Citi’s next CEO — Wall Street’s return to office — Banking bootcamp


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It may have been a short workweek, but there was no shortage of big Wall Street news.

Citi announced that CEO Michael Corbat will be retiring next year and Jane Fraser, currently the firm’s president and head of consumer banking, will be taking the helm. Fraser’s elevation to CEO marks the first time a woman will lead a major US bank — a watershed moment for women in finance.

Fraser had widely been seen as a potential CEO successor after she was promoted to president last fall. But as Reed Alexander wrote, the timing of this week’s announcement caught some analysts off guard. “Timing wise, this is a surprise to us,” Credit Suisse analysts wrote. “The timing of the announcement “seems unusual and unexpected,” Wells Fargo analysts likewise said in a note, adding that Fraser’s leadership could mean a reset for the firm as a whole.

You can read the full story here:

Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup’s new CEO

There was also plenty to follow in terms of Wall Street’s return-to-office plans. With the afterglow of Labor Day in the rearview mirror, and six months of remote work having reshaped much of how Wall Street does business, industry executives are laying the groundwork for plans and timelines to get back to work the old fashioned way. Reed rounded up the latest on what banks are telling workers. 

You can read the full story here: 

Wall Street is starting to get back to work. Here are the latest return-to-office plans for 5 firms, including Goldman Sachs and Bank of America.

Keep reading for a look inside an MBA investment-banking immersion course; the latest hire by a cloud provider from the banking world; and a roundup of how much Fidelity is paying people in tech-focused roles. 

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  JPMorgan has added fresh faces to its top leadership committee. Here's everything that's been going on inside the biggest US bank.

Inside Cornell’s investment-banking immersion course for first-year MBA students

Bradley Saacks took a look inside an investment-banking bootcamp at Cornell’s SC Johnson’s College of Business. The immersion course, taught by former Citi banker Drew Pascarella, the school’s current associate dean of MBA programs, is held in the spring semester for first-years before they head off for summer gigs.  Pascarella acts as the students’ would-be boss, and offers critiques the same way he would if his associates were presenting to him when he was still working on Wall Street.  

Here’s how the program trains MBA students to think like investment bankers before even setting foot on Wall Street.

One of the top alt-data buyers at $26 billion Coatue is out

Coatue — the long-running hedge fund of billionaire Philippe Laffont that manages $25.8 billion in assets — has lost one of its top people in charge of buying the data many consider to be the lifeblood of equity-focused hedge funds.

Coatue’s data-science team is well-regarded in the …read more

Source:: Business Insider – Finance

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