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Citigroup's Silverfern Equity Club, launched to connect wealthy clients with private equity opportunities, has ended in disappointment after a decade, marked by poor performance and legal disputes. A recent ruling found Silverfern liable for unpaid fees to Citi, highlighting ongoing challenges in accessing private markets for elite investors. As Wall Street banks seek to tap into trillions in potential investments, Citi's experience serves as a cautionary tale in the competitive landscape of private equity.
Juan Guerrero, formerly Citi's global head of wealth credit management, has left the bank after 15 years to join Goldman Sachs as a managing director. His departure comes amid ongoing challenges at Citi Wealth, including significant fines and operational errors, as the division attempts to modernize its technology and management practices.
Morgan Stanley plans to cut about 2,000 jobs, representing over 3% of its investment banking staff, following similar moves by Goldman Sachs and Bank of America due to an unexpected lack of deal activity. Despite these reductions, the bank continues to hire at senior levels in anticipation of a market recovery.In a related note, Citigroup's latest proxy statement reveals that COO Anand "Selva" Selvakesari has dropped from the list of top-paid executives, likely due to a lower payout from the Transformation Bonus Program amid ongoing challenges in risk management and regulatory relations.
Citigroup has appointed Chris Biotti, formerly of Bank of America, as the new head of Citi Private Bank in North America, effective May 2025. Biotti, who has a 12-year tenure at Bank of America leading the Northeast division, will succeed Cayman Wills, who will serve as interim head until then. This leadership change follows plans to restructure the private banking division into four regional heads after the departure of global head Ida Liu in January.
Wealth managers in Hong Kong are ramping up hiring to accommodate a surge in mainland Chinese clients seeking offshore investments and residency options. With private wealth net inflows nearly tripling to HK$341 billion in 2023, banks like UBS and Julius Baer are expanding their teams and services to cater to this growing demand. Amid geopolitical concerns and economic challenges in China, affluent individuals are increasingly looking to diversify their assets and secure better opportunities abroad.
U.S. markets showed mixed results, with the S&P 500 and Nasdaq rising due to a 21.9% surge in Tesla shares after positive earnings and growth projections, while the Dow fell, impacted by Boeing and IBM. Asia-Pacific stocks mostly rose, though Japan's Nikkei slipped as inflation hit a six-month low. Major airlines are cutting flights to China amid rising costs and lower demand, while analysts predict a decline in Chinese steel exports due to new tariffs starting in 2025.
U.S. markets showed mixed results, with the S&P 500 and Nasdaq rising due to a 21.9% surge in Tesla shares after positive earnings and growth projections, while the Dow fell, impacted by Boeing and IBM. Tapestry's $8.5 billion acquisition of Capri was blocked, causing Tapestry's shares to jump 13.7% and Capri's to plummet 45.1%. Analysts suggest a potential 5% pullback for the S&P amid ongoing market uncertainties, though a post-election relief rally is anticipated.
Asia-Pacific markets are poised for a lower open ahead of Japan's elections, while Tokyo sees a slowdown in inflation. Morgan Stanley highlights a transformation in the electricity sector, predicting significant benefits for power producers and utilities, with three stocks showing over 40% upside potential. Despite recent market volatility, UBS and Citi's wealth head express optimism for U.S. equities, anticipating a rally post-election as uncertainty diminishes. Meanwhile, initial unemployment claims fell to 227,000, although continuing claims rose to nearly 1.9 million, reflecting mixed impacts from recent hurricanes and strikes.
Andy Sieg
People
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