FirstFT: Wall Street banks reap $ 7.2 billion in fees from GE’s demise and fall

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General Electric has raised more than $ 7 billion since 2000.

According to Refinitiv, GE spent $ 2.3 billion on merger and acquisition advice alone to build a sprawling empire. On Tuesday, the group, which once made products from light bulbs to wind turbines but suffered a long-term decline in its share price, finally broke up when it announced its plans to split into three companies.

The rise and fall of the conglomerate resulted in a godsend for Wall St: GE spent $ 3.3 billion on fees related to bonds and another $ 800 million and $ 792 million on loan and equity fees, respectively.

Since 2000, GE has spent more on investment banking fees than any other US company, according to the refinitive numbers. The next largest donors were Citi and JPMorgan, who paid their bankers $ 6.8 billion, while an industrial corporation’s largest spending was GM at $ 3.8 billion.

Thank you for reading FirstFT Europe / Africa. Here’s the rest of today’s news – Gary

1. The White House is trying to tame rising inflation Joe Biden’s administration rushes to contain inflation as rising prices threaten to undermine the recovery of the US economy, jeopardize its spending plans and cause the Democratic Party to fail in next year’s midterm elections. The consumer price index rose 6.2 percent yoy in October, according to figures released on Wednesday, the fastest increase since 1990.

2. Afghans are at risk of losing aid International aid agencies have warned that there are only a few weeks left to deliver food and other life-saving aid to mountain provinces before winter sets in and cuts off remote regions as Afghanistan faces one of the world’s worst humanitarian crises.

3. England’s Covid case numbers are falling England has seen the longest uninterrupted streak of declining daily coronavirus case numbers since February as Covid-19-related hospital admissions have declined in every region of the country, according to an analysis of official Financial Times data.

Shoppers on Oxford Street London. Coronavirus cases in England are still above levels from early August when they fell to less than 20,000 a day © Getty Images

4. McKinsey partner accused of insider trading US prosecutors charged a partner in consulting firm McKinsey with securities fraud on alleged insider trading before Goldman Sachs acquired $ 2.2 billion worth of online loan provider GreenSky.

5. Rivian roars ahead on listing The Amazon-backed electric vehicle maker, which has not yet made any significant revenue, soared on its Nasdaq debut, opening 37 percent above its share price, and trading in more than $ 100 billion, more than Ford’s and General Motors.

COP26 digestion

The day ahead

China’s Singles’ Day China’s largest online shopping festival starts today. But the scam 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 negotiators in London Ali Bagheri Kani, Iran’s deputy foreign minister and nuclear negotiator, will visit London ahead of talks in Vienna later this month. (Blümberg)

Economic data from the UK The estimates of the gross domestic product for September and the third quarter, the trade balances and the indices for industrial production and services are published.

Merits Companies reporting profits include automaker Mazda, Qualcomm, Siemens, Singapore Airlines, and Uber. See our full list here.

What else we read

Is Capitalism Coming Off? The big corporations were in a congratulatory mood at COP26 in Glasgow, but critics say the voluntary greening of the companies has not been enough and their efforts to reduce emissions are too vague. Are companies’ “net zero” plans credible?

Prince Charles meets business leaders at COP26, where he awarded his Terra Carta seal to companies such as AstraZeneca, Bank of America and IBM

Prince Charles meets business leaders at COP26, where he awarded his Terra Carta seal to companies such as AstraZeneca, Bank of America and IBM © Ian Forsyth / Getty

A story of aristocratic resilience Arcane, hereditary, purely masculine – and at the heart of British democracy. How can it be that a small, blue-blooded group of peers in the House of Lords remains in power in the 21st century? George Parker explores the modern face of the centuries-old British aristocracy.

‘No thank you’ Switzerland has the lowest Covid-19 vaccination rate in Western Europe: 33.6 percent of the country’s population have not received a first dose because resistance to stings overlaps with anti-establishment and populist politics in affluent German-speaking Europe.

Diagram showing that the German-speaking countries in Western Europe have the highest proportions of unvaccinated people, while the rates are significantly higher in the poorer East.  In the west, 22% of people aged 12 and over in Germany have not yet received a dose, 25% in Switzerland and 25% in Austria, while the corresponding number in Italy and Great Britain is 14% and in France and Spain 8%.

Iran’s social divide is visible when departing from the airport The growing social divide in Iran is taking place at Tehran’s international airport, where pilgrims to the holy city of Kerbala in Iraq stand side by side with tourists taking a beach holiday in Antalya on the Turkish Mediterranean coast, writes Najmeh Bozorgmehr.

Your landlord and your money Requiring online access to your bank accounts, calling your boss to check your salary, requesting copies of your tax returns – such financial checks are becoming the norm for tenants trying to rent a UK property after the pandemic.

Thanks to the readers who took our survey yesterday. 21 percent said that the local Covid restrictions are still too strict.

technology

Looking for the best tech gifts for Christmas? How To Spend It has released its Gadget Guide 2021 which includes a Sonos lamp speaker and LED mask.

The Déesse Pro Express LED mask

The Déesse Pro Express LED mask promises to minimize fine lines with two wavelengths of light

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