Management Archives - Zxcoachoutlet

US Fines Citibank $400 Mn For Poor Risk Management Practices

October 7, 2020

US authorities fined Citibank $400 million over deficiencies in risk management practices and required an overhaul of internal controls at the global financial powerhouse, officials announced Wednesday.

The US Treasury’s Office of the Comptroller of the Currency issued the fine, in parallel with a related action from the Federal Reserve citing failings at the bank.

The Fed said the crackdown reflected the fact Citi had “not taken prompt and effective actions to correct practices previously identified by the Board in the area of compliance risk management, data quality management and internal controls.”

The Fed said the issues date back to 2013, but had not been adequately addressed.

Under the settlement with the OCC, Citi promised to appoint a compliance committee that will provide quarterly updates to the company’s board on actions to improve compliance. Other requirements include upgrades to data collection and a staffing assessment to ensure adequate resources for

Ares Management: Undervalued With Plenty Of Dry Powder (NYSE:ARES)

October 3, 2020

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It’s been nearly four months since I last checked on Ares Management (ARES), and since then, the shares haven’t really budged at all. Since June 8^th, the shares have returned about 2%, when dividends are factored in. While this performance may not be inspiring for some, I don’t believe it tells the full story.

As seen below, Ares Management is a relatively low-beta stock, which means that its stock price has swung relatively little compared to the rest of the market. For this reason, I believe Ares is a relatively good place for investors who are seeking a place to park cash, while remaining in equity market. In addition, I see upside potential from where the stock trades today; so let’s get started.

(Source: YCharts)

A Look Into Ares Management

Ares Management is a leading investment manager that has shown resiliency and an ability to thrive during recessions

Blockchain Management Styles At 3 Systemically Important Financial Institutions Show A Diversity Of Strategies

October 3, 2020

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Enterprise blockchain panel, Blockchain 50 2020 — Clockwise, from top left: Mariana Gomez de la Villa, distributed ledger technology program director, … [+] ING; Michael del Castillo, associate editor, Crypto & Blockchain, Forbes; Jennifer Peve, managing director, business innovation, DTCC; and Xue Wang, general manager, FinLab at China Construction Bank Fintech Corp.

Forbes

Three of the most prolific enterprise blockchain builders shared a virtual stage last week as they delved into the inner workings of how they use the technology popularized by bitcoin. Unlike your typical blockchain and cryptocurrency event, the trio—Mariana Gomez de la Villa of Dutch bank ING Group, Jennifer Peve of the Depository Trust & Clearing Corp. (DTCC) and Xue Wang from the second-largest bank in the world, China Construction Bank—spoke directly to senior-level executives at some of the largest companies in the world, sharing best practices on how to use the technology that some believe is a threat to their very survival.

The

Backus Hospital nurses give notice of possible 2-day strike as union and management differ over personal protective gear, pay and insurance

October 2, 2020

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The union representing nurses at Backus Hospital says contract negotiations are painfully slow and put parent company Hartford HealthCare on notice Friday that a brief strike is possible in 10 days.

a sign on the side of the street: Nurses at Backus Hospital in Norwich have warned of a possible two-day strike.

© Cloe Poisson/Hartford Courant/TNS
Nurses at Backus Hospital in Norwich have warned of a possible two-day strike.

The two sides have been in contract talks since June, according to an internal communication from the Backus Federation of Nurses, part of AFT Connecticut, which is bargaining on behalf of more than 400 nurses. Nurses at the Norwich hospital recently authorized a two-day strike and the notice is an attempt to ratchet up the pressure on hospital officials.

The union cited differences over personal protective equipment, pay and health insurance. It said the hospital insists it has the right to change insurance plans at any time without further negotiations and called it “clearly unacceptable.”

The nurses dispute statements by the

Coatue Management wrote checks into 14 unicorn startups so far in 2020

October 1, 2020

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Coatue Management is competing with some of the most powerful venture capital firms in Silicon Valley for a piece of the hottest startups, and is winning.
So far in 2020, the hedge fund wrote checks in 14 unicorn startups, or companies that are valued at more than $1 billion. They include Airtable, Rivian Automotive, Chime, and Impossible Foods.
In unicorn deals where it participated, Coatue led the round half of the time, according to a Business Insider review of PitchBook data. It indicates that startups see the value of working with the fund.
Coatue, run by Philippe Laffont and his brother Thomas Laffont, did not respond to a request for comment.
Visit Business Insider’s homepage for more stories.

