Wells Fargo & Co. is buying the former Neiman Marcus space at Manhattan’s Hudson Yards for roughly $550 million and plans to convert it into offices, according to people with knowledge of the deal. The transaction includes about 400,000 square feet (37,000 square meters) spanning floors five through seven at...
Americans outside the wealthiest 20% of the country have run out of extra savings and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances. For the bottom 80% of households by income, bank deposits and other...
BlackRock Inc. said insurance executives overseeing $29 trillion plan to pour more money into private debt and credit strategies while cutting back on private equity and real estate. Of 378 senior insurance executives surveyed by BlackRock, 89% said they plan to invest more in private markets during the next...
UBS Group on Wednesday will seek to convince France’s top court to overturn a reputation-damaging conviction and €1.8 billion ($1.9 billion) penalty for helping wealthy French clients stash away undeclared funds in Swiss accounts. The hearing comes nearly two years after the Paris court of appeals more than halved UBS’s...
Considering remote working from overseas? Join the growing segment of untethered persons: In the US alone, 17.3 million Americans, 11% of the workforce, now identify as digital nomads—traditional jobholders and independent workers — an increase of 2% from 2022, according to the August 2023 report from U.S. workforce management company MBO Partners. Another...
Morgan Stanley’s Guy Metcalfe, who helped build out the bank’s real estate banking business, will retire after 33 years at the firm. Metcalfe, 56, had been chairman of the unit and was involved in transactions totaling more than $850 billion, according to an internal memo disclosing his departure. His presence...
Two years after selling $11.4 million worth of wine from his cellar, the Taiwanese billionaire Pierre Chen is set to sell an even bigger tranche starting this fall. Some 25,000 bottles, worth an estimated $50 million, will go to auction at Sotheby’s in five dedicated auctions over the next 12 months....
JPMorgan Chase & Co. reached settlements with former executive Jes Staley and the U.S. Virgin Islands over ties to Jeffrey Epstein, as it seeks to end its legal woes over its banking relationship to the deceased pedophile. The biggest U.S. bank tentatively agreed to pay $75 million to the U.S....
The greenback is once more proving it’s the only haven that matters. Treasuries are cratering — and sending other bond markets down — as a looming shutdown underscores the potential that US fiscal profligacy will spur issuance. With the Federal Reserve determined to keep interest rates higher for longer, investors...
Private equity firms have been increasingly adding another layer of debt to their complex borrowing arrangements, raising concern among some investors about potential risks to the wider industry and the financial system. Hit by a drought of deals and dwindling cash, some buyout firms are starting to resort to backroom financing to...