• Citigroup announced its 2019 managing-director promotions on Friday.
• The MD distinction, the highest title at the firm, was earned by 137 employees in Citi's Institutional Clients Group, which houses its trading and dealmaking operations.
• Business Insider got a hold of the Citi exec Paco Ybarra's internal memo announcing the full list of names.
• Click here for more BI Prime stories.

Nearly 140 employees in Citigroup's Institutional Clients Group received a dose of good news on Friday: They're part of the 2019 class of managing-director promotions.

The MD title is the highest at the firm and a coveted distinction. More than 50 of the 137 new managing directors this year came from the firm's sales and trading division, while nearly 40 came from the firm's dealmaking unit, according to a memo from Citi Institutional Clients Group (ICG) CEO Paco Ybarra viewed by Business Insider.

Other divisions with new MDs include Treasury and Trade Solutions, private banking, operations and technology, and commercial banking.

"A promotion to Managing Director is a career-defining accomplishment. Each of these individuals makes a remarkable, differentiated contribution to Citi, embodying our Mission of Progress by working each day to Be the Best for Our Clients and embracing our Leadership Standards," Ybarra wrote in the December 6 memo. "I look forward to their continued leadership and contributions in the years ahead."

The Citi spokeswoman Danielle Romero-Apsilos confirmed the contents of the memo.

The 137 promotions, which are effective as of January 1, are up from 125 last year and 120 in 2017. 

Here's the list of 2019 managing-director promotions at Citigroup: 

Join the conversation about this story »

NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.

• Jason Subotky is one of the managers of the No. 1 and No. 2 large-cap funds of the past 20 years, and he says his funds have thrived because of unusual value-focused bets.
• Subotky has spent the past decade comanaging the AMG Yacktman Focused Fund and AMG Yacktman Fund, both of which have climbed more than 11% a year for two decades.
• He told Business Insider about some of his top contrarian bets today, including an enormous bet on Samsung.
• Click here for more BI Prime stories.

Looking for ways to beat the stock market for 20 years can lead to some surprising places.

Jason Subotky of Yacktman Asset Management — who comanages the two most successful large-cap funds of the past two decades — said he and his partners were succeeding by being willing to ignore what everyone else thinks.

"Most of what we do is fairly contrarian because that's where you get the best prices," he said in an exclusive interview with Business Insider. "We've made a lot of money and very unpopular positions over time because the valuation can become incredibly attractive. "

Being contrary for its own sake doesn't work very well; there has to be a method. Subotky's funds are relentless in looking for undervalued companies and flexible in thinking about where their value comes from, he said. 

How well has that method worked? The AMG Yacktman Focused Fund has returned 11.7% a year for 20 years, according to Kiplinger. And the AMG Yacktman Fund Class I, which has a slightly more diversified portfolio, has returned 11.6% per year. Both funds are crushing the S&P 500 and Russell 1000 value indexes.

Subotky has coled both funds for the past 10 years, and he explained the thinking behind some of his largest and most surprising calls.

Samsung over Apple

Subotky thinks investors have wildly mispriced two international conglomerates. So he's made a giant bet on Samsung in the past two years, and the electronics company makes up 14.3% of the Focused portfolio and 8.9% of the Yacktman portfolio. 

Subotky said the South Korean company has a lot going for it that investors aren't appreciating, including its financial strength. He said about 40% of its balance sheet is in net-cash-plus investments — which makes for natural value appreciation.

"It's just unusually inexpensive for the unbelievable competitive businesses that they own," he said. "It's an incredibly cheap stock, and it probably trades at a 75% discount to Apple, who's both a competitor in the phone business and a customer in that it consumes display and semiconductor chips."

Bollore

The funds' second-largest holding is the French conglomerate Bollore, and Subotky said its size was causing the market to overlook some of its businesses entirely.

Bollore's best-known business is a 26% investment in the music and media company Vivendi, the owner of Universal Music Group.

"The vast majority of the value comes from Universal Music Group, which is the leading owner of content for music and publishing," he said. But he said its global logistics business should be worth about as much.

"You get that [logistics] business for free, and that business is worth pretty much the same or a similar amount to the Vivendi stake."

On top of that, the fact that Bollore is headquartered in France is a huge benefit to investors because of that country's low corporate capital-gains tax.

Macy's

Macy's is among the worst-performing and most shorted US stocks this year as it suffers through the ongoing retail apocalypse. Subotky describes the department-store chain as "abandoned" and "hated," suggesting he's not expecting a big return anytime soon.

Even so, he thinks the stock stands out compared with other department stores and has room to rally when investors' fears fade. That's not because he expects a big recovery in its sales, but because he thinks Macy's is dramatically undervalued. 

"We think it's incredibly cheap to the cash flow and also has significant value in its real-estate portfolio," he said. "We think you have real-estate value that's more than the current enterprise value."

SEE ALSO: 5 top leaders at Wells Fargo's $1.9 trillion investing business told us the 4 areas they're most bullish heading into 2020 — even as returns slow

Join the conversation about this story »

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

• Fred Wilson is cofounder and partner at Union Square Ventures, a legendary startup investment firm. He was an early investor in platforms such as Twitter, Tumblr, Zynga, and Etsy.
• In a rare and wide-ranging interview with Business Insider, Wilson discussed his new investment in video media startup The Recount, and explained why it's a good time to invest in digital media even as the industry is imploding.
• When it comes to evaluating media companies, Wilson said he favors companies that aren't too dependent on a single distribution channel and whose content is designed to be read or viewed on phones.
• Visit Business Insider's homepage for more stories.

Fred Wilson has a knack for nailing startup trends.

The legendary venture capitalist was one of the first to jump on the rise of social media. The cofounder and partner at Union Square Ventures wrote early checks to companies like Tumblr, Twitter, Etsy, and Zynga.

He also recently invested $5 million in The Recount, a company started by veteran media entrepreneurs John Heilemann and John Battelle. Wilson said that there are a lot of media companies that are doing text-based summaries of the news but that few are doing it well in mobile video.

"There is a way to convey a lot of information in five minutes or less," he said. "Lots of people would prefer to get their news that way. The text-based news audience is really well served, if you look at what Axios is doing. But not as many are doing it for video."

Wilson also said it's a good time to invest in media because sectors are attractive to him when others are fleeing them.

"I like to zig when other people zag. I like to get to things before people get into them or when other people have gotten out of them. Those are generally the good time to invest in companies," he said.

The Recount is not the only startup Wilson is bullish on. Read the full interview with him on other trends he sees and companies he's watching, on Business Insider Prime:

Fred Wilson, one of the world's most successful venture capitalists, reveals the top trends in startups right now, and why he's investing in an industry that's imploding

Also read why Wilson thinks the world needs another digital-media startup: 

Star venture capitalist Fred Wilson explains why he invested $5 million in video media startup The Recount and how it could quickly become a profitable, $200 million business in seven years

SEE ALSO: 2019 was one of the most tumultuous years in media history, when thousands of jobs were lost and subscription models grew like wildfire

Join the conversation about this story »

NOW WATCH: Most maps of Louisiana aren't entirely right. Here's what the state really looks like.

• Legal cannabis is one of the world's newest and most dynamic industries. Since Colorado legalized the drug in 2012, the previously illegal plant has birthed multibillion-dollar public companies, minted billionaires, and brewed social change not seen since the end of Prohibition.
• As cannabis companies scale up, they're seeing interest from institutional investors, major consumer corporations, and Group of Seven governments. 
• Business Insider reports regularly on the latest developments of the cannabis industry. You can read our stories by subscribing to BI Prime.

Here's what we know about what's going on inside the world of the fascinating legal cannabis industry right now, from the largest publicly traded companies, to venture-backed startups, to the rapidly shifting federal policies around the drug. 