A hedge fund is flying high over the startup world.

Coatue Management, a type of fund that raises outside capital to invest in a smorgasbord of asset types, has written checks into

Ford finance boss will return to tech sector in management overhaul

October 1, 2020

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Ford’s chief financial officer is leaving the company less than two years after joining from technology group Snap as the US carmaker announced a series of management changes on new boss Jim Farley’s first day in charge.

Tim Stone, who joined in April 2019, will move to AI software group ASAPP as its finance and operations chief, Ford announced.

He will be replaced by John Lawler, a 30-year veteran of Ford, who most recently ran the group’s autonomous vehicle unit.

Mr Farley, who replaced Jim Hackett as Ford chief executive on Thursday, also unveiled a clutch of changes and set out plans for the company he has been tasked with turning round.

Shares dropped 40 per cent under the tenure of Mr Hackett, the former office furniture executive who was a surprise appointment as Ford’s boss three years ago.

While Mr Hackett struck a deal with VW to share some

AXIS Insurance Expands Management Liability Team With Four Senior Underwriting Hires

October 1, 2020

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AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), today announced the hiring of four experienced underwriters to its U.S. Management Liability team. Christina Segreti, Drew Kushnick, Matthew Holzinger and Sherry Alexakis have joined AXIS as Senior Underwriters to help support the Company’s profitable growth in the Management Liability market.

“The growth and evolution of our Management Liability team is in response to increased demand in the market and our desire to continually enhance our underwriting capabilities to reflect the changing needs of our brokers and clients,” said Mark Paccione, Head of Commercial Management Solutions at AXIS Insurance. “Christina, Drew, Matthew and Sherry are all experienced Management Liability underwriters who will help us develop propositions that address the challenges and threats faced by businesses and their executives. I am excited to work with them and for our team to benefit from

J.P. Morgan Asset Management Partners with SAP to Enhance Morgan Money Liquidity Platform

September 30, 2020

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| money

NEW YORK, Sept. 30, 2020 /PRNewswire/ — J.P. Morgan Asset Management today announced a new partnership with SAP (NYSE:SAP) Software Solution Partner Program. Leveraging SAP’s Cloud Platform, the firm’s liquidity management platform, Morgan Money, is now available to SAP customers through SAP Treasury Management, a solution within the SAP Intelligent Enterprise offering customers real-time cash visibility and allowing them to improve liquidity and lower risk.

“This is a significant partnership that harnesses the scale and expertise of two industry leaders in J.P. Morgan Asset Management and SAP to expand the reach and performance of our Morgan Money liquidity management platform,” said Paul Przybylski, Head of Product Strategy for Global Liquidity, J.P. Morgan Asset Management. “The agreement will enable SAP’s substantial Treasury Management customer base to directly access Morgan Money, delivering a real-time dashboard to invest, a single access point for operations, and enhanced risk management controls.”

Credit Suisse Cutting Jobs in Middle East in Wealth Management Overhaul

September 30, 2020

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(Bloomberg) — Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.

a living room: Credit Suisse Group AG Ahead Of First Virus-Era Results

© Bloomberg
Credit Suisse Group AG Ahead Of First Virus-Era Results

The job cuts — focused on Dubai — follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.

Load Error

“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.

Money Management Lessons in the Time of COVID

September 30, 2020

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Personal finances are front and center in a withering 2020, but there are a few gaps to fill when it comes to accelerating the growth of household finances.

Steve Siebold, a certified financial educator and author of the book “How Money Works” offers some solid money appreciation tips, especially for people who may be out of work or otherwise struggling financially.

1. The Time Value of Money—The impact of compound interest (Interest on interest or reinvesting the interest) over the course of 30, 40, or 50 years is staggering. Once you understand the power of compounding over time and how critical each percentage point of interest is, you’ll want to start investing immediately.

2. The Concept of Wealth Equivalency—To retire with a $100,000 per year income, you’d need to save $2 million dollars and earn 5% interest. Less than 1% of Americans have succeeded at this. An

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