Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Citigroup is revamping pay for its private bankers in an attempt to boost sales of investment products and overhaul how the group’s struggling wealth division interacts with its wealthy clients.The change, which was first detailed to Citi’s private bankers in a call last week and laid out to them in a memo on Thursday, will tilt the way the group doles out year-end bonuses. More of the rewards will go to bankers who move their clients’ assets into investment accounts, and less…

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. Two-year Treasury yields (known by law in the financial press as “rate-sensitive two-year yields”) are almost back to where they were before Wednesday’s benign inflation data. One good consumer price index report is not enough to cure the inflation scaries, it seems. Email me if you think the market is too timid: robert.armstrong@ft.com.Friday interview: Steven KellySteven Kelly is the associate director of research at…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Carlyle Group has reported its best quarterly results since Harvey Schwartz was recruited in early 2023 to revive the private equity group after years of underperformance and internal turmoil.The US buyout group earned record fee-based profits in the third quarter and posted a sharp increase in operating margins, signalling that Carlyle is starting to recover as Schwartz approaches his third year as chief executive.Carlyle’s better than expected results were bolstered by resurgent activity in financial markets, which allowed the group to list…

Stay informed with free updatesSimply sign up to the UK house prices myFT Digest — delivered directly to your inbox.The average UK house price edged up to hit a record high in October, according to the lender Halifax, even as growth slowed ahead of last week’s Budget.A typical property now costs £293,999, surpassing a previous peak set in June 2022 of £293,507, when prices were boosted by the pandemic-era “race for space” and record low interest rates.House prices increased by 0.2 per cent month on month, a slower pace than in the previous months, but a fourth consecutive monthly increase,…

Stay informed with free updatesSimply sign up to the US banks myFT Digest — delivered directly to your inbox.The number of US borrowers in danger of defaulting a second time on commercial property loans is at the highest level in a decade, raising concerns that a bank practice known as “extend and pretend” is hiding growing systemic risk.“They are kicking the can down the road,” said Ivan Cilik, a principal with accounting firm Baker Tilly’s financial services group. “I think lenders are trying to work out the problems with these loans, but if rates don’t come down borrowers are not…

One scoop to start: Private equity groups Silver Lake and Shore Capital Partners have struck a deal to create one of the biggest US veterinary care groups valued at $8.6bn, with ambitions to further consolidate a sector historically dominated by independently-owned businesses, said people briefed on the matter.And a great listen: Private equity firms have recently been doing something that seems like the opposite of their cut-throat image: giving equity to the ordinary workers at the companies they own. DD’s Antoine Gara explains how these payouts make business sense for the private equity firms on this week’s Behind the Money…

Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldWall Street investors have voted with their wallets — and the outcome, as in the election itself, is resounding. No wonder: the return of Republican Donald Trump to the White House, plus a compliant Senate, should be an enormous giveaway for financial firms. They thrive on unstifled market forces, volatility and low taxes. This bonanza could leave them richer now, and weaker later.Shares in JPMorgan, Goldman Sachs and their peers jumped double digits in early trading, something that hasn’t happened…

Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldHealthcare spending may not have taken centre stage as an issue during this year’s presidential campaign. But for US health insurers, Donald Trump’s victory means a sharp switch in the sector in terms of likely winners and losers.The US government is the single biggest payer of healthcare services in the country. Spending on Medicare, which provides health insurance for the elderly, and Medicaid, a federal-state programme for low-income and disabled people, combined to top $1.8tn — or about 40 per…

Stay informed with free updatesSimply sign up to the Equities myFT Digest — delivered directly to your inbox.US banking stocks climbed sharply on Wednesday as Donald Trump closed in on the presidency with traders betting on sweeping tax cuts and deregulation. Frankfurt-listed shares in Goldman Sachs, JPMorgan and Morgan Stanley were up between 8 and 9 per cent in early trading in Europe. American Express climbed 7 per cent. Shares in banks, technology companies and defence groups are expected to benefit if the Republicans take control of the White House and the two houses of Congress in a so-called “red sweep”…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Italian lender UniCredit raised its full-year guidance after reporting a rise in third-quarter profits while earnings slipped at German rival Commerzbank, as earnings diverged for the two lenders at the centre of Europe’s biggest potential tie-up in more than a decade.UniCredit said on Wednesday that its net profit for the three months to the end of September was up 8 per cent year on year to €2.51bn, well above the €2.27bn forecast, and it now expects its full-year profit to surpass €9bn,…