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32" class="w-4 mr-1"><defs class="jsx-5530ea59f1e0bde0"></defs><title></title><g data-name="Layer 11" id="Layer_11"><path class="cls-1" d="M16,5A11,11,0,1,0,27,16,11,11,0,0,0,16,5Zm0,20a9,9,0,1,1,9-9A9,9,0,0,1,16,25Z"></path><polygon class="cls-1" points="15 15 9.33 15 9.33 17 17 17 17 8.83 15 8.83 15 15"></polygon></g></svg>1 min read</span></div><div class="flex flex-col justify-start w-full mt-3"><a rel="noopener" href="https://www.businessinsider.in/finance/news/epfo-to-ensure-uan-activation-for-employees-through-aadhaar-based-otp/articleshow/115526362.cms" target="_self" class="topstory_title" title="EPFO to ensure UAN activation for employees through Aadhaar-based OTP"><h1 class="md:text-xl text-base font-bold text-black mb-3">EPFO to ensure UAN activation for employees through Aadhaar-based OTP</h1></a><a rel="noopener" href="https://www.businessinsider.in/finance/news/epfo-to-ensure-uan-activation-for-employees-through-aadhaar-based-otp/articleshow/115526362.cms" target="_self" class="topstory_summary" title="EPFO to ensure UAN activation for employees through Aadhaar-based OTP"><p class="md:text-[15px] text-sm font-normal text-[#6D787A] mb-2">The Ministry of Labour and Employment has instructed the EPFO to ensure all employees activate their UAN using Aadhaar-based OTP by November 30th. This initiative is part of the government's plan to boost the Employment Linked Incentive Scheme, aiming to generate over 2 crore jobs within two years.</p></a></div></div><div class="flex justify-between items-center mt-3 lg:mb-0 mb-2"><div><div class="flex flex-row justify-start items-center"><div class="flex"><a href="https://www.businessinsider.in/author_articles_all.cms?query=479235879&author=bi india bureau=&page=1" class="topstory_author" title="BI India Bureau"><h2 class="font-bold text-[14px] md:text-[16px] text-blue-600">BI India Bureau </h2></a></div><div class="flex items-center"><span class="mr-1"><svg xmlns="http://www.w3.org/2000/svg" width="6" height="6" viewBox="0 0 6 6" fill="none"><rect width="6" height="6" rx="3" fill="#8CA8AC"></rect></svg></span><span class="text-[#6D787A] text-[12px]"></span></div></div></div><div><div class="flex flex-row justify-end"><button aria-label="topstoryShareBtn" id="topstoryshareBtn" type="button"><svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 12 13" fill="none"><path d="M0.237549 11.3116C0.237549 11.6222 0.489389 11.8741 0.800049 11.8741C1.11071 11.8741 1.36255 11.6222 1.36255 11.3116H0.237549ZM1.36255 11.3116V6.33379H0.237549V11.3116H1.36255ZM3.28894 4.4074H7.64449V3.2824H3.28894V4.4074ZM1.36255 6.33379C1.36255 5.26987 2.22502 4.4074 3.28894 4.4074V3.2824C1.6037 3.2824 0.237549 4.64855 0.237549 6.33379H1.36255Z" fill="#6D787A"></path><path d="M7.64453 6.69828V1.46442C7.64453 0.932823 8.26807 0.646036 8.67169 0.991995L11.4899 3.40762C11.7651 3.6435 11.7813 4.06374 11.525 4.32003L8.70673 7.13826C8.31475 7.53024 7.64453 7.25262 7.64453 6.69828Z" fill="#6D787A"></path></svg></button></div></div></div></div></div><div class="lg:col-span-4 col-span-12"><div class="grid grid-cols-12 lg:gap-0 gap-4"><div class="lg:col-span-12 col-span-6"><div><div class="flex flex-col gap-4"><div class="relative w-full"><a rel="noopener" href="https://www.businessinsider.in/finance/news/the-bitcoin-rally-does-not-seem-to-be-stopping-anytime-soon-does-this-spell-good-news-for-indian-markets/articleshow/115516030.cms" target="_self" class="topstory_image" title="The Bitcoin rally does not seem to be stopping anytime soon! 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src="/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115479703%2Cwidth-640%2Cresizemode-4%2Cimgsize-10242%2Fgen-z-and-millennials-prefer-stocks-and-mutual-funds-index-funds-trump-over-etfs.jpg&w=3840&q=75" decoding="async" data-nimg="fill" class="object-cover object-top rounded-lg transition duration-500 group-hover:rounded-xl" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/></span></div></a></div><div><a title="Gen Z and Millennials prefer stocks and mutual funds; index funds trump over ETFs, say recent reports" rel="noopener" href="https://www.businessinsider.in/finance/news/gen-z-and-millennials-prefer-stocks-and-mutual-funds-index-funds-trump-over-etfs/articleshow/115479703.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">Gen Z and Millennials prefer stocks and mutual funds; index funds trump over ETFs, say recent reports</h3></a><div class="md:text-base text-sm font-normal text-[#6D787A] mb-2">Index investing is booming in India, particularly among young investors who favor index funds and E…</div></div></div><div class="flex justify-between items-center mt-3"><div><div class="flex flex-row justify-start items-center"><div class="flex"><a href="https://www.businessinsider.in/author_articles_all.cms?query=479235879&author=bi india bureau=&page=1" class="artishow_author"><h3 class="font-bold md:text-[0.875rem] text-xs text-blue-600">BI India Bureau </h3></a></div><div class="flex items-center"><span class="mx-1"><svg xmlns="http://www.w3.org/2000/svg" width="6" height="6" viewBox="0 0 6 6" fill="none"><rect width="6" height="6" rx="3" fill="#8CA8AC"></rect></svg></span><span class="text-[#6D787A] text-[12px]"></span></div></div></div><div><div class="flex flex-row justify-end"><button aria-label="articleshowShareBtn" type="button"><svg 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href="https://www.businessinsider.in/finance/news/mutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021/articleshow/115418396.cms" target="_self" class="listing_image"><div class="md:w-[12rem] md:h-36 sm:w-full h-24 relative border-[1px] border-[#E8E9EA] rounded-lg"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="Business Insider Latest Story Image" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115418396%2Cwidth-640%2Cresizemode-4%2Cimgsize-11626%2Fmutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115418396%2Cwidth-640%2Cresizemode-4%2Cimgsize-11626%2Fmutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021.jpg&w=750&q=75 750w, 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title="Mutual funds in spotlight: Industry grew at 23.65% CAGR since March 2021" rel="noopener" href="https://www.businessinsider.in/finance/news/mutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021/articleshow/115418396.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">Mutual funds in spotlight: Industry grew at 23.65% CAGR since March 2021</h3></a><div class="md:text-base text-sm font-normal text-[#6D787A] mb-2">India's mutual fund industry is experiencing remarkable growth, with assets under management reachi…</div></div></div><div class="flex justify-between items-center mt-3"><div><div class="flex flex-row justify-start items-center"><div class="flex"><a href="https://www.businessinsider.in/author_articles_all.cms?query=479258850&author=ira alok puranik=&page=1" class="artishow_author"><h3 class="font-bold md:text-[0.875rem] text-xs text-blue-600">Ira Alok Puranik </h3></a></div><div class="flex items-center"><span class="mx-1"><svg xmlns="http://www.w3.org/2000/svg" width="6" height="6" viewBox="0 0 6 6" fill="none"><rect width="6" height="6" rx="3" fill="#8CA8AC"></rect></svg></span><span class="text-[#6D787A] text-[12px]"></span></div></div></div><div><div class="flex flex-row justify-end"><button aria-label="articleshowShareBtn" type="button"><svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 12 13" fill="none"><path d="M0.237549 11.3116C0.237549 11.6222 0.489389 11.8741 0.800049 11.8741C1.11071 11.8741 1.36255 11.6222 1.36255 11.3116H0.237549ZM1.36255 11.3116V6.33379H0.237549V11.3116H1.36255ZM3.28894 4.4074H7.64449V3.2824H3.28894V4.4074ZM1.36255 6.33379C1.36255 5.26987 2.22502 4.4074 3.28894 4.4074V3.2824C1.6037 3.2824 0.237549 4.64855 0.237549 6.33379H1.36255Z" fill="#6D787A"></path><path d="M7.64453 6.69828V1.46442C7.64453 0.932823 8.26807 0.646036 8.67169 0.991995L11.4899 3.40762C11.7651 3.6435 11.7813 4.06374 11.525 4.32003L8.70673 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srcSet="/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115435700%2Cwidth-640%2Cresizemode-4%2Cimgsize-75450%2Frupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115435700%2Cwidth-640%2Cresizemode-4%2Cimgsize-75450%2Frupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115435700%2Cwidth-640%2Cresizemode-4%2Cimgsize-75450%2Frupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115435700%2Cwidth-640%2Cresizemode-4%2Cimgsize-75450%2Frupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade.jpg&w=1080&q=75 1080w, 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src="/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115435700%2Cwidth-640%2Cresizemode-4%2Cimgsize-75450%2Frupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade.jpg&w=3840&q=75" decoding="async" data-nimg="fill" class="object-cover object-top rounded-lg transition duration-500 group-hover:rounded-xl" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/></span></div></a></div><div><a title="Rupee rises 2 paise to 84.40 against US dollar in early trade" rel="noopener" href="https://www.businessinsider.in/finance/news/rupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade/articleshow/115435700.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">Rupee rises 2 paise to 84.40 against US dollar in early trade</h3></a><div class="md:text-base text-sm font-normal text-[#6D787A] mb-2"> At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 again…</div></div></div><div class="flex justify-between items-center mt-3"><div><div class="flex flex-row justify-start items-center"><div class="flex items-center"><span class="mx-1"><svg xmlns="http://www.w3.org/2000/svg" width="6" height="6" viewBox="0 0 6 6" fill="none"><rect width="6" height="6" rx="3" fill="#8CA8AC"></rect></svg></span><span class="text-[#6D787A] text-[12px]"></span></div></div></div><div><div class="flex flex-row justify-end"><button aria-label="articleshowShareBtn" type="button"><svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 12 13" fill="none"><path d="M0.237549 11.3116C0.237549 11.6222 0.489389 11.8741 0.800049 11.8741C1.11071 11.8741 1.36255 11.6222 1.36255 11.3116H0.237549ZM1.36255 11.3116V6.33379H0.237549V11.3116H1.36255ZM3.28894 4.4074H7.64449V3.2824H3.28894V4.4074ZM1.36255 6.33379C1.36255 5.26987 2.22502 4.4074 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I didn't want to work myself into the ground well into my 60s." rel="noopener" href="https://www.businessinsider.in/finance/news/i-made-it-to-managing-director-after-17-years-in-banking-then-i-quit-i-didnt-want-to-work-myself-into-the-ground-well-into-my-60s-/articleshow/115432552.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.</h3></a><div class="md:text-base text-sm font-normal text-[#6D787A] mb-2">Eric Sim, 54, spent more than 20 years in banking. 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href="https://www.businessinsider.in/finance/news/inside-the-goldman-sachs-marketing-push-that-has-some-execs-perplexed/articleshow/115311448.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">Inside the Goldman Sachs marketing push that has some execs perplexed</h3></a><div class="md:text-base text-sm font-normal text-[#6D787A] mb-2">The Wall Street giant set out to build a marketing 'army' under its first CMO. 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day, from shouting across the trading floor to popping Champagne in the office" rel="noopener" href="https://www.businessinsider.in/finance/news/how-9-newly-minted-goldman-sachs-partners-celebrated-their-big-day-from-shouting-across-the-trading-floor-to-popping-champagne-in-the-office/articleshow/115226841.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office</h3></a><div class="md:text-base text-sm font-normal text-[#6D787A] mb-2">There were celebrations across Goldman Sachs last week after it promoted 95 executives to partner. …</div></div></div><div class="flex justify-between items-center mt-3"><div><div class="flex flex-row justify-start items-center"><div class="flex"><h3 class="font-bold md:text-[0.875rem] text-xs text-blue-600 pb-0">Reed Alexander,Emmalyse Brown… </h3></div><div class="flex 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src="/_next/image?url=https%3A%2F%2Fstaticbiassets.in%2Fthumb%2Fmsid-115221550%2Cwidth-640%2Cresizemode-4%2Cimgsize-361784%2Felon-musk-is-close-to-breaking-his-340-billion-wealth-record-as-tesla-stock-keeps-rising.jpg&w=3840&q=75" decoding="async" data-nimg="fill" class="object-cover object-top rounded-lg transition duration-500 group-hover:rounded-xl" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/></span></div></a></div><div><a title="Elon Musk is close to breaking his $340 billion wealth record as Tesla stock keeps rising" rel="noopener" href="https://www.businessinsider.in/finance/news/elon-musk-is-close-to-breaking-his-340-billion-wealth-record-as-tesla-stock-keeps-rising/articleshow/115221550.cms" target="_self" class="listing_title"><h3 class="md:text-xl text-base font-bold text-black mb-3">Elon Musk is close to breaking 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The outreach is part of announcements made during the Union Budget 2024-25, which aim to maximize the net of beneficiaries under the Employment Linked Incentive (ELI) Scheme.\u003cbr /\u003e\u003cbr /\u003e The central government has already directed concerned ministries and departments to ensure that payment of all subsidies and incentives under all welfare schemes occurs via the Aadhar Payment Bridge and that 100% biometric Aadhar authentication is achieved. Notably, Aadhaar-based verification eliminates the need for producing multiple documents to prove one's identity.\u003cbr /\u003e\u003cbr /\u003e In the first stage, all employers must complete UAN activation through Aadhar-based OTP for all employees who've joined the company in the current financial year by November 30, 2024. Starting with their latest recruits, employers will have to finish this process for all their employees. \u003cbr /\u003e\u003cbr /\u003e As per the budget announcements, the government will implement 3 schemes for 'Employment Linked Incentive' as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. The ELI Scheme aims to create over 2 crore jobs in the country in 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihoods.\u003cbr /\u003e \u003cbr /\u003eUAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real-time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices.\u003cbr /\u003e\u003cbr /\u003e For the uninitiated, UAN is a 12-digit number allotted to each member of EPFO (Employee Provident Fund Organization). Think of UAN as a single-point number that brings together multiple member IDs that have been allocated to a particular employee. In September this year, EPFO added 18.81 lakh members, registering a 9.33% YoY growth. \u003cbr /\u003e\u003cbr /\u003e","synopsis":"The Ministry of Labour and Employment has instructed the EPFO to ensure all employees activate their UAN using Aadhaar-based OTP by November 30th. This initiative is part of the government's plan to boost the Employment Linked Incentive Scheme, aiming to generate over 2 crore jobs within two years.","updatedTime":1732192057252,"insertedTime":1732183646000,"img_Path":"/thumb/msid-115526362,width-640,resizemode-4,imgsize-25482/epfo-to-ensure-uan-activation-for-employees-through-aadhaar-based-otp.jpg","url":"finance/news/epfo-to-ensure-uan-activation-for-employees-through-aadhaar-based-otp/articleshow/115526362.cms","slug":"finance/news/epfo-to-ensure-uan-activation-for-employees-through-aadhaar-based-otp","category":"Finance","article_type":"indian"},{"title":"The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?","msid":115516030,"readingTime":2,"authorDetail":[{"author_name":"BI India Bureau","author_id":479235879}],"body":"Ever since Donald Trump won the 2024 US presidential elections, bitcoin has been surging, going up over 40% in the last two weeks. Recently, the cryptocurrency soared past $97,000, having risen 8.32% in just the last 7 days, and is currently trading at $96,906.09.\u003cbr /\u003e\u003cbr /\u003e The overall crypto market is also buoyant, with the crypto volume jumping 10.06% over the past 24 hours to touch $198.83 billion. \u003cbr /\u003e\u003cbr /\u003e The markets are enthused about Bitcoin's prospects going ahead, given that Trump has hinted towards establishing a dedicated role in the White House for deliberating crypto policies.\u003cbr /\u003e\u003cbr /\u003e Trump has been vocally pro-crypto and had promised, during his presidential campaign, to scale back crypto regulations and fire SEC chair Gary Gensler, who had initiated a crackdown on digital assets in the US. The crypto lobby in the US has been advocating for crypto-friendly SECs and access to banks. In a bid to do so, crypto companies have pumped in over $119 million to support pro-crypto candidates. \u003cbr /\u003e\u003cbr /\u003e Says Edul Patel, co-founder and CEO of Mudrex, \"Market sentiment grew stronger from Bloomberg's report of Trump’s plan to establish a dedicated White House role for crypto policy. The anticipation of faster regulatory clarity coupled with BlackRock’s Bitcoin ETF options projecting a $176k price target by 2026 has driven BTC’s price to the $95K milestone and beyond.\"\u003cbr /\u003e\u003cbr /\u003eThe ongoing rally is not restricted to just bitcoin but also extended to Solana and XRP, which gained 10.85% and 59.02%, respectively, over the last 7 days. \u003cbr /\u003e\u003cbr /\u003e But does this mean that good times are coming for Indian markets as well?\u003cbr /\u003e\u003cbr /\u003e Apurva Sheth, Head of Market Perspectives \u0026amp; Research, SAMCO Securities, notes that bitcoin is a proxy for risk-taking in the markets. Bitcoin moving up means the risk appetite of investors is rising. Conversely, if it falls, then investors prefer safety.\"\u003cbr /\u003e\u003cbr /\u003e Both Nifty and Sensex have lost over 5% each over the last month. FIIs (foreign institutional investors) have also been scrambling out of Indian markets, having withdrawn Rs 1,14,445.89 crores during October 2024 and offloading Rs 34,348.30 crore so far in November. During trade today, Nifty and Sensex remained in red, with Nifty down by \u003cbr /\u003e0.74% and Sensex down by 0.6%. \u003cbr /\u003e\u003cbr /\u003e DIIs (domestic institutional investors) have been trying to keep the market afloat in both October and November, pumping in Rs 31,636.77 crore in Indian markets in November so far. Last month, DIIs infused Rs 1,07,254.68 crore in the Indian markets.\u003cbr /\u003e\u003cbr /\u003eAccording to an NSE report, by the end of the previous quarter, FPIs holding in NSE-listed companies stood at 36.3%, despite the seventh consecutive quarterly decline. Previously, FIIs holding in listed companies had hit a record high of 39.9% in December 2021. \u003cbr /\u003e\u003cbr /\u003eIn contrast, DIIs are increasingly making headway into the Indian markets. Active Domestic Mutual Funds (DMFs) have been increasing their investments in the NSE-listed companies. Their ownership in these companies has risen from 12.4% in December 2021 to 15.7% as of September 30, 2024. \u003cbr /\u003e\u003cbr /\u003eBanks and insurance companies have also expanded their market share. Their ownership in NSE-listed companies has grown from 8.8% three years ago to 11% as of pr quarter. \u003cbr /\u003e","synopsis":"Bitcoin surged past $97,000 following Donald Trump's 2024 presidential win, fueled by his pro-crypto stance and plans for crypto-focused policies. This surge in Bitcoin, a barometer of risk appetite, comes amidst a downturn in the Indian stock market, with Nifty and Sensex down over 5% and foreign investors withdrawing while domestic investors provide support.","updatedTime":1732177566994,"insertedTime":1732177027000,"img_Path":"/thumb/msid-115516030,width-640,resizemode-4,imgsize-25128/the-bitcoin-rally-does-not-seem-to-be-stopping-anytime-soon-does-this-spell-good-news-for-indian-markets.jpg","url":"finance/news/the-bitcoin-rally-does-not-seem-to-be-stopping-anytime-soon-does-this-spell-good-news-for-indian-markets/articleshow/115516030.cms","slug":"finance/news/the-bitcoin-rally-does-not-seem-to-be-stopping-anytime-soon-does-this-spell-good-news-for-indian-markets","category":"Finance","article_type":"indian"},{"title":"Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report","msid":115482754,"readingTime":1,"authorDetail":[],"body":"Equity investments in Indian real estate may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. \u003cbr /\u003e\u003cbr /\u003e Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. \u003cbr /\u003e\u003cbr /\u003e \"Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time,\" the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. \u003cbr /\u003e\u003cbr /\u003e During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments. Developer companies led the total capital inflows with more than 41% share in this period. \u003cbr /\u003e\u003cbr /\u003e Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. \u003cbr /\u003e\u003cbr /\u003e Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman \u0026amp; CEO, India, South-East Asia, Middle East \u0026amp; Africa, CBRE, said, \"Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing real estate market in India.