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Citigroup's wealth-management business has experienced a decline in profits, prompting CEO Jane Fraser to hire Andy Sieg to turn the unit around. Sieg plans to cut costs, attract more investments from wealthy individuals, and target customers in Asia. Citigroup's wealth operations were significantly impacted by the 2008 financial crisis, resulting in the sale of its Smith Barney unit to Morgan Stanley. Sieg aims to improve the culture within the business and increase its profitability by offering more of the bank's services to existing clients. However, the task of revitalizing the business will be challenging due to competition and the need to reduce expenses. [Extracted from the article]

James Dondero, former chief executive of hedge-fund company Highland Capital Management, sees another similarity in the novel - between one of the villains and himself. Dondero's former hedge fund Highland, for its part, has opposed his recusal attempts and called him a "vexatious litigant", petitioning this month to limit his legal maneuvering. Keywords: a-hed; wsj-usnews; Trusts/Funds/Financial Vehicles; Financial Investment Services; Investment Advice/Research Services; Alternative Investments; Financial Services; Hedge Funds; Investing/Securities; Corporate Crime/Legal Action EN a-hed wsj-usnews Trusts/Funds/Financial Vehicles Financial Investment Services Investment Advice/Research Services Alternative Investments Financial Services Hedge Funds Investing/Securities Corporate Crime/Legal Action N.PAG N.PAG 1 08/01/23 20230731 NES 230731 Plot featuring crooked hedge-funder inspires actual financier to try to get jurist booted off case When she isn't handling cases as a U.S. bankruptcy judge, Stacey Jernigan writes legal thrillers, most recently "Hedging Death", whose sweeping plot features a troubled biotech company, a crooked financier and Mexican criminal cartels. [Extracted from the article]