Welcome back to another issue of ‘Career Guides Weekly’ by Career Guides.

Today’s Riddle: I'm the process of buying a company, making it private, and then improving it to sell later at a profit. What am I? (Scroll all the way down for the answer).

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Alright, small talk done, let’s dive in!

TODAY’S MENU

• Investment Banking: Barclays Investment Bank: Q1 2024 Global Outlook, Citigroup employees brace for layoffs, Investment banking bonuses by business for 2023, And More

• Global Markets: FTSE 100 starts week on glum note, 4 things that could be in the 2023 autumn statement, US labor market loosening as weekly jobless claims hit three-month high, And More

• Asset Management: Wall Street’s ESG craze is fading, Macquarie Asset Management launches onshore renewable energy business, Fund managers may be ready to take advantage of AI – but is their data ready?, And More

• Private Equity: Private equity investors maintain appetite for asset class, Executive warns about risks concerning life insurance companies owned by private equity funds, And More

• Hedge Funds: Short-seller Jim Chanos to close hedge funds, A hedge-fund founders’s (Ray Dalio’s) obsessive storytelling, And More

• Venture Capital, Artificial Intelligence & Tech: Sam Altman out as OpenAI’s CEO, A comprehensive list of 2023 tech layoffs, ChatGPT: Everything you need to know about the AI-powered chatbot, And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

Citigroup employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganisation in decades.

2023 is wrapping up, and banking bonus season is approaching. This means the measuring stick is coming out. While Johnson Associates' forecast suggests bonuses will be poor almost everywhere, Tricumen's operating revenues per head imply better news for bonuses in particular business areas.

• Barclays Investment Bank: Q1 2024 Global Outlook (BAR)

• Investment banking bonuses by business for 2023 (EFC)

• Citigroup employees brace for layoffs, management overhaul (RT)

• Barclays explores deal for Tesco banking business (RT)

• Figma reviewing EU's objections against $20 bln Adobe buyout bid (RT)

• Manchester United nears sale of 25% stake to Jim Ratcliffe for $33 a share (RT)

GLOBAL MARKETS (GET THE 107-PAGE GUIDE HERE)

The number of Americans filing new claims for unemployment benefits increased to a three-month high last week, suggesting that the labor market was gradually cooling in another boost to the Federal Reserve's fight against inflation.

Jeremy Hunt (Chancellor of the Exchequer) has hinted that Conservative MPs pressing for immediate income tax cuts could be disappointed, as he insisted he would not take any measures in this week’s autumn statement to fuel inflation.

• FTSE 100 starts week on glum note as Ashtead tanks on disappointing profit outlook (RT)

• 4 things that could be in the 2023 autumn statement (YF)

• Jeremy Hunt rules out any tax cut that fuels inflation in autumn statement (TG)

• US labor market loosening as weekly jobless claims hit three-month high (RT)

• IMF approves $35 billion credit line for Mexico (RT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

Wall Street rushed to embrace sustainable investing just a few years ago. Now it is quietly closing funds or scrubbing their names after disappointing returns that have investors cashing out billions.

This comes after tightened regulatory oversight, higher interest rates that have slammed clean-energy stocks and a backlash that has made environmental, social and corporate-governance investing a political target. Investors have withdrawn more than $14 billion from sustainable funds this year alone.

• Wall Street’s ESG craze is fading (WSJ)

• Macquarie Asset Management launches onshore renewable energy business (MAC)

• Fund managers may be ready to take advantage of AI – but is their data ready? (FE)

• Asset management reframes for relevance and leadership (FOR)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• Private equity investors maintain appetite for asset class (FE)

• MusicMagpie in early stage of takeover talks with BT and private equity firm (IND)

• Executive warns about risks concerning life insurance companies owned by private equity funds (IB)

• Aston Martin F1 team sells stake to private equity firm at $1bn valuation (MS)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

• Short-seller Jim Chanos to close hedge funds (RT)

• A hedge-fund founders’s (Ray Dalio’s) obsessive storytelling (NY)

• Systematic hedge funds pummeled in post-U.S. CPI stocks rally (RT)

VENTURE CAPITAL, ARTIFICIAL INTELLIGENCE & TECH

• Sam Altman out as OpenAI’s CEO (CB)

• A comprehensive list of 2023 tech layoffs (TC)

• Sam Altman won’t return as OpenAI’s CEO after all (TC)

• ChatGPT: Everything you need to know about the AI-powered chatbot (TC)

• OpenAI’s board is no match for investors’ wrath (TC)

• Microsoft hires ex-OpenAI leaders Altman and Brockman to lead new AI team (TC)

• This week’s 10 biggest funding rounds (CB)

WEEKLY RECOMMENDATION

Industry - Season 1 (Series)

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