\" \u003cbr /\u003e\u003cbr /\u003e With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. \u003cbr /\u003e\u003cbr /\u003e \"We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets,\" Magazine said. \u003cbr /\u003e\u003cbr /\u003e Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.","synopsis":"Equity investments in Indian real estate are expected to reach record highs in 2024, projected between $10 and $11 billion, according to a joint report by CII and CBRE. This surge is driven by strong demand for office and residential properties, with both domestic and foreign investors showing significant interest.","updatedTime":1732097351825,"insertedTime":1732096659000,"img_Path":"/thumb/msid-115482754,width-640,resizemode-4,imgsize-13688/equity-investments-in-indian-real-estate-may-rise-49-to-record-11-billion-this-year-says-cii-cbre-report.jpg","url":"finance/news/equity-investments-in-indian-real-estate-may-rise-49-to-record-11-billion-this-year-says-cii-cbre-report/articleshow/115482754.cms","slug":"finance/news/equity-investments-in-indian-real-estate-may-rise-49-to-record-11-billion-this-year-says-cii-cbre-report","category":"Finance","article_type":"indian"},{"title":"Gen Z and Millennials prefer stocks and mutual funds; index funds trump over ETFs, say recent reports","msid":115479703,"readingTime":2,"authorDetail":[{"author_name":"BI India Bureau","author_id":479235879}],"body":"India's investment ecosystem is undergoing a seismic shift, with index investing gaining unprecedented traction among investors, according to a report by Motilal Oswal.\u003cbr /\u003e\u003cbr /\u003eThe younger generation, including Gen Z and Millennials, shows a stronger inclination towards index funds as compared to older investors. They also prefer index funds over ETFs for better returns and liquidity. A recent report by Axis AMC also highlighted the growing appetite for ETFs, which witnessed net sales of Rs 15,403 crore in October 2024.\u003cbr /\u003e\u003cbr /\u003eWhile 46% of younger investors favor index funds, only 35% of Gen X and Boomers do so. Millennials and Gen X investors also have a keen interest in factor or smart beta funds, reflecting their appetite for innovative, albeit aggressive investment strategies.\u003cbr /\u003e\u003cbr /\u003ePassive funds have become a core component of investor portfolios, with 80% of investors increasing their allocation to these funds in 2024, compared to 53% last year. The Axis report echoed similar sentiments, noting that net sales in the passive category inched up to Rs 8,025 crore in October 2024. \u003cbr /\u003e\u003cbr /\u003e The combined assets under management (AUM) of passive funds have surged from Rs 7 lakh crore in September 2023 to over Rs 11 lakh crore by September 2024—a 1.5x growth in just one year.\u003cbr /\u003e\u003cbr /\u003e The survey also noted a growing popularity of ETFs, with 57% of respondents investing in them, up from 41% in 2023. Of these, 26% invest solely in ETFs, while 31% have diversified between ETFs and index funds.\u003cbr /\u003e\u003cbr /\u003eThis rising preference is matched by a commitment to long-term investment. A significant 81% of investors plan to hold their passive investments for over three years, highlighting sustained confidence in the growth potential of these funds. Sectoral indices like Nifty IT and Nifty Bank dominate as the top choice for passive fund investors, selected by 67% of respondents. Benchmark indices such as the Nifty 50 and Nifty 500 follow closely, preferred by 61% of investors.\u003cbr /\u003e\u003cbr /\u003eA recent, similar report by stock broker Angel One also throws a spotlight on how young India plans and prefers mutual funds when it comes to savings and investments. The report, titled \"Young Indians' Saving Habits Outlook 2024,\" compiled by Fin One, stated that 45% of respondents aged 22-35 have made it a point to save up some of their savings in mutual funds. A year ago, this figure stood at just 32%. \u003cbr /\u003e\u003cbr /\u003eMost of these investors make their way into mutual funds via SIPs, or systematic investment plans. 52% of respondents in the age cohort of 22-35 are now using SIPs to invest in mutual funds, up from 44% in the previous year.\u003cbr /\u003e\u003cbr /\u003eAs for what was the driving factor behind beginning their investment journey, 42% underlined the past performance of funds, while 38% noted that advice from financial advisors remained a key consideration. 38% of young Indians are now increasingly focusing on building an emergency corpus, compared to 28% the year before. This shift underscores the drastic change in financial sensibilities brought forth by the pandemic and the consequent desire for greater financial resilience. In fact, approximately 4 out of every 5 surveyed investors maintained a dedicated, separate savings account.\u003cbr /\u003e\u003cbr /\u003eOut of the 1,650 individuals studied under the FinOne survey, a staggering majority made their first foray into the stock market in their early twenties. Nearly 2 in every 5 investors pick stock as their preferred choice of investment, followed by mutual funds and then savings bank accounts. While 45% of those surveyed picked stocks as their chosen investment avenue, 20% preferred mutual funds, and 15% wanted to keep their money in a savings bank account.\u003cbr /\u003e","synopsis":"Index investing is booming in India, particularly among young investors who favor index funds and ETFs for long-term growth. Passive funds are gaining popularity, with a significant rise in assets under management, reflecting a shift towards these investment vehicles.","updatedTime":1732096483775,"insertedTime":1732091916000,"img_Path":"/thumb/msid-115479703,width-640,resizemode-4,imgsize-10242/gen-z-and-millennials-prefer-stocks-and-mutual-funds-index-funds-trump-over-etfs.jpg","url":"finance/news/gen-z-and-millennials-prefer-stocks-and-mutual-funds-index-funds-trump-over-etfs/articleshow/115479703.cms","slug":"finance/news/gen-z-and-millennials-prefer-stocks-and-mutual-funds-index-funds-trump-over-etfs","category":"Finance","article_type":"indian"},{"title":"Mutual funds in spotlight: Industry grew at 23.65% CAGR since March 2021","msid":115418396,"readingTime":2,"authorDetail":[{"author_name":"Ira Alok Puranik","author_id":479258850}],"body":"A recent report by Axis AMC shed light on the burgeoning Indian mutual fund industry. Since March 2021, the MF industry has grown at a CAGR (compounded annual growth rate) of 23.65%, touching an AUM (asset under management) of Rs 67.25 lakh crore in October 2024. \u003cbr /\u003e\u003cbr /\u003e Equity mutual funds, which garnered Rs 41,886.69 crore during the month, saw a 58.96% YoY growth. The biggest contributor to the equity segment was sectoral funds, which captured 29.3% of net equity sales in October 2024. In all, they brought in Rs 12,278.78 crore during October 2024. \u003cbr /\u003e\u003cbr /\u003eThe AUM of hybrid funds also stood at Rs 9.24 lakh crore during the month, registering an annual growth of 47.8% and inflows worth Rs 16,863.30 crore during October 2024. Amidst this, the arbitrage funds led in net sales, capturing 3.61% of their AUM with monthly inflows worth Rs 7,181.70 crores.\u003cbr /\u003e\u003cbr /\u003eThere and more people are entering the Indian markets, as is evident in the growing SIP corpus (Systematic Investment Plans), which saw contributions worth Rs 25,323 crore in October 2024, a 54.7% year-over-year growth. In October 2024, about 63,69,919 new SIPs were registered, taking the number of SIP accounts to a record high of 10,12,34,212 \u003cbr /\u003e\u003cbr /\u003e The growth in equity investments was largely led by retail investors and HNIs (high-net-worth individuals). Since March 2021, the retail segment in mutual funds has seen a 31.2% CAGR, while banks and foreign investors have recorded a CAGR of 31.8% during the same period. \u003cbr /\u003e\u003cbr /\u003e Corporations were the biggest contributors to debt mutual funds. Notably, the AUM of debt funds grew 14.8% over the previous year to stand at Rs 10,65,037 crore as of October 2024. The category saw net sales worth Rs 47,699 crore last month. \u003cbr /\u003e\u003cbr /\u003e Also testimony to the growing interest of investors in mutual funds were the figures of passive mutual funds, which recorded net sales worth Rs 8,025 crore during the month. Out of this, just index funds observed net sales of Rs 7,931 crore in the previous month. AUM from the top 30 Indian cities grew at 22.6% CAGR, whereas other cities grew at 27.8% CAGR since March 2021.\u003cbr /\u003e\u003cbr /\u003e FY25 also seemed to be the year where NFOs received an enthusiastic response from investors. So far, a total of 124 NFO schemes have managed to collect a total of over Rs 77,932 crore. \u003cbr /\u003e\u003cbr /\u003e","synopsis":"India's mutual fund industry is experiencing remarkable growth, with assets under management reaching Rs 67.25 lakh crore. Equity funds, particularly sectoral funds, are attracting significant investments, fueled by retail investors and HNIs. Debt funds and passive funds are also witnessing increased participation, reflecting the growing confidence in the Indian market.","updatedTime":1732026048210,"insertedTime":1732026047000,"img_Path":"/thumb/msid-115418396,width-640,resizemode-4,imgsize-11626/mutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021.jpg","url":"finance/news/mutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021/articleshow/115418396.cms","slug":"finance/news/mutual-funds-in-spotlight-industry-grew-at-23-65-cagr-since-march-2021","category":"Finance","article_type":"indian"},{"title":"Rupee rises 2 paise to 84.40 against US dollar in early trade","msid":115435700,"readingTime":1,"authorDetail":[],"body":"The rupee rose 2 paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals. Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local unit and capped its sharp gain. \u003cbr /\u003e\u003cbr /\u003e At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 against the greenback, trading 2 paise higher from its previous close. \u003cbr /\u003e\u003cbr /\u003e On Monday, the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the US dollar. \u003cbr /\u003e\u003cbr /\u003e Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09 per cent at 106.10. \u003cbr /\u003e\u003cbr /\u003e Brent crude, the global oil benchmark, rose by 0.19 per cent to USD 73.44 per barrel in futures trade. \u003cbr /\u003e\u003cbr /\u003e On the domestic equity market front, Sensex was trading 271.42 points, or 0.35 per cent higher, at 77,610.43 points. The Nifty advanced 105.55 points, or 0.45 per cent, to 23,559.35 points. \u003cbr /\u003e\u003cbr /\u003e Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore, according to exchange data.\u003cbr /\u003e\u003cbr /\u003e\u003cb\u003eSEE ALSO:\u003ca href=\"https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms\" target=\"_blank\"\u003e\u003c/a\u003e\u003c/b\u003e\u003cbr /\u003e\u003cbr /\u003e \u003cb\u003e\u003ca href=\"https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms\" target=\"_blank\"\u003eTata to buy a majority stake in Pegatron's iPhone plant in India\u003c/a\u003e\u003ca href=\"https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms\" target=\"_blank\"\u003e\u003c/a\u003e\u003c/b\u003e\u003cbr /\u003e\u003cbr /\u003e \u003cb\u003e\u003ca href=\"https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms\" target=\"_blank\"\u003eNTPC Green Energy IPO – GMP, risk factors and all you need to know\u003c/a\u003e\u003ca href=\"https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms\" target=\"_blank\"\u003e\u003c/a\u003e\u003c/b\u003e\u003cbr /\u003e\u003cbr /\u003e \u003cb\u003e\u003ca href=\"https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms\" target=\"_blank\"\u003eJioStar announces plans starting at ₹15 – here’s everything you need to know\u003c/a\u003e\u003c/b\u003e\u003cbr /\u003e","synopsis":"","updatedTime":1731989067493,"insertedTime":1731988961000,"img_Path":"/thumb/msid-115435700,width-640,resizemode-4,imgsize-75450/rupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade.jpg","url":"finance/news/rupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade/articleshow/115435700.cms","slug":"finance/news/rupee-rises-2-paise-to-84-40-against-us-dollar-in-early-trade","category":"Finance","article_type":"indian"},{"title":"I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.","msid":115432552,"readingTime":3,"authorDetail":[{"author_name":"Kwan Wei Kevin Tan","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eEric Sim spent over 20 years in banking, working in Singapore, London, Shanghai, and Hong Kong.\u003c/li\u003e\u003cli\u003eThe engineering major says he had no idea what banking was when he graduated in 1994.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cem\u003eThis as-told-to essay is based on a conversation with \u003c/em\u003e\u003ca target=\"_blank\" class=\"\" href=\"https://www.linkedin.com/in/simeric/\"\u003e\u003cem\u003eEric Sim\u003c/em\u003e\u003c/a\u003e\u003cem\u003e, 54, a former banker turned professional speaker and executive coach. The following has been edited for length and clarity. Business Insider has verified his education and employment history.\u003c/em\u003e\u003c/p\u003e\u003cp\u003eWhen I picked banking as a career, I had very little idea of what the job would actually involve. I'd never even heard of the big names like Goldman Sachs and Morgan Stanley — but banking felt novel and challenging to me.\u003c/p\u003e\u003cp\u003eMy first job out of school was at DBS Bank, where I did corporate foreign exchange sales. I was an engineering graduate and not as savvy as my colleagues, who majored in business administration.\u003c/p\u003e\u003cp\u003eAfter two years, I decided to leave DBS and get my master's in finance at Lancaster University. I wasn't able to secure a job in London, though. I ended up returning to Singapore in the thick of the 1997 Asian Financial Crisis.\u003c/p\u003e\u003cp\u003eAs jobs were scarce, I decided to take work in risk management instead. That was when I joined Standard Chartered.\u003c/p\u003e\u003cp\u003eI was fortunate to have a good boss. He really believed in me and sent me on secondments to London and Hong Kong. That kickstarted my international career.\u003c/p\u003e\u003cp\u003eI later moved on to Citibank in 2001, where I worked on global markets. In 2005, I saw that China was liberalizing its financial sector, so I asked my boss to post me to China, and I spent two years there.\u003c/p\u003e\u003cp\u003eWorking in China was eye-opening. Compared to a small country like Singapore, there were lots more industries, such as mining and shipping, to cover.\u003c/p\u003e\u003cp\u003eI then relocated to Hong Kong and switched my focus to investment banking and Asia-centric transactions. That paved the way for me to join UBS as a managing director.\u003c/p\u003e\u003ch2 id=\"6126e89b-83ba-409f-829f-7c6830f6f066\"\u003e\u003cstrong\u003eI can play the game, but I don't enjoy the game\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Eric Sim giving a lecture to students.\" height=\"768\" width=\"1024\" msid=\"115431925\" hostid=\"261\" sizebytes=\"84092\"\u003e\u003c/div\u003e\u003cp\u003eTo be honest, I've always thought of leaving banking. Back in 2005, I thought of returning to college to study architecture. I applied for a spot and got accepted into the program after passing a test.\u003c/p\u003e\u003cp\u003eBut I decided against it. If I went back to school, I would have to study for five years and accrue two years of practical experience before I could qualify as an architect.\u003c/p\u003e\u003cp\u003eThat was a huge opportunity cost for me, as I could have made up to a million dollars if I had stayed with banking during the same period. I was in my mid-thirties then, and I still had to pay my mortgage. It didn't make financial sense to leave banking then.\u003c/p\u003e\u003cp\u003eThat said, I also recognized that while I could play the game, I didn't enjoy it. For most people who go into banking, the norm is to work as much as you can and retire when you're 60.\u003c/p\u003e\u003cp\u003eHowever, that leaves you with very limited choices in life. Your health may deteriorate, and you won't be able to travel as much.\u003c/p\u003e\u003cp\u003eSo after spending over 20 years in banking, I left UBS in 2017.\u003c/p\u003e\u003cp\u003eAt that point, my health was still good, and I had sufficient savings. That meant that I could pursue the things I liked, and start a new career in professional speaking and executive coaching.\u003c/p\u003e\u003cp\u003eIn this phase of my life, I'm now focusing on satisfaction, meaning, and fulfillment. Through my work as a speaker and lecturer, I have been able to share my know-how in banking and career planning with more people.\u003c/p\u003e\u003ch2 id=\"cd01a843-0073-4c6f-b1d9-e32d59c1e82f\"\u003e\u003cstrong\u003eIt is a lot harder to make it in banking these days\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Eric Sim standing in front of the London Bridge.\" height=\"768\" width=\"1024\" msid=\"115431926\" hostid=\"261\" sizebytes=\"39050\"\u003e\u003c/div\u003e\u003cp\u003eBanking is really just a sales job. It is about knowing what your customer wants and then building a relationship. You want to be the first person the client calls when they have a problem.\u003c/p\u003e\u003cp\u003eBut succeeding in banking is a lot harder these days. In the past, there was less competition and less regulation within the sector. It was easier for the banks to make money.\u003c/p\u003e\u003cp\u003eThings are different now. After the 2008 Global Financial Crisis, a lot more people now know how much money bankers can make. There is a lot more competition for banking jobs.\u003c/p\u003e\u003cp\u003eBut even if I could turn the clock back, I would still pick banking as a career. Banking is an excellent industry for self-development.\u003c/p\u003e\u003cp\u003eMy advice to young professionals is to seek out job opportunities that allow them to learn. That has been my career principle and it has served me well.\u003c/p\u003e","synopsis":"Eric Sim, 54, spent more than 20 years in banking. The former UBS managing director now works as a professional speaker and executive coach.","updatedTime":1731980631899,"insertedTime":1731973321000,"img_Path":"/thumb/msid-115432552,width-640,resizemode-4,imgsize-34768/i-made-it-to-managing-director-after-17-years-in-banking-then-i-quit-i-didnt-want-to-work-myself-into-the-ground-well-into-my-60s-.jpg","url":"finance/news/i-made-it-to-managing-director-after-17-years-in-banking-then-i-quit-i-didnt-want-to-work-myself-into-the-ground-well-into-my-60s-/articleshow/115432552.cms","slug":"finance/news/i-made-it-to-managing-director-after-17-years-in-banking-then-i-quit-i-didnt-want-to-work-myself-into-the-ground-well-into-my-60s-","category":"Finance","article_type":"international"},{"title":"HSBC reportedly asks middle managers to reapply for jobs as layoffs loom","msid":115425254,"readingTime":1,"authorDetail":[{"author_name":"Nora Redmond","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eHSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure.\u003c/li\u003e\u003cli\u003eBloomberg reported Monday that hundreds of senior staff will likely lose their jobs.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/hsbc-office-redevelopment-london-flexible-working-corporate-real-estate-2024-7\"\u003eHSBC\u003c/a\u003e has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, \u003ca target=\"_blank\" href=\"https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp\"\u003eBloomberg reported.\u003c/a\u003e\u003c/p\u003e\u003cp\u003eCiting people familiar with the matter, Bloomberg said that the interview process has already started, involving senior staff from the bank's commercial banking business and others from the global banking and markets unit.\u003c/p\u003e\u003cp\u003eThe people told Bloomberg that internal recruitment for the merged division would likely result in hundreds of managing directors and other senior bankers losing their jobs over the coming weeks.\u003c/p\u003e\u003cp\u003eThey added that general manager titles will also be phased out and replaced by managing director titles at HSBC, which has around 221,000 employees worldwide.\u003c/p\u003e\u003cp\u003eThe plans have not been finalized and could be subject to change, the people said.\u003c/p\u003e\u003cp\u003eHSBC declined to comment when approached by Business Insider.\u003c/p\u003e\u003cp\u003eThe combined division is part of a restructuring plan introduced by new CEO Georges Elhedery in October.\u003c/p\u003e\u003cp\u003eThe biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations.\u003c/p\u003e\u003cp\u003eUnder the new structure, HSBC's operations in Asia-Pacific and the Middle East will form the \"Eastern markets,\" while its UK, European, and Americas business will be known as the \"Western markets.\"\u003c/p\u003e\u003cp\u003eOther changes include the creation of a new international wealth and premier banking unit.\u003c/p\u003e\u003cp\u003eThe London-listed bank said in October that its third-quarter pre-tax profits rose roughly 10% year over year to $8.5 billion.\u003c/p\u003e\u003cp\u003eElhedery, who was formerly HSBC's CFO and became CEO in September, told analysts in a call after the third-quarter results that cutting senior roles would lower costs.\u003c/p\u003e\u003cp\u003e\"Now, as a result of a simpler, leaner, more efficient bank, there will be cost saves,\" he said.\u003c/p\u003e\u003cp\u003eHe previously told staff in October that they should expect job cuts following the announcement of the revamp, \u003ca target=\"_blank\" class=\"\" href=\"https://www.reuters.com/business/finance/hsbc-ceo-tells-staff-senior-redundancies-inevitable-after-revamp-2024-10-23/\"\u003eReuters reported\u003c/a\u003e at the time, citing an internal memo.\u003c/p\u003e\u003cp\u003e\"Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles,\" Elhedery said.\u003c/p\u003e","synopsis":"The London-headquartered, Asia-focused bank is embarking on a major restructuring under its new CEO that will slash the number of senior roles.","updatedTime":1731950942080,"insertedTime":1731942448000,"img_Path":"/thumb/msid-115425254,width-640,resizemode-4,imgsize-381448/hsbc-reportedly-asks-middle-managers-to-reapply-for-jobs-as-layoffs-loom.jpg","url":"finance/news/hsbc-reportedly-asks-middle-managers-to-reapply-for-jobs-as-layoffs-loom/articleshow/115425254.cms","slug":"finance/news/hsbc-reportedly-asks-middle-managers-to-reapply-for-jobs-as-layoffs-loom","category":"Finance","article_type":"international"},{"title":"Warren Buffett's company just bought into Domino's Pizza and Pool Corp. Here's why both bets make sense.","msid":115362886,"readingTime":2,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eWarren Buffett's Berkshire Hathaway bought Domino's Pizza and Pool Corp. stock last quarter.