The CBD boom

• A groundbreaking drug made from cannabis has brought hope for kids with rare seizure disorders. We talked to parents, doctors, and the company's CEO to find out if it lives up the hype.
• CBD and hemp startups are using creative loopholes to skirt Facebook's ad ban. Here's how they're doing it.
• Square has started working with a select group of CBD startups while other payments rivals shy away from the trendy substance
• CBD companies were courted hard by a unit of US Bank — but they got ghosted despite having a 100% legal business
• A California company tested 20 popular CBD products and found 'insanely high levels' of dangerous chemicals and misleading labels
• A top venture investor that's backed companies like Bird and TheRealReal explains why CBD is primed to explode
• The CEO of Whole Foods just dropped a hint it could soon start carrying marijuana products. It's a sign the biggest consumer companies are 'looming' over the industry.
• We're at the start of a new era for marijuana-based medicine, according to the CEO behind the first prescription CBD drug

Startups, venture capital and private equity

• Cannabis startup founders share 4 critical lessons they learned while raising money in the unique industry
• We got an exclusive look at the pitch deck buzzy California cannabis company Canndescent used to raise $27.5 million as it muscles into new markets
• Here's the pitch deck that cannabis beverage startup K-Zen used to raise $5 million from seasoned Silicon Valley VC firm DCM Ventures
• We spoke to the top recruiters in the booming cannabis business. Here are their 3 best tips for landing your dream job in the industry.
• Buzzy cannabis-delivery startup Eaze is looking to raise a new round that could value it at $400 million
• Top VC firms know they can't ignore cannabis forever. Here's how they're making their first investments.
• We got an exclusive look at the pitch deck buzzy marijuana tech startup Headset used to raise $12 million and ink deals with Nielsen and Deloitte
• Top cannabis investors reveal where they're placing bets, but say there's 'pain to come' in the crowded CBD space
• A New York private equity firm founded by JPMorgan and Guggenheim veterans is raising the largest-ever fund dedicated to the booming marijuana industry
• We got an exclusive look at the pitch deck two Ivy League MBAs used to raise a $1.5 million seed round for a cannabis-infused beverage startup
• Biotech, CBD drinks, and a hot vape company: Here's where all the top marijuana VCs are looking to write checks this year
• The CEO of one of the hottest marijuana-vape startups says he's talking to bankers about an IPO in 2020

Marijuana M&A

• The $680 million MedMen-PharmaCann merger just blew up in a 'surprise' and experts say it's a sign of pain to come for cannabis dealmaking
• Arizona Iced Tea is pushing into legal cannabis. Here's how its partnership for pot-infused gummies and drinks came about.
• Curaleaf just snapped up Grassroots Cannabis for $875 million, making it the biggest cannabis retailer. We talked to Curaleaf's CEO about what's next.
• A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry
• Top cannabis CEOs say Canopy Growth's $3.4 billion purchase of pot cultivator Acreage 'shakes the foundation of what has been true' and will spur a cannabis M&A boom
• Canadian marijuana companies are quietly pushing the Toronto Stock Exchange to allow them to invest in the lucrative US market and it could be transformative for the $75 billion industry
• The lawyer who led Canopy Growth's groundbreaking $3.4 billion purchase of the US marijuana cultivator Acreage Holdings says the sale will 'untap the market' for companies hunting similar deals
• Marijuana companies are using a 'backdoor' strategy to tap the public markets — and it's fueling an M&A boom
• Sullivan & Cromwell, an elite Wall Street law firm, is working with a Canadian pot company on a $1.8 billion M&A deal. Here's why that's 'momentous' for the marijuana industry.
• A top marijuana CPA says the 'bubble will burst' for weed M&A deals

Weed on Wall Street

• Layoffs, cratering stocks, and blown-up deals: 11 experts take us inside the cannabis industry's meltdown and tell us where the industry goes from here
• Accountants are making millions from the Canadian cannabis industry, and KPMG is leading the pack. Here's how much each of the top firms is raking in.
• Cannabis companies have slashed over 1,000 jobs in recent weeks as the industry contends with a 'toxic' landscape. We're keeping track of all the cuts here.
• Here's how the largest and most powerful Wall Street banks are cautiously opening their doors to the potentially $80 billion US cannabis industry
• Here are the top bankers raising money, putting together deals, and raking in millions in the global cannabis industry
• Some Wall Street firms are reevaluating policies for drug testing employees. Here's where the biggest banks stand on testing workers for marijuana use.
• Citigroup is considering working with pot companies as banks figure out ways to chase a $75 billion market
• BNY has quietly started working with a marijuana ETF — and it's about to be the first major bank to help the world's largest funds invest in the booming industry
• Citigroup is reevaluating its policy on testing job applicants for marijuana use as Wall Street banks weigh whether to work with the $75 billion cannabis industry
• Big asset managers like BlackRock are sitting on the sidelines of the $75 billion US marijuana industry because of one big pain point
• ELLO, a boutique investment bank founded by JPMorgan, Goldman Sachs and Macquarie veterans, is chasing cannabis deals in the red-hot US market

Policy

• You can now officially purchase legal marijuana in Michigan. Here are all the states where marijuana is legal.
• Regulators just gave some legal hope to food and drink makers using cannabis extract CBD
• The FDA is putting together a group of experts to figure out how to handle the $1 billion CBD industry
• Canada's rocky legal-marijuana rollout has been plagued by product shortages, out-of-control lines, and distribution issues — and people are turning to the black market
• Lawmakers just took a huge step toward passing a critical bill that could pave the way for banks to work with marijuana companies
• From a master's in medical cannabis to a minor in weed, these are the college programs growing the next crop of marijuana entrepreneurs

Marketing

• A leading global ad holding network is launching a cannabis consultancy, hoping to bring in $10 million in its first year
• CBD and hemp startups are using creative loopholes to skirt Facebook's ad ban. Here's how they're doing it.

Profiles and interviews with industry leaders

• The CEO of the top-selling cannabis shops revealed how a strategy he shares with Starbucks is crucial to his success
• A top Aurora cannabis exec dishes about what it's like working with famed investor Nelson Peltz, and reveals why he told the company not to rush into any CPG partnerships
• The CEO of a cannabis company with a slick new dispensary in Brooklyn talks about expansion plans following the company's $1.4 billion public debut
• A cannabis CEO who led turnarounds at FAO Schwarz and Patagonia explains why he's looking to poach 'nimble' people from small companies — rather than big-name execs
• The CEO of the biggest cannabis company in the US reveals what's next following a $682 million acquisition
• Green Growth Brands' CEO says he's gearing up for an M&A tear and explains the types of companies he's going after
• These execs are leaving behind careers at companies like Coke and Victoria's Secret to tap into the $194 billion marijuana industry
• The CEO of the newest cannabis company to list on the NYSE says it's a 'perfect time' to open up to investors as it goes head-to-head with Aurora and Canopy Growth

Lists 

• Here are the top bankers raising money, putting together deals, and raking in millions in the global cannabis industry
• Top venture investors say these 11 tech startups in the red-hot cannabis sector are set to blow up this year
• Top investors say these 11 buzzy, under-the-radar consumer cannabis startups are set to raise fresh rounds and blow up this year
• The top 12 venture-capital firms making deals in the booming cannabis industry that's set to skyrocket to $75 billion
• Meet the bigshot lawyers who are turning weed into a $194 billion industry

Join the conversation about this story »

NOW WATCH: WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.

• If you want to be better with money in 2020, there are a few things you can do that will have a big impact.
• For example, start tracking your spending to find out where you can save more; put your money in a high-yield savings account to help it grow; and eliminate any high-interest debt.
• To lay a foundation for building long-term wealth, save a portion of your income in a retirement account and invest in the stock market.
• Read more personal finance coverage.

The vast majority of Americans are undersaved for retirement, saddled with debt, and stressed about money.

The good news? Your financial situation is not set in stone. A few smart decisions, like monitoring your spending, saving as much as you can, planning for the future, and seeking professional help, can set you on a path to wealth that will leave your friends wondering how they can get there, too.

1. Track your spending

Most people have no idea how much they spend on food or clothes or even utility bills every month. They just hold their breath and hope they don't run out of money. Sound familiar? That laissez-faire strategy may work for a short while, but it's not sustainable. It's difficult, if not impossible, to save money when you don't know how much you spend in the first place.

If sitting down for 30 minutes to an hour to go through all your bank accounts stresses you out, try an app like Mint or Personal Capital. Once you link up your bank accounts and credit cards, your spending patterns will become clear and you can identify what's worth spending money on and what you could probably do without. Awareness is a crucial quality of people who are good with money.

2. Open a high-yield savings account

Only 25% of Americans have a high-yield savings account, according to a Credit Karma survey. The other 75% are leaving free money on the table.

A high-yield savings account keeps your money safe and accessible, just like a regular savings account, except it can earn up to 20 times more interest. Generally you'll find the best savings interest rates at online banks, such as Ally or Wealthfront. If you're serious about reaching any type of savings goal, whether it be setting up an emergency fund or a house down payment fund, there's no downside to opening a no-fee high-yield savings account.

3. Meet with a financial planner

Financial advisers aren't just for people with established careers or large net worths. Everyone from teens to retirees can benefit from meeting with a financial planner. Not only can they help you manage your investments and identify goals, but they give you tools and strategies to practice good money habits everyday.

People who work with a financial adviser are more likely to report happiness, confidence, and stability in their financial and personal lives, a Northwestern Mutual survey found. They also know exactly what to do when they get a raise, they don't tinker with their investments, and they balance spending now versus saving for later.

