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Indian ecommerce startup Meesho is planning to raise $1 billion through an IPO, with a proposed valuation of $10 billion. The Bengaluru-based company has engaged Morgan Stanley, Kotak Mahindra Capital, and Citi as advisors, and may file draft documents soon. Recently, Meesho raised up to $270 million, valuing the company at approximately $3.9 billion to $4 billion, down from $4.9 billion. Founded in 2015, Meesho has over 1.5 million sellers and more than 140 million annual transacting users in India.
Citigroup plans to reduce its reliance on external IT contractors from 50% to 20%, focusing on building in-house capabilities. This strategic shift raises concerns for Indian IT firms like TCS, Wipro, and LTIMindtree, which have significant business ties with Citi. Experts suggest that while this may impact larger IT service providers, it could ultimately benefit India's core banking operations and expertise in the long run.
UBS is contemplating relocating its headquarters due to costly capital regulations, which could require raising $20 to $25 billion in equity, impacting profits significantly. A move could lead to a loss of client assets in Switzerland, weakening its most profitable market, while also facing operational and regulatory challenges in potential new locations like the USA, London, or Singapore. Despite the allure of relocation, UBS risks losing market share and would need years to establish a stronger presence in the U.S. wealth market.
Adam Hoffman, a former student campaigner against wokeness, graduated from Princeton in 2023 and joined Citadel in 2024 before linking up with Elon Musk’s DOGE in 2025. Meanwhile, Barclays CFO Anna Cross is closely monitoring client returns, and investment banking vacancies are seeing a decline in remote work offers. In Paris, the financial sector faces layoffs as the market shifts, with Deutsche Bank planning to cut 2,000 retail banking jobs amid regulatory challenges.
Oil prices increased on Thursday, driven by a strong demand outlook in the US and a weaker dollar. Brent crude rose to $71.21 a barrel, while US West Texas Intermediate climbed to $67.54, supported by a significant drawdown in distillate inventories and expectations of a Federal Reserve interest rate cut.Despite a rise in US crude inventories, analysts noted that the overall demand remains healthy, with global oil demand averaging 101.8 million barrels per day. Geopolitical tensions in the Middle East and potential ceasefire talks in Ukraine also contributed to market volatility.
Morgan Stanley plans to cut around 2,000 jobs to reduce costs, a move that will not affect financial advisors and was decided prior to recent market corrections. The financial sector, which initially thrived post-election due to expectations of deregulation, is now facing pressure, raising concerns about potential broader trends in job cuts and policy uncertainty. Despite some firms like JP Morgan reporting gains amid market downturns, the overall outlook for financials hinges on clarity regarding pro-business policies and the implications of cost-cutting measures.
Bank of America Private Bank has significantly increased its investment in technology by 300% since 2020, enhancing client onboarding and advisor efficiency. The bank is capitalizing on wealth migration to the Southeast, recently hiring key executives to strengthen its presence in the region. With $404 billion in assets under management and a focus on digital innovation, the private bank aims to connect with influential networks while catering to affluent clients.
UBS has delayed its net zero emissions target for its own operations from 2025 to 2035, citing challenges related to the commercial real estate portfolio acquired from Credit Suisse. The bank's latest sustainability report indicates a shift in focus, removing direct links between top management remuneration and climate targets, while still incorporating environmental factors into performance assessments. Despite the postponement, UBS remains a member of the Net-Zero Banking Alliance, which is facing potential changes to its climate target commitments.
Sergio Ermotti, UBS's CEO, earned 14.9 million francs last year, making him Europe's highest-paid banking manager, sparking renewed political debate over executive salaries. A recent motion proposes capping bank managers' salaries at 5 million francs, which could hinder talent acquisition in the financial sector. Critics argue that excessive variable pay encourages risky behavior, echoing concerns from past banking crises.
JP Morgan forecasts a 6% interest rate cut by Egypt’s Central Bank in April and June, with a 4% reduction in April and 2% in June. February saw a significant drop in urban inflation to 12.8%, attributed to lower education and food prices, while the CBE maintained key interest rates at 27.25% and 28.25% in its last meeting, reflecting current economic conditions.
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Meesho plans one billion dollar IPO with ten billion dollar valuation
United States Dollar
Morgan Stanley
UWS JP Morgan EM A OSB
Citizens, Inc.
Think Investments LP
IND
Vidit Aatrey
Sanjeev Barnwal
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09:45 24.03.2025
citigroup shifts strategy to reduce reliance on external it contractors
United States Dollar
Standard Chartered PLC
Citigroup Inc.
Accenture plc
Polaris Inc.
UWS JP Morgan EM A OSB
Everest Group, Ltd.
LTIMindtree Limited
Citizens, Inc.
Wipro Ltd
IND
Phil Fersht
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Ronak Doshi
Tim Ryan
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08:24 21.03.2025
UBS weighs costly headquarters move amid regulatory pressures and market risks
United States Dollar
Wells Fargo & Company
UWS JP Morgan EM A OSB
Bank of America Corporation
Citizens, Inc.
SGP
USA
GBR
Beat Schmid
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07:59 21.03.2025
goldman sachs succession speculation amid shifting banking landscape in paris
Euro
United States Dollar
Barclays PLC
The Goldman Sachs Group, Inc.
UWS JP Morgan EM A OSB
Morgan Stanley
Piper Sandler Cos
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Deutsche Bank RV Global PP
DEU
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USA
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Elon Musk
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Dan Dees
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John Waldron
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Adam Hoffman
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10:10 20.03.2025
oil prices rise on strong demand outlook and weaker dollar
United States Dollar
UWS JP Morgan EM A OSB
RUS
IRN
YEM
ISR
SAU
UKR
USA
Volodymyr Zelenskyy
Donald Trump
Steve Witkoff
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08:16 20.03.2025
mass layoffs at morgan stanley signal challenges in financial sector stability
United States Dollar
UWS JP Morgan EM A OSB
Morgan Stanley
USA
Jessica Alba
Donald Trump
Joe Biden
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15:56 19.03.2025
bank of america private bank expands in southeast with technology and talent
United States Dollar
UWS JP Morgan EM A OSB
Bank of America Corporation
Citizens, Inc.
Wells Fargo & Company
USA
Hong Ogle
Mike Marino
Luke Palacio
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13:16 18.03.2025
ubs delays net zero target to 2035 citing credit suisse acquisition issues
United States Dollar
Citigroup Inc.
Credit Suisse Strategic Income I
UWS JP Morgan EM A OSB
The Goldman Sachs Group, Inc.
CHE
Donald Trump
Joe Biden
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08:21 18.03.2025
debate over high salaries for bank managers intensifies in switzerland
Euro
Swiss Franc
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Novartis AG
Credit Suisse Strategic Income I
UWS JP Morgan EM A OSB
Nestlé S.A.
The Goldman Sachs Group, Inc.
Deutsche Bank RV Global PP
DEU
USA
CHE
Sergio Ermotti
Ulf Schneider
Vasant Narasimhan
Daniel Vasella
Jakob Stark
Vincent Kaufmann
Jonas Neff
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12:40 17.03.2025
jp morgan forecasts significant interest rate cuts by egypt central bank in 2025
10:16 17.03.2025
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