\u003c/li\u003e\u003cli\u003eBuffett loves fast food and already owns distribution businesses, making the pair a natural fit.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth\"\u003eWarren Buffett\u003c/a\u003e's Berkshire Hathaway added Domino's Pizza and Pool Corp. to its stock portfolio last quarter, a regulatory filing \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-berkshire-hathaway-dominos-pizza-pool-corp-stock-portfolio-2024-11\"\u003erevealed\u003c/a\u003e on Thursday. The pizza chain and swimming pool specialist seem like good fits.\u003c/p\u003e\u003cp\u003eThe famed investor's conglomerate bought nearly 1.3 million shares of Domino's, a 3.7% stake worth $549 million at the end of September. Berkshire also purchased a 1.1% position of Pool Corp, worth $152 million at the quarter's close.\u003c/p\u003e\u003cp\u003eDomino's shares jumped 8%, and Pool Corp. shares jumped 6% after the news came out on Thursday as the \"\u003ca target=\"_blank\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-ulta-beauty-heico-apple-stock-portfolio-2024-8\"\u003eBuffett Effect\u003c/a\u003e\" spurred other investors to buy them.\u003c/p\u003e\u003cp\u003eIt's worth noting that one or both of Buffett's investment managers, Ted Weschler and Todd Combs, were \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/todd-combs-and-ted-weschler-2014-3\"\u003elikely behind\u003c/a\u003e the stock picks given their small size relative to Berkshire's $266 billion US equity portfolio.\u003c/p\u003e\u003ch2 id=\"3fc5b5d1-04ef-46f4-b033-2fe0114d1501\"\u003eSlice of the pie\u003c/h2\u003e\u003cp\u003eAs value investors, Buffett and his team specialize in \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-cash-pile-berkshire-hathaway-stock-portfolio-crash-recession-2024-11\"\u003ebargain hunting\u003c/a\u003e. Domino's stock has skyrocketed more than 40-fold since the start of 2010, and traded north of $530 in late June — not far off its all-time high of around $560. Yet its price tumbled to around $400 by mid-July and remained depressed for the rest of last quarter, offering a buying window for Berkshire.\u003c/p\u003e\u003cp\u003eBuffett \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dream-business-is-sees-candies-2019-7\"\u003eprizes brands\u003c/a\u003e because they foster loyalty, enabling businesses to raise prices without losing customers to rivals.\u003c/p\u003e\u003cp\u003eThe 94-year-old Berkshire chief is a \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-diet-mcdonalds-coke-junk-food-soda-ice-cream-2023-4\"\u003ejunk-food fanatic\u003c/a\u003e whose company already owns businesses like Dairy Queen and counts Coca-Cola and Kraft Heinz among its largest stock bets. Domino's fits well among those kinds of names.\u003c/p\u003e\u003cp\u003eOne of Domino's key strengths is that it controls costs and boosts profit margins by licensing its brand to franchisees and\u003cstrong\u003e \u003c/strong\u003ethen collecting fees and royalties.\u003c/p\u003e\u003cp\u003eThe company also charges them for food, equipment, and supplies, and takes a cut of their sales to fund advertising campaigns. Company-owned stores generated just 8.4% of the $4.5 billion in revenue last year.\u003c/p\u003e\u003ch2 id=\"0583ac2c-58af-453e-a24c-d39b4038089e\"\u003eTaking the plunge\u003c/h2\u003e\u003cp\u003ePool Corp. shares dropped under $300 in early July, well below the $570-plus peak they touched in November 2021, which may have prompted Berkshire to buy in.\u003c/p\u003e\u003cp\u003eThe wholesale distributor of swimming pool equipment, parts, supplies, and related products generated $5.5 billion in net sales and $523 million in net income last year, sharp declines from the previous year.\u003c/p\u003e\u003cp\u003eBerkshire owns numerous construction-related businesses, including Clayton Homes and Acme Brick. Buffett and his team are also deeply familiar with the industry, given Berkshire's ownership of McLane, a wholesale distributor.\u003c/p\u003e\u003cp\u003eThe result is that Pool Corp. sits firmly within \u003ca target=\"_blank\" href=\"https://www.businessinsider.com/warren-buffett-berkshire-hathaway-lifestyle-discipline-compounding-investing-william-green-2021-9\"\u003eBuffett's \"circle of competence,\u003c/a\u003e\" which he keeps in mind to ensure that he only invests in things he understands.\u003c/p\u003e\u003cp\u003eNeither Domino's nor Pool Corp. classify as cheap on a price-to-earnings basis. But with the wider stock market hovering at all-time highs, they might be the next best thing to a bargain.\u003c/p\u003e\u003cp\u003eBoth seem to fit the Berkshire mold of unassuming businesses.\u003c/p\u003e\u003cp\u003eDelivering pizzas and pool supplies isn't glamorous or innovative, but staid companies are often underappreciated by the market. They tend to trade more cheaply than flashier, tech-driven companies and are typically less volatile and vulnerable to market routs.\u003c/p\u003e\u003cp\u003eThe positions are so small that Buffett is unlikely to address them in any public appearances. That leaves it to investors to discern whether Berkshire has bought some gems or scooped up a couple of duds.\u003c/p\u003e","synopsis":"Warren Buffett's Berkshire Hathaway bet on Domino's Pizza and Pool Corp. last quarter, and both stocks fit well in its portfolio.","updatedTime":1731762969609,"insertedTime":1731755581000,"img_Path":"/thumb/msid-115362886,width-640,resizemode-4,imgsize-52248/warren-buffetts-company-just-bought-into-dominos-pizza-and-pool-corp-heres-why-both-bets-make-sense-.jpg","url":"finance/news/warren-buffetts-company-just-bought-into-dominos-pizza-and-pool-corp-heres-why-both-bets-make-sense-/articleshow/115362886.cms","slug":"finance/news/warren-buffetts-company-just-bought-into-dominos-pizza-and-pool-corp-heres-why-both-bets-make-sense-","category":"Finance","article_type":"international"},{"title":"I moved to Dubai when I became a millionaire at 24. People don't treat me differently here because of my wealth.","msid":115362877,"readingTime":3,"authorDetail":[{"author_name":"Kelly Burch","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eBen Grant, 25, grew up in a working-class city in England.\u003c/li\u003e\u003cli\u003eHe got into sales at 16 and became a millionaire last year at 24.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cem\u003e\u003cspan\u003eThis as-told-to essay is based on a conversation with \u003c/span\u003e\u003c/em\u003e\u003ca target=\"_blank\" href=\"https://www.ben-grant.com/\"\u003e\u003cem\u003e\u003cspan\u003eBen Grant\u003c/span\u003e\u003c/em\u003e\u003c/a\u003e\u003cem\u003e\u003cspan\u003e, CEO of Learn Sales. It has been edited for length and clarity.\u003c/span\u003e\u003c/em\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eGrowing up, my family didn't have much money, but we always got by. Sometimes classmates would have the newest iPhone, but I never did. Still, I never went without the things I needed.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eMy dad worked in the police force, and my mom worked part-time in the tax office. They never brought home a \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/working-after-stay-at-home-parent-2024-11\"\u003e\u003cspan\u003ecombined income\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e of more than £45,000 (about $68,000). That was normal in Sunderland, England, the working-class town where I grew up. Kids like me were taught to have an employee mentality: go to school, get a job, and show up every day.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eEarly on, I knew I didn't want to settle for average. I finished school at 16 and started working in a call center for \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/federal-minimum-wage-workers-map-2018-10\"\u003e\u003cspan\u003eminimum wage\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e. That was my first exposure to sales. I realized that with sales, I could be in control of my own payslip at the end of the month. Thanks to commissions, there was no cap on what I could earn. My income was directly tied to how hard I worked.\u003c/span\u003e\u003c/p\u003e\u003ch2 id=\"19741602-7fb9-4ec2-a070-832141e71639\"\u003e\u003cspan\u003eI worked hard and saved to have $1 million in the bank\u003c/span\u003e\u003c/h2\u003e\u003cp\u003e\u003cspan\u003eAs soon as I started making money, I reinvested it in myself. I did sales courses and seminars, which made me better and better with this skill set. Soon, I was headhunted by companies that did business-to-business (B2B) sales. Many people in my town made £30,000 (about $38,000), but people in B2B sales made 10 times that. I wanted to be them.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eI worked methodically to get big paychecks and \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/personal-finance/banking/how-to-save-money\"\u003e\u003cspan\u003esave my money\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e. It's like going to the gym: when you show up every day, you don't see the small changes, but when you look back at progress photos of where you started, there's a dramatic difference.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eLast year, I \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/personal-finance/million-dollar-system-rachel-rodgers-2023-7\"\u003e\u003cspan\u003ehad $1 million in liquid assets\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e in the bank. That was surreal. I was only 24.\u003c/span\u003e\u003c/p\u003e\u003ch2 id=\"e9cb73c0-6c3d-4c8a-871f-d03f094667da\"\u003e\u003cspan\u003eI was uncomfortable with people treating me differently\u003c/span\u003e\u003c/h2\u003e\u003cp\u003e\u003cspan\u003eEven before I \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/financial-freedom-strategy-millionaire-retire-early-2019-2\"\u003e\u003cspan\u003ebecame a millionaire\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e, I noticed that people started treating me differently. Suddenly, the popular crowd — who never paid attention to me in school — started inviting me out. Once I was there, they expected me to pay.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eI prefer to keep to myself. I have one small Instagram account for family and friends, but otherwise, I don't spend time on social media. In the small city I lived in, I stood out because of my \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/personal-finance/enough-money-plan-goals-success-2023-12\"\u003e\u003cspan\u003efinancial success\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e at such a young age. I didn't like that, and I didn't want to be treated differently because of my wealth.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eSo, earlier this year, I moved to Dubai. Here, I can blend in more easily. The city is very focused on entrepreneurship, so it's a great networking opportunity, too. But there's also peace of mind in knowing I'm a small fish in a very big pond here.\u003c/span\u003e\u003c/p\u003e\u003ch2 id=\"928fecfb-40c1-4d07-8030-a59921629264\"\u003e\u003cspan\u003eI drive a modest car and still have bad days at work\u003c/span\u003e\u003c/h2\u003e\u003cp\u003e\u003cspan\u003eAlthough I live in Dubai, I'm not driving a Lamborghini or living in a mansion on The Palm. I recently bought a 2018 Range Rover for about $20,000. It's a nice car that gets me from point A to point B. That's all I need.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eI've learned that having money doesn't necessarily change your level of happiness. Yes, there's a sense of security, but I still have had days. I have a 2-year-old son with a previous girlfriend back in England, and \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/personal-finance/rules-spender-saver-relationship-build-wealth-2021-9\"\u003e\u003cspan\u003emoney has complicated my relationship\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e with his mother. Sometimes, I'm bored with sales and wonder whether I'm doing the right thing with my life.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eThe main issue I face is the expectation of high performance. I put a strain on myself mentally to always do better, whether trying to earn more, help more people, or be a better partner. I can be quite hard on myself, and I've had to learn to prioritize my mental health.\u003c/span\u003e\u003c/p\u003e\u003ch2 id=\"9e3a7101-da35-4a2b-bdff-8fb72cba442d\"\u003e\u003cspan\u003eI recently got engaged, but I'm not planning a flashy wedding\u003c/span\u003e\u003c/h2\u003e\u003cp\u003e\u003cspan\u003eLuckily, the people closest to me treat me the same as they always have. My parents wouldn't care if I was a millionaire, or had pennies to my name. They just want me to be happy. But it's nice to offer them some support. Recently I helped my dad start a passion project after he had to take \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://www.businessinsider.com/planned-retirement-until-discovered-fire-2024-04\"\u003e\u003cspan\u003eearly retirement\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e from the police because of a medical issue.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eMy greatest asset is my fiancé. She has a similar background to me. In the past, I dated women who were in it for the money, and my fiancé couldn't be more different.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003ePeople expect we'll have a grand wedding. Someone told me I should charter a private jet for the bachelor party. Those comments make me think people just want to come to be a part of this event, not to actually support us. I suspect we're just going to elope, which is more our style.\u003c/span\u003e\u003c/p\u003e","synopsis":"Ben Grant became a millionaire at 24 and says people treated him differently. He moved to Dubai, where it's easier for him to blend in.","updatedTime":1731762875510,"insertedTime":1731753721000,"img_Path":"/thumb/msid-115362877,width-640,resizemode-4,imgsize-441228/i-moved-to-dubai-when-i-became-a-millionaire-at-24-people-dont-treat-me-differently-here-because-of-my-wealth-.jpg","url":"finance/news/i-moved-to-dubai-when-i-became-a-millionaire-at-24-people-dont-treat-me-differently-here-because-of-my-wealth-/articleshow/115362877.cms","slug":"finance/news/i-moved-to-dubai-when-i-became-a-millionaire-at-24-people-dont-treat-me-differently-here-because-of-my-wealth-","category":"Finance","article_type":"international"},{"title":"Inside the trade secrets lawsuit that has the alternative data industry buzzing","msid":115344128,"readingTime":2,"authorDetail":[{"author_name":"Bradley Saacks","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eCredit card data giant Yipit has accused two former salespeople of stealing intellectual property.\u003c/li\u003e\u003cli\u003eThe former employees took \"secret information at the heart of Yipit's business\" to use in their roles at MScience, Yipit says in its lawsuit.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eCarlyle-backed data giant Yipit's lawsuit against two former employees — and 10 unnamed \"individuals or entities who have conspired\" with them — is the talk of the alternative data industry.\u003c/p\u003e\u003cp\u003eAlex Pinsky, who was elevated to head of sales at Yipit rival MScience this year after joining in 2022, and Zachary Emmett, who left Yipit for MScience this year to join his former colleague, stole \"secret information at the heart of Yipit's business,\" according to the 55-page lawsuit.\u003c/p\u003e\u003cp\u003eThe suit, filed on October 16 in the federal court in Manhattan, outlines how Emmett allegedly \"texted detailed information about Yipit's customers to Mr. Pinsky, uploaded some of Yipit's most sensitive files to his personal accounts, and repeatedly took disloyal actions or inactions during his last months at Yipit.\" In return, the suit says, Pinsky helped Emmett get a job at Jefferies-owned MScience.\u003c/p\u003e\u003cp\u003eIn total, Pinsky \"solicited Yipit's information from Mr. Emmett, and Mr. Emmett provided it, no fewer than 18 times,\" the suit states.\u003c/p\u003e\u003cp\u003ePinsky and Emmett, who focused on sales to Yipit's existing hedge fund clientele while at the firm, did not respond to requests for comment. A person close to MScience told Business Insider that they are no longer at the company.\u003c/p\u003e\u003cp\u003eYipit and MScience declined to comment.\u003c/p\u003e\u003cp\u003eThe suit includes screenshots of what it says were text messages between Pinksy and Emmett discussing how Yipit clients approaching renewal dates could be targeted by MScience. One alleged conversation between the two starts with them discussing an unknown hedge fund client who is \"maybe the biggest a hole in the entire industry.\"\u003c/p\u003e\u003cp\u003e\"Can be your first one,\" Pinsky wrote to Emmett, who had not yet joined MScience.\u003c/p\u003e\u003cp\u003eEmmett tried to conceal the transfers of Yipit's client data when he left the company, according to the lawsuit. He renamed files with titles such as \"ZEtaxes2024\" to hide what they actually were and uploaded them to personal devices via the messaging platforms of Facebook and LinkedIn.\u003c/p\u003e\u003cp\u003e\"These files were among Yipit's 'crown jewels,'\" the lawsuit says, including an internal presentation on the company's new Apple-focused data product that outlines Yipit's \"underlying proprietary methodology.\"\u003c/p\u003e\u003cp\u003e\"Notably, Competitor also offers an AAPL product and is Yipit's key competitor for this product,\" the suit reads, referring to MScience.\u003c/p\u003e\u003cp\u003eLongtime data vendors and buyers told Business Insider that the suit had stirred up the adolescent industry because of the openness of the two former employees.\u003c/p\u003e\u003cp\u003e\"Never put this kind of stuff in writing,\" one data sales executive told BI.\u003c/p\u003e\u003cp\u003ePoaching old clients after joining a new firm is certainly not a new phenomenon in the data industry, these people said, but the fact Yipit has decided to publicly name the two former employees is proof that there is still a line in the sand, these industry players said.\u003c/p\u003e\u003cp\u003e\"Yipit is making sure these guys don't work in alt data ever again,\" a data executive at a hedge fund said.\u003c/p\u003e","synopsis":"\"These files were among Yipit's 'crown jewels,'\" the 55-page lawsuit states.","updatedTime":1731701435367,"insertedTime":1731694131000,"img_Path":"/thumb/msid-115344128,width-640,resizemode-4,imgsize-148898/inside-the-trade-secrets-lawsuit-that-has-the-alternative-data-industry-buzzing.jpg","url":"finance/news/inside-the-trade-secrets-lawsuit-that-has-the-alternative-data-industry-buzzing/articleshow/115344128.cms","slug":"finance/news/inside-the-trade-secrets-lawsuit-that-has-the-alternative-data-industry-buzzing","category":"Finance","article_type":"international"},{"title":"Deloitte, EY, KPMG, and PwC make up the Big 4 — here's how they compare","msid":115338065,"readingTime":5,"authorDetail":[{"author_name":"Polly Thompson","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eThe Big Four — EY, Deloitte, KPMG, and PwC — are the world's largest accounting and consulting firms.\u003c/li\u003e\u003cli\u003eThey pull in billions annually but have faced a slowdown in demand for their services.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eDeloitte, EY, KPMG, and PwC are the world's largest accounting and consulting firms, known as the Big Four.\u003c/p\u003e\u003cp\u003eWith histories dating back to the 19th century, they have grown into billion-dollar companies employing hundreds of thousands of staff who \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/salary-of-consultants-accountants-big-4-deloitte-kpmg-ey-pwc-2020-7\"\u003eearn high salaries\u003c/a\u003e and often work very long hours.\u003c/p\u003e\u003cp\u003eThe Big Four offer companies services such as workforce transformations, reshaping corporate finance portfolios, assurance, valuation, and optimizing the use of technology.\u003c/p\u003e\u003cp\u003ePut simply, they're there to assess businesses and tell them how to run more efficiently.\u003c/p\u003e\u003cp\u003eThe pandemic changed the landscape for the major firms, with a surge in demand that sparked a hiring boom. The Big Four are now attempting to balance operations amid slowing demand.\u003c/p\u003e\u003cp\u003eHere's a look at where the Big Four stand.\u003c/p\u003e\u003ch2 id=\"48468922-4dba-47ad-a28d-d25638598012\"\u003eEY\u003c/h2\u003e\u003cp\u003eAfter a series of mergers, EY was formed in 1989 as the accountancy firm Ernst \u0026amp; Young. It has since diversified its offerings and, in 2013, rebranded to EY.\u003c/p\u003e\u003cp\u003eHeadquartered in central London, EY has more than 700 offices in 150 countries. Janet Truncale, the global chair and CEO, took over from Carmine Di Sibio in July.\u003c/p\u003e\u003cp\u003eEY focuses heavily on consultancy and assurance but also covers tax and strategy, and transactions.\u003c/p\u003e\u003cdiv type=\"image\" title=\"EY office London\" height=\"4232\" width=\"6348\" msid=\"115336159\" hostid=\"261\" sizebytes=\"1631846\"\u003e\u003c/div\u003e\u003cp\u003eRevenue was up 3.9% on the previous year to $51.2 billion, according to the firm's \u003ca target=\"_blank\" class=\"\" href=\"https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/campaigns/value-realized/documents/ey-gl-value-realized-report-latest-10-2024.pdf\"\u003elatest annual report\u003c/a\u003e published in October. It was EY's poorest performance since 2010. Assurance services were its largest revenue generator.\u003c/p\u003e\u003cp\u003eIn May 2024, the firm was caught up in a scandal along with PwC and fined $11.7 million by UK authorities for a series of auditing failures.