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Citigroup nearly shifted $6 billion to wealth account, Bloomberg reports

(Reuters) – Citigroup nearly transferred about $6 billion to a customer’s account in its wealth-management business by accident, Bloomberg News reported on Monday, citing people familiar with the matter. The near-error occurred after a staffer handling the transfer copied and pasted the account number into a field for the dollar figure, which was detected on the next business day, the report added. Citigroup did not immediately respond to a Reuters request for comment. The wealth … Read more…

Carlyle to ramp up pace of IPOs as it eyes up to $5 billion of exits in 2025

By Anirban Sen and Milana Vinn NEW YORK (Reuters) -Carlyle Group expects to take more of its portfolio companies public this year and will not shy away from large leveraged buyouts, betting on a rebound in U.S. dealmaking this year, its heads of private equity told Reuters. The Washington-based firm is expecting to sell $4 billion to $5 billion in assets this year either through IPOs or the sale of existing investments, roughly in line … Read more…

Food delivery company Grubhub to cut 500 jobs

(Reuters) – Grubhub CEO Howard Migdal said on Friday that the food delivery firm has decided to cut about 500 jobs, as it focuses on aligning its business with Wonder after the takeover was completed last month. Grubhub was bought last year by a food delivery startup Wonder, led by Walmart’s former executive Marc Lore. As of 2024, Grubhub had more than 2,200 full-time employees. The layoffs represent more than 20% of the company’s workforce. … Read more…

Pentagon orders civilian staff to justify work in Musk-led review

By Idrees Ali and Phil Stewart WASHINGTON (Reuters) – The Pentagon told its civilian employees that they must provide a list of five bullet points detailing their accomplishments from the previous week, after initially saying they did not need to respond to the demand by cost-cutting czar Elon Musk. The memo, signed by U.S. Defense Secretary Pete Hegseth and dated February 27, follows days of confusion over whether federal workers needed to reply to the … Read more…

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Amazon’s Wondery podcast unit trims jobs

By Greg Bensinger (Reuters) – Amazon.com cut “a small number” of jobs at its Wondery podcast unit, known for “Dr. Death” and “Business Wars,” the company said in a statement to Reuters on Friday. Amazon purchased Wondery in 2020 for a reported $300 million and last year signed a three-year $100 million deal for rights to “New Heights with Jason and Travis Kelce,” a podcast featuring the brothers of National Football League fame. “We regularly … Read more…

Investors unnerved by heated Trump-Zelensky Oval Office showdown

(Reuters) – Investors were stunned on Friday after Ukrainian President Volodymyr Zelenskiy’s meeting with U.S. President Donald Trump ended in disaster, adding uncertainty to financial markets already jittery due to weakening economic data and volatility around U.S. trade policies. The two leaders traded verbal blows before the world’s media at the White House, pushing markets to react with a risk-off bid for safe-haven Treasuries as the public spat added uncertainty over the prospect of a … Read more…

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The Rebellious Economy – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) Nearly all sectors and all stocks finished Friday lower wiping out the week’s gain and setting the stage for the upcoming week. The Dow Jones Industrial Average dropped 438 points or 1.7% while the S&P 500 was off 1.7%. The heavy technology Nasdaq Composite was the big loser, falling 2.8% as the Magnoficient 7, chips and artificial intelligence stocks led the cascade downward–the biggest drop this year. Contributing to … Read more…

Silicon Valley Bank’s former parent can pursue $1.93 billion FDIC lawsuit

By Jonathan Stempel (Reuters) – Silicon Valley Bank’s former parent may pursue a lawsuit to recover $1.93 billion of deposits that the Federal Deposit Insurance Corp seized following the bank’s March 2023 collapse, a federal judge ruled. In a decision on Thursday, U.S. District Judge Beth Labson Freeman in San Jose, California said the former parent, now known as SVB Financial Trust, adequately alleged that the FDIC in its corporate capacity maintained control over the … Read more…

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Meta plans to release standalone Meta AI app, CNBC reports

(Reuters) – Meta Platforms plans to debut a standalone Meta AI app to join Facebook and Instagram during the second quarter, CNBC reported on Thursday, citing people familiar with the matter. The move marks a major step in Meta CEO Mark Zuckerberg’s plans to make Meta the leader in AI by the end of the year, ahead of competitors like OpenAI and Alphabet, CNCB reported. Meta did not immediately respond to a Reuters request for … Read more…

FCC chair opens probe into diversity practices at Verizon

WASHINGTON (Reuters) – Federal Communications Commission chair Brendan Carr on Thursday opened a probe into diversity practices at Verizon and raised the telecommunications company’s ongoing effort to purchase Frontier Communications. Carr earlier this month told NBC News-parent Comcast he was opening a similar probe into the company’s promotion of diversity, equity and inclusion programs. Verizon is awaiting FCC approval for its $9.6 billion purchase of Frontier. “In order to aid the FCC’s resolution of these … Read more…