Citi’s new CEO — Drug testing on Wall Street — Coatue’s alt-data head departs

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jane fraser

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Hello.

It’s been 19 years since 9/11, but the pain is still very real for many of us. Nearly two decades later, the anniversary still holds significant weight, particularly for Wall Street, as so many financial firms had offices in the World Trade Center. 

Since the attacks, there have been plenty of fantastic pieces written uncovering countless acts of heroism. However, if you decide to read one piece today, I encourage you to check out this story from The New Yorker originally published in February 2002. It’s a profile of Rick Rescorla, who was a VP in charge of security at Morgan Stanley Dean Witter and credited for saving thousands of lives thanks to evacuation plans he put in place prior to the attacks.

The entire story is worth a read, but the final paragraph, a quote from Rescorla’s best friend, is one that has always stuck with me, and is representative of many who lost their lives that day.

“I’ve tried to tell Susan this, in a way, but she’s not ready yet for the truth. In the next weeks or months, I’ll get her down here, and we’ll take a walk along the ocean, and I’ll explain these things. You see, for Rick Rescorla, this was a natural death. People like Rick, they don’t die old men. They aren’t destined for that and it isn’t right for them to do so. It just isn’t right, by God, for them to become feeble, old, and helpless sons of bitches. There are certain men born in this world, and they’re supposed to die setting an example for the rest of the weak bastards we’re surrounded with.”

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Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco. 

Citi’s new boss breaks barriers

The big news of the day came out of Citigroup, which announced its CEO, Michael Corbat, was retiring effective February 2021. 

That, in and of itself, would be a big story. But the bigger news was Corbat’s replacement: Jane Fraser. 

Fraser’s soon-to-be appointment marks the first time a woman has been tapped to lead a major US bank. And while Fraser, who currently serves as president and CEO of Citi’s consumer banking division, was pegged by many to eventually take the helm from Corbat, no one anticipated it would come this soon. 

Graham Rapier and Reed Alexander have all the details, including some instant reaction from analysts.

Click here to read the full story.

Coatue’s alt-data head is out after the firm’s $350 million quant fund’s trades broke down

Bradley Saacks and Alex Morrell have the …read more

Source:: Business Insider

      

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