• $3 billion Maplelane Capital - which was slammed by the GameStop frenzy in January - lost money in May

    11 days ago - By Business Insider

    Summary List Placement One of Reddit traders' hedge-fund targets - $3 billion Maplelane Capital - took a step back in May as it tries to dig out of its GameStop-caused hole.
    The fund, run by former Galleon Group portfolio manager Leon Shaulov, lost 2.7% last month and is down roughly 39% for the year, sources tell Insider. The manager lost 45% in January thanks to a short position against GameStop, which had its stock inflated by legions of Reddit-connected retail traders who were targeting to short squeeze another hedge fund, Melvin Capital.
    Maplelane, similar to Melvin, had begun to claw...
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  • Bank of America nabs high-yield bond salesman and leveraged finance veteran from UBS

    Bank of America nabs high-yield bond salesman and leveraged finance veteran from UBS

    11 days ago - By Business Insider

    Summary List Placement Bank of America has poached senior high-yield bond salesman Matt Quarello from UBS.
    Quarello, who specializes in leveraged finance sales and structured credit trading, will join BofA after nearly 14 years with the Swiss investment bank, two sources familiar with the move told Insider.
    He will join the US bank's cross-credit sales desk as a director, and will start the new gig in August, a person familiar with the matter said.
    A spokesperson for UBS was not immediately available to comment on Quarello's departure.
    The move is the latest in a flurry of activity across...
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  • Citi Custom Cash Card review: Earn a $200 bonus and get 5% back in your top monthly spending category

    Citi Custom Cash Card review: Earn a $200 bonus and get 5% back in your top monthly spending category

    11 days ago - By Business Insider

    Citi Custom Cash℠ CardSummary List Placement
    Review: Is the Citi Custom Cash card the best credit card for you?
    There are lots of excellent cash-back credit cards on the market, and they all earn rewards in slightly different ways. Some cards earn a flat rate of cash back on all purchases or extra rewards in fixed categories, and others have rotating bonus categories that change every quarter.
    The new Citi Custom Cash℠ Card takes a different approach. Cardholders earn 5% cash back on up to $500 in purchases in the eligible category they spend the most in each billing cycle , and 1% on all...
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  • Credit Suisse has lost at least 44 execs, bankers, and traders in recent months. Here's a running list of who left and where they're going

    Credit Suisse has lost at least 44 execs, bankers, and traders in recent months. Here's a running list of who left and where they're going

    11 days ago - By Business Insider

    Summary List Placement Nearly 50 senior employees have parted ways with Credit Suisse during recent months, according to hiring announcements by other banks, a review of reported exits, and people familiar with the moves.
    The Swiss bank has been embroiled in a string of problems over the last two years, starting with a 2019 spying scandal involving its then-chief operating officer keeping tabs on rival UBS, which was followed by the resignation of its CEO four months later. Credit Suisse has also taken hits when accounting scandals rocked then-clients Luckin Coffee and Wirecard, and when...
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