\u003c/p\u003e\u003cp\u003eAs pressure has mounted,\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/partner-pay-at-big-four-falling-ey-pwc-deloitte-kpmg-2024-10\"\u003e EY cut UK partner payouts by 5%\u003c/a\u003e and laid off employees. Overall employee numbers dropped by 2,450 during EY's latest financial year — the first decrease in 14 years.\u003c/p\u003e\u003cp\u003eEY's global head count now stands at about 393,000.\u003c/p\u003e\u003cp\u003eIn 2023, the firm launched \u003ca target=\"_blank\" class=\"\" href=\"https://www.ey.com/en_gl/services/ai/platform\"\u003eEY.ai\u003c/a\u003e, an AI platform aiming to assist clients across all its professional services. It also offers clients a conversational AI assistant called EYQ.\u003c/p\u003e\u003ch2 id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eDeloitte\u003c/h2\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eDeloitte is the largest of the Big Four by both revenue and employees.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eFounded in the UK in 1845, Deloitte expanded into the US in 1890. It is headquartered in London and has more than 700 offices in some 150 countries. It's known for strong business and technology consulting services.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eJoe Ucuzoglu has been its global CEO since 2022.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eIn March, Deloitte announced a major restructuring aimed at cutting costs and repositioning it for future success.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eIt is \"modernizing and simplifying\" its core offering into four categories: audit and assurance, tax and legal strategy, risk and transactions, and technology and transformation.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Deloitte Global CEO Joe Ucuzoglu\" height=\"2492\" width=\"3782\" msid=\"115336152\" hostid=\"261\" sizebytes=\"428006\"\u003e\u003c/div\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eGlobal revenue climbed 3.1% to $67.2 billion in the 2024 financial year, but, like EY, that performance was far lower than the 14.9% growth in 2023.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eThe slowdown has affected partner payouts, which fell by 4.5% to about $1.27 million. Equity partners took home roughly $63,000 less than they did a year ago.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eDeloitte's global workforce expanded to 460,000 in 2024, an increase of 3,000.\u003c/p\u003e\u003cp id=\"2bae3851-83fe-4f5b-9941-4b8be848c9c2\"\u003eDeloitte has pledged to invest $3 billion in AI by fiscal year 2030 and has partnered with technology industry leaders Nvidia, Google Cloud, and AWS to develop its client offering.\u003c/p\u003e\u003ch2 id=\"d05c288b-efec-4a22-ad4b-421387d641ad\"\u003ePwC\u003c/h2\u003e\u003cp\u003ePwC is often considered the most prestigious of the Big Four, and topped the latest \u003ca target=\"_blank\" class=\"\" href=\"https://affiliate.insider.com?h=708ff2a343a2f208378c7847e7d4bde9dfdd89fdfaebca816b811d68ba1f26db\u0026amp;postID=6733271a12ccc5798285db75\u0026amp;postSlug=big-four-deloitte-pwc-kpmg-ey-staff-revenues-focus-2024-11\u0026amp;site=bi\u0026amp;u=https%3A%2F%2Fvault.com%2Fbest-companies-to-work-for%2Faccounting%2Fvault-accounting-25\"\u003eVault Accounting 25\u003c/a\u003e ranking.\u003c/p\u003e\u003cp\u003eOfficially formed in 1998 from a merger between Price Waterhouse and Coopers \u0026amp; Lybrand, PwC's headquarters is almost opposite EY's main office in London.\u003c/p\u003e\u003cp\u003eMohamed Kande has been the global chairman since July.\u003c/p\u003e\u003cp\u003ePwC has three core lines of business — assurance, advisory, and tax and legal services — but the firm is particularly known for its strong and well-established audit client base.\u003c/p\u003e\u003cp\u003eIt employs more than 370,000 people in 149 countries and territories.\u003c/p\u003e\u003cp\u003eIn 2021, PwC committed to creating over 100,000 net new jobs over a five-year period, and in October 2024, it said it had already hit three-quarters of that target.\u003c/p\u003e\u003cdiv type=\"image\" title=\"PwC logo outside office at More London location\" height=\"3799\" width=\"5698\" msid=\"115336154\" hostid=\"261\" sizebytes=\"1162556\"\u003e\u003c/div\u003e\u003cp\u003ePwC was the second-highest earning of the Big Four, posting record gross revenue of $55.4 billion and 3.7% annual growth in the year to June 30.\u003c/p\u003e\u003cp\u003eThough not as stark a slowdown as Deloitte or EY, growth at PwC still dropped noticeably compared to the 9.9% rise reported for the previous 12 months.\u003c/p\u003e\u003cp\u003eA number of \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/pwc-results-scandals-in-china-but-global-revenues-record-high-2024-10\"\u003ehigh-profile scandals\u003c/a\u003e in the Asia-Pacific region involving its work with the Australian and Chinese governments damaged business.\u003c/p\u003e\u003cp\u003eTo handle the changing environment, PwC cut partner pay by 5%, leaving partners taking home an average of $1.09 million this financial year.\u003c/p\u003e\u003cp\u003eIn October The Wall Street Journal reported that the firm would make its first major layoffs since 2009 and cut 1,800 jobs.\u003c/p\u003e\u003cp\u003ePwC has invested $1.5 billion to expand and scale its AI capabilities. In February 2024, it unveiled a \u003ca target=\"_blank\" class=\"\" href=\"https://www.pwc.co.uk/press-room/press-releases/corporate-news/pwc-uk-launch-uk-tax-ai-assistant-tool.html\"\u003etax AI assistant\u003c/a\u003e for 2,300 PwC tax professionals in the UK to use.\u003c/p\u003e\u003ch2 id=\"a0264569-2dfb-4f59-8e05-51870f69af3a\"\u003e\u003cstrong\u003eKPMG\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eThe smallest of the Big Four in terms of revenue and employees, KPMG is headquartered in Amsterdam and has a long-serving leader in chairman and chief executive Bill Thomas.\u003c/p\u003e\u003cp\u003eIts core services cover audit, tax and legal, and advisory.\u003c/p\u003e\u003cp\u003eIn its most recent annual report, covering the financial year ending 30 September, KPMG reported an 8% rise in revenue to $36 billion. It reports its 2024 results in December.\u003c/p\u003e\u003cp\u003eOverall, these were the lowest revenues among the Big Four, roughly $20 billion less than its three competitors.\u003c/p\u003e\u003cdiv type=\"image\" title=\"KPMG logo outside office\" height=\"3585\" width=\"5378\" msid=\"115336156\" hostid=\"261\" sizebytes=\"222776\"\u003e\u003c/div\u003e\u003cp\u003eKPMG has faced scrutiny across several markets for its auditing and accounting work. In 2023, it was fined a record $26 million in the UK after \"exceptional\" failures in its accounting work.\u003c/p\u003e\u003cp\u003eEmployee numbers grew by 3% in the 2023 financial year to reach 273,000.\u003c/p\u003e\u003cp\u003eBut over 2024, KPMG has made a series of layoffs. About 330 staff, or 4%, were cut from its US audit practice; 5% cut across advisory, tax, and back-office functions; and 2% from its advisory workforce in 2023, according to \u003ca target=\"_blank\" class=\"\" href=\"https://www.accountancyage.com/2024/11/05/kpmg-cuts-4-of-us-audit-staff-amid-industry-wide-adjusments/\"\u003eAccountancy Age\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eKPMG said it is looking to invest more in specialist roles in areas like ESG, tax, and technology.\u003c/p\u003e\u003cp\u003eWhile it lags behind in revenues, the firm is seen to foster a less cutthroat workplace than its competitors. The firm has said it aims to have women in a third of partner or director roles by 2025.\u003c/p\u003e\u003cp\u003eAccording to its latest report, women hold 28.8% of leadership roles.\u003c/p\u003e\u003cp\u003e\u003cem\u003eWhat's your experience of working at the Big Four accountancy firms? Contact this reporter in confidence at\u003c/em\u003e\u003cstrong\u003e\u003cem\u003e \u003c/em\u003e\u003c/strong\u003e\u003ca target=\"_blank\" href=\"mailto:pthompson@businessinsider.com\"\u003e\u003cstrong\u003e\u003cu\u003epthompson@businessinsider.com\u003c/u\u003e\u003c/strong\u003e\u003c/a\u003e\u003c/p\u003e","synopsis":"After a year of slowing demand for their services and a series of missteps, this is how the Big Four firms measure up against each other.","updatedTime":1731682195942,"insertedTime":1731672458000,"img_Path":"/thumb/msid-115338065,width-640,resizemode-4,imgsize-966684/deloitte-ey-kpmg-and-pwc-make-up-the-big-4-heres-how-they-compare.jpg","url":"finance/news/deloitte-ey-kpmg-and-pwc-make-up-the-big-4-heres-how-they-compare/articleshow/115338065.cms","slug":"finance/news/deloitte-ey-kpmg-and-pwc-make-up-the-big-4-heres-how-they-compare","category":"Finance","article_type":"international"},{"title":"Jamie Dimon says bankers are 'dancing in the street' because they expect Trump to cut red tape","msid":115335916,"readingTime":1,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eJamie Dimon says bankers are \"dancing in the street\" because they expect Donald Trump to cut regulations.\u003c/li\u003e\u003cli\u003eThe JPMorgan CEO said he supports wider deregulation that could make life easier for businesses.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eJamie Dimon says Wall Street is \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/trump-election-citi-jane-fraser-regulators-frc-occ-2024-11\"\u003ewhooping with joy\u003c/a\u003e at the prospect of Donald Trump tearing up regulations and revitalizing the banking industry in his second term.\u003c/p\u003e\u003cp\u003eThe JPMorgan CEO told the APEC CEO Summit in Lima, Peru on Thursday that regardless of who they voted for, \"a lot of bankers, they're like \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11\"\u003edancing in the street\u003c/a\u003e because they've had successive years and years of regulations, a lot of which stymied credit.\"\u003c/p\u003e\u003cp\u003e\"You could have kept the banks equally safe but had them do more credit,\" Dimon said, per a Bloomberg video of the event. \u003c/p\u003e\u003cp\u003eThe average US bank used to hold $100 of deposits for every $100 of loans it made, but now it only lends $65 for every $100 of deposits, he said.\u003c/p\u003e\u003cp\u003e\"And if that's what you want, if for some reason the regulators think they're geniuses and that's the best way to run the banking system, so be it,\" Dimon said, adding that they likely didn't anticipate the credit impact.\u003c/p\u003e\u003cp\u003eThe billionaire banker said every industry could benefit from reduced regulations that would make it easier for them to operate without harming the environment, national security, or other public priorities.\u003c/p\u003e\u003cp\u003eExcessive regulation in the US is \"a shame, and we're doing this to ourselves, and it's a mistake,\" Dimon said. \"I applaud any government that says, 'I'm going to make government more efficient'.\"\u003c/p\u003e\u003cp\u003eTrump \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11\"\u003eannounced\u003c/a\u003e this week that Tesla CEO \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/tesla-ceo-elon-musk\"\u003eElon Musk\u003c/a\u003e and \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/vivek-ramaswamy-antiwoke-entrepreneur-challenging-trump-for-president-gop-2023-2\"\u003eVivek Ramaswamy\u003c/a\u003e would head up a new Department of Government Efficiency that would operate outside the government.\u003c/p\u003e\u003cp\u003eThe president-elect wrote that DOGE's goal would be to \"dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.\"\u003c/p\u003e\u003cp\u003eAt the summit, Dimon cautioned inflation could \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/jamie-dimon-jpmorgan-inflation-consumer-spending-interest-rates-government-debt-2024-5\"\u003eprove stubborn\u003c/a\u003e, and warned that Trump will be responsible for the \"most complicated geopolitical, military, and geoeconomic \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/jamie-dimon-jpmorgan-letter-war-inflation-recession-rates-economy-ai-2024-4\"\u003esituation\u003c/a\u003e that the world has faced since World War II.\"\u003c/p\u003e","synopsis":"JPMorgan CEO Jamie Dimon said Wall Street is buzzing at the prospect of Trump deregulating the banking industry and making it easier to do business.","updatedTime":1731675590481,"insertedTime":1731668437000,"img_Path":"/thumb/msid-115335916,width-640,resizemode-4,imgsize-313922/jamie-dimon-says-bankers-are-dancing-in-the-street-because-they-expect-trump-to-cut-red-tape.jpg","url":"finance/news/jamie-dimon-says-bankers-are-dancing-in-the-street-because-they-expect-trump-to-cut-red-tape/articleshow/115335916.cms","slug":"finance/news/jamie-dimon-says-bankers-are-dancing-in-the-street-because-they-expect-trump-to-cut-red-tape","category":"Finance","article_type":"international"},{"title":"This new Goldman Sachs partner is leading the bank's strategy with young heirs and founders","msid":115335906,"readingTime":3,"authorDetail":[{"author_name":"Hayley Cuccinello","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eGoldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller.\u003c/li\u003e\u003cli\u003eThe 39-year-old runs the Southeast region and leads strategy for young and women clients.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eBrittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. She grew up in Jonesboro, Arkansas, where her parents were professors at the local university. After graduating from New York University in 2007, she thought she would work at Goldman Sachs for a few years to save up for graduate school, perhaps to study public policy or become a lawyer. But even when the financial crisis hit, which was an opportune time to go back to school, she didn't want to leave.\u003c/p\u003e\u003cp\u003e\"At Goldman, you are given tremendous responsibility and opportunity young in your career if you prove yourself able,\" she told Business Insider in an interview. \"I've never once been bored, and so it's an easy choice to stay.\"\u003c/p\u003e\u003cp\u003eThe 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Boals Moeller said these clients in their 30s and 40s are more likely to want more than investment advice, desiring services like concierge healthcare and bill pay that make their lives easier. To keep these clients loyal, she leads an initiative to cater to younger clients, including heirs and self-made entrepreneurs, and another that focuses on women customers.\u003c/p\u003e\u003cp\u003e\"They're busy. They want simplicity. They need good people around them to help,\" she said.\u003c/p\u003e\u003cp\u003eDuring the dealmaking drought, the \u003ca target=\"_blank\" href=\"https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1\"\u003ewealth management\u003c/a\u003e business gained new prominence. \"Quite frankly, private wealth management at Goldman Sachs has never been as much of a focus for the firm as it is today,\" division cohead John Mallory told BI in 2023.\u003c/p\u003e\u003cp\u003eBoals Moeller said the business's current stature is the result of investments more than a decade in the making. She served as chief of staff to wealth management head Tucker York during the financial crisis. Around 2010, she embarked on a listening tour of every wealth office. The advisor feedback led to the bank expanding its offerings beyond investment and tax planning advice.\u003c/p\u003e\u003cp\u003e\"We knew this going way back, and it certainly continues today, which is we are not purely an investment solution for our clients,\" she said. \"Investments are critical and core to our work, but increasingly we're seeing that with the next generation of wealth owners today, they are seeking simplicity and solutions in all aspects of their life.\"\u003c/p\u003e\u003cp\u003eGoldman Sachs' family office offering, Apex, launched a few years later. Now, the division offers chief financial officer services to help clients with not just estate planning but also lifestyle services like cybersecurity.\u003c/p\u003e\u003cp\u003eCatering to these younger clients, whether they are old-money heirs or startup founders celebrating their first windfall, requires meeting them where they are. That usually isn't over a steak and martini lunch or 18 holes at the golf course. What entices these clients more, Boals Moeller said, is getting to meet like-minded people.\u003c/p\u003e\u003cp\u003eGoldman Sachs holds events and conferences, often with star-studded lineups or in scenic locales. In August, Boals Moeller hosted a reception in Atlanta with singer Ciara and Marc-Kwesi Farrell, the founder of a rum brand that provided custom cocktails. In October 2023, Goldman Sachs hosted a conference in Deer Valley where billionaire Patrón founder John Paul DeJoria talked about keeping a business empire in the family. Sustainability and sports are particularly interesting to this demographic, with Goldman Sachs hosting a tour of a waste-to-clean-energy power plant in Copenhagen and bringing in Michelle Hynik, president of women's football club Utah Royals, to the Deer Valley summit.\u003c/p\u003e\u003cp\u003eAdvisors also introduce clients to each other when appropriate, such as a pre-IPO founder to an entrepreneur who has already been through the process.\u003c/p\u003e\u003cp\u003e\"A lot of effort is put into helping people not only just manage the risk and obviously the investment side of things, but also the broader piece, which is how do we help you have an amazing corporate outcome from the sale of your business, and how do we help you as a family appropriately prepare for that?\" she said.\u003c/p\u003e\u003cp\u003eAdvisors can meet with families one-on-one for financial education. However, many of these millennial and Gen-Z clients prefer digital education on their own time. Goldman Sachs has courses for children of clients as early as 15 years old. This Semester at GS program has six one-hour sessions that span trading talks from executives in global markets as well as personal finance topics like how to think about a credit score. These virtual sessions are cameras off, Boals Moeller notes.\u003c/p\u003e\u003cp\u003e\"You don't have to be at a desk,\" she said. \"It's not another hour of homework.\"\u003c/p\u003e","synopsis":"New Goldman Sachs partner Brittany Boals Moeller leads the bank's strategy with millennial, Gen Z, and women clients.","updatedTime":1731675545266,"insertedTime":1731667322000,"img_Path":"/thumb/msid-115335906,width-640,resizemode-4,imgsize-127266/this-new-goldman-sachs-partner-is-leading-the-banks-strategy-with-young-heirs-and-founders.jpg","url":"finance/news/this-new-goldman-sachs-partner-is-leading-the-banks-strategy-with-young-heirs-and-founders/articleshow/115335906.cms","slug":"finance/news/this-new-goldman-sachs-partner-is-leading-the-banks-strategy-with-young-heirs-and-founders","category":"Finance","article_type":"international"},{"title":"Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune","msid":115334581,"readingTime":8,"authorDetail":[{"author_name":"Alex Nicoll","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eSteve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.\u003c/li\u003e\u003cli\u003eSchwarzman has called Blackstone his family office, but he has another family office, BI has learned.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eIn his book, \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9\"\u003e\"What It Takes,\"\u003c/a\u003e Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.\u003c/p\u003e\u003cp\u003eA member of Yale's famed \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3\"\u003esecret society Skull and Bones\u003c/a\u003e, Schwarzman wrote to one of its most prestigious alumni,\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11\"\u003e Averell Harriman\u003c/a\u003e, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1\"\u003eVietnam War\u003c/a\u003e peace talks.\u003c/p\u003e\u003cp\u003eOver lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was \"independently wealthy.\"\u003c/p\u003e\u003cp\u003e\"That will make a great difference in your life,\" Harriman told Schwarzman, the \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/steve-schwarzmans-life-2015-10\"\u003emiddle-class son of a Philadelphia dry-goods-store owner\u003c/a\u003e. \"I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can.\"\u003c/p\u003e\u003cp\u003eSchwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that \u003ca target=\"_blank\" class=\"\" href=\"https://www.bloomberg.com/billionaires/\"\u003eBloomberg estimates\u003c/a\u003e is worth $57 billion — or more than the market value of Ford Motor Co.\u003c/p\u003e\u003cp\u003eThe 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10\"\u003evocal supporter of Donald Trump\u003c/a\u003e, Schwarzman is expected to have a \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11\"\u003evoice in the next White House\u003c/a\u003e. His name adorns the New York Public Library and \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5\"\u003ebuildings on prominent university campuses\u003c/a\u003e such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the\"\u003eelaborate parties\u003c/a\u003e (think camels, \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8\"\u003etrapeze artists\u003c/a\u003e, and Gwen Stefani) and many home purchases.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold.\" height=\"2656\" width=\"3984\" msid=\"115333170\" hostid=\"261\" sizebytes=\"476358\"\u003e\u003c/div\u003e\u003cp\u003eLittle is known, however, about how the private-equity titan manages his money.\u003c/p\u003e\u003cp\u003eAt a conference last year, Schwarzman suggested that the firm he \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6\"\u003ecofounded in 1985\u003c/a\u003e was sufficient to handle his financial affairs.\u003c/p\u003e\u003cp\u003e\"I own a lot of stock, and I invest in all of our funds, so the firm is my family office,\" Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.