SmartAsset's free tool can help find a financial planner to get your money on track »

4. Contribute 10% of your income to a retirement account

Americans are largely undersaved for retirement. Some don't think they make enough money while others simply aren't worried about saving for an event that's decades in the future, but data shows that those who start saving and investing earlier have an incredible advantage over those who put it off.

Get ahead while you can and contribute part of your pretax salary to your retirement account at work or open an IRA at a bank or brokerage. Experts recommend saving 10% of your income, except if you're paying off high-interest debt. Any debt you have that's charging an interest rate above 9% — close to the average return of the stock market — should be your priority.

5. Eliminate high-interest debt

Regardless of the type of job you have, how much money you earn, or the balance in your bank account, high-interest debt is never your friend. Carrying a balance negatively impacts your credit, which can affect your ability to take out any type of loan, rent an apartment, or get approved for a credit card, and it costs you way more than you think.

If the interest rate on your credit card, personal loan, auto loan, or student loan is higher than 8% to 9%, it's time to devise a strategy for paying it off as soon as possible. When you're not beholden to monthly debt payments, you free up more money to invest, which can have the biggest impact of all.

6. Invest in the stock market

The stock market scares a lot of people, and understandably so. There's risk involved in investing that isn't present when you put money in a savings account or CD. But with more risk comes greater earning potential, especially if you're investing for the long-term — as in, decades.

You don't have to have deep knowledge of the stock market to benefit from investing. In fact, most experts say the simpler your investments, the better. That usually means avoiding individual stocks whose value can rise or fall dramatically, and sticking with low-cost index funds, a type of all-in-one investment that diversifies your money across a broad selection of stocks or bonds.

Start investing simply through your retirement account and if you want more options, or you max out your 401(k), open a brokerage account.

7. Buy life insurance to protect your family's future

Life insurance isn't as complicated or expensive as you might think. And it's certainly not just for high-earners or parents.

A good rule of thumb for deciding whether you need life insurance? If you support anyone financially, — whether it be a partner, children, or aging parents— have a large debt load, work a dangerous job, or are a business owner, you should consider buying a policy. In exchange for a typically low monthly premium, your family will be taken care of financially if you die during the policy term.

At the very least, check with your company's HR team to find out if you're offered coverage through your job. It's usually not enough, but it's a good place to start.

Policygenius can help you find the right life insurance coverage for your needs, at the right price »

• More personal finance coverage
• 4 reasons to open a high-yield savings account while interest rates are down
• It took less than 10 minutes to open a high-yield cash account with Wealthfront and earn more on my savings
• How to buy a house with no money down
• When to save money in high-yield savings
• Best rewards credit cards
• 7 reasons you may need life insurance, even if you think you don't

Join the conversation about this story »

NOW WATCH: How to find water when you're stuck in the desert

Here are the best small business credit cards of 2019:

• Best for sign-up bonus: Ink Business Preferred Credit Card
• Best for premium travel benefits: The Business Platinum® Card from American Express:
• Best for points earning with no annual fee: The Blue Business® Plus Credit Card from American Express
• Best for flexible redemption options: Capital One® Spark® Miles for Business
• Best for a flat earning rate: Ink Business Unlimited Credit Card
• Best for 4x bonus categories: American Express® Business Gold Card
• Best for cash-back bonus categories: Ink Business Cash Credit Card
• Best for simplicity: Capital One® Spark® Cash for Business
• Best if you only use one business credit card: Brex Corporate Card for Startups and the Brex Corporate Card for Ecommerce

Whether you're a freelancer, someone with a side gig, or you run a business with 15 employees, keeping your personal and business finances separate is vital. Even if you're a sole proprietor using your personal checking account, things can get muddy quickly when you're cutting personal and business checks from the same account

To make your own day-to-day life easier, and to save yourself a tremendous number of headaches when it comes time to file taxes, you're best keeping business purchases separate — I learned this quickly when I started to do some freelance work on the side.

Reasons to get a business credit card

Your personal card might not facilitate the kind of spending your company does. Business cards can have higher credit limits, and in most cases, the activity on a business card won't affect your personal credit report (although if you default on the business card, the card issuer can still come after you personally).

If you're a "sole proprietor" business, where you work solo and work under your own name and social security number (rather than a business name), getting a business card is more about the convenience of keeping your expenses separate, and protecting your own credit profile and assets — even the smallest of businesses are eligible, such as freelancers, individuals with side gigs, or even people who resell things on eBay.

If you're a bigger business, though — or aspire to grow into one, with employees and more resources, having a business credit card is a must — not only to separate expenses, but also to establish business credit, so that you have flexibility later on with loans and leases. Plus, you can get additional authorized cards for employees as needed.

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. 

Ink Business Preferred Credit Card

Welcome offer: 80,000 Ultimate Rewards points when you spend $5,000 on the card in the first three months.

Annual fee: $95

Earning rates: 3 points per dollar on the first $150,000 your business spends on combined purchases each cardmember year on travel, shipping, internet/cable/phone, and advertising on social media sites or with search engines. Purchases after you reach $150,000, or in any other category, earn 1 point per dollar.

Standout benefits: Cell phone protection, primary car rental insurance

If you're looking to earn valuable, flexible rewards points on your small business spending, the Chase Ultimate Rewards (UR) ecosystem is among the best options. If you already have one of Chase's popular personal rewards cards — like the Chase Sapphire Preferred Card or Chase Sapphire Reserve— the Ink Business Preferred is an ideal business card companion.

Like those cards, the Ink Preferred earns UR points, and while you can keep them on that card and separate from the rest of your stash, you can also combine them with the rest of your points. These points can be traded for cash back, transferred to frequent flyer and hotel loyalty partners, or used to purchase travel with a 25% bonus (or a 50% bonus if you move your points over to your Chase Sapphire Reserve). 

The Ink Business Preferred card also earns bonus points in some of the most common expense categories for businesses, from travel to shipping to advertising on social media sites like Facebook and search engines such as Google Ads. That earning rate, plus the card's 80,000 point sign-up bonus — the highest bonus currently offered by Chase — should make for a nice stash of Ultimate Reward points.

Among other benefits, the Ink Business Preferred offers cell phone protections. When you use the Ink Preferred to pay your cell phone bill, you're covered for up to $600 for damage, loss, or theft of your cell phone — or your employees' work-provided phones, if you provide them. You're limited to three claims per rolling 12-month period, but this can save you a fortune. That insurance alone makes up for the $95 annual fee.

Click here to learn more about the Ink Business Preferred card.

Read more about the Ink Business Preferred:

• Ink Business Preferred credit card review
• I put 90% of my small business spending on Chase's Ink Business Preferred card to get more points, easier redemptions, and no foreign transaction fees

The Business Platinum® Card from American Express

Welcome offer: Up to 75,000 Membership Rewards points (50,000 points after you spend $10,000 in the first three months, and another 25,000 if you spend an additional $10,000 in that same time frame). 

Annual fee: $595

Earning rates: 5 points per dollar on flights and prepaid hotels booked at amextravel.com, 1.5 points per dollar on purchases of $5,000 or more (up to 1 million additional points per year), 1 point per dollar on everything else

Standout benefits: 

• $200 annual airline fee credit
• Access to airport lounges include Centurion lounges, Priority Pass lounges, and Delta Sky Clubs (when you're flying Delta)
• Up to $200 in Dell statement credits annually (divided into up to $100 between January and June and up to $100 between July and December)
• Get 35% of your points back when you use Pay With Points to book an economy flight with your selected airline or a business- or first-class flight with any airline

The small business version of American Express' famed Platinum Card used to be our pick for the top business card, but in the past year the annual fee has increased and it's become a bit more of a niche product — potentially useful for mid-sized businesses that spend a lot on flights and travel, but less valuable for sole proprieters and very small operations.

Business Platinum card holders also get up to $200 of annual statement credits to use when shopping at Dell and $200 in airline fee credits each calendar year, essentially rebating part of the annual fee. Plus, because the airline fee credit is valid each calendar year, not cardmember year, you could get it twice in your first 12 months of having the card.

Other travel benefits include access to more than 1,200 airport lounges, 10 complimentary Gogo in-flight Wi-Fi passes each year, and complimentary Gold elite status with Hilton and Marriott.

Click here to learn more about the Business Platinum card.

Read more about the Business Platinum card:

• Amex Business Platinum card review
• Why I opened the Business Platinum to get Centurion Lounge access

The Blue Business Plus Credit Card from American Express

Welcome offer: N/A

Annual fee: $0

Earning rates: 2 Amex Membership Rewards points per dollar on the first $50,000 in spending every year (after that, it's 1x point).

