A situation involving a former Societe Generale trader, Kavish Kataria, has come to light recently. Kataria was dismissed from the bank’s Delta One desk last year for making unauthorized risky bets. However, Kataria believes that he was unjustly fired and has accused the French bank of making him a “scapegoat.” He claimed that the profits
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The costs associated with managing a family office have skyrocketed in recent years, with the average annual operating expenses exceeding $3 million. This increase is largely driven by the growing competition for talent within the industry, which has led to higher staffing expenses. As the number of family offices continues to rise, they are increasingly
During the first quarter, online furniture retailer Wayfair experienced a decline in sales, with revenue falling to $2.73 billion, down more than 1% from the previous year’s figure of $2.77 billion. However, despite the decrease in sales, the company managed to beat Wall Street’s expectations on both the top and bottom lines. Analysts had anticipated
Carvana, the online auto retailer, experienced a significant surge of more than 30% in its shares during after-hours trading following its first-quarter results. The company reported earnings per share of 23 cents, surpassing the expected loss of 74 cents. Additionally, Carvana’s revenue of $3.06 billion exceeded the estimated $2.67 billion. The first quarter saw Carvana
CVS Health recently reported its first-quarter revenue and adjusted earnings, both of which failed to meet analysts’ expectations. The company also lowered its full-year profit outlook, attributing the downward revision to higher medical costs that are impacting the U.S. insurance industry. As a consequence, CVS’s stock plummeted by almost 18%, marking its worst day since
On Wednesday, the U.S. stocks showed a mixed trend as Wall Street eagerly awaited the Federal Reserve’s next policy decision in the afternoon. Fed chief Jerome Powell was scheduled to deliver remarks during a press conference at 2:30 pm ET. Despite the expectations for the central bank to keep interest rates steady, traders were looking
The Art Institutes, once a giant chain of for-profit schools, have recently come under scrutiny for making “pervasive and substantial” misrepresentations to prospective students regarding post-graduation employment rates, salaries, and career services. This has resulted in the Biden administration forgiving over $6.1 billion in student debt for 317,000 former students who enrolled between Jan. 1,
New York Community Bank recently announced a significant quarterly loss of $335 million, a sharp contrast to the $2.0 billion in net income reported the previous year. The loss, amounting to 45 cents per share, stemmed from a surge in soured commercial loans and escalating expenses. However, despite the disappointing financial results, the bank’s stock
After beating both top and bottom-line expectations, Amazon’s shares rose by nearly 2% in extended trading. The company posted earnings of 98 cents per share on $143.31 billion in revenue, surpassing the forecasted earnings of 83 cents per share on $142.5 billion. However, Amazon’s second-quarter revenue forecast fell short of estimates, signaling a potential slowdown
As Amazon prepares to release its first-quarter earnings report after the bell on Tuesday, analysts are watching closely to see if the tech giant will meet their expectations. Analysts are predicting earnings per share of 83 cents and revenue of $142.5 billion. Additionally, they are looking at specific numbers within the report, such as Amazon