Millennium Management, one of the world’s largest hedge fund firms, was sued on Friday by rival Jane Street Group, which accused it of stealing a valuable in-house trading strategy after two traders defected. Jane Street said the traders Douglas Schadewald and Daniel Spottiswood had been “intimately” involved in developing the strategy before resigning separately to … Read more
It’s a tale of two Wall Streets. Hundreds of thousands of junior bankers are cutting back after their bonuses were a bust this year. But the very top of the 1% is living large thanks to the stock market surging and Bitcoin soaring — meaning their inflation-beaten bonuses didn’t affect their wealth. The stock market’s … Read more
The Downtown office market is in even worse shape than widely reported data indicate, according to several major dealmakers. One of them, an industry legend not given to doom-and-gloom scenarios, told us that huge amounts of space are quietly up for sublease even at the World Trade Center and Brookfield Place – Lower Manhattan’s best-performing … Read more
U.S. Special Envoy for Hostage Affairs Roger Carstens says he agrees with the Kremlin that silence is essential when it comes to public discussions about prisoner exchanges. “This might be the one time that I’ll agree with the Russians,” Carstens said during an interview on Rosemary Barton Live broadcast on Sunday. He explained that fact checking every … Read more
Yes, Larry Fink really stepped in it when he started messaging woke Environmental Social Governance as the savior of mankind. But this column has always sought to put his career into the context it deserves. Fink is one of the most knowledgeable financiers on the planet, and it’s worth paying attention to what he says … Read more
The average Wall Street bonus fell slightly last year to $176,500 as the industry added employees and took a “more cautious approach” to compensation, New York state’s comptroller reported Tuesday. The average bonus for employees in New York City’s securities industry was down 2% from $180,000 in 2022. The slight dip came even as Wall … Read more
John Barnett, a former Boeing employee who had reportedly raised concerns about the company’s production issues, was found dead of an apparent suicide, according to authorities in South Carolina. Barnett had worked at Boeing for 32 years before leaving the company in 2017, according to the BBC, which previously reported on his efforts to raise … Read more
It seems almost unfathomable that there was time — and not that long ago — that Citigroup was the model financial services firm. It might be yet again — but only if its CEO Jane Fraser can pull off the restructuring of the century. Full disclosure: I’m not a believer in the Citi comeback story, … Read more
Iâm not one for conspiracy theories. In fact, I shoot them down all the time when Iâm bombarded with claims that sinister forces on Wall Street are conspiring to screw small investors. Such ârip-offsâ are easily explained away with logic and a modest understanding of how markets work. One such theory making the rounds deserves … Read more
The head of Vice Media Group has informed employees that the company will stop publishing content on Vice.com and will be cutting “several hundred” positions. A memo from Vice CEO Bruce Dixon, which was sent to staff on Thursday, explains that restructuring changes are being made “to adapt and best align our strategies to be more competitive in the long … Read more