Standout benefits: No annual fee, 0% introductory APR on purchases and balance transfers for the first 12 months (then a variable rate of 14.74%-20.74%)

The Blue Business Plus Card doesn't usually have a welcome offer, and that might be enough to turn many people away from it. However, it's the rare points-earning business card that doesn't charge an annual fee; you'll earn 2 points per dollar on the first $50,000 you spend each year, with no bonus categories to keep track of. According to travel website The Points Guy, Amex points are worth 2 cents apiece, so you're getting a 4% return on all your business spending up to $50,000 each year.

Click here to learn more about the Blue Business Plus.

Read more about the Blue Business Plus card:

• Blue Business Plus card review

Capital One Spark Miles for Business

Welcome offer: Earn up to 200,000 miles — 50,000 miles after you spend $5,000 in the first three months, and 150,000 miles when you spend $50,000 in the first six months

Annual fee: $0 the first year; $95 after that

Earning rate: 2x miles on all purchases

Standout benefits: Transfer miles to Capital One's airline partners including Air Canada and Emirates or redeem miles to cover travel purchases on your statement, up to a $100 credit for Global Entry or TSA PreCheck

The Spark Miles for Business is a great option if you want choices in how you redeem your miles. You can transfer them to more than 10 airline partners or you can use miles to "wipe" your business' travel expenses from your credit card statement. Beyond that, you can redeem miles for cash back or gift cards. So if you don't want to be locked into just one way to use your rewards, this card could make sense.

You'll earn 2 miles per dollar on all purchases with no cap. Transferring miles to airline partners like Air Canada, Avianca, and Singapore Airlines will usually get you the most value, but you'll have to do a bit of work to uncover the best uses with each program.

The card's currently offering an elevated welcome bonus of up to 200,000 miles, so now could be the time to give the Spark Miles a closer look. You'll need to spend at least $50,000 total in the first six months to earn the full bonus, but depending on your business that could be attainable — and 200,000 miles could get you up to $2,000 in value (or more, if you're able to score a lucrative airline award with an airline transfer partner).

Click here to learn more about the Capital One Spark Miles for Business.

Read more about the Spark Miles for Business card:

• Capital One Spark Miles for Business review

Chase Ink Business Unlimited Credit Card

Welcome offer: $500 (or 50,000 Ultimate Rewards points) after you spend $3,000 in the first three months

Annual fee: $0

Earning rate: 1.5% cash back on all purchases

Standout benefits: If you also have a card that earns Ultimate Rewards points, you can redeem cash back as points with travel partners and get more than 1.5% back per, 0% introductory APR on purchases for the first 12 months (then a variable rate of 14.99%-20.99%)

The newest card in Chase's business portfolio, the Ink Business Unlimited is a simple one at first — earn unlimited 1.5% cash back.

However, just like the consumer Chase Freedom and Chase Freedom Unlimited cards, the Ink Business Unlimited has a trick up its sleeve. Although the card is marketed as "cash back," it actually earns Ultimate Rewards points that you can redeem for cash (1 point = $0.01).

That means that you can combine the points earned from the Ink Business Unlimited with the ones you earn from cards like the Ink Preferred, or the personal Sapphire Reserve, and either earn a bonus when you redeem them for travel through Chase, or transfer them to travel partners. Combined with an Ink Preferred, you'll get a guaranteed 1.5–3 points per dollar spent.

The card offers a 0% introductory APR for 12 months (then a variable rate of 14.74% to 20.74%) and has no annual fee, making it a no-brainer for every small business owner, freelancer, or side-gig hustler.

Click here to learn more about the Chase Ink Business Unlimited.

Read more about the Ink Business Unlimited card:

• Ink Business Unlimited card review

American Express Business Gold Card

Welcome offer: 35,000 Membership Rewards points after you spend $5,000 on eligible purchases in the first three months

Annual fee: $295

Earning rates: 4x points on your top two spending categories each billing cycle on up to $150,000 in combined purchases each year from the following list: airfare purchased directly from airlines, US purchases for advertising in select media, US purchases at gas stations, US purchases made directly from select technology providers, US purchase at restaurants, and US purchases for shipping; 1x point on everything else

Standout benefits: 25% of your points back when you pay with points to book first or business-class airfare with American Express Travel (or any class of flight with your selected qualifying airline), up to 250,000 points back per calendar year.

If you don't want to pay the higher annual fee of the Business Platinum card, the Business Gold card is a good alternative. And depending on your spending habits, the Business Gold could actually be a more rewarding choice, thanks to the ability to earn 4x points on popular business spending categories. 

Click here to learn more about the American Express Business Gold card.

Read more about the Amex Business Gold card:

• Amex Business Gold card review
• Amex Business Platinum vs. the Amex Business Gold card

Chase Ink Business Cash Credit Card

Welcome offer: $500 (or 50,000 Ultimate Rewards points) after you spend $3,000 in the first three months

Annual fee: $0

Earning rates: 5% cash back (or 5x points) on the first $25,000 in combined purchases at office supply stores and on internet, cable, and phone services each card holder year, 2% back (or 2x points) on the first $25,000 in purchases at gas stations and restaurants each year, and 1% (or 1x point) on everything else with no cap.

Standout benefits: If you also have a card that earns Ultimate Rewards points, you can redeem cash back as points with travel partners and get a higher return on your spending, 0% introductory APR on purchases for the first 12 months (then a variable rate of 14.74%-20.74%)

The Ink Cash is another solid Chase entry, and just like with the Ink Unlimited, you can pool the "cash" you earn with points from a points-earning card, effectively converting your cash into (potentially) more valuable points.

The Ink Cash is an especially good option if you can maximize its bonus categories, including office supply stores, internet, cable, and restaurants, among others.

Click here to learn more about the Chase Ink Business Cash.

Read more about the Ink Business Cash card:

• Ink Business Cash Card review

Capital One Spark Cash for Business

Welcome offer: Earn up to $2,000 in cash bonuses — $500 after you spend $5,000 in the first three months and $1,500 when you spend $50,000 in the first six months

Annual fee: $0 for the first year; $95 after that

Earning rate: 2% on all purchases 

Standout benefits: Free employee cards that also earn 2% back on everything,

This is probably the easiest-to-use card on this list, but simple doesn't mean bad — this can be a fantastically rewarding card.

The Capital One Spark Cash earns unlimited 2% cash back on all purchases. That's it. No categories, no points values or conversions, no redemption minimums. Rewards won't expire for the life of the account, and you can redeem any amount of cash back. The card has a $95 annual fee, waived the first year.

At first glance, the Amex Blue Business Plus might seem like a better option, since it earns 2x points and doesn't have an annual fee. However, keep in mind that while 2x points may be more valuable than 2% cash if you redeem strategically for travel by transferring to partners, Membership Rewards points can't be redeemed outright for cash. You can redeem them for a statement credit, but they'll only be worth 0.6 cents each. That means that effectively, the Amex card only offers 1.2% "cash" back, compared to the no-strings-attached 2% from the Capital One Spark Cash.

Like the Spark Miles for Business, the Capital One Spark Cash for Business is currently offering an elevated bonus. You'll need to spend $50,000 in the first six months to earn the full $2,000 in cash back, but if that's doable for your business and you prefer earning cash back, it could be worth signing up for this card sooner rather than later.

Click here to learn more about the Capital One Spark Cash card.

Read more about the Capital One Spark Cash card:

• Capital One Spark Cash card review

Brex Corporate Card

Welcome offer: 75,000 Brex points upon sign-up (available until October 31)

Brex offers two versions of its unique business credit card: the Brex Corporate Card for Startups, and the Brex Corporate Card for Ecommerce. The card stands out because it doesn't require any personal guarantees, and it offers strong rewards for customers who make Brex their exclusive corporate card (7x points on rideshare and 3x points at restaurants and coffee shops, for example).

The Brex Corporate Card for Ecommerce offers a credit limit of 5o% to 100% of your projected monthly sales, up to $5 million, while Brex says the Brex Corporate Card for Startups offers up to 20 times higher credit limits than competing cards. 

You can transfer Brex points to seven airline partners, including JetBlue, which was the most recent addition.

Click here to learn more about the Brex Corporate Card for Startups.

Click here to learn more about the Brex Corporate Card for Ecommerce.

Airline business credit cards

Welcome offer: Varies

If you fly often for work, and you're loyal to one particular airline, then it could be worth getting an airline's business credit card. In addition to earning frequent flyer miles on every purchase, you'll get a variety of perks like free checked bags and priority boarding. 

Each airline card's terms and benefits are slightly different, but these are some of the best options to consider for your business.