\u003c/p\u003e\u003cp\u003eBusiness Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.\u003c/p\u003e\u003cp\u003eIt's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.\u003c/p\u003e\u003cp\u003eHere's a look at what it takes to manage billionaire Steve Schwarzman's wealth.\u003c/p\u003e\u003ch2 id=\"061bb84c-1342-46df-a7e6-0fa5a6a820d1\"\u003e\u003cstrong\u003eMost of Schwarzman's wealth is tied up in Blackstone\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eSchwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10\"\u003emore than $1 trillion\u003c/a\u003e, making it the largest alternative-asset manager in the world.\u003c/p\u003e\u003cp\u003eHe is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.\u003c/p\u003e\u003cp\u003eAs a shareholder, Schwarzman also benefits from \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3\"\u003ecash dividends\u003c/a\u003e the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.\u003c/p\u003e\u003cp\u003eSchwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said.\u003c/p\u003e\u003cp\u003e\"Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients,\" the spokesperson wrote.\u003c/p\u003e\u003cp\u003eBI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.\u003c/p\u003e\u003cp\u003eThis is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs.\u003c/p\u003e\u003cp\u003e\"There is no single correct way to define a family office,\" Sharpe wrote to BI. \"Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize.\"\u003c/p\u003e\u003ch2 id=\"37457fb4-3ead-4cc8-a639-7ed014e15612\"\u003e\u003cstrong\u003eThe name is linked to his childhood\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eThe Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.\u003c/p\u003e\u003cdiv type=\"image\" title=\"A railroad bridge over a river, surrounded by a forest in autumn\" height=\"3765\" width=\"5648\" msid=\"115333168\" hostid=\"261\" sizebytes=\"2645164\"\u003e\u003c/div\u003e\u003cp\u003ePennypack LLC was incorporated in 2018 in \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2\"\u003eDelaware\u003c/a\u003e. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.\u003c/p\u003e\u003cp\u003eAccording to Blackstone's 2023 annual report, it provides Schwarzman's family office with \"offices, technology, and support,\" though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Blackstone signage outside Blackstone Group headquarters in NYC\" height=\"2268\" width=\"3400\" msid=\"115333173\" hostid=\"261\" sizebytes=\"564594\"\u003e\u003c/div\u003e\u003cp\u003eLike many family offices, Pennypack is secretive. According to a copy of an \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7\"\u003eNDA \u003c/a\u003efor vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the \"Schwarzman Group.\"\u003c/p\u003e\u003cp\u003eAccording to the document, the Schwarzman Group includes \"all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses.\"\u003c/p\u003e\u003ch2 id=\"ce719a95-bc69-41be-9292-52d9184d267d\"\u003e\u003cstrong\u003eWho runs Pennypack?\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003ePennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.\u003c/p\u003e\u003cp\u003eHe spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.\u003c/p\u003e\u003cp\u003eSchwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4\"\u003eNantucket, Massachusetts,\u003c/a\u003e which marked the largest private-home sale in the island's history at the time.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it.\" height=\"2673\" width=\"4212\" msid=\"115333174\" hostid=\"261\" sizebytes=\"1269842\"\u003e\u003c/div\u003e\u003cp\u003eThe two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9\"\u003ehistoric Newport, Rhode Island, mansions\u003c/a\u003e: Ocean View and Miramar, the latter of which Schwarzman said he would \u003ca target=\"_blank\" class=\"\" href=\"https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/\"\u003eturn into a museum\u003c/a\u003e when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.\u003c/p\u003e\u003ch2 id=\"665829e5-e31a-44d6-b0d6-9cfaacbcba9a\"\u003e\u003cstrong\u003eThe staff\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eA person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.\u003c/p\u003e\u003cp\u003eOne employee on LinkedIn described their role at Pennypack as providing administrative support to \"Mrs.,\" an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.\u003c/p\u003e\u003cp\u003eAnother Pennypack employee described themself on LinkedIn as a housekeeper.\u003c/p\u003e\u003cp\u003eA list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Black and white photo of Miramar, taken between 1917-1927\" height=\"1122\" width=\"1536\" msid=\"115333180\" hostid=\"261\" sizebytes=\"64092\"\u003e\u003c/div\u003e\u003cp\u003ePennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that \"radios will be used to coordinate private security details.\"\u003c/p\u003e\u003ch2 id=\"d929c107-fbef-4672-bcc4-3c5d65f98c0b\"\u003e\u003cstrong\u003eSchwarzman's charities and politics\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003ePennypack's officers also play a role in \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11\"\u003eSchwarzman's charitable works\u003c/a\u003e. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7\"\u003eethics in AI\u003c/a\u003e.\u003c/p\u003e\u003cdiv type=\"image\" title=\"A view of the New York Public Library - Stephen A. Schwarzman Building.\" height=\"4128\" width=\"6192\" msid=\"115333177\" hostid=\"261\" sizebytes=\"1646392\"\u003e\u003c/div\u003e\u003cp\u003eMagliano is in charge of the foundation's bookkeeping, the filings show.\u003c/p\u003e\u003cp\u003eFilings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4\"\u003eSchwarzman Scholars program\u003c/a\u003e, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9\"\u003erelations with China\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eIn 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.\u003c/p\u003e\u003cp\u003eSchwarzman has long been in the political spotlight, most notably as the head of then-President Trump's \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8\"\u003eStrategic and Policy Forum\u003c/a\u003e and as a \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign\"\u003eprolific Republican donor\u003c/a\u003e.\u003c/p\u003e\u003cdiv type=\"image\" title=\"President Donald Trump listens to Blackstone CEO Stephen Schwarzman.\" height=\"3557\" width=\"5336\" msid=\"115333182\" hostid=\"261\" sizebytes=\"1969124\"\u003e\u003c/div\u003e\u003cp\u003eFederal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11\"\u003e Tim Sheehy of Montana\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eA Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.\u003c/p\u003e\u003ch2 id=\"fab9026e-545d-4685-b7c4-455482025cff\"\u003e\u003cstrong\u003eWhat is a family office, anyway?\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eThe concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said.\u003c/p\u003e\u003cp\u003e\"The term family office,\" Sharpe said, \"is possibly the most misused, overused, and poorly used term in finance today.\"\u003c/p\u003e","synopsis":"Blackstone's Steve Schwarzman is estimated to be worth $57 billion. Here's what it takes to manage a fortune worth more than the carmaker Ford.","updatedTime":1731672617544,"insertedTime":1731664801000,"img_Path":"/thumb/msid-115334581,width-640,resizemode-4,imgsize-238042/inside-the-secretive-operation-helping-manage-billionaire-steve-schwarzmans-vast-fortune.jpg","url":"finance/news/inside-the-secretive-operation-helping-manage-billionaire-steve-schwarzmans-vast-fortune/articleshow/115334581.cms","slug":"finance/news/inside-the-secretive-operation-helping-manage-billionaire-steve-schwarzmans-vast-fortune","category":"Finance","article_type":"international"},{"title":"Warren Buffett's Berkshire Hathaway reveals new bets on Domino's Pizza and Pool Corp.","msid":115319366,"readingTime":2,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eWarren Buffett's Berkshire Hathaway purchased stakes in Domino's Pizza and Pool Corp. last quarter.\u003c/li\u003e\u003cli\u003eThe investing legend's company made big cuts to its huge Apple and Bank of America positions.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth\"\u003eWarren Buffett\u003c/a\u003e's Berkshire Hathaway took a bite of the pizza business and jumped into the swimming pool industry last quarter.\u003c/p\u003e\u003cp\u003eThe famed investor's conglomerate bought a slice of Domino's Pizza worth $549 million at the end of September, a portfolio update revealed Thursday. Its nearly 1.3 million shares represent a 3.7% stake in the pizza-delivery company.\u003c/p\u003e\u003cp\u003eBuffett and his team also purchased just over 1% of Pool Corp. — a wholesale distributor of swimming pool supplies and related products. That position was worth $152 million at the quarter's close.\u003c/p\u003e\u003cp\u003eBoth bets are small relative to Berkshire's vast US stock portfolio, worth $266 billion on September 30. But neither was public knowledge prior to the filing's release, unlike the cuts that Berkshire made to its key Apple and Bank of America stakes. Those were broken out in its recent third-quarter earnings and fueled its net $35 billion of \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-berkshire-hathaway-cash-stocks-buybacks-trump-harris-election-2024-11\"\u003estock sales in the period\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eBerkshire pared several smaller wagers including SiriusXM, Capital One, Nu Holdings, and Charter Communications last quarter. It also exited Floor \u0026amp; Decor and virtually eliminated its \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-ulta-beauty-heico-apple-stock-portfolio-2024-8\"\u003eUlta Beauty stake\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eBuffett declined to fiddle with some of his most iconic investments including Berkshire's almost $29 billion stake in Coca-Cola, its more than $41 billion position in American Express, and its $11 billion-plus Kraft Heinz holding.\u003c/p\u003e\u003cp\u003eIt owned just under $70 billion of its top holding, Apple, and less than $32 billion worth of Bank of America by the end of September — and filings show that position has been \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-bank-of-america-stock-sales-apple-portfolio-berkshire-2024-10\"\u003efurther reduced this quarter\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eBuffett owning a piece of Domino's Pizza seems fitting given his \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-diet-mcdonalds-coke-junk-food-soda-ice-cream-2023-4\"\u003einsatiable appetite for fast food\u003c/a\u003e and the companies that produce it such as Berkshire-owned Dairy Queen.\u003c/p\u003e\u003cp\u003eThe 94-year-old CEO and his two investment managers, Todd Combs and Ted Weschler, jettisoned a net $127 billion of stocks in the first nine months of this year, inflating Berkshire's cash pile to record highs of more than $300 billion last quarter.\u003c/p\u003e\u003cp\u003eThe fact that arguably the greatest stock picker in history has been pulling so much money out of the market has caused \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-cash-pile-berkshire-hathaway-stock-portfolio-crash-recession-2024-11\"\u003eheated discussion\u003c/a\u003e over just what Buffett is thinking.\u003c/p\u003e","synopsis":"Warren Buffett's Berkshire Hathaway took a bite of Domino's Pizza and waded into the swimming pool business even as it pared several much larger bets.","updatedTime":1731636575296,"insertedTime":1731628853000,"img_Path":"/thumb/msid-115319366,width-640,resizemode-4,imgsize-259790/warren-buffetts-berkshire-hathaway-reveals-new-bets-on-dominos-pizza-and-pool-corp-.jpg","url":"finance/news/warren-buffetts-berkshire-hathaway-reveals-new-bets-on-dominos-pizza-and-pool-corp-/articleshow/115319366.cms","slug":"finance/news/warren-buffetts-berkshire-hathaway-reveals-new-bets-on-dominos-pizza-and-pool-corp-","category":"Finance","article_type":"international"},{"title":"'Big Short' investor Michael Burry boosts Alibaba, Baidu, and JD.com bets as he doubles down on China","msid":115317507,"readingTime":2,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eMichael Burry bolstered his bets on three Chinese tech companies last quarter.\u003c/li\u003e\u003cli\u003eThe \"Big Short\" investor raised his stakes in Alibaba, Baidu, and JD.com but also hedged the wagers.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eMichael Burry doubled down on three of China's biggest technology companies last quarter, boosting his stakes while carefully hedging his bets.\u003c/p\u003e\u003cp\u003eThe investor of \"The Big Short\" fame bolstered his Alibaba position by 29% to 200,000 shares worth around $21 million at the end of September, a quarterly portfolio filing revealed on Thursday. He also purchased bearish put options on almost 169,000 of the e-commerce giant's shares with a nominal value of about $18 million.\u003c/p\u003e\u003cp\u003eThe Scion Asset Management boss doubled his JD.com stake to 500,000 shares worth $20 million at quarter end, and purchased put options on the same number of shares.\u003c/p\u003e\u003cp\u003eSimilarly, he raised his Baidu position by two-thirds to 125,000 shares, worth a little over $13 million on September 30, and bought put options on around 83,000 shares of the company.\u003c/p\u003e\u003cp\u003eThe combined nominal value of the three put positions was $43.6 million. That's equal to just over half the value of the rest of the stock portfolio, which grew 64% \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/michael-burry-big-short-stock-investments-bets-chinese-equities-stimulus-2024-9\"\u003ein the period\u003c/a\u003e to just over $86 million despite Scion trimming its number of non-option positions from 10 to eight.\u003c/p\u003e\u003cp\u003eChinese stocks \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9\"\u003esoared\u003c/a\u003e in late September after the government pledged to revitalize economic growth with a sweeping stimulus package, but have slumped since then as details remain sparse.\u003c/p\u003e\u003cp\u003eBurry didn't take positions in any new stocks last quarter, but he added to his wagers on Molina Healthcare, Shift4 Payments, and Olaplex. He also exited BioAlta and Hudson Pacific Properties, more than halved his stake in TheRealReal, and cut his position in American Coastal Insurance by 60%.\u003c/p\u003e\u003cp\u003eThe value investor shot to fame after making a \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/big-short-michael-burry-scion-housing-market-bubble-gamestop-stock-2021-9\"\u003emassive bet\u003c/a\u003e against the mid-2000s housing bubble, which was immortalized in the book and movie \"The Big Short.\"\u003c/p\u003e\u003cp\u003eHe's also notable for \u003ca target=\"_blank\" rel=\"\" href=\"https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393?utm_medium=ingest\u0026amp;utm_source=markets\"\u003e\u003cu\u003einvesting in GameStop\u003c/u\u003e\u003c/a\u003e and penning letters to its directors more than a year before it became a meme stock in early 2021.\u003c/p\u003e\u003cp\u003eBurry has \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/big-short-michael-burry-nvidia-stock-portfolio-microchips-etf-scion-2023-11\"\u003epreviously bought\u003c/a\u003e bearish put options on the S\u0026amp;P 500, Nasdaq, Apple, Tesla, Cathie Wood's flagship Ark fund, and a microchip ETF containing Nvidia.\u003c/p\u003e\u003cp\u003eThe value investor hasn't been shy about issuing dire warnings and dour predictions about market crashes and economic calamities. He \u003ca target=\"_blank\" rel=\"\" href=\"https://markets.businessinsider.com/news/stocks/big-short-michael-burry-twitter-return-biggest-market-bubble-ever-2021-6?utm_medium=ingest\u0026amp;utm_source=markets\u0026amp;utm_medium=ingest\u0026amp;utm_source=markets\u0026amp;utm_medium=ingest\u0026amp;utm_source=markets\u0026amp;utm_medium=ingest\u0026amp;utm_source=markets\u0026amp;utm_medium=ingest\u0026amp;utm_source=markets\u0026amp;utm_medium=ingest\u0026amp;utm_source=markets\"\u003e\u003cu\u003erang the alarm\u003c/u\u003e\u003c/a\u003e on the \"greatest speculative bubble of all time in all things\" in the summer of 2021, and \u003ca target=\"_blank\" rel=\"\" href=\"https://markets.businessinsider.com/currencies/news/big-short-michael-burry-warns-meme-stocks-crypto-crash-coming-2021-6-1030534935?utm_medium=ingest\u0026amp;utm_source=markets\"\u003e\u003cu\u003ewarned buyers of meme stocks\u003c/u\u003e\u003c/a\u003e and cryptocurrencies they would suffer the \"mother of all crashes.\"\u003c/p\u003e","synopsis":"Michael Burry's Scion Asset Management ramped up its bets on three Chinese tech giants but also hedged its positions.","updatedTime":1731630183389,"insertedTime":1731622991000,"img_Path":"/thumb/msid-115317507,width-640,resizemode-4,imgsize-67270/big-short-investor-michael-burry-boosts-alibaba-baidu-and-jd-com-bets-as-he-doubles-down-on-china.jpg","url":"finance/news/big-short-investor-michael-burry-boosts-alibaba-baidu-and-jd-com-bets-as-he-doubles-down-on-china/articleshow/115317507.cms","slug":"finance/news/big-short-investor-michael-burry-boosts-alibaba-baidu-and-jd-com-bets-as-he-doubles-down-on-china","category":"Finance","article_type":"international"},{"title":"Inside the Goldman Sachs marketing push that has some execs perplexed","msid":115311448,"readingTime":8,"authorDetail":[{"author_name":"Reed Alexander","author_id":45}],"body":"\u003cp class=\"drop-cap\"\u003eIn early August, Goldman Sachs rolled out a fresh look.\u003c/p\u003e\u003cp\u003eThe Wall Street bank updated its website to reflect a new color palette, replacing its iconic blue-and-white color scheme with more neutrals, blacks, and whites. It also \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-sachs-new-logo-and-website-before-and-after-2024-7\"\u003eunveiled a new logo\u003c/a\u003e with a softer, rounder typeface and — in perhaps the biggest change — connected the G in Goldman with the S in Sachs.\u003c/p\u003e\u003cp\u003eThe redesign was subtle. Outside Wall Street, it barely registered. Inside the halls of Goldman Sachs, however, some people were perplexed.\u003c/p\u003e\u003cp\u003eIn 2020, Goldman made a show of disconnecting the G and S in its logo to modernize its look. Why, bank insiders were asking, had the firm just spent millions of dollars over several years to revert back to a logo it had ceremoniously ditched just four years earlier?\u003c/p\u003e\u003cdiv type=\"image\" title=\"Side-by-side images of Goldman's logo\" height=\"1080\" width=\"1920\" msid=\"115309583\" hostid=\"261\" sizebytes=\"18594\"\u003e\u003c/div\u003e\u003cp\u003eThe rebranding effort has spotlighted the executive who spearheaded it: Fiona Carter, the chief marketing officer. Since Carter joined Goldman in 2020 from AT\u0026amp;T as the bank's first CMO, her team's work and its spending have become a topic of conversation inside the 150-year-old bank.\u003c/p\u003e\u003cp\u003eCarter expanded the marketing team to more than 100 employees at its peak, up from about 15 to 25, and upped spending on glitzy sponsorships, according to current and former Goldman employees.\u003c/p\u003e\u003cp\u003eDespite going public in 1999, \u003ca target=\"_blank\" href=\"https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10\"\u003eGoldman is still run as a partnership\u003c/a\u003e, which can lead senior leaders to feel empowered — in some cases duty-bound — to seek to influence the company's spending and strategic direction. Several high-ranking officials told Business Insider that they questioned the cost and efficacy of the bank's marketing efforts under Carter.\u003c/p\u003e\u003cp\u003eBI spoke with 18 current and former Goldman employees, including some supporters, about Carter and her team's role at the bank. Some of these people were granted anonymity since they were not authorized to discuss company matters.\u003c/p\u003e\u003cp\u003eCarter did not respond to a request for comment. However, she addressed the skepticism she's faced in an interview with Forbes earlier this year, saying that some of her Goldman colleagues have been reluctant to embrace marketing.\u003c/p\u003e\u003cp\u003eThe complaints echo earlier tumult around CEO David Solomon's \u003ca target=\"_blank\" href=\"https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8\"\u003eill-fated push into consumer banking\u003c/a\u003e, which led to criticisms, including from \u003ca target=\"_blank\" href=\"https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11\"\u003epowerful partners\u003c/a\u003e, that the bank was spending at the expense of core businesses like investment banking and trading. Speculation over Solomon's own future died down in 2023 after it became clear that shareholders — and the board — backed him.\u003c/p\u003e\u003cp\u003eIn recent months, talk has swirled inside the firm that Carter's team could be thinned through head-count reductions.\u003c/p\u003e\u003cp\u003eTop Goldman officials denied any plans to cut Carter's department and said she had upgraded Goldman's marketing capabilities. What's more, they say, the division she has built is vital to growing the company's asset-management and private-wealth businesses, which have become an increasingly important source of revenue in light of the consumer-banking retreat.\u003c/p\u003e\u003cp\u003eGoldman's assets under supervision have increased more than 50% since Carter joined the firm in 2020, rising from about $2 trillion to over $3 trillion at the end of the third quarter. And despite the consumer-banking setback, Goldman's stock is up more than 160% since Solomon took over in 2018, compared to a gain of 104% in the S\u0026amp;P 500 index.\u003c/p\u003e\u003cp\u003e\"It sounds like a few people have a quaint understanding of marketing at Goldman Sachs,\" a Goldman spokesman, Tony Fratto, said. \"Our head count and spending are a small fraction of our peers. It's not remotely close. The culture of Goldman Sachs is to be lean, effective, and commercial, and marketing meets that test.