Bank execs on the move

In today’s big story, we’re looking at the reshuffling of top executives at two of the biggest US banks.

• Markets: All the best bits from Warren Buffett’s letter to Berkshire Hathaway shareholders.
• Tech: A Google exec addresses the Gemini debacle.
• Business: Microsoft’s ex-VP of HR explains how long you should stay at a job.

The finance industry commonly sees a bit of turnover after bonuses clear. But this year, the industry saw an earthquake instead of just a shake-up.

Viswas Raghavan, JPMorgan’s top dealmaker, has joined Citi as its head of banking and executive vice chair, reporting directly to CEO Jane Fraser. The move is a big deal, but even more shocking since Raghavan was just promoted to be the sole head of JPMorgan’s deals business.

His departure forced JPMorgan to do some reshuffling of its own, tapping Filippo Gori and Doug Petno to run a group that includes the commercial, corporate, and investment bank.

Business Insider’s Reed Alexander has a rundown of it all, including background on Raghavan, Gori, and Petno.

JPMorgan is one of the top investment banks on the Street — even considered the top dealmaker at one point last year — whereas Citi is much further down the totem pole.

That’s why Fraser brought Raghavan into the fold amid her massive overhaul of the struggling bank. It’s similar to when Fraser poached Merrill Lynch vet Andy Sieg to lead Citi’s global wealth management.

But it’s one thing to lead when you’re on top. It’s another to claw your way to the top.

🔔 Before the opening bell: US stock futures rise early Tuesday as investors await economic data on durable goods, housing, and consumer confidence

2. Rates cuts?! We don’t need any stinkin’ rate cuts. Since high interest rates aren’t stopping stocks from reaching record highs, cuts might not come at all this year, according to analyst Jim Bianco. Market vet Ed Yardeni said interest rates are actually in a sweet spot for stocks, similar to the late ‘90s.

3. Bitcoin is kind of boring these days. The volatile price swings that made the cryptocurrency attractive for some are in the rearview, according to DataTrek Research. The entrance of traditional Wall Street players has led to a much calmer asset, and that could push people back into stocks.

2. For one Rivian employee, being laid off was a relief. Having started at Rivian in 2019, this employee survived three rounds of layoffs — but was ultimately let go last Thursday. They told BI they’re ready to move on from the frustration of seemingly constant layoffs.

3. Android users may finally be the cool texters. Long shunned for their green text bubbles, people with Androids could gain some cred thanks to new AI features. Google announced its Message app will have access to Gemini, and users can turn their photos into custom emojis.

2. Job hunting? You probably still need a college degree. Many employers say they’re moving towards “skills-based hiring,” focusing on what a candidate can do, not what they’ve studied. Still, many companies are looking at candidates’ education — even if they claim not to be.

3. How long should you spend at a job? It used to be that employees should stay at a job for at least three years, if not five. Now, some recruiters see long tenures as red flags. Microsoft’s ex-VP of HR explains where to find the happy medium.

• Jon Stewart says he has a solution to the Gaza conflict.
• Commercial real estate services firm restructures debt after default as industry’s problems widen.
• Meta aims to reveal and demo Orion, its first true AR glasses, during its fall developer conference.
• A former Democratic senator may face legal trouble after she claimed a GOP congressman impregnated a 20-year-old staffer.
• The FAA investigated Boeing’s safety culture — and what they found wasn’t good.
• Jeff Bezos, Jamie Dimon, and Mark Zuckerberg have sold stock worth about $9 billion. They might think markets can’t go much higher.
• I’m an employment lawyer. Here are the first 3 questions to ask HR if you’re laid off or fired.
• Leaked memo: Broadcom leaders address KKR’s plans to acquire VMware’s End-User Computing unit for $4 billion.

• Today’s earnings: eBay, Lowe’s, and other companies are reporting.

Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, editor, in London.

Get in touch. Email us at insidertoday@insider.com.

Get more Business Insider

Subscribe for unlimited articles.

Never miss a story when you download our app.