Delta

• Gold Delta SkyMiles® Business Credit Card from American Express
• Platinum Delta SkyMiles® Business Credit Card from American Express
• Delta Reserve for Business Credit Card

United Airlines

• United Explorer Business Card

American Airlines

• CitiBusiness® /AAdvantage® Platinum Select® World Mastercard®

Southwest Airlines

• Southwest Rapid Rewards Premier Business Credit Card

Alaska Airlines

• Alaska Airlines Visa Business credit card

Hotel business credit cards

Welcome offer: Varies

If you frequently travel for business, a hotel business credit card could also make sense. You'll earn hotel points on all your spending, and some cards offer complimentary elite status and annual free reward nights.

The benefits and bonuses vary, but here are some top options to consider:

Hilton

Hilton Honors American Express Business Card

Marriott 

Marriott Bonvoy Business™ American Express® Card

Frequently asked questions

Who has the best business credit card?

American Express, Chase, Citi, Capital One, and other issuers all offer solid options when it comes to business credit cards. The best choice for you depends on what benefits you value, and how much of an annual fee you're willing to pay.

If you want a rewards credit card with all the bells and whistles, the Business Platinum Amex is a good choice. If you care less about perks like airport lounge access and annual statement credits, a more straightforward card that earns bonus rewards on all your spending, a card like the Capital One Spark Miles for Business could be a better fit.

How do I qualify for a business credit card?

The good news is that it's easier to qualify for a business credit card than you may think. If you do any freelancing or a side gig, such as driving for Uber or selling items on eBay, you can typically qualify for a business credit card as a sole proprietor. In this case, you are personally on the hook for your business' debts.

Small business owners who aren't sole proprietors can qualify for business cards too. If you have a larger business with employees, you may be asked to include Employer Identification Number number on your credit card application.

What do I put on a business credit card application?

If you're a sole proprietor, you can apply for a business card using your Social Security number. You should put down your legal name as the business name. If you have a business with employees, you'll need to answer questions about your business size, type, and revenue, in addition to providing your SSN and your EIN (if requested).

More credit card coverage

• What's the best airline credit card?
• The best cash-back credit cards
• Southwest credit card review
• Best credit card reward programs

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• I have over a dozen rewards credit cards that I rotate depending on what I'm buying to maximize my earnings.

• The Chase Sapphire Reserve, Ink Business Preferred Credit Card, and the World of Hyatt Credit Card easily get me the most value year after year.

• When I went through my wallet this year, I realized I'm not getting a lot of value out of The Platinum Card® from American Express and the CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®, so I'll probably cancel those.

• Read more personal finance coverage.

I'm not shy when it comes to opening credit cards. I currently have 13 in my wallet and no, I'm not neck-deep in credit card debt. In fact, I have none! I pay off my balance in full every month.

I'm in it for the credit card rewards.

Rewards credit cards aren't a one-size-fits-all deal. Sometimes my spending or travel habits change, and I realize that I no longer have much use for one of the credit cards I carry around. This is fine when there's no annual fee, but since I tend to go for lucrative travel rewards credit cards, they usually charge an annual fee.

Here are three credit cards I absolutely love, and two credit cards I'll probably cancel because the way I used them doesn't get me enough rewards to make up for the annual fee.

Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It's important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back.

3 credit cards I love

The Chase Sapphire Reserve card

The Chase Sapphire Reserve is the darling of the travel rewards world for good reason, and it's my favorite credit card. It's been worth every penny of the $450 annual fee.

I used up my annual $300 travel credit this year within one month because it can apply to such a wide range of travel purchases. It ended up going toward some Airbnb reservations and a rental car. 

Then, I get 1.5 cents per point on award redemptions made through the Ultimate Rewards portal instead of the 1.25 cents per point I got with the Chase Sapphire Preferred Card. This extra 0.25 cents per point adds a lot more value than you'd think. On a recent 50,000-point redemption, it saved me $225 in travel rewards.

On top of all this value, the complimentary Priority Pass airport lounge membership has been one of my favorite perks. In almost every airport I fly out of, I have access to a VIP lounge that often comes with food and beverages. I love taking a friend in with me and loading up on finger food and cocktails before we board our flights.

The Chase Ink Business Preferred card

As you can tell, I'm a big fan of Chase Ultimate Rewards points. I'm also self-employed, and I use business credit cards to separate my business and personal finances.

This makes the Ink Business Preferred a no-brainer for me. It comes with the highest sign-up bonus of any Ultimate Rewards-earning credit card — 80,000 points if you spend $5,000 in the first three months. I managed to squeeze over $1,200 in value out of that alone.

However, this card is worth keeping year after year for me because I get 3 points for every dollar I spend on up to $150,000 in combined purchases each year on a long list of business-related purchases, from shipping to internet, cable, and phone services to select advertising purchases. Travel is also included in the 3x bonus category, just like with the Chase Sapphire Reserve, except this card has a much lower annual fee.

The World of Hyatt Card

This is one of the few co-branded credit cards I absolutely love and the only hotel credit card I keep year after year. For one, Hyatt has some of my favorite extreme luxury properties (shout-out to the Andaz Papagayo in Costa Rica, the Park Hyatt New York, and the all-inclusive Hyatt Zilara in Cancun). 

World of Hyatt points are also worth at least double what the points at other major hotel loyalty programs are worth, so you don't have to save up for years just to spend a few nights at a nice property.

What really makes it worth it for me to keep this card despite the $95 annual fee is the annual free night. While I can only use it at a Category 1 to 4 hotel, I easily squeeze out more than $95 in value from this perk alone each year.

2 credit cards I'll probably cancel

The Platinum Card from American Express

I've loved having the Platinum Card from American Express, but a few recent lifestyle changes mean I don't get much value out of it anymore.

The two biggest perks that help offset the steep $550 annual fee are the annual airline fee credit and the annual Uber credit. 

I have trouble using all of the airline fee credit because it's so limited. As of December, I've still got $43 of the $200 allotted for me to use on airline fees with one pre-specified airline. As for the monthly Uber credits, they're only valid in the United States. Now that I spend a significant portion of the year abroad, I leave more than $100 in Uber credits on the table each year.

The CitiBusiness/AAdvantage Platinum Select

I thought I'd get enough use out of this card to justify opening it because I do fly on American Airlines several times per year. Unfortunately, the free checked bag perk only applies to domestic flights. Since I usually fly international, I don't get to make use of the main way to offset the $99 annual fee. Because of this, I'll probably cancel this credit card.

It's important to check in with your rewards credit cards periodically to make sure you're still making good use of them, especially if they charge an annual fee. I'm happy to pay an annual fee when I'm getting value in return, but in some cases it's not worth it.

Click here to learn more about the Chase Sapphire Reserve.

• More credit card coverage
• What's the best airline credit card?
• The best cash-back credit cards
• Southwest credit card review
• Best rewards credit cards

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NOW WATCH: 9 items to avoid buying at Costco

• An analyst mocked Donald Trump's false claim that CrowdStrike is a Ukrainian company, during the American cybersecurity firm's latest earnings call.
• "I just wanted to clarify, you guys are based in California, not Ukraine, right?" Needham analyst Alex Henderson jokingly asked CrowdStrike's management.
• Trump said he'd heard CrowdStrike was "owned by a very rich Ukrainian" and "Ukraine-based" during an interview in 2017.
• The US president referenced a wild conspiracy about CrowdStrike — that it's hiding a Democratic National Committee server in Ukraine containing incriminating evidence about the Democrats and the 2016 election — during the phone call with Ukraine's president that sparked the ongoing impeachment hearings.
• View Business Insider's homepage for more stories.

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An analyst mocked Donald Trump's false claim that CrowdStrike is a Ukrainian company during the American cybersecurity firm's earnings call last week.

"I just wanted to clarify, you guys are based in California, not Ukraine, right?" Needham analyst Alex Henderson asked.

"That would be correct — Sunnyvale, California," CrowdStrike's cofounder and CEO, George Kurtz, replied.

Henderson confirmed he was poking fun at the US president's claim about CrowdStrike in an email to Business Insider. "They are as American as apple pie," he said.

CrowdStrike was cofounded by Dmitri Alperovitch, who was born in Moscow and moved to the US as a teenager. Yet in an Associated Press interview in 2017, Trump said he'd "heard it's owned by a very rich Ukrainian" and it's "Ukraine-based."

Trump's suspicions about CrowdStrike are rooted in the Democratic National Committee's hiring of the firm to fight off hackers that gained access to its email and chat servers and stole data in 2016. CrowdStrike traced the attacks to a Russian group, and worked with the DNC and government investigators to decommission and rebuild the compromised computer systems.

CrowdStrike's involvement with the DNC and the false rumors about its Ukrainian links sparked a wild conspiracy that it's hiding a computer server in Ukraine containing incriminating evidence about the Democrats and the 2016 election.

Trump referenced the conspiracy during his infamous July phone call with Ukraine's president, Volodymyr Zelensky, according to the transcript released by the White House.

