What you need to know on Wall Street today
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
JPMorgan restarting regional banking effort
JPMorgan is reinvigorating a dealmaking business where it got an early start but whose growth has slowed in recent years as competitors like Goldman Sachs and Bank of America chase their market share.
The bank in May named John Richert to run its regional investment banking group, a collection of 60 bankers who help deliver complex underwriting or merger advice typically reserved for larger corporations to smaller clients such as New Albany, Ohio-based vegetable producer Bob Evans Farms. The team is based in regional hubs across the US, including Atlanta, Dallas, Seattle, and Chicago.
Citi staff replaced by robots?
Robots could replace as many as 10,000 human jobs at the banking giant Citi within five years, its president told the Financial Times.
"We've got 20,000 operational roles. Over the next five years could you make it 10,000?" Jamie Forese, the president of Citi and chief executive of the bank's institutional clients group, told the Financial Times in an interview.
Forese said the most likely areas for automation were in technology and operations, which accounts for almost 40% of the headcount at Citi's investment-banking arm. Forese described these roles as the "most fertile for machine processing."
SEC commissioner attacks buybacks
Corporate share repurchases are off to a torrid start to 2018, and are on pace to shatter records for both announced and executed buybacks.
In a speech on Monday, Robert J. Jackson, Jr., a commissioner at the Securities and Exchange Commission (SEC), blasted what he thinks is opportunistic behavior by corporate insiders who stand to benefit from the buybacks.
In markets news
- Wall Street is firing a warning shot on red-hot tech stocks, and many investors don't see it coming
- Trading in Snap is quietly undergoing a major shift that could send the stock soaring