Youtube Michael Fish presenting the weather report before the 1987 hurricane The Bank of England’s chief economist likened economists’ failure to predict the economic carnage of the 2008 financial crisis to Michael Fish’s weather forecast on the eve of the Great Storm of 1987. Andy Haldane said there was “a massive oversight” in economists’ models before […]

Screenshot via YouTube Carrier employees react to news in February that their plant is being relocated to Mexico. Carrier employees are rejoicing Donald Trump’s announcement on Thursday that their company will be keeping more than 1,000 jobs in Indiana. It’s a reversal from Carrier’s statement nearly a year ago that the Indianapolis-based air-conditioning company would relocate its plant […]

REUTERS/Shannon Stapleton Mohamed El-Erian. Deutsche Bank’s current troubles will not turn into a “Lehman moment,” a ccording to Allianz’s chief economic adviser, Mohamed El-Erian. El-Erian on Thursday told Bloomberg TV that the German lender’s current turmoil will not lead to “a sudden stop to the global economy,” like the one that followed Lehman Brothers’ 2008 failure. For one thing, he […]

PAUL J. RICHARDS/AFP Finance’s Uber moment? The CEO of London stockbroker finnCap believes big banks are at risk of Uber-style disruption from startups more in-tune with the outlook of millennials unless they take drastic action to adjust their internal cultures. Sam Smith told BI: “If they don’t change it, and I don’t believe they will, you’ll […]

REUTERS/Lucas Jackson/Files The Mumbai-based National Exchange of India (NSE) could be taking a page out of the “Flash Boys” rule book.  With 40% of all stock trading volume on the exchange now coming from high frequency and algorithmic transactions, up from low single digits five years ago, rumors abound of collusion and high frequency traders gaining […]

Youtube Promotions don’t come easily, and Joan Solotar learned this the hard way. Solotar, senior managing director at Blackstone Group, recently shared some career advice for fresh grads at the University of Albany, her alma mater.  She talked about her background, her insecurities about breaking into investment banking with a degree from a state university, and how she worked her way up at the private […]

Wall Street isn’t worried about getting disrupted. The former Barclays CEO Antony Jenkins last year predicted that banks would soon have an “Uber moment” — meaning they’d face pressure from financial technology, or fintech, competitors and see their industry upended. Last week, Citi GPS reiterated that sentiment, predicting that the “automation tipping point” for banks was fast approaching, and […]