"I would like you to find out what happened with this whole situation with Ukraine, they say CrowdStrike ... I guess you have one of your wealthy people ... the server, they say Ukraine has it," Trump told Zelensky.

The ongoing impeachment hearings in the House of Representatives are centered on whether Trump tried to secure a quid pro quo with Zelensky: the release of US military aid to Ukraine in exchange for the opening of an investigation into former Vice President Joe Biden's son, Hunter.

Join the conversation about this story »

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

• This is a preview of the Fintech Disruptors from the East research report from Business Insider Intelligence.
• 14-Day Risk Free Trial: Get full access to this and all Fintech industry research reports.

Over the past 15 years, spending in China has become increasingly powered by mobile payments. In Q4 2018, China's third-party mobile payments industry was estimated to be worth 47.2 trillion yuan ($6.8 trillion) per Analysys, as cited by TechNode. This eclipsed the country's total retail sales for all of 2018, which came in at 38.1 trillion yuan ($5.5 trillion).

The mobile payments market is controlled by Ant Financial's Alipay, which held a leading 53.8% market share in Q4 2018, and Tencent's WeChat Pay, which, along with fellow Tencent-owned payment service QQ Wallet, commanded a 38.9% share.

Ant and Tencent's combined mobile payments dominance means that other companies need to actively work with or against the powerhouses, especially as they've also stretched into other financial services, including peer-to-peer (P2P) payments, cross-border capabilities, wealth management features, consumer lending, and insurance. 

Payments companies worldwide must take notice of Ant Financial and Tencent's success, strategies, and potential expansion, as they won't succeed in the extremely valuable Chinese market without understanding how the two companies are expanding their reach. And those payments companies settled in other countries should also familiarize themselves with the two companies and their successes, as both have been expanding internationally.

In Fintech Disruptors From The East, Business Insider Intelligence looks at a variety of financial services offered by Ant Financial and Tencent, the different categories they fall under, and the benefits each one offers the firms. We also examine their current strategies for expansion and consider the steps they may take in the future to grow their businesses, both in China and abroad.

The companies mentioned in this report are: Alibaba, Alipay, Ant Financial, Chase, Citcon, First Data, GCash, Go-Jek, Grab, JD.com, Line, Moneygram International, Paytm, QQ, Telenor Microfinance Bank, Tencent, Uber, WeBank, WeChat, WeChat Pay, WeChat Payments Score, Weixin, WeSure, and Wirecard.

Here are some of the key takeaways from the report:

• Ant Financial and Tencent dominate China's huge mobile payments industry through Alipay and WeChat Pay, and both firms have built cohesive financial ecosystems to further attract consumers and their funds.
• Generally, Ant Financial's payments and financial services are further developed, but Tencent's huge user base thanks to WeChat has helped it gain ground.
• Ant and Tencent have expanded their services in Southeast Asia, but Ant appears more interested in further growing its reach.

In full, the report:

• Examines the financial ecosystems of Ant Financial and Tencent.
• Analyzes the offerings of Alipay and WeChat Pay as well as how they grew to their current positions atop the Chinese mobile payment market.
• Details Ant Financial and Tencent's financial features beyond Alipay and WeChat Pay and how they create a more comprehensive slate of offerings.
• Looks at the expansion of both companies and considers what each may do next, both in China and abroad.

Interested in getting the full report? Here are two ways to access it:

1. Purchase & download the full report from our research store. >> Purchase & Download Now
2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >>Learn More Now

The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of Ant Financial and Tencent's rapidly expanding array of financial services.

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• James R. has been semi-retired for five years. He lives on part-time income from an online teaching job, and hasn't had to dip into his retirement accounts yet. 
• He found that because he already lived simply, spent little, and stayed out of debt before retiring, his retirement transition was simple. 
• He would tell anyone wanting to retire soon to start buying less and consider paying off their mortgage. 
• Business Insider is looking for retirement stories to feature in our Real Retirement series. If you're in or nearing retirement and want to share, email yourmoney@businessinsider.com.
• Read more personal finance coverage. 

After five years of being semi-retired, James R. hasn't yet touched his retirement account. 

James, who asked not to use his full name to protect his privacy, is a college professor who retired from a full-time career in teaching at universities across the Midwest and Texas. He now lives with his wife in Minnesota, and still teaches part-time online. For a comfortable retirement, he says choosing the "simple life" over consumerism and being debt-free are key.

Live the simple life, and spend little

Living simply doesn't mean giving up creature comforts — for James, 64, it's about being happy with less. "The term 'simple life' means something very specific to some people," he tells Business Insider. "For me, it's not about growing a garden or anything like that. It's about not having things you don't need, and not spending money on a whim." 

He says this lifestyle and mindset helped him avoid feeling a financial shock going into retirement. "There hasn't been a big change in lifestyle with the semi-retirement," he says. "My income dropped by a substantial amount, but not so much that I have to dip into the retirement account." 

For him, living simply involves doing the things he enjoys, and spending only what he needs to. It's always been that way. "My expenses before retirement compared to now have not changed that much," James says. 

"We didn't fly to Hawaii or to Europe before we retired. So, why would we think about doing it now? It's just not normal for us," he continues. Unlike other retirees who have changed their lives to travel, such as Edd and Cynthia Staton who moved to South America, or Karen and Joe Stermitz who sold their home to travel in a camper — James has decided to do what he's always done.

"We're more for staying in the Midwest, going on trips that involve driving few hundred miles," he says. "We're generally just living a low-key life." For James, the philosophy is that less is more. 

Getting out of debt is key to an easy retirement

James and his wife paid off their mortgage 25 years ago. "We were already debt-free; that was normal for us," he says. Going into retirement with no debt, he felt much more free.  

"The American way is to be in debt," he says. The average US household has about $38,000 worth of debt not including mortgages, according to CNBC's Megan Leonhardt. According to data from credit reporting bureau Experian, the average mortgage loan balance among borrowers in the US sits at $202,284 as of July 2019. 

James suggests that anyone wanting to retire easily should consider paying off their mortgage and being debt-free before retiring. "If you're going to be retired or semi-retired, it would be a lot more comfortable if you weren't paying a mortgage," he says. 

Living simply and being debt-free made James' transition from a full-time to part-time income seamless, he says. "Retirement didn't require any major adjustments because my normal life accommodated this change without difficulty."

• More savings and retirement coverage
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• How to save more money
• When to save money in a CD
• When to save money in high-yield savings

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NOW WATCH: Behind the scenes with Shepard Smith — the Fox News star who just announced his resignation from the network

• Away's cofounder Steph Korey is out as CEO after an explosive report into the company's culture.
• On Monday, Away announced that the Lululemon executive Stuart Haselden would replace Korey as the company's CEO, effective January 13.
• The news follows an investigation published by The Verge last week on the company's "cutthroat culture." 
• Visit Business Insider's homepage for more stories.

Away's cofounder Steph Korey is out as CEO of Away, following an explosive report into the company's culture. 

On Monday, the travel brand announced it hired the Lululemon executive Stuart Haselden as the company's new CEO. Korey will assume the role of executive chairman. Haselden will also join Korey and cofounder Jen Rubio on Away's board of directors. 

The news follows an investigation that The Verge published last week. The investigation cited 14 former employees who described a "cutthroat culture" at the company, in which Korey demanded workers work almost constantly and pressured them against taking time off. 

In a press release on Monday, Rubio and Korey framed Haselden's hiring as part of the company's plan for long-term growth. 

"With the immense growth of the Away brand, the complexities of our business have evolved as well," Rubio, Away's president and chief brand officer, said in a statement. 

"Stuart's impressive track record in strategically scaling retail businesses and teams offers invaluable expertise as Away enters its next phase of growth," Korey said in a statement. "I believe Stuart's leadership, supported by other key executives who have joined Away this year, will have an enormous impact on our business, community, and culture, and we look forward to learning from his depth of experience."

Last week, Korey apologized for her behavior while leading Away after the publication of The Verge's investigation.

"I can imagine how people felt reading those messages from the past, because I was appalled to read them myself. I am sincerely sorry for what I said and how I said it," Korey said in a statement emailed to Business Insider. "It was wrong, plain and simple."

Away told The Wall Street Journal that the company has been searching for a new CEO since spring. Haselden will start his role as CEO of Away on January 13. 

SEE ALSO: The HR chief at $1.4 billion Away told us the company wants employees to 'bring their full authentic selves to work.' But a new bombshell investigation describes a cutthroat culture of bullying and burnout.

Join the conversation about this story »

NOW WATCH: Hugh Hefner's Playboy empire became an iconic part of pop culture, but struggled to keep up. Here's what led to the company's rise and fall.