\"\u003c/p\u003e\u003cp class=\"drop-cap\"\u003eGoldman never had a chief marketing officer before Carter. Talk to any longtime Goldman dealmaker, and nine out of 10 will speak with pride about how Goldman grew to be a powerhouse investment bank by virtue of its service to clients — not splashy sports sponsorships.\u003c/p\u003e\u003cp\u003eIn 2020, however, Solomon aspired to \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/latest-goldman-sachs-news-2019-5\"\u003emake Goldman a household name\u003c/a\u003e. To do that, he and his deputy, the chief operating officer and president John Waldron, planned to upgrade Goldman's marketing game significantly.\u003c/p\u003e\u003cp\u003eThe men discussed building a marketing operation worthy of a tech giant like Google or Apple, multiple people familiar with their vision said. They turned to the consulting giant McKinsey, which recommended Goldman increase its marketing budget and hire a chief marketing officer, these people said.\u003c/p\u003e\u003cp\u003eAs AT\u0026amp;T's chief brand officer, Carter handled sports sponsorships, advertising, and diversity messaging in a division headed by the telecom giant's global marketing officer, Lori Lee.\u003c/p\u003e\u003cp\u003eWith her refined British accent and commanding presence, Carter evoked a level of glamour that some said reflected Solomon's own leadership style, though he pulled back on his celebrity DJing in 2023 amid a backlash. She was praised in on-camera interviews and in the press for initiatives to advance women's equity in advertising. She was photographed at AT\u0026amp;T-sponsored events with Hollywood stars like Robert De Niro and Katie Holmes.\u003c/p\u003e\u003cp\u003eCarter joined the firm in September 2020 as a member of the bank's vaunted partnership. Her team was housed in Goldman's executive office, a group of public-facing units that support Goldman's C-suite, including media relations, investor relations, and marketing.\u003c/p\u003e\u003cp\u003eIn a break from tradition, she did not report to the head of that division, John Rogers. She reported instead to his boss, Waldron, the COO. The shake-up of the traditional hierarchy didn't sit well with Rogers, said executives who spoke to him about the new reporting line.\u003c/p\u003e\u003cp\u003e\"He didn't like it,\" said a former executive in the department who worked with Rogers. \"He lost something, and that had never happened in any significant way.\"\u003c/p\u003e\u003cp\u003eFratto said that Rogers \"was the one who recommended that marketing report to John Waldron. He supported that structure and still does.\"\u003c/p\u003e\u003cdiv type=\"image\" title=\"Actor Robert De Niro with Fiona Carter on the red carpet\" height=\"3896\" width=\"4979\" msid=\"115309581\" hostid=\"261\" sizebytes=\"1225586\"\u003e\u003c/div\u003e\u003cp class=\"drop-cap\"\u003eCarter quickly set out to reorganize and grow Goldman's marketing operation.\u003c/p\u003e\u003cp\u003eShe assumed control of the 15 to 20 marketing executives who had been reporting to Goldman's global head of communications, Jake Siewert. This marketing team, which was housed in the executive office, focused on companywide initiatives like arranging social-media posts, managing the website, and Goldman's weekly podcast.\u003c/p\u003e\u003cp\u003eGoldman also had marketers stationed within the firm's individual business lines who were responsible for division-specific products and services. Prior to Carter, these business-line marketers operated their own fiefs, reporting up to the heads of their units. One byproduct of this was a lack of cohesiveness in branding materials, including web pages for specific business lines that looked different from the rest of the website, a former senior marketing executive recalled. Carter set out to eliminate these issues and streamline Goldman's look and messaging.\u003c/p\u003e\u003cp\u003eCarter hired aggressively, and Goldman's marketing operation soon swelled. People who worked in the executive office at that time said an oft-repeated mantra was that marketing was building an \"army\" — so much so that employees of the media-relations team had to be shifted to a different area of the 29th floor of Goldman's New York City office tower to make room.\u003c/p\u003e\u003cp\u003e\"They're like: 'Our budget is never-ending. We just added another team. We added another 20 people in a night,'\" one former executive-office staffer said. \"It was crazy.\"\u003c/p\u003e\u003cp\u003eOne hire that riled some Goldman insiders was that of Maria dal Pan, a communications industry veteran who was tapped in part to write speeches and talking points for the CMO. Goldman insiders told BI it was unusual for executives other than the CEO to have such a staffer.\u003c/p\u003e\u003cp\u003eFratto told BI that \"everyone who heads a function has that kind of support available to them,\" but the executives who spoke with BI said speechwriting was typically handled by subordinates on an ad hoc basis. Dal Pan, who left Goldman in 2023 after little more than a year, declined to comment.\u003c/p\u003e\u003cp\u003eCarter erected new teams, including an internal ad-buying team. She ramped up the use of outside agencies to focus on branded content and website development and championed sports sponsorships such as the one it announced in 2022 with the carmaker McLaren's Formula 1 racing team.\u003c/p\u003e\u003cp\u003eCarter used clichés that puzzled some colleagues, according to a former senior-level marketing executive. This person recalled Carter saying, for example, that marketing would be \"the rocket fuel\" that would vault the Goldman brand \"to the stars.\"\u003c/p\u003e\u003cp\u003eIn meetings, she often name-dropped Waldron when discussing her game plan, two senior executives said. The goal, these people added, was to send the incontrovertible message that her vision had been blessed straight from the top.\u003c/p\u003e\u003cp\u003eGoldman also came close to rolling out a dramatic logo and brand upgrade in 2022, according to two people familiar with the effort. The redesign, known internally as \"Project Richmond,\" would have added orange to Goldman's brand colors, one of these people said.\u003c/p\u003e\u003cp\u003eThe project was scrapped as performance slumped amid a tenuous dealmaking environment that was \u003ca target=\"_blank\" href=\"https://www.businessinsider.com/who-got-laid-off-at-goldman-employees-speak-out-2023-1\"\u003efollowed by layoffs\u003c/a\u003e.\u003c/p\u003e\u003cdiv type=\"image\" title=\"A man in a suit speaks\" height=\"4530\" width=\"6730\" msid=\"115309573\" hostid=\"261\" sizebytes=\"3210186\"\u003e\u003c/div\u003e\u003cp class=\"drop-cap\"\u003eSince Goldman's consumer-banking retreat in 2022, the marketing team housed within the executive office has shrunk to about 85 staffers, according to multiple people with knowledge of the division.\u003c/p\u003e\u003cp\u003eCarter, meanwhile, has shifted focus to the marketing needs of the asset-and-wealth-management division, which manages money for wealthy people, pension funds, and other large investors.\u003c/p\u003e\u003cp\u003eMatt Gibson, Goldman's global head of client business for asset and wealth management, told BI that marketing had become so important to his division that it planned to double the number of marketers it employs over the next two years.\u003c/p\u003e\u003cp\u003e\"I would like to significantly grow our marketing resources over the next few years, and that's because I think it's so valuable,\" he told BI. \"We all live with scarce resources, so I can't do all of that overnight. But if you were to ask me what my top three longer-term priorities are to help grow the business, this would be one of them.\"\u003c/p\u003e\u003cp\u003eWaldron pointed to Goldman's sponsorship of McLaren's F1 racing team as an example of the CMO's vision benefiting the bank.\u003c/p\u003e\u003cp\u003eWaldron told BI that he was initially skeptical of the sponsorship, which Carter spearheaded and which has led to the bank's logo being emblazoned on the team's vehicles at competitions. It has proved successful among clients, he said, because Carter structured it so they could get up close and personal with McLaren's technology versus sitting in the stands watching cars zoom around a track.\u003c/p\u003e\u003cp\u003e\"What she's been able to put together with her team is something that's much more personal,\" he said.\u003c/p\u003e\u003cp\u003eWaldron called her \"one of the best marketing executives out there\" and said the bank heard this sentiment from clients as well. \"She has upgraded our capabilities monumentally,\" he added. \"Our events and branding are materially better under her leadership. We made the right decision by bringing her into the firm, and we are lucky to have her.\"\u003c/p\u003e\u003cdiv type=\"image\" title=\"A crowd gathers at a Formula 1 race\" height=\"5504\" width=\"8256\" msid=\"115309567\" hostid=\"261\" sizebytes=\"833856\"\u003e\u003c/div\u003e\u003cp class=\"drop-cap\"\u003eIn recent weeks, Goldman's marketing team has suffered more departures.\u003c/p\u003e\u003cp\u003eJason Hill, the chief operating officer of the global marketing division who became one of Carter's most important lieutenants, left Goldman in October after snagging a CMO job at the law firm White \u0026amp; Case. Goldman plans to replace him, a person familiar with the matter said.\u003c/p\u003e\u003cp\u003eThe bank's New York City office, meanwhile, recently lost roughly half a dozen members of its social-media team, multiple people said.\u003c/p\u003e\u003cp\u003eThere's been no shortage of internal speculation that the marketing team could be pared down further.\u003c/p\u003e\u003cp\u003eSome people traced the chatter back to comments made by Russell Horwitz, Goldman's chief of staff and head of the executive office. In meetings, Horwitz has said the executive office operates better when head count is leaner, which some people took to refer to the marketing team because of its size.\u003c/p\u003e\u003cp\u003eHorwitz told BI there was currently \"no plan to reduce marketing\" in the executive office. He added: \"Generally speaking, we're in the right place.\" Horwitz said his comments about head count were not about any specific team.\u003c/p\u003e\u003cp\u003eIn the interview with \u003ca target=\"_blank\" href=\"https://www.forbes.com/sites/sethmatlins/2024/04/15/the-2024-forbes-entrepreneurial-cmo-50/\"\u003eForbes\u003c/a\u003e earlier this year, Carter said her job involved convincing an \"often skeptical audience\" of the merits of marketing. \"The race goes to those who persevere,\" she said, adding that her Goldman colleagues were \"beginning to acknowledge marketing can be a revenue generator.\"\u003c/p\u003e\u003cp\u003e\u003cem\u003eEmmalyse Brownstein contributed reporting.\u003c/em\u003e\u003c/p\u003e\u003cp\u003e\u003cem\u003eAre you a Goldman Sachs or Wall Street insider? Get in touch with this reporter. Reed Alexander can be reached via email at \u003c/em\u003e\u003ca target=\"_blank\" href=\"mailto:ralexander@businessinsider.com\"\u003e\u003cem\u003eralexander@businessinsider.com\u003c/em\u003e\u003c/a\u003e\u003cem\u003e or via the encrypted messaging app Signal at 561-247-5758.\u003c/em\u003e\u003c/p\u003e","synopsis":"The Wall Street giant set out to build a marketing 'army' under its first CMO. Some high-level insiders question whether it's paid off.","updatedTime":1731614056251,"insertedTime":1731606984000,"img_Path":"/thumb/msid-115311448,width-640,resizemode-4,imgsize-135924/inside-the-goldman-sachs-marketing-push-that-has-some-execs-perplexed.jpg","url":"finance/news/inside-the-goldman-sachs-marketing-push-that-has-some-execs-perplexed/articleshow/115311448.cms","slug":"finance/news/inside-the-goldman-sachs-marketing-push-that-has-some-execs-perplexed","category":"Finance","article_type":"international"},{"title":"Markets are ripping past all-time highs after Donald Trump's electoral victory. Doomsday investors aren't convinced.","msid":115308817,"readingTime":2,"authorDetail":[{"author_name":"Bradley Saacks","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eHedge fund managers who do best in choppy markets are not convinced by the post-election euphoria.\u003c/li\u003e\u003cli\u003eThese managers, like $16 billion firm Universa Investments, believe warning signs are flashing.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cspan\u003eThe first Donald Trump administration included policy announcements via Twitter, a pandemic, and protectionist tariffs that agitated the country's largest trade partner.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eHis second term could be even more \"radical\" for markets, according to Jonathan Webb, an executive at portfolio technology company C8 Technologies and the former head of FX strategy at Jefferies.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"The backdrop is already a more volatile FX market,\" Webb said, comparing markets to when Trump was inaugurated the first time in January 2017. Higher interest rates, struggling European economies, and global inflation have created a more volatile world regardless of who won the election.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"Throwing Trump in, even moreso,\" Webb said.\u003c/span\u003e\u003c/p\u003e\u003cp\u003eFor managers that trade volatility and hedge against market crashes, these types of conditions are normally when their strategies come into play.\u003cstrong\u003e \u003c/strong\u003e\u003cspan\u003eBut market volatility is at its lowest levels since July, according to the VIX index, Wall Street's favorite measure of uneasiness. Assets from US stocks to bitcoin are hitting all-time highs despite the economic backdrop — the Federal Reserve cut rates in September, indicating a slowing economy — being far from ideal.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"When people think things can't go down, that's when you start to worry,\" said Brandon Yarckin, the chief operating officer of $16 billion tail-risk asset manager Universa Investments, in an interview with Business Insider. He pointed out that billionaire Warren Buffett's Berkshire Hathaway is sitting on more cash than ever before — a sign that the Oracle of Omaha thinks markets are overvalued.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"There's a lot of kindling for a crash out there,\" Yarckin said.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eThe euphoria and fear of missing out on the rally means investors are not knocking down the door of those who thrive in chaotic conditions. Universa has demand for its strategy currently, Yarckin said, but it's coming from \"a small subset of people.\"\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eSimon Aninat, a volatility portfolio manager for Natixis affiliate Seeyond, said clients haven't asked to revive a long-volatility strategy that performed well during the early days of the pandemic, but was closed in mid-2023 due to a lack of demand. Firms such as Universa soared during COVID — the Mark Spitznagel-led strategy returned \u003c/span\u003e\u003ca target=\"_blank\" href=\"https://markets.businessinsider.com/news/stocks/black-swan-fund-universa-investments-4000-percent-return-hedging-coronavirus-2020-4-1029076165\"\u003e\u003cspan\u003emore than 4,000%\u003c/span\u003e\u003c/a\u003e\u003cspan\u003e in the first quarter of 2020, for example.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"We know there's going to be bumps in the road during a Trump administration, but it's hard to be sure that there'll be a big spike of the VIX above 40,\" Aninant said. Instead, clients are more interested in the firm's short-volatility fund, which does well when markets stay calm.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eIt's \"counterintuitive,\" Aninant said, given Trump's management style, but clients believe the President-elect's policies mean \"the S\u0026amp;P will continue to rise.\"\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eAllocators should be looking for \"not necessarily spicy but uncorrelated strategies,\" said Mattias Eriksson, a former BlueCrest partner who cofounded C8 Technologies in 2017.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"He was tweeting a lot back then, and he created a lot of intraday volatility within the market,\" Eriksson said, referring to Trump's first term.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003eNow, Eriksson's colleague Webb said, there's the potential for even more out-of-the-box policies given the presence of people like Tesla founder Elon Musk in Trump's orbit, and the fact Trump does not have to worry about reelection.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"I wonder if this is being underestimated\" by the markets, Webb said.\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cspan\u003e\"It's certainly an experiment.\"\u003c/span\u003e\u003c/p\u003e","synopsis":"A Trump presidency should be good for investors that thrive in chaotic conditions, but investors are not knocking down their door just yet.","updatedTime":1731607134314,"insertedTime":1731599557000,"img_Path":"/thumb/msid-115308817,width-640,resizemode-4,imgsize-3044672/markets-are-ripping-past-all-time-highs-after-donald-trumps-electoral-victory-doomsday-investors-arent-convinced-.jpg","url":"finance/news/markets-are-ripping-past-all-time-highs-after-donald-trumps-electoral-victory-doomsday-investors-arent-convinced-/articleshow/115308817.cms","slug":"finance/news/markets-are-ripping-past-all-time-highs-after-donald-trumps-electoral-victory-doomsday-investors-arent-convinced-","category":"Finance","article_type":"international"},{"title":"An elite hedge fund slashed its Nvidia and Tesla bets last quarter — and boosted its GameStop stake","msid":115301596,"readingTime":2,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eRenaissance Technologies pared its Tesla and Nvidia bets and raised its GameStop wager last quarter.\u003c/li\u003e\u003cli\u003eThe quant fund founded by the late Jim Simons cut its Tesla stake by 86% and halved its Nvidia wager.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eRenaissance Technologies cut its \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/tesla\"\u003eTesla\u003c/a\u003e and Nvidia stakes and boosted its \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/gamestop-stock-price-plunges-after-weak-2nd-quarter-earnings-results-2024-9\"\u003eGameStop\u003c/a\u003e bet last quarter, it revealed in a portfolio update on Wednesday.\u003c/p\u003e\u003cp\u003eRenTech, one of the \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/renaissance-technologies-hedge-fund-bests-warren-buffett-10-biggest-holdings-2019-11\"\u003ebiggest and best-performing hedge funds\u003c/a\u003e in history, pared its Tesla bet from about 2.1 million shares to 284,000 — an 86% reduction. \u003c/p\u003e\u003cp\u003eThe sales reduced the position's value from $406 million to $74 million even as Tesla stock gained 26% in the period. Elon Musk's automaker also dropped from its 10th-largest holding at the end of June to outside the top 200 at the end of September.\u003c/p\u003e\u003cp\u003eThe quantitative fund halved its \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11\"\u003eNvidia\u003c/a\u003e wager to about 3.5 million shares, paring its value from $867 million to $428 million even as the chipmaker's shares gained 20%. Nvidia fell from its third-largest holding to tenth.\u003c/p\u003e\u003cp\u003eTesla and Nvidia have been two of the world's hottest stocks this year, rising 33% and 195% respectively as traders bet they'll \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/nvidia-praises-tesla-ai-optimus-robot-remote-control-concerns-2024-10\"\u003eblaze trails\u003c/a\u003e in the artificial intelligence race.\u003c/p\u003e\u003cp\u003eThe buzz has only grown in recent weeks with Musk's \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11\"\u003eemergence\u003c/a\u003e as a key advisor to President-elect Trump, and \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10\"\u003esigns of strong demand\u003c/a\u003e for Nvidia's new Blackwell chip.\u003c/p\u003e\u003ch2 id=\"7ba0e00b-45bc-49c0-8c6c-fb07a170f3a3\"\u003eAlgorithms\u003c/h2\u003e\u003cp\u003eRenTech was founded by Wall Street legend Jim Simons, the former MIT math professor and Cold War codebreaker who \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/jim-simons-dead-obituary-founder-renaissance-technologies-hedge-fund-2024-5\"\u003edied in May\u003c/a\u003e. The firm relies on algorithms to determine many of its trades, often resulting in sweeping changes to its stock portfolio each quarter.\u003c/p\u003e\u003cp\u003eThe overall stock portfolio rose in value by 13% to $66.5 billion last quarter. Its largest positions were a $1.4 billion stake in Palantir, the software company cofounded by tech billionaire Peter Thiel, and a $975 million position in Novo Nordisk, the Danish pharmaceuticals giant behind \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/semaglutide-wegovy-ozempic-weight-loss-healthcare-airlines-economy-productivity-2023-11\"\u003eOzempic\u003c/a\u003e, the blockbuster weight-loss drug.\u003c/p\u003e\u003cp\u003eRenTech ramped up its GameStop bet by more than 40% to 1.9 million shares, worth $44 million at the quarter's close. It \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/rentech-simons-gamestop-meme-stock-price-nvidia-tesla-amc-portfolio-2024-5\"\u003ebuilt\u003c/a\u003e a stake of 1 million shares in the video game retailer from scratch in the first quarter, meaning it likely benefited from the meme stock's explosive rally earlier this year.\u003c/p\u003e\u003cp\u003eIt's worth underscoring that quarterly portfolio updates only give a snapshot of a firm's holdings on a particular date and exclude shares sold short, private investments, and overseas wagers.