In finance, plumbing (or financial plumbing), refers to the portions of the financial system that allow for the movement of capital and manage risk. [1] Portions of the global financial system identified as "plumbing" include money markets. [2]
Citibank's "Services" division, responsible for half of the bank's profit, deals primarily with business related to "financial pipes". [3]
Wall Street is a street in the Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway in the west and South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Anchored by Wall Street, New York has been described as the world's principal fintech and financial center.
Investment banking pertains to certain activities of a financial services company or a corporate division that engages in providing advisory-based services on financial transactions for clients, such as institutional investors, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services or research. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.
The Wall Street Journal (WSJ), also referred to simply as theJournal, is an American newspaper based in New York City, with a focus on business and finance. It operates on a subscription model, requiring readers to pay for access to its articles and content. The Journal is published six days a week by Dow Jones & Company, a division of News Corp. The first issue was published on July 8, 1889.
Citigroup Inc. or Citi is an American multinational investment bank and financial services company in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.
A plumber is a tradesperson who specializes in installing and maintaining systems used for potable (drinking) water, hot-water production, sewage and drainage in plumbing systems.
Pacific Investment Management Company, LLC is an American investment management firm focusing on active fixed income management worldwide. PIMCO manages investments in many asset classes such as fixed income, equities, commodities, asset allocation, ETFs, hedge funds, and private equity. PIMCO is one of the largest investment managers, actively managing more than $2 trillion in assets for central banks, sovereign wealth funds, pension funds, corporations, foundations and endowments, and individual investors around the world. According to the Sovereign Wealth Fund Institute, PIMCO is the 6th-largest asset manager in the world by managed AUM.
Choice Hotels International, Inc. is an American multinational hospitality company based in North Bethesda, Maryland. The company, which is one of the largest hotel chains in the world, owns several hotel brands ranging from upscale to economy. As of the third quarter 2023, Choice Hotels franchised nearly 7,500 hotels, representing nearly 630,000 rooms, in 46 countries and territories.
BlackRock, Inc. is an American multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with US$10 trillion in assets under management as of December 31, 2023. Headquartered at 50 Hudson Yards in Midtown Manhattan, New York City, BlackRock has 78 offices in 38 countries, and clients in 100 countries. BlackRock is the manager of the iShares group of exchange-traded funds, and along with The Vanguard Group and State Street, it is considered to be one of the Big Three index fund managers. Its Aladdin software keeps track of investment portfolios for many major financial institutions and its BlackRock Solutions division provides financial risk management services. As of 2023, BlackRock was ranked 229th on the Fortune 500 list of the largest United States corporations by revenue.
Travis Perkins plc is a British builders' merchant and home improvement retailer with head offices based in Northampton. It is listed on the London Stock Exchange, and is a constituent of the FTSE 250 Index. Through its Toolstation subsidiary, the group also has operations in mainland Europe.
Citadel LLC is an American multinational hedge fund and financial services company. Founded in 1990 by Ken Griffin, it has more than $63 billion in assets under management as of June 2024. The company has over 2,800 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Griffin owns approximately 85% of the firm. As of December 2022, Citadel is one of the most profitable hedge funds in the world, posting $74 billion in net gains since its inception in 1990, making it the most successful hedge fund in history, according to CNBC.
Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail and commercial banking, trust, stock brokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates about 2,000 automated teller machines and 1,300 branches in 15 states in the Southern and Midwestern United States. Regions is ranked 483rd on the Fortune 500 and 140th on Fortune's list of "America's Most Innovative Companies. Component headquartered in Alabama, Regions is also on the list of largest banks in the United States.
The Bank of New York Mellon Corporation, doing business as BNY, is an American banking and financial services corporation headquartered in New York City. The bank offers investment management, investment services, and wealth management services. BNY was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. Following the merger, it adopted the brand name The Bank of New York Mellon, which was later simplified to BNY Mellon and later again to BNY. It is the world's largest custodian bank and securities services company, with $2 trillion in assets under management and $48.8 trillion in assets under custody as of 2024. It is considered a systemically important bank by the Financial Stability Board.
Jordan Ross Belfort is an American former stockbroker, financial criminal, and businessman who pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam in 1999. Belfort spent 22 months in prison as part of an agreement under which, becoming an informant for the FBI and wearing a wire, he gave testimony against numerous partners and subordinates in his fraud scheme. He published the memoir The Wolf of Wall Street in 2007, which was adapted into Martin Scorsese's film of the same name released in 2013, in which he was played by Leonardo DiCaprio.
Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution according to the Financial Stability Board, and is considered one of the "Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup.
GE Power was an American energy technology company owned by General Electric (GE). In April 2024, GE completed the spin-off of GE Power into a separate company, GE Vernova. Following this, General Electric ceased to exist as a conglomerate and pivoted to aviation, rebranding as GE Aerospace.
Susanne Craig is a Canadian investigative journalist who works at The New York Times. She was the reporter to whom Donald Trump's 1995 tax returns were anonymously mailed during the 2016 presidential election. In 2018, Craig was an author of The New York Times investigation into Donald Trump's wealth that found the president inherited hundreds of millions of dollars from his father, some through fraudulent tax schemes. She won the Pulitzer Prize for Explanatory Reporting in 2019 for this coverage.
The environmental policy of the Joe Biden administration includes a series of laws, regulations, and programs introduced by United States President Joe Biden since he took office in January 2021. Many of the actions taken by the Biden administration reversed the policies of his predecessor, Donald Trump. Biden's climate change policy focuses on reducing greenhouse gas emissions, similar to the efforts taken by the Obama administration. Biden promised to end and reverse deforestation and land degradation by 2030. The main climate target of the Biden administration is to reduce greenhouse gas emissions by the United States to net zero by 2050. A climate team was created to lead the effort.
In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 percent of GameStop's public float had been sold short, and the rush to buy shares to cover those positions as the price rose caused it to rise even further. The short squeeze was initially and primarily triggered by users of the subreddit r/wallstreetbets, an Internet forum on the social news website Reddit, although a number of hedge funds also participated. At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market value of over US$500 per share, nearly 30 times the $17.25 valuation at the beginning of the month. The price of many other heavily shorted securities and cryptocurrencies also increased.
Citadel Securities LLC is an American market making firm headquartered in Miami. It is one of the largest market makers in the world, and is active in more than 50 countries. It is the largest designated market maker on the New York Stock Exchange.
75 Wall Street is a 43-story mixed-use building in the Financial District of Lower Manhattan in New York City. It contains Hyatt Centric Wall Street New York, a hotel with 253 rooms managed by Blue Sky Hospitality.