News shares the best snaps from an unprecedented hot spell for the City

Europe

United Kingdom

Citi investigates wealth head Andy Sieg following HR complaints

Aberdeen sells financial planning business to Ascot Lloyd

Evelyn Partners’ private equity backers target NatWest and RBC for potential sale

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

With a new tech leader taking the reins, the bank is looking to double down on high-value AI use cases and iterate quickly when things aren’t working.

The Man Behind Bank of America’s $13 Billion Tech Agenda

Alpha School, which has locations in Texas, Florida and California, is launching in New York in September.

Bill Ackman’s New Pet Project Is a School That Embraces AI and Rejects DEI

The city’s exchange operator reported record profit and revenue as bullish market sentiment boosted trading.

Hong Kong Regains IPO Crown as Exchange Operator Posts Record Earnings

“Recent trade deals have alleviated, but certainly not eliminated, global uncertainty, which persists on account of the unpredictable policy environment,” Lagarde told a panel on Wednesday.

Europe Should Deepen Ties With Non-U.S. Trade Partners, Lagarde Says

U.S. stock futures started Wednesday lower after a tech-led selloff caused by a report saying the majority of companies investing in generative AI have yet to see returns.

Global Markets Slip Following Tech Selloff

Bill Derrough’s move follows recent leadership changes at Moelis.

Moelis Restructuring Banker Derrough Moves to Jefferies

Dominari was new to the finance game when it took office space in Trump Tower. Now it’s a key adviser on the first family’s ventures, from crypto to manufacturing.

By David Uberti | Photographs by Shuran Huang for WSJ 

How an Obscure Firm Bet on the Trumps and Became Their Go-To Dealmaker

Fears of slow sales and tight pricing are weighing on PE stocks.

Private Equity Firms’ Stocks Are Struggling, Despite Getting Into 401(k)s

The group is focused on acquiring businesses operating mainly in the U.K. online pharmacy market.

Vulcan Two Group Seeks AIM Stock Market IPO

The bank said it also received authorization from the Bank of Italy to acquire indirect control of Banca Generali subsidiaries and indirect shareholdings in affiliates.

Mediobanca Gets ECB Approval for Banca Generali Bid

S&P Global Ratings expects robust revenues from the Trump administration’s newly instituted tariff regime to help offset the expected fiscal deterioration resulting from recent legislative changes.

S&P Affirms U.S. Credit Rating as Tariff Revenue Expected to Plug Fiscal Leaks

The bank is preparing to move thousands of employees into its new, 2.5-million-square-foot Midtown headquarters.

NYC Offices Are Back. Nothing Shows This More Than JPMorgan’s $3 Billion Tower. 

NYC Offices Are Back. Nothing Proves It More Than JPMorgan’s $3 Billion Tower.

Corporate profits are on track for a double-digit climb, led by the tech sector.

Strong Crop of Earnings Eases Investors’ Economic Concerns

Some firm leaders have shrugged off deals as unenforceable, while at least one has taken on trade work for the administration with no fanfare.

By Erin Mulvaney, C. Ryan Barber and Jess Bravin

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump

The “Taylor Swift tax,” among other levies, targets the rich. Will they be driven away?

Blue States Hunt for Ways to Wring More Taxes From the Wealthy

The S&P 500 and the Nasdaq composite both hit closing highs for a second straight session.

U.S. Stocks Amble to Fresh Records on Optimism for a September Rate Cut

The vice president is the most high-profile recent American visitor to the Cotswolds, an idyll that locals say is being disrupted by too many Yanks.

JD Vance’s English Countryside Vacation: Rolling Hills, Armored SUVs and Cranky Locals

Tricks of the trade gain new importance as 401(k) accounts open up to alternative investments.

How One Big Private-Equity Fund Makes Its Numbers Incomprehensible

The bank’s economists had predicted tariffs could cause inflation and slow economic growth.

Trump Calls on Goldman to Replace Economist Over Tariff Stance

Tech execs are paying tens of thousands to find brilliant dates or select high-IQ embryos. “They want to raise high-performing children.”

Inside Silicon Valley’s Growing Obsession With Having Smarter Babies

A 23-year-old former OpenAI researcher quickly amassed more than $1.5 billion for a firm he called a “brain trust on AI.” 

Billions Flow to New Hedge Funds Focused on AI-Related Bets

Top executives at JPMorgan Chase traveled through states including Mississippi and Alabama, where the bank is expanding its reach.

By Alexander Saeedy | Photographs by Emily Kask for WSJ 

Jamie Dimon Took a Bus Tour Down South. We Rode Along.

A pair of executive orders President Trump signed Thursday show how he is beginning to reshape the world of banking and finance.

Trump Shakes Up Wall Street With Orders on 401(k)s, ‘Debanking’

The U.K. central bank lowered its key rate for the fifth time in a year as it seeks to balance a pickup in inflation against a cooling jobs market.

Bank of England Cuts Rates After Tight Vote

The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

Exits Lift Carlyle in Second Quarter as Firm Sees Better Market Conditions

The bank’s quarterly net result declined but revenue rose 13% compared with a year ago, and it reaffirmed its capital returns plans.

Commerzbank Raises Guidance, Plans $1.2 Billion Buyback After Earnings Beat

A weekly call turned into a celebration of heroes as staffers comfort one another through lingering trauma.

Blackstone Begins ‘Climb Back to Normalcy,’ Returns to Office After Shooting

The president recounted his experiences when asked about an executive order the White House is preparing.

Trump Says Banks Discriminate Against Conservatives—Including Him

Gold prices are climbing as the threat of a U.S. economic slowdown becomes increasingly real.

Gold Higher as U.S. Economy is Seen Stalling

The president is expected to sign an executive order as soon as this week that targets what is called debanking of businesses including crypto companies.

White House Preps Order to Punish Banks That Discriminate Against Conservatives

Some fear a decline in the world-leading economic statistics underpinning U.S. markets.

By Alexander Saeedy, Jack Pitcher and Peter Rudegeair

Trump’s BLS Firing Tests Wall Street’s Reliance on Government Data

Big stock awards have grown much bigger for the chief executives of Palantir and Broadcom, driven by dramatic market gains and, in some cases, complex multipliers.

For a Few CEOs, Pay Keeps Growing—by the Billions

The U.K. Supreme Court said a commission from a bank to a car dealer isn’t considered a bribe and dealers don’t violate rules by not disclosing this commission to customers.

U.K. Bank Shares Rise After Car-Loan Ruling Softens Industry Blow

Gold futures rose as the speculation around an interest rate cut in September intensifies. Gold settled 0.8% higher, up for a second consecutive session.

Demand is up for private aviation, the luxury that separates the 1% from the 0.1%.

How Flying on a Private Jet Became the No. 1 Marker of Real Wealth

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

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