Good morning. This article is an on-site version of our FirstFT newsletter. Sign up for our Asia, Europe/Africa or America edition to get it delivered straight to your inbox every weekday morning
General Electric has paid more than $7 billion in investment banking fees since 2000, as Wall Street lenders reaped the benefits of a frenzied deal-making period that culminated in the breakup of America’s best-known conglomerate.
GE spent $2.3 billion on mergers and acquisitions advice alone, according to Refinitiv figures, while building a sprawling empire. On Tuesday, the group that once made products ranging from incandescent light bulbs to wind turbines, but faced a protracted drop in its share price, was finally disbanded when it announced plans to split into three companies.
The rise and fall of the conglomerate resulted in a windfall for Wall St: GE spent $3.3 billion on bond fees and another $800 million and $792 million on loan and stock fees, respectively.
Since 2000, GE has spent more on investment banking fees than any other US company, according to Refinitiv figures. The next largest lenders were Citi and JPMorgan, who paid their bankers $6.8 billion, while the largest outlay was with an industrial group GM, which spent $3.8 billion.
Thanks for reading FirstFT Europe/Africa. Here’s the rest of today’s news — Gary
Five more stories in the news
1. White House Efforts to Control Soaring Inflation The Joe Biden administration is rushing to rein in inflation as rising prices threaten to undermine the economic recovery in the US, jeopardize its spending plans and crush the Democratic party in next year’s midterm elections. The consumer price index rose 6.2 percent in October from the previous year, data released on Wednesday, the fastest increase since 1990.
2. Afghans face loss of aid International aid agencies have warned that only weeks are left to deliver food and other life-saving aid to mountainous provinces before winter sets in, closing remote regions as Afghanistan faces one of the world’s worst humanitarian crises.
3. The counts of the Covid case in England fall According to an analysis of official data from the Financial Times, England has recorded the longest continuous run of declining daily coronavirus cases since February, as Covid-19-related hospitalizations fell in every region of the country.
4. McKinsey Partner Accused of Insider Trading US prosecutors have sued partner at consulting firm McKinsey for securities fraud over alleged insider trading ahead of Goldman Sachs’ acquisition of $2.2 billion of online lender GreenSky, accusing Puneet Dikshit of using privileged information to make a profit of more than $450,000.
5. Rivian roars ahead on stock exchange listing The Amazon-backed electric vehicle maker, which has yet to record significant revenue, rocketed during its Nasdaq debut, opening 37 percent above its initial public offering price and giving it a market cap of more than $100 billion, ahead of Ford’s. and General Motors.
the next day
China’s Singles’ Day China’s largest online shopping festival kicks off today. But the giddiness of Alibaba’s annual sales bonanza has faded this year as Jack Ma’s e-commerce group focuses on social welfare to please Beijing authorities. (SCMP, Nikkei Asia)
Iran negotiator in London Ali Bagheri Kani, Iran’s deputy foreign minister and chief negotiator on the nuclear deal, will visit London at the end of this month ahead of talks in Vienna. (Bloomberg)
UK economic data Gross domestic product estimates for September and the third quarter, trade balances and indices for industrial production and services will be released.
Income Among the companies reporting revenues are automaker Mazda, Qualcomm, Siemens, Singapore Airlines and Uber. View our full list here.
What else do we read
Is capitalism failing? Major companies were in a congratulatory mood at COP26 in Glasgow, but critics say companies’ voluntary greening measures have not been sufficient and their efforts to reduce emissions are too vague. Are corporate “net zero” plans credible?
A History of Aristocratic Resilience Arcane, hereditary, all-male – and at the heart of British democracy. How can a small, blue-blooded group of equals hold power in the House of Lords in the 21st century? George Parker explores the modern face of the ancient British aristocracy.
‘No thanks’ Switzerland has the lowest Covid-19 vaccination rate in Western Europe: 33.6 percent of the country’s population has not had a first dose, as resistance to jabs is associated with anti-establishment and populist politics in wealthy, German-speaking Europe.
Iranian social division seen at airport departures Iran’s growing social divisions are set in Tehran’s international airport, where pilgrims to Iraq’s holy city of Karbala stand shoulder to shoulder with tourists heading for a beach vacation in Antalya, on Turkey’s Mediterranean coast, writes Najmeh Bozorgmehr .
Your landlord and your money Demanding online access to your bank accounts, calling your boss to verify your paycheck, requesting copies of your tax returns – such checks on finances are becoming the norm for tenants trying to rent UK property in the wake of the pandemic.
Thanks to the readers who completed our poll yesterday. Twenty-one percent said local Covid restrictions were still too strict.
Looking for the best tech gifts for Christmas? How To Spend It has published its 2021 gadget guide, which includes a Sonos lamp speaker and an LED mask.
Thanks for reading and remember you can add FirstFT to myFT. Send your recommendations and feedback to [email protected]
Recommended newsletters for you
Great Britain after Brexit — Keep up to date with the latest developments as the UK economy adjusts to life outside the EU. Register here
The coming week — Start each week with a preview of what’s on the agenda. Register here