Citigroup CEO Jane Fraser wants a flatter organization to make faster decisions.
Why it matters: Investorsreacted positively Wednesday to the announcement of the plan — which included the removal of regional and management layers across the firm — sending Citi shares up nearly 1.7%.
Wednesday's Consumer Price Index report is a split progress report on inflation: Underlying price pressures are receding. But August was a bad month for ordinary Americans' cost of living.
Why it matters: Policymakers focus on the core measure of inflation, which offers a less volatile picture of underlying price pressures across the economy.
The White House on Wednesday emailed the leaders of several major news organizations, including Axios, arguing the media needs to "ramp up its scrutiny" of House Republicans' efforts to impeach President Biden.
Why it matters: The White House argues that the media's reporting about incremental updates on the impeachment inquiry process over the substance of the inquiry "is woefully inadequate when it comes to something as historically grave as impeachment."
The SEC has settled with makers of an animated web series, Stoner Cats, financed by the sale of 10,320 NFTs, produced by Mila Kunis's Orchard Farm Productions.
Why it matters: While the company behind the show, Stoner Cats 2, LLC, did not admit wrongdoing, it's a notable loss for the notion of so-called utility NFTs, tokens that provide access to some content or service.
The California State Teachers' Retirement System is bucking a trend whereby many of its peers are consolidating private fund portfolios around a small number of big brands.
Driving the news: CalSTRS has decided to maintain its 21-year-old emerging managers program, which covers a new firm's first three funds, even though longtime overseer Invesco has decided to move on.
Birkenstock, the German sandal maker owned founded nearly 250 years ago, has filed for its IPO on the New York Stock Exchange.
Why it matters: This reflects how the recent IPO revival isn't limited to any one sector. Everyone into the pool, even if you're wearing cork-soled sandals.
The Consumer Price Index accelerated in August as gasoline prices soared, though a closely watched measure of underlying inflation showed a more encouraging picture, the Labor Department said on Wednesday.
Why it matters: The report is one of the final inflation reads before the Federal Reserve's interest rate decision next week.
iSpot has acquiredTV measurement company605, the company's latest deal in its effort to strengthen its video attribution business, CEO Sean Muller tells Axios.
Why it matters: The acquisition helps improve iSpot's ability to measure outcomes, or the efficiency of ad campaigns, with greater access to third-party datasets and brings on more tech talent.
Global executive search firm Heyman Associates has named Jessamyn Katz as chief executive officer. She will take over in January 2024, following the retirement of founder and current CEO, Bill Heyman.
Why it matters: As the leader of the only global search firm that exclusively fills executive-level communication roles, Katz has a finger on the pulse of what chief executives and boards of directors look for when filling these top roles.
Few of America's top corporate leaders expect to add jobs in the coming months, and many expect to cut positions. That presages a slowdown in what has been a blistering-hot labor market.
Driving the news: In a new survey from the Business Roundtable, whose members are CEOs of major U.S. companies, only 27% expected to increase their U.S. employment in the next six months, down from 33% in June and 47% a year ago.
Tesla isn't involved in the United Auto Workers' negotiations with General Motors, Ford and Stellantis, but it's the elephant in the room regardless.
Why it matters: For the Detroit Three, the competitive threat from non-unionized Tesla heightens the importance of reaching a reasonable contract that allows them to build affordable electric vehicles.
Elon Musk may have violated a 2022 Federal Trade Commission order on privacy and security practices at Twitter, now known as X, the Department of Justice said in a new court filing on behalf of the FTC.
Driving the news: The filing asking a judge to deny an X Corp. request to terminate a privacy settlement with the FTC and give Musk immunity from testifying on the company alleges he "exercised granular control of X Corp., at times directing employees in a manner that may have jeopardized data privacy and security."
New York City's pension funds, joined by the state of Oregon, filed a lawsuit against Fox Corporation and its board on Tuesday.
Driving the news: The lawsuit, filed under seal in Delaware, accuses the company of failing its responsibility to shareholders by allowing itself to spread false political narratives about the 2020 presidential election and thus making way for defamation cases.