• Traders are protecting against at drop in the pound they expect in the next week.
• More traders are also betting that there will be less upside in the pound versus the US dollar.
• Britain votes in an election on Thursday. The pound has rallied as polls indicate a decisive Conservative victory.
• "The share of undecided voters at this stage does not rule out the risks of sizable electoral surprises that could lead to a hung parliament," which is a risk to the pound's price, Goldman Sachs said. 
• Read more stories on BI Prime.
• Watch the pound trade live here.

Traders are piling into bets that suggest they see downside risks to the pound from a probable Conservative win in a UK election later this week.

If Prime Minister Boris Johnson gets a decisive win, he will pull Britain out of the European Union — a likely negative for the pound.

Potential shocks from election day on Thursday are driving up demand, and thus the price, of bearish derivatives. Options traders are protecting against a drop they expect in the next week — and the volume of those downside bets is outweighing that of the upside ones to a degree not seen in a few years, Goldman Sachs strategists said in a note dated December 9.

"The share of undecided voters at this stage does not rule out the risks of sizable electoral surprises that could lead to a hung parliament," the report said.

Volatility levels are also near October highs, "when uncertainty on the new Brexit deal was elevated."

The chart below measures this volatility spread, called one-week 25-delta risk reversal, at near a July 2017 high. It's a sign traders want to hedge their positions should UK voters deliver a loss for the Conservatives or another unexpected outcome on election day, Goldman said.

The pound soared on the news this week that Britain's Conservatives were holding an 8 to 16% lead over the Labour Party in the polls, a sign of a decisive Tory win.

But a relatively modest swing in the other direction would trigger a hung parliament, where no party has enough seats to claim an overall majority. 

The uncertain outcome is making traders pile into the positions. 

Investors are also betting recent gains in the pound are close to capping. Goldman Sachs said implied volatility "is pricing less upside risk of a further GBP/USD rally," as shown in the chart below ("GBP/USD 1-month implied volatility based on different deltas"):

"GBP/USD implied volatility is already pricing higher uncertainty towards next December, another important Brexit deadline," Goldman Sachs said.

A win for Labour wouldn't necessarily mean doom for the pound, however. If the Conservatives win, Goldman currency strategists see the pound reaching $1.35, "while in case of a Labour victory, the result could be more mixed as higher Brexit uncertainty near-term may in part be offset by the potential for a softer Brexit end-state."

"A hung parliament would prolong the uncertainty," and the pound could drift to $1.25.

The pound was at about $1.32 in afternoon trading in London on Tuesday. 

Longer term, the bank's strategists "maintain a constructive view on UK assets due to light investor positioning," Goldman strategists including Alessio Rizzi wrote in the note. "We continue to prefer UK domestic exposed stocks given the attractive valuations and the high sensitivity to UK growth."

"In rates, Gilts, which have recently moved in line with US and German bonds so far, are likely to underperform," they wrote. "Continued high political uncertainty represents a downside risk to this view. "

Join the conversation about this story »

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

• Netflix was downgraded to "underperform" by Needham analyst Laura Martin Tuesday. She also estimated it will lose 4 million subscribers in 2020.
• Shares of Netflix sank roughly 2% early Tuesday. 
• Martin argues that a second, lower-priced subscription option would help Netflix going forward. Without one, she writes that it won't be able to compete with other streaming services. 
• Watch Netflix trade live on Markets Insider.

Shares of Netflix slid roughly 2% early Tuesday after Laura Martin, an analyst at Needham, downgraded the stock to "underperform" from "hold."  

The downgrade centers on Needham's projection that Netflix will lose 4 million US subscribers in 2020 if it doesn't create a lower-cost subscription option on its platform. 

Without a second, cheaper service, it won't be able to compete with Disney+, Apple+, Hulu, CBS All Access, and Peacock, Martin writes. Those services have options that cost $5 to $7 per month, undercutting Netflix's premium price of $9 to $16. 

That price is "unsustainable" for Netflix as its perceived price-to-value ratio will fall over time, Martin writes, especially when the platform loses popular shows such as "Friends" and "The Office."

The downgrade is further due to Netflix's refusal to have advertising, which Martin believes will also result in subscription losses. That's important because Netflix's stock price is partially tied to subscriptions, Martin argues — when subscriptions fell by 126,000 in the second quarter of 2019, that led Netflix shares to plunge 10%.

In addition, US subscribers generate an average of nearly three times more profit contribution than international subscribers, according to Needham. If Netflix is to lose 4 million US subscribers next year, profit contribution could take a $260 million hit. 

If Netflix doesn't introduce a lower-priced subscription option in the US next year, Needham says that the stock "starts to become attractive around $260 per share," which is down about 13% from current trading levels. Needham doesn't give a price target on shares of Netflix. 

Netflix has a consensus price target of $353.40 and 29 "buy" ratings, 10 "hold" ratings, and seven "sell" ratings, according to Bloomberg data. 

Netflix is up roughly 13% year-to-date through Monday's close.

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• GitLab, the development platform that raised $268 million in September, plans to go public next year in November. 
• CEO Sid Sijbrandij told Business Insider that he was leaning toward a direct listing but still open to a traditional initial public offering. 
• While GitLab has fostered a nontraditional corporate culture — it has an all-remote workforce and a public 3,000-page employee handbook — Sijbrandij said he was not looking to innovate in the IPO process.
• Visit BI Prime for more stories.

GitLab is looking to go public next year in November, just over a year after raising $287 million.

But just how the 1,100-person company will make its public debut is still being worked out, GitLab CEO Sid Sijbrandij told Business Insider.

"It's easier to change your plan from direct listing to IPO," Sijbrandij said. "We'll aim for direct listing for now, but we haven't made a decision." 

CNBC first reported on Tuesday that GitLab was leaning toward a direct listing. 

The development platform with a commitment to radical transparency, including a public 3,000-page employee handbook, laid out its ambitions on a page highlighting November 18 as when it wants to go public. 

Spotify and Slack have chosen to go public through direct listings, though that route is still relatively niche. In a direct listing, a company can start trading shares on public markets with lower costs and no multimonth lockup period that accompanies an IPO.

Sijbrandij highlighted both of those considerations, as well as the added transparency that comes with direct listings, as advantages over an IPO.

However, he said Wall Street understood the traditional IPO better and companies could raise fresh capital that way. 

'We will not try to innovate on an IPO'

GitLab is in the middle of explosive growth, financed in part by a $287 million Series E fundraising round in September. Investors in the round, which was led by Iconiq Capital and Goldman Sachs, included big asset managers like BlackRock and Franklin Templeton.

GitLab is using some of that capital to bolster its ranks, growing from 400 to 1,100 employees this year. Next year, Sijbrandij said, it is planning to add another thousand employees.

On Monday, GitLab announced it hired a chief people officer — Sung Hae Kim — and added Karen Blasing to the board of directors. 

Sijbrandij said GitLab, which already did a nondeal road show, will hire a senior director of investor relations. For a company known for bucking corporate trends by having an all-remote staff, it's a sign that its path to operating publicly will look relatively traditional. 

"We will not try to innovate on an IPO or a direct-listing process," Sijbrandij said. 

Mid-November is the goal for going public, but he said the timing could be sooner or later. When GitLab first took external capital in 2015, executives always had a goal to return that money in five years and avoid being acquired. 

Sijbrandij said that when his chief financial officer asked about a specific time to go public next year, the CEO had no opinions. The chief financial officer then wanted to time the listing "as late as possible" but with an eye toward avoiding slower markets after Thanksgiving.

November 16 was the original listing date, chosen because it's the chief financial officer's twins' birthday. But when the chief financial officer realized it was a Monday — "not a good date" — he delayed it by two days "to help people trying to process the weekend," Sijbrandij said. 

The CEO said he did not view going public as the capstone to GitLab's growth, but rather a mile marker. Echoing commentary on GitLab's public page about the IPO, he recalled an adviser's analogy about the process.

"She said going public is like graduating from high school: It's great, but it shouldn't be the biggest thing you achieve in life," Sijbrandij said.

"That's what we're trying to signal to the company. This is another fundraising ... but it's not why we're running the company. We're running the company to add value to our customers and to get part of that value revenue. That's been our goal before, and that will be a goal after going public."

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• Goldman Sachs is nearly 10 times more selective than Harvard.
• You'll want to evaluate whether it's the right fit for you, in addition to convincing the hiring manager that you're the right fit for them.
• We asked three experts on Wall Street recruiting how to know if you'll thrive at Goldman Sachs.
• Visit Business Insider's homepage for more stories.

Goldman Sachs is nearly 10 times more selective than Harvard when hiring midcareer employees. And a lot of people want to work there: The firm receives 1 million applications for midlevel jobs each year.

If you snag a job interview with the company, the bank wants to know if you're a good fit for its work environment. But it's just as important to assess whether the company is a good fit for you.