\u003c/p\u003e\u003cp\u003eThey don't always paint a full picture of the investing strategy behind the picks — especially when algorithms are driving the trades.\u003c/p\u003e","synopsis":"Renaissance Technologies, founded by the late Jim Simons, cuts its Tesla and Nvidia stakes while raising its GameStop position by more than 40%.","updatedTime":1731591363230,"insertedTime":1731584476000,"img_Path":"/thumb/msid-115301596,width-640,resizemode-4,imgsize-168938/an-elite-hedge-fund-slashed-its-nvidia-and-tesla-bets-last-quarter-and-boosted-its-gamestop-stake.jpg","url":"finance/news/an-elite-hedge-fund-slashed-its-nvidia-and-tesla-bets-last-quarter-and-boosted-its-gamestop-stake/articleshow/115301596.cms","slug":"finance/news/an-elite-hedge-fund-slashed-its-nvidia-and-tesla-bets-last-quarter-and-boosted-its-gamestop-stake","category":"Finance","article_type":"international"},{"title":"Jensen Huang says SoftBank's Masayoshi Son once offered to help him buy out Nvidia — but he passed ","msid":115266189,"readingTime":2,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eNvidia CEO Jensen Huang once passed on an opportunity to buy out the chipmaker.\u003c/li\u003e\u003cli\u003eSoftBank CEO Masayoshi Son offered to lend him the necessary funds in 2016, Huang said.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5\"\u003eJensen Huang\u003c/a\u003e turned down the chance to buy out \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9\"\u003eNvidia\u003c/a\u003e, the microchip maker that's now the most valuable listed company worth $3.6 trillion.\u003c/p\u003e\u003cp\u003eThe Nvidia CEO and cofounder revealed the missed opportunity during a conversation with SoftBank CEO and founder \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/masayoshi-son-softbank-gambling-man-lionel-barber-technology-2024-9\"\u003eMasayoshi Son\u003c/a\u003e at the chip giant's AI summit in Tokyo on Wednesday.\u003c/p\u003e\u003cp\u003eHuang recalled that about a decade ago, Son told him the stock market didn't understand Nvidia's value, and his \"journey of suffering\" would continue for some time because he was \"inventing the future.\" \u003c/p\u003e\u003cp\u003eThe Japanese tech investor gave him another option, according to a Bloomberg video of the pair's comments.\u003c/p\u003e\u003cp\u003eSon \"wanted to lend me money to buy Nvidia — all of it,\" Huang said. \"Now I regret not taking you up,\" he said to Son. \"That was a great idea.\"\u003c/p\u003e\u003cp\u003eSon said he made the offer a month after \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/reports-nvidia-arm-softbank-buys-40-billion-2020-9\"\u003eSoftBank acquired Arm\u003c/a\u003e, a chip designer, for $32 billion in the fall of 2016. Huang said he and Son spoke about merging Nvidia with Arm: \"That was a good dream too.\"\u003c/p\u003e\u003cp\u003eNvidia was trading below $2 on a split-adjusted basis at the time. It has soared more than 74-fold since to about $148 a share, reflecting the AI boom and its microchips' \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/elon-musk-larry-ellison-nvidia-ai-grok-graphics-chips-tech-2023-12\"\u003ecritical role\u003c/a\u003e in powering the technology.\u003c/p\u003e\u003cdiv type=\"image\" title=\"SoftBank CEO Masayoshi Son speaking on stage\" height=\"2867\" width=\"4300\" msid=\"115264582\" hostid=\"261\" sizebytes=\"272906\"\u003e\u003c/div\u003e\u003cp\u003eHuang and Son also spoke about SoftBank building a 4.9% stake in Nvidia \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10\"\u003eonly to sell it\u003c/a\u003e for about $4 billion in 2019. All else being equal, that position would have been worth more than $175 billion now.\u003c/p\u003e\u003cp\u003eAfter Huang brought up SoftBank's early exit, Son pretended to cry on his shoulder.\u003c/p\u003e\u003cp\u003e\"It's OK,\" Huang jokingly consoled him. \"We can cry together. Could you imagine if today, you were the largest shareholder?\"\u003c/p\u003e\u003cp\u003e\"Oh my God,\" Son responded.\u003c/p\u003e\u003cp\u003eEven if Huang regrets not taking Nvidia private, he's done well by any measure. Nvidia stock has \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10\"\u003esoared\u003c/a\u003e nearly 200% this year, boosting his net worth to $129 billion at Tuesday's close and \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/wealth-billionaires-musk-bezos-zuckerberg-net-worth-jensen-huang-waltoans-2024-8\"\u003eranking him\u003c/a\u003e 11th on the Bloomberg Billionaires Index.\u003c/p\u003e\u003cp\u003eSon ranks 130th on the rich list with a $16.6 billion fortune, after growing more than $5 billion richer this year.\u003c/p\u003e","synopsis":"Nvidia CEO Jensen Huang said he turned down a chance to buy out the chip giant, while SoftBank CEO Masayoshi Son regretted selling the stock early.","updatedTime":1731522550330,"insertedTime":1731513607000,"img_Path":"/thumb/msid-115266189,width-640,resizemode-4,imgsize-1009674/jensen-huang-says-softbanks-masayoshi-son-once-offered-to-help-him-buy-out-nvidia-but-he-passed.jpg","url":"finance/news/jensen-huang-says-softbanks-masayoshi-son-once-offered-to-help-him-buy-out-nvidia-but-he-passed/articleshow/115266189.cms","slug":"finance/news/jensen-huang-says-softbanks-masayoshi-son-once-offered-to-help-him-buy-out-nvidia-but-he-passed","category":"Finance","article_type":"international"},{"title":"Warren Buffett is building the Noah's Ark of rainy-day funds. Here's why he's stacked up more than $300 billion.","msid":115260311,"readingTime":4,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eWarren Buffett has grown Berkshire Hathaway's cash pile to more than $300 billion — a record high.\u003c/li\u003e\u003cli\u003eThe famed investor has halted stock buybacks and pared key holdings such as Apple and Bank of America.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth\"\u003eWarren Buffett\u003c/a\u003e has been selling shares and stacking up cash at a terrific rate, fanning speculation as to why the world's foremost stock picker is pulling his money out of the market.\u003c/p\u003e\u003cp\u003eBerkshire Hathaway roughly tripled its pile of cash, Treasury bills, and other liquid assets to a \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-berkshire-hathaway-cash-stocks-buybacks-trump-harris-election-2024-11\"\u003erecord $325 billion\u003c/a\u003e over the two years to September 30 (or $310 billion after subtracting almost $15 billion of payables for Treasury bill purchases).\u003c/p\u003e\u003cp\u003eThe conglomerate's cash hoard now exceeds Berkshire's total market value just over a decade ago. It accounted for at least 27% of Berkshire's $1.15 trillion of assets at quarter end — the largest proportion in many years.\u003c/p\u003e\u003cp\u003eOne big reason for the ballooning cash pile has been a \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-80-billion-headache-dilemma-expensive-stocks-businesses-deals-2021-5\"\u003elack of compelling things to buy\u003c/a\u003e. Buffett is a value investor who specializes in sniffing out bargains, and those have become rare finds in recent years.\u003c/p\u003e\u003cp\u003e\"I have heard every speculative idea imaginable, from accumulating capital for a doomsday scenario to planning to make a gigantic cash dividend,\" Lawrence Cunningham, the director of the University of Delaware's Weinberg Center on Corporate Governance and the author of several books about Buffett and Berkshire, told Business Insider about the rationale for Berkshire's cash pile.\u003c/p\u003e\u003cp\u003e\"Both seem far-fetched,\" he said. \"The most likely cause of cash buildup at Berkshire is absence of attractive capital deployment opportunities.\"\u003c/p\u003e\u003cp\u003eCunningham said stocks have surged to record highs, private-business valuations have jumped, Berkshire-owned businesses like Geico and See's Candies can only deploy so much money, and Berkshire's Class A shares have climbed to record levels of about $700,000.\u003c/p\u003e\u003ch2 id=\"a3b860b8-e36d-438f-8b07-098f7d688267\"\u003eHot stocks\u003c/h2\u003e\u003cp\u003eThe US stock market's total value hit a record high of $58.13 trillion on Monday, an unprecedented 198.1% of US GDP last quarter, Wilshire Indexes data shows.\u003c/p\u003e\u003cp\u003eThat metric is known as the \"\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-indicator-stock-market-outlook-bubble-crash-ai-tech-2024-3\"\u003eBuffett Indicator\u003c/a\u003e\" because the investor once hailed it as an excellent yardstick for valuations. Buffett said it should have been a \"very strong warning signal\" when the measure spiked during the dot-com bubble, and buying stocks when it nears 200% is \"playing with fire.\"\u003c/p\u003e\u003cp\u003eThe Wilshire 5000's elevated level makes \"this stock market the most overvalued in history — even higher than at the peak of the tech bubble in 2001-2002,\" Paul Dietrich, chief investment strategist at B. Riley Wealth Management, told BI.\u003c/p\u003e\u003cp\u003eIt may be little surprise, then, that Buffett didn't buy back a single Berkshire share last quarter after spending $20 billion on repurchases between the start of 2022 and June 30 this year — likely because he and his team no longer see their company's stock as \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-stock-buybacks-reasons-loves-face-bailout-ban-coronavirus-2020-3\"\u003egood value\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eHis team has also been paring Berkshire's stock portfolio. They sold $133 billion of stock — a sum that exceeds Citigroup's market cap — in the first nine months of this year, and bought less than $6 billion worth over the same period.\u003c/p\u003e\u003cp\u003eThey cut Apple, their most valuable holding, by 60% in that timeframe. They also \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-bank-of-america-stock-sales-apple-portfolio-berkshire-2024-10\"\u003etrimmed\u003c/a\u003e Bank of America, their number-two holding, by 23% between mid-July and early October.\u003c/p\u003e\u003cp\u003eLess buying and more selling fueled a $140 billion-plus increase in Berkshire's cash hoard in the nine months to September 30.\u003c/p\u003e\u003ch2 id=\"151f7bcd-5bfe-4ab7-af3c-9bcab9a72fc1\"\u003eFrustration and preparation\u003c/h2\u003e\u003cp\u003eThere are other possible explanations for Berkshire's towering cash pile. Buffett suggested in May that a potential increase in capital gains tax factored into his decision to realize some of his \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stake-berkshire-hathaway-nike-disney-tech-stock-2023-12\"\u003emassive gain\u003c/a\u003e on Apple — although Donald Trump's reelection is expected to stave off a near-term increase.\u003c/p\u003e\u003cp\u003eThe \"Oracle of Omaha\" is \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-treasuries-interest-rates-fed-stocks-buybacks-2023-3\"\u003eearning much more\u003c/a\u003e on Treasury bills now than three years ago when interest rates were close to zero. On September 30 Berkshire owned $288 billion worth — more than the Federal Reserve.\u003c/p\u003e\u003cp\u003eThe 94-year-old billionaire may be crystallizing some of his gains on winning bets like Apple to safeguard his legacy. He might also be cleaning up his portfolio and setting aside cash in anticipation of Greg Abel, the boss of Berkshire's non-insurance operations, succeeding him as CEO.\u003c/p\u003e\u003cp\u003eDavid Kass, a finance professor at the University of Maryland who's been following Buffett for nearly 40 years, suggested the investor may be \"preparing for the transition to Greg Abel and enabling him to decide how to invest those funds, along with \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dow-chemical-stock-deal-financial-crisis-2023-9\"\u003eTed Weschler\u003c/a\u003e and Todd Combs,\" referring to Buffett's two investment managers.\u003c/p\u003e\u003cp\u003eBuffett might also be socking away money because he \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/warren-buffett-berkshire-apple-stock-sales-dietrich-market-crash-recession-2024-5\"\u003esees trouble ahead\u003c/a\u003e.\u003c/p\u003e\u003cp\u003e\"He has a history of selling out of the stock market when the leading economic indicators, inverted treasury yields, and his famous Buffett Indicator are signaling a bear market or a recession is coming,\" Dietrich said.\u003c/p\u003e\u003cp\u003eBuffett could tap his cash pile to rebuy Apple and other stocks he's sold at a significant discount \"after the current nose-bleed stock market highs eventually come back down to earth,\" Dietrich added.\u003c/p\u003e\u003cp\u003eWhether Buffett is purposely building the Noah's Ark of rainy-day funds because he expects a crash or economic collapse, or has simply been priced out of markets, he's poised to have plenty of firepower to \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dow-chemical-stock-deal-financial-crisis-2023-9\"\u003eonce again\u003c/a\u003e scoop up cut-price stocks and businesses if a downturn does materialize.\u003c/p\u003e","synopsis":"Warren Buffett's Berkshire Hathaway has pared key bets such as Apple and spent little on stocks, boosting its cash pile to record levels.","updatedTime":1731506921327,"insertedTime":1731498906000,"img_Path":"/thumb/msid-115260311,width-640,resizemode-4,imgsize-425186/warren-buffett-is-building-the-noahs-ark-of-rainy-day-funds-heres-why-hes-stacked-up-more-than-300-billion-.jpg","url":"finance/news/warren-buffett-is-building-the-noahs-ark-of-rainy-day-funds-heres-why-hes-stacked-up-more-than-300-billion-/articleshow/115260311.cms","slug":"finance/news/warren-buffett-is-building-the-noahs-ark-of-rainy-day-funds-heres-why-hes-stacked-up-more-than-300-billion-","category":"Finance","article_type":"international"},{"title":"How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office","msid":115226841,"readingTime":9,"authorDetail":[{"author_name":"Reed Alexander,Emmalyse Brownstein","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eGoldman Sachs last week promoted 95 people to partner — its largest class under CEO David Solomon.\u003c/li\u003e\u003cli\u003ePartners from Goldman's banking and markets and asset management units shared how they got the news.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eFirst came the calls. Then came the Champagne.\u003c/p\u003e\u003cp\u003eWall Street may be known for its long hours — but last week, \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-sachs-partners-revealed-see-full-list-names-diversity-women-2024-11\"\u003e95 of Goldman Sachs' top executives\u003c/a\u003e pressed pause (briefly) to revel in a professional milestone: making partner.\u003c/p\u003e\u003cp\u003eThe role — Goldman's top designation outside the C-suite — \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10\"\u003erepresents a zenith\u003c/a\u003e at the prestigious Wall Street bank. Goldman Sachs is a leading investment bank for \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-sachs-partners-share-investment-banking-oral-histories-2024-7\"\u003ecorporate dealmaking\u003c/a\u003e and trading, and its partners represent less than 1% of roughly 46,000 employees. On average, Goldman's newest partners have spent 16 years rising in the ranks, the bank said last week.\u003c/p\u003e\u003cp\u003eBusiness Insider spoke to nine partners from the 2024 class about their big day, including how they celebrated with their families and teams. For some, the day raced by in a blur after getting the call from top bosses \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-ceo-david-solomon-memo-trump-presidential-victory-policies-2024-11\"\u003eCEO David Solomon\u003c/a\u003e or President and COO John Waldron. Many described an outpouring of support from inside the halls of Goldman Sachs, including balloons, congratulatory notes, applause from staff, and toasts with fellow members of their partner class.\u003c/p\u003e\u003cp\u003eOne trader told BI he sat in his office quietly to digest the news and not disturb the work of others, while another executive told BI she shouted across the trading floor, \"We did it, team! We did it!\" to hugs and applause. \"It's like a wedding and birthday wrapped up in one amazing moment that you keep reliving,\" one new partner said.\u003c/p\u003e\u003cp\u003eHere's a glimpse inside the big day of nine of Wall Street's up-and-coming executives, including what they did to mark the occasion. Answers have been edited for length and clarity and are ordered alphabetically by last name.\u003c/p\u003e\u003ch2 id=\"7149a354-e3d3-4f1e-b8a4-c63d3a189018\"\u003e\u003cstrong\u003eRob Barlick, region head for Florida and Latin America private wealth management\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Robert Barlick\" height=\"1125\" width=\"1500\" msid=\"115225868\" hostid=\"261\" sizebytes=\"83670\"\u003e\u003c/div\u003e\u003cp\u003eDavid called me on my cell at 8:54 a.m. My team sits outside my office so they knew what had happened. They all rushed in to offer their congratulations, and we had a celebratory dinner later in the evening.\u003c/p\u003e\u003cp\u003eOne of the most remarkable things about being named partner is the flood of emails, texts, and calls you get after the announcement. I received literally hundreds of messages from colleagues, clients, alumni, and friends. It's a joyful rush of congratulations that's deeply moving.\u003c/p\u003e\u003ch2 id=\"e22683da-a145-42f7-aa1e-cae0392d86b9\"\u003e\u003cstrong\u003eLyla Bibi, head of the US healthcare equity-capital-markets group within investment banking\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Lyla Bibi Goldman Sachs partner\" height=\"1125\" width=\"1500\" msid=\"115225871\" hostid=\"261\" sizebytes=\"70364\"\u003e\u003c/div\u003e\u003cp id=\"e22683da-a145-42f7-aa1e-cae0392d86b9\"\u003eAs someone who spent most of her professional career at GS, getting \"the call\" from John Waldron was a moment I imagined for decades (and was still woefully underprepared for it!).\u003c/p\u003e\u003cp\u003eI called my husband first (and by extension my two youngest kids). My parents were my second call.\u003c/p\u003e\u003cp\u003eI'd love to say it was a full day of celebrating, but there was a day job in between the incredible outpouring of congratulatory calls, hugs, visits, texts, and emails.\u003c/p\u003e\u003cp\u003eThere were some wonderful celebrations and tributes across the healthcare team — various women's groups as well as an intimate dinner hosted by the financing group partners with our spouses and partners. And coming home to flowers, Champagne, and cards — it's like a wedding and birthday wrapped up in one amazing moment that you keep reliving.\u003c/p\u003e\u003ch2 id=\"71b7cc8f-c9bf-4944-b5b9-4ab9705296d1\"\u003e\u003cstrong\u003eBracha Cohen, managing director in engineering within Goldman Sachs Asset Management, global head of client servicing and public portfolio servicing\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Bracha Cohen\" height=\"1501\" width=\"2001\" msid=\"115225878\" hostid=\"261\" sizebytes=\"56022\"\u003e\u003c/div\u003e\u003cp id=\"71b7cc8f-c9bf-4944-b5b9-4ab9705296d1\"\u003eI first got a call from John Waldron and then received a second call from our chief information officer, Marco Argenti. When my assistant saw who had called, she ran into my office to give me a hug. The first person I called was my husband, who told me he never doubted me for a minute.\u003c/p\u003e\u003cp\u003eWe had three celebrations at work over cake and Champagne – first for the teams I manage and work most closely with, then with all of the engineering managing directors in New York, and then with all of the existing and new asset-and-wealth-management partners. My husband took me to dinner and I suspect he's scheduling a \"surprise\" party with our seven children for this weekend.\u003c/p\u003e\u003cp\u003eOne of the things that made it possible for me to get to this point is the incredible support the firm provides to employees to enable them to grow their families. For example, I felt incredibly supported to be on leave for several months when I had triplets just two years after joining the firm, and on top of that got promoted to vice president in my first year of eligibility.\u003c/p\u003e\u003cp\u003eAdditionally, as an Orthodox Jew, I've never felt anything other than respect and understanding for my commitment to religion, including being unreachable over the Jewish Sabbath and holidays.\u003c/p\u003e\u003ch2 id=\"a0810c31-5f56-47ac-98d9-402bbead7ef4\"\u003e\u003cstrong\u003eMatt Doherty, head of alternative capital markets, Americas\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Matt Doherty Goldman Sachs partner\" height=\"1607\" width=\"2143\" msid=\"115225873\" hostid=\"261\" sizebytes=\"70440\"\u003e\u003c/div\u003e\u003cp\u003eIt's interesting that David ended up calling me because I haven't interacted as much with David. That was actually our first conversation, which was nice.\u003c/p\u003e\u003cp\u003eMy team and I went to drinks with Kristin Olsen, the asset-and-wealth-management partner who leads the group, and a whole bunch of other folks at around 4 o'clock.\u003c/p\u003e\u003cp\u003eMarc Nachmann runs our division — he put together an event for the current partners in AWM and the new partners at 200 West. I got to meet all my new partners, which was really fun.\u003c/p\u003e\u003cp\u003eI didn't manage to see my kids before they went to bed, but I saw my wife, which was fun. We had a nice dinner together.\u003c/p\u003e\u003cp\u003eThe next morning, my 3-and-a-half-year-old and 1-and-a-half-year-old had made me breakfast and a card, which was really cute. The card said, \"Congrats, Dada.\"\u003c/p\u003e\u003cp\u003eI don't think day to day it will change my role too much, although I think this is a step up at the leadership level, being involved in helping weigh in on broader cultural issues or how we should evolve and change our practices as a firm.