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Citi's big bet on new executives turning the bank around

Feb 27, 2024 - businessinsider.com
The article discusses major executive reshuffling at two of the largest US banks, JPMorgan and Citi. Viswas Raghavan, JPMorgan's top dealmaker, has joined Citi as its head of banking and executive vice chair, reporting directly to CEO Jane Fraser. This move is significant as Raghavan was recently promoted to be the sole head of JPMorgan's deals business. His departure led to JPMorgan promoting Filippo Gori and Doug Petno to run a group that includes the commercial, corporate, and investment bank.

In other news, Warren Buffett's annual letter revealed that Berkshire Hathaway's return under his leadership is 4,400,000% and the company is now worth almost $1 trillion. Google's AI image generator, Gemini, which was paused due to historically inaccurate results, is expected to be back in a few weeks. Meanwhile, Microsoft's ex-VP of HR suggests that staying at a job for at least three years is no longer the norm, and long tenures could be seen as red flags by recruiters.

Key takeaways:

  • Viswas Raghavan, JPMorgan's top dealmaker, has joined Citi as its head of banking and executive vice chair, reporting directly to CEO Jane Fraser. This move is part of a larger reshuffling in the finance industry.
  • Warren Buffett's annual letter revealed that Berkshire Hathaway's return under his leadership is 4,400,000% and the company is now worth almost $1 trillion.
  • Google's AI image generator, Gemini, was paused due to producing historically inaccurate results but is expected to be back in "a couple of weeks."
  • Microsoft's ex-VP of HR suggests that the ideal length of time to stay at a job has changed, with some recruiters now seeing long tenures as red flags.
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