In fact, the company's outgoing head of human resources, Dane Holmes, previously told Business Insider that the company approaches hiring like a "balanced conversation of two people" to determine if their partnership is a mutual fit. 

One or two interviews with a hiring manager won't give you a full picture of a job because they will likely tell you only the best aspects of the company. But talking to former and current employees can help you get a better idea.

Business Insider hosted a conference call with three experts on Wall Street recruiting: former executive coach Erica Keswin, business school dean Linda Kreitzman, and executive-search firm CEO Oliver Rolfe. They explained how to know if Goldman Sachs is a good fit for you and your career goals. And their tips can help you evaluate a job opportunity at any company, in any industry.

You may know the exact job you want, but that doesn't always mean it's the right one for you. "If that happens to be Goldman, it doesn't mean that Goldman Sachs is the right place for you in your career," Rolfe said. 

It comes down to three key questions to ask yourself.

Am I just interested in the prestige?

Sometimes a job might be a better fit later in your career. "There's an important balance to realize that there is a right place for everyone and it's not one individual place," Rolfe said.

Kreitzman suggests applying to multiple firms, instead of just one. "I've done this job for 19 years and students can say to me, 'Goldman is Goldman.' But I will say there are wonderful firms out there," she said. 

Plus, the appeal of professional prestige is waning. Many workers quit high-paying jobs at top companies because big names become less important as they advance. 

So it's key to look at more than just the name you want to add to your resume. "It's important to really try and get a really strong element of the banks around you, not just in terms of how they're doing in the rankings or revenues or profits or employee cuts," Rolfe said. 

Successful people look at the big picture. Think about how your job will advance the company's mission and contribute value.

Martha Delhanty, senior vice president of human resources at Verizon, has over 20 years of experience in Verizon HR. She previously told Business Insider that knowing exactly why you're showing up to work every day will motivate you to perform better. 

How do I feel about my prospective colleagues?

While a company's culture and values can affect your job satisfaction, often it's more about the people. Keswin said most of the time, employees leave a company because of their managers, not the firm. People want managers who will help them grow. One survey found that a lack of career growth is one of the biggest reasons employees leave their jobs.

"It really comes down to that individual manager and how much you connect with that person and what their expectations are. Because group to group, it can sometimes feel like two different firms," said Keswin. 

Holmes once told Goldman interns that the most underrated factor in a job search is how much you like your prospective coworkers. 

Holmes encouraged interns to ask themselves three questions: "Will people invest in me?" "Am I going to grow and learn?" and "Do I like the people that I'm going to show up with every day?"

But it can be hard to assess your potential manager and coworkers before you actually work with them. That's why it's important to ask around.

In a video by GZero Media, Wharton psychologist Adam Grant suggested asking people at the company to tell a story about something that happened at their organization that wouldn't happen anywhere else. The more people you ask, the better you'll be able to draw a clear picture. If you start to hear a lot of the same stories or themes, you'll know those are major aspects of the work environment. 

Is it the right time in my career to take this job?

To Kreitzman, your next job opportunity isn't about your dream job and what you'd eventually like to do. It's about asking yourself if it's something you can do right now. 

She shared one way to know when it's time to move on from your current role. "You have outgrown your company or your current job. But more importantly, you've seen a job description that truly appealed to you and you know that, intuitively, you're a right fit," she said. 

If you're still unsure of the timing, Kreitzman suggests talking to company alumni. Ask someone experienced in the job you're considering if they think you're the right fit for the role, in terms of your skills and expertise. If not, think twice about applying.

Rolfe added that it's about having the right experience at the right time. If you're not ready now, you can work on developing the necessary experience. "You may be better suited to be at Goldman Sachs later in your career than earlier because of the knowledge you've gained or the passion you've progressed with," he said.

MUST READ: Ask yourself these 2 questions to decide between a job that's more prestigious and a job that's more fulfilling

SEE ALSO: Outgoing Goldman talent chief Dane Holmes outlined for us the thought exercise he uses to think through big decisions — like leaving the investment bank

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• 2019 has been an unexpectedly competitive and vigorous hiring market for top investment bankers, building off an exceptionally active 2018, according to Wall Street headhunters.
• With new leadership gripping the reins at top investment banks, turmoil enveloping others, and a still-scorching dealmaking environment, competition in the US for rainmakers remained at a fever pitch this year. 
• We spoke with investment-banking headhunters and consultants who are in the trenches to determine the 40 biggest hires and departures of the year.

Last year was one of the most competitive and vigorous hiring markets in the US for senior investment bankers in recent memory. So it would only seem natural that the frenetic pace would slow in 2019. 

Except that it didn't, at least not by much, according to top Wall Street recruitment and executive search firms. 

With new leadership gripping the reins at top investment banks, turmoil enveloping others, and a still-scorching dealmaking environment, competition in the US for top rainmakers remained at a fever pitch this year. 

"In America, hiring is widespread and frighteningly competitive," Julian Bell, regional managing director for the Americas for executive search firm Sheffield Haworth, told Business Insider.

While senior dealmaker hiring has declined upwards of 30% in Europe and Asia, it's nearly level with 2018 in the US with one month remaining in the year, according to Sheffield Haworth's data. 

That's in part because the US has been the epicenter of the investment-banking action: While mergers-and-acquisitions deal volumes have cooled in recent months, US-targeted M&A stands at $1.75 trillion, already eclipsing the tally for 2018 and threatening to set a full-year record, according to Dealogic. 

Investment-banking revenues in North America fell slightly to $11.1 billion across the industry through the first three quarters, according to Dealogic, whereas in Europe they fell 26% to $4.2 billion and in Asia (not including Japan) they declined 22% to $1 billion. 

But new regimes and other trends factor in as well:

• Bank of America and Citigroup each announced new investment-banking leadership toward the end of 2018, and have made concerted efforts to stamp their respective imprints and staff up with top dealmakers.
• The turmoil at Deutsche Bank has left the firm vulnerable, and competitors have seized the opportunity to snatch more than 15 managing directors from the firm's investment bank in the US. Barclays and Lazard have also been fertile poaching grounds as they deal with shakeups of their own. 
• Goldman Sachs is culling its partner ranks, making it a propitious time for bankers to jump to a competitor. 
• Firms are increasingly using the vice chairman role to lure veteran bankers with key relationships who want the client impact and big-ticket deal flow of a senior post without all the bureaucracy.

"It's a pragmatic approach to getting senior access to client relationships," Albert Laverge, head of Egon Zehnder's banking and markets practice, told Business Insider. "It gives banks more flexibility, especially since some bankers would rather focus purely on clients than necessarily managing others, and the vice chairman role avoids where to put them in the pyramid."

While technology and healthcare remain the most competitive hiring grounds, mirroring deal activity, other areas are growing in prominence, including activism-defense groups, which provide close access to top brass at major corporations. 

"When an activist situation arises, you don't have a lot of time and have to have a rapid response," Laverge said.  "Additionally, it's a good way to have an ongoing dialogue with clients."

Like we did last year, Business Insider has put together a guide to the most notable moves of 2019. We worked with senior headhunters and consultants who are in the trenches and tracking all the moves to narrow a list of more than 200 hires and departures down to the 40 biggest.

Some caveats: While seniority, title, and platform matter, they aren't the only criteria in play. Well-respected and impactful managing directors may trump investment bankers with more seniority and responsibility. Additionally, only bankers based in the US were included — we didn't consider moves in Europe and Asia. Lastly, our list encompasses only professionals who oversee or work directly in investment banking — senior executive departures like Tim Throsby at Barclays, Jamie Forese at Citi, and Tim Sloane at Wells Fargo, while notable, don't make the cut. 

Read on for Business Insider's list of the 40 most significant and noteworthy hires and departures in investment banking in 2019.

Have thoughts? Think we missed somebody obvious or important? Shoot us a message at amorrell@businessinsider.com.

Steven Barg: Goldman Sachs to Elliott Management

Old role: Partner, global cohead of M&A shareholder advisory

New role: Global head of corporate engagement

Month: August

Barg is switching from protector to predator: At Goldman, he was the top banker defending companies against would-be corporate raiders and other investor antagonists. Now he's teaming up with Paul Singer and Elliott Management, the most feared and prolific activist hedge fund on Wall Street. 

While Goldman has been shedding partners in 2019, Barg was a top player in one of the most influential and in-demand corners of investment banking. His poaching reportedly caught Goldman executives by surprise — and was closely guarded internally at Elliott — and competitors rushed to steal the investment bank's clients after the departure was announced, according to the FT. Goldman lost another top activist banker, Tyler Brooke, to Centerview earlier in the year. 

A long-time capital markets banker, Barg spent