Wednesday's Headlines: Citi May Shift Prop Desk Into Hedge Fund For Outside Investors
Citigroup May Move Prop Traders to Hedge Funds for Volcker Rule [Bloomberg BusinessWeek]
Citigroup's Principal Strategies team of proprietary traders might be reassigned to the firm's hedge fund unit and given a new fund to manage that would seek assets from outside investors. That's one of at least three possible means Citi is considering to comply with the Dodd-Frank Act's looming prohibition on prop trading by banks.
New Wells Fargo Unit Geared Toward Multinationals [AP, via Yahoo]
Wells Fargo launched a new U.S.-based division to provide cross-border financing, working capital and other services for both U.S. and foreign-based companies. Wells Fargo Global Banking is part of Wells Fargo's International Group and is headed by company veteran Sanjiv Sanghvi.
Key Steps for CFOs Starting at a New Company [CFOZone, via Going Concern]
A Deloitte survey of more than 20 successful large-company CFOs recommends these steps: Get to know the business; create a 180-day agenda; make an impact within 18 months by focusing on where you can get "quick wins"; think strategically; and be mindful of the culture. All the critical issues fall into three buckets: time, talent and relationships.
B-Schools All A-Twitter Over Social Media [Bloomberg BusinessWeek]
Harvard and Columbia are among at least six business schools that have added social media to their MBA curricula during the past year.
Hard Work and Focus Will Pay Off for MBA Graduates [AnEx Advantage, via PRN]
A new survey of 109 financial institutions finds 74 percent anticipate hiring in the finance sector will improve within the next 12 months. This bodes well for future MBA graduates and for the financial field in general, says AnEx Advantage, a firm that trains financial professionals.
Crowd Computing [The Deal]
An unflattering view of Henry Blodget's BusinessInsider blog sites and the business philosophy that underlies them.
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