\u003c/p\u003e\u003ch2 id=\"22771a02-3a57-4753-864e-273d29d226d7\"\u003e\u003cstrong\u003eShane Lee, natural gas trader\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Shane Lee, Goldman Sachs trader\" height=\"1125\" width=\"1500\" msid=\"115225876\" hostid=\"261\" sizebytes=\"88144\"\u003e\u003c/div\u003e\u003cp id=\"22771a02-3a57-4753-864e-273d29d226d7\"\u003eI got the call from John Waldron around 7 a.m. local time. Though it was a very exciting call, more than anything, I felt overwhelmingly humbled — almost embarrassed. I kept myself locked in my office away from the trading floor for a couple hours out of respect for the fact many others in the process were nervously awaiting their own news, and my teammates were at their busy peak of the day. I told my wife of 23 years and my parents, and then contemplated how I would break the news to the office without interrupting their days too much.\u003c/p\u003e\u003cp\u003eWe kept things tame at the office — brought in some lunch at work, and then I took the team out for a couple of drinks. I wanted to make sure I could get in some family time before the end of the night, and take the time to individually thank everyone who had reached out.\u003c/p\u003e\u003cp\u003eMy wife and I agreed we would celebrate by taking some nice formal family pictures soon. We haven't done that for many years. I know that sounds super boring, but the little family things are important to me. These days it's not easy to get my kids to spend time with me, so this will be a good excuse!\u003c/p\u003e\u003cp\u003eI think I made it to partner because my teammates propelled me there. They need to \u003cem\u003ewant\u003c/em\u003e to work for you, and that's what I spend time on. I try and operate every day with empathy and humility and a healthy dose of fear of the market.\u003c/p\u003e\u003ch2 id=\"d8943d85-886f-4f13-b464-fa1548ae9a39\"\u003e\u003cstrong\u003eVishaal Rana, cross markets consumer retail investment banker\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Vishaal Rana\" height=\"1125\" width=\"1500\" msid=\"115225875\" hostid=\"261\" sizebytes=\"70632\"\u003e\u003c/div\u003e\u003cp id=\"d8943d85-886f-4f13-b464-fa1548ae9a39\"\u003eDavid Solomon called me. The call was short but one of the most consequential I've had over the years. It was surreal and, honestly, still has not completely sunk in.\u003c/p\u003e\u003cp\u003eThe first person I told was my wife, who was standing right next to me. She was so happy for me, and I could not have done this without her support over the years.\u003c/p\u003e\u003cp\u003eI celebrated in a low-key way at home with my family. We had dinner and my wife and I enjoyed a toast. I even still did the dishes. I think that we will probably do a bigger celebration at some point in the future with family and friends, but I don't have one currently planned. This may be superstitious, but it felt like bad karma to plan a celebration too early.\u003c/p\u003e\u003cp\u003eJoining the partnership represents the culmination of long-term persistence, being nimble throughout my career, always looking at opportunities and challenges through the lens of what's best for the firm, and the flexibility to work with founders at high-growth companies to boards of large-cap companies.\u003c/p\u003e\u003ch2 id=\"b4b1dea0-ba6c-424e-bd97-84df4e42e837\"\u003e\u003cstrong\u003eAaron Siegel, global head of entertainment investment banking\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Aaron Siegel Goldman Sachs partner\" height=\"1122\" width=\"1497\" msid=\"115225867\" hostid=\"261\" sizebytes=\"66452\"\u003e\u003c/div\u003e\u003cp\u003eI joined GS over 20 years ago, just days after meeting my wife, Hayley, while moving to New York City. John Waldron was the first person I met at 85 Broad Street — it was a meaningful, full-circle moment to get the partnership call from him. I called Hayley right after to share the moment – and to reflect on how many colleagues, mentors, and clients have become like family.\u003c/p\u003e\u003cp\u003eI happened to be stepping into a meeting with the Arthur Miller Foundation — an amazing nonprofit that supports theater teachers in schools across NYC and beyond — just as John called. I spent the rest of the day appreciating the transformative impact of great teachers and mentors and had the opportunity to thank many of mine throughout the day.\u003c/p\u003e\u003cp\u003eI did celebrate with my wife and two sons – making sure my youngest stayed up well past his bedtime for us to all be together.\u003c/p\u003e\u003ch2 id=\"fccc57f3-4c42-4681-af99-b91faf3bd4c0\"\u003e\u003cstrong\u003eCraig Smart, healthcare banker covering healthcare services and technology companies\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Craig Smart Goldman Sachs partner\" height=\"1125\" width=\"1500\" msid=\"115225877\" hostid=\"261\" sizebytes=\"75166\"\u003e\u003c/div\u003e\u003cp\u003eI was on my way to the office after walking my daughter to school. My phone rang while I was on the subway. I quickly decided to get off the train and answer the call, having a feeling for what it might be about. There was a nervousness at the beginning of the call as John began speaking, which transformed into pure bliss and excitement once he delivered the news.\u003c/p\u003e\u003cp\u003eI took the rest of my commute to process the magnitude of the moment. As soon as I got above ground, I called my wife, Kristin. It was the pinnacle of my professional career to date and a moment I'll never forget.\u003c/p\u003e\u003cp\u003eThe excitement and energy at the office was palpable. All day was filled with heartfelt congratulatory remarks from several members of the partnership and colleagues from across the firm. Marshall Smith, global head of healthcare, gathered the entire healthcare team and hosted a celebration for us on the 42nd floor, where he spoke about each of the newly promoted partners from our group individually and toasted the seven of us who are part of the 2024 class.\u003c/p\u003e\u003cp\u003eAfter work, I went to an early dinner with Kristin and our three girls. It was a school night and my children are young, so we were home early, but we plan to find some time to celebrate properly with family and friends over the holiday season — specific plans still TBD.\u003c/p\u003e\u003ch2 id=\"e3d88e7b-bfc7-42e4-b964-4175cd08db11\"\u003e\u003cstrong\u003eSylvia Yeh, cohead of Goldman Sachs Asset Management's municipal fixed-income business\u003c/strong\u003e\u003c/h2\u003e\u003cdiv type=\"image\" title=\"Sylvia Yeh Goldman Sachs partner\" height=\"1125\" width=\"1500\" msid=\"115225870\" hostid=\"261\" sizebytes=\"139210\"\u003e\u003c/div\u003e\u003cp\u003eI sit with my team on an open trading floor and we're known to be a bit of a fun and outspoken bunch. Not on Thursday, however – you could hear a pin drop even after people hit the desk. We were all just waiting, hoping, for that call to come in.\u003c/p\u003e\u003cp\u003eAround 9:40 a.m., our turrets lit up – John Waldron was calling! I felt my heart just stop. And a montage of the last 25 years I've spent at the firm quickly flashed. I took a moment to just shake it off (literally) in my chair before picking up the line. All eyes were on me.\u003c/p\u003e\u003cp\u003eJohn said, \"Good morning.\" We exchanged \"how are you's,\" and then I asked if he was calling because he wanted to open up a Muni Account. We laughed and he said that he was calling to welcome me to the partnership.\u003c/p\u003e\u003cp\u003eWhen our call ended, I did another quick little happy dance, this time swung my chair around, and shouted, \"We did it, team! We did it!\" knowing that I could not have gotten here without the strong bench I have on my team. The rest is a bit of a blur — applause, cheers, confetti, streamers, balloons, and hugs.\u003c/p\u003e\u003cp\u003eIt felt like we celebrated all day. Asset-and-wealth divisional management hosted a new partner reception. It was such a wonderful opportunity to connect with current partners and raise a glass to my classmates — an extraordinary group of individuals. And, unbeknownst to me, my husband reserved a location for us to celebrate later that evening and coordinated with my team to make sure that all of my people were there.\u003c/p\u003e\u003cp\u003eThe only way to celebrate this achievement was to do it with the people who helped make it happen — my team.\u003c/p\u003e\u003cp\u003e\u003cem\u003eAre you a Goldman Sachs or Wall Street insider? Get in touch with these reporters with your story. Reed Alexander can be reached via email at ralexander@businessinsider.com or via the encrypted messaging app Signal 561-247-5758 , and Emmalyse Brownstein can be reached at ebrownstein@businessinsider.com or or via the encrypted messaging app Signal 305-857-5516.\u003c/em\u003e\u003c/p\u003e","synopsis":"There were celebrations across Goldman Sachs last week after it promoted 95 executives to partner. How 9 new promotes marked the occasion.","updatedTime":1731432875451,"insertedTime":1731427172000,"img_Path":"/thumb/msid-115226841,width-640,resizemode-4,imgsize-958608/how-9-newly-minted-goldman-sachs-partners-celebrated-their-big-day-from-shouting-across-the-trading-floor-to-popping-champagne-in-the-office.jpg","url":"finance/news/how-9-newly-minted-goldman-sachs-partners-celebrated-their-big-day-from-shouting-across-the-trading-floor-to-popping-champagne-in-the-office/articleshow/115226841.cms","slug":"finance/news/how-9-newly-minted-goldman-sachs-partners-celebrated-their-big-day-from-shouting-across-the-trading-floor-to-popping-champagne-in-the-office","category":"Finance","article_type":"international"},{"title":"Elon Musk is close to breaking his $340 billion wealth record as Tesla stock keeps rising","msid":115221550,"readingTime":1,"authorDetail":[{"author_name":"Theron Mohamed","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eElon Musk is close to setting a new wealth record following a Tesla stock surge since the election.\u003c/li\u003e\u003cli\u003eThe Tesla and SpaceX CEO has grown $105 billion richer this year, fueled by Tesla's 41% jump.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/elon-musk\"\u003eElon Musk\u003c/a\u003e is close to breaking his wealth record following Tesla's \u003ca target=\"_blank\" class=\"\" href=\"https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11\"\u003epostelection rally\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eThe \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/tesla-ceo-elon-musk\"\u003eworld's richest person\u003c/a\u003e gained almost $21 billion on Monday as Tesla stock jumped 9%, boosting his net worth to $335 billion, per the Bloomberg Billionaires Index.\u003c/p\u003e\u003cp\u003eTesla shares rose as much as 2.6% in premarket trading on Tuesday before reversing direction and dropping 4%. \u003c/p\u003e\u003cp\u003eTheir initial gain briefly lifted Musk's wealth on paper to about $342 billion, per Business Insider estimates, surpassing his record high of $340.4 billion in 2021.\u003c/p\u003e\u003cp\u003eThe Tesla and SpaceX CEO's \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/elon-musks-net-worth-soars-past-300b-trump-election-win-2024-11\"\u003enet worth has soared\u003c/a\u003e by an unmatched $105 billion this year, putting him more than $100 billion ahead of the runner-up on the rich list, Amazon founder Jeff Bezos, who is worth $228 billion.\u003c/p\u003e\u003cp\u003eTesla stock has surged since Donald Trump's victory in the US presidential election to close on Monday at $350, as investors wagered the electric-vehicle maker would benefit from Musk's close ties to the president-elect.\u003c/p\u003e\u003cp\u003eMark Malek, the chief investment officer at Siebert, recently \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/election-musk-cuban-trump-meme-stocks-gamestop-dogecoin-crypto-markets-2024-11\"\u003etold BI\u003c/a\u003e that \"some sort of premium has been placed on the stock as a result of Musk's very public involvement in Trump's campaign.\"\u003c/p\u003e\u003cp\u003eThe tech billionaire \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/elon-musk-pennsylvania-america-pac-donald-trump-harris-2024-11\"\u003echampioned Trump\u003c/a\u003e on X, and his super PAC spent an estimated $200 million to get the former president back into office, The Associated Press reported.\u003c/p\u003e\u003cp\u003eTrump has \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10\"\u003esuggested\u003c/a\u003e Musk could run a government efficiency commission aimed at cutting costs and bureaucracy in the federal government.\u003c/p\u003e\u003cp\u003eTesla stock was up 41% for the year at Monday's close, leaving it some way off its record close of $410 on November 4, 2021. The automaker's market capitalization has ballooned to more than $1.1 trillion, making it more valuable than Warren Buffett's $1 trillion conglomerate, Berkshire Hathaway.\u003c/p\u003e\u003cp\u003eMusk's roughly 13% stake in the company has jumped in value as a result. At $335 billion, his personal fortune isn't far off Netflix's $344 billion market value — and comfortably exceeds Salesforce's $327 billion.\u003c/p\u003e","synopsis":"Elon Musk has grown about $105 billion richer this year, boosting his net worth to a near-record $335 billion at Monday's market close.","updatedTime":1731419685151,"insertedTime":1731411756000,"img_Path":"/thumb/msid-115221550,width-640,resizemode-4,imgsize-361784/elon-musk-is-close-to-breaking-his-340-billion-wealth-record-as-tesla-stock-keeps-rising.jpg","url":"finance/news/elon-musk-is-close-to-breaking-his-340-billion-wealth-record-as-tesla-stock-keeps-rising/articleshow/115221550.cms","slug":"finance/news/elon-musk-is-close-to-breaking-his-340-billion-wealth-record-as-tesla-stock-keeps-rising","category":"Finance","article_type":"international"},{"title":"The winners of Wall Street bonus season this year: the underwriters","msid":115221542,"readingTime":2,"authorDetail":[{"author_name":"Emmalyse Brownstein","author_id":45}],"body":"\u003cul class=\"summary-list\"\u003e\u003cli\u003eWall Street bonus season is fast approaching.\u003c/li\u003e\u003cli\u003eFor the first time since 2021, payouts could be higher across the industry.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eBonuses are projected to be up across the financial services industry — asset management, alternatives, and investment banking — for the first time since 2021, according to a new report.\u003c/p\u003e\u003cp\u003eCompensation consulting firm Johnson Associates issued its annual bonus findings on Tuesday. It predicted that some financial services professionals could see year-end bonus increases of as much as 35% over last year.\u003c/p\u003e\u003cp\u003eThe report includes an analysis of 13 of the nation's largest investment and commercial banks and 17 of the largest traditional and alternative asset management firms. Johnson Associates' predictions come as firms \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10\"\u003efrom Goldman Sachs\u003c/a\u003e to Blackstone report \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10\"\u003esigns of a corporate dealmaking surge\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eThe financial professionals poised to rake in the most, meanwhile, are not the usual \"rainmakers\" of Wall Street, but rather a more behind-the-scenes group: the underwriters.\u003c/p\u003e\u003cp\u003eHere's a look inside three slides that illustrate key findings from the Johnson Associates report.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Johnson Associates' 2024 year-end incentives report.\" height=\"653\" width=\"870\" msid=\"115218073\" hostid=\"261\" sizebytes=\"59970\"\u003e\u003c/div\u003e\u003cp\u003eDebt underwriters stand to see the biggest bonus bumps this year — up to 35% over 2023, Johnson Associates founder Alan Johnson told BI.\u003c/p\u003e\u003cp\u003eEquity underwriters are a close second, with the report projecting increases of as much as 25%, followed by sell-side sales \u0026amp; trading professionals. Investment bankers focused on M\u0026amp;A — also known as advisory professionals — are likely to see only subtle bumps in bonus pay from last year, the report found.\u003c/p\u003e\u003cp\u003eOf course, M\u0026amp;A advisors are starting to see \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/wall-street-q3-investment-banking-boom-could-be-upended-2024-10\"\u003esigns of a dealmaking resurgence\u003c/a\u003e thanks in part to the Federal Reserve's campaign to lower interest rates, which could lead to bigger bonuses next year.\u003c/p\u003e\u003cp\u003e\"Unless things go sideways unexpectedly, M\u0026amp;A — the sexiest of the sexy businesses — will hopefully have a very good 2025,\" Johnson told BI.\u003c/p\u003e\u003cp\u003eJohnson sees bonuses for asset management professionals increasing anywhere from 7% to 12% and bumps of 5% to 15% for hedge fund employees.\u003c/p\u003e\u003cdiv type=\"image\" title=\"Johnson Associates' 2024 year-end incentives report.\" height=\"659\" width=\"878\" msid=\"115218071\" hostid=\"261\" sizebytes=\"33056\"\u003e\u003c/div\u003e\u003cp\u003eAsset management will be another winner. Although Johnson predicts overall gains of 7% to 12%, some firms have set aside bonus pools that are 20% larger than last year, as the chart above shows. (Each letter of this bar graph above represents a different firm.)\u003c/p\u003e\u003cp\u003eThis is also true for asset-management divisions within banks, he said.\u003c/p\u003e\u003cp\u003e\"There's been a sea change in financial services where the sexiest businesses used to be the high volatility trading and banking,\" said Johnson. \"But now it's the more fee-driven businesses of \u003ca target=\"_blank\" class=\"\" href=\"https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1\"\u003easset and wealth management\u003c/a\u003e, which is more predictable and it doesn't have as much of an impact on our capital use.\"\u003c/p\u003e\u003cdiv type=\"image\" title=\"Johnson Associates' 2024 year-end incentives report.\" height=\"659\" width=\"878\" msid=\"115218072\" hostid=\"261\" sizebytes=\"34580\"\u003e\u003c/div\u003e\u003cp\u003eOverall, the numbers are good compared to the last couple of years, and \"OK\" in the grander scheme of things, he said. They'll look more like pre-pandemic levels.\u003c/p\u003e\u003cp\u003e\"This is kind of a little bit of coming out of the trough, but it's certainly not as high as it's ever been.\"\u003c/p\u003e\u003cp\u003eSee the full report on the Johnson Associates \u003ca target=\"_blank\" class=\"\" href=\"https://johnsonassociates.com/#!/insights\"\u003ewebsite\u003c/a\u003e.\u003c/p\u003e","synopsis":"Johnson Associates is predicting Wall Street bonus increases of as much as 35% as dealmaking resumes. See who's in line for the biggest bumps.","updatedTime":1731419639912,"insertedTime":1731409202000,"img_Path":"/thumb/msid-115221542,width-640,resizemode-4,imgsize-258730/the-winners-of-wall-street-bonus-season-this-year-the-underwriters.jpg","url":"finance/news/the-winners-of-wall-street-bonus-season-this-year-the-underwriters/articleshow/115221542.cms","slug":"finance/news/the-winners-of-wall-street-bonus-season-this-year-the-underwriters","category":"Finance","article_type":"international"}],"trendingKeywordsData":[{"title":"Chhath Puja 2024 Wishes","url":"/thelife/article/happy-chhath-puja-2024-heartfelt-wishes-messages-and-status-updates-to-share-on-whatsapp-and-facebook/articleshow/114969343.cms"},{"title":"Bank holidays in India","url":"/personal-finance/bank-holidays"},{"title":"ChatGPT will let you create images for free","url":"/tech/news/chatgpt-will-let-you-create-images-for-free-like-microsofts-copilot-and-googles-gemini-but-there-is-a-catch/articleshow/112399861.cms"},{"title":"Should the government give freebies to the poor?","url":"/policy/economy/article/universal-basic-income-should-the-government-give-unconditional-money-or-freebies-to-the-poor/articleshow/112188407.cms"},{"title":"World’s most powerful passports","url":"/travel/news/worlds-most-powerful-passport-singapore-reigns-supreme-with-195-visa-free-destinations-heres-where-india-ranks/articleshow/111984495.cms"},{"title":"Jio vs Airtel vs Vi Prepaid Plans","url":"/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms"}],"buyingGuidesData":[{"title":"Best printers for Home","url":"/tech-buying-guides/best-wi-fi-routers-for-home-in-india-in-2020/articleshow/77277860.cms"},{"title":"Best Mixer Grinder","url":"/insider-reviews/best-mixer-grinders-for-home-in-india/articleshow/77776473.cms"},{"title":"Best wired Earphones","url":"/tech-buying-guides/best-wired-earphones-with-mic-for-smartphones/articleshow/77526460.cms"},{"title":"Best 43 Inch TV in India","url":"/tech-buying-guides/best-43-inch-tvs-for-home-in-india/articleshow/77714137.cms"},{"title":"Best Wi Fi Routers","url":"/tech-buying-guides/best-wi-fi-routers-for-home-in-india-in-2020/articleshow/77277860.cms"},{"title":"Best Home Theatre in India","url":"/tech-buying-guides/best-home-theatre-systems-in-india/articleshow/77787450.cms"},{"title":"Smart Watch under 5000","url":"/tech-buying-guides/best-smartwatch-under-5000-in-india/articleshow/83718118.cms"},{"title":"Best Laptops for Education","url":"/tech/news/best-intel-laptops-for-education/articleshow/94484646.cms"},{"title":"Best Laptop for Students","url":"/tech/news/best-laptop-for-school-students/articleshow/94484815.cms"}],"pageType":"Articlelist page","userCookies":{"deviceid":"","geo_country":"","geo_region":"","_grx":"","Usercookie":{},"UserDetail":{},"loginStatus":"NONLOGGEDIN"},"metaInfoSSR":{"articleURL":"/finance/news","currentTitle":"News Stories, News, Articles, Videos, Slideshows and Web Stories","currentDescription":"News stories, news, articles, videos, slideshows, images, and web stories. Business Insider India is providing latest and consolidated news related to the News category.","currentKeyword":"Finance news news","currentCategory":"Finance","lastupdatedat":"Thursday, 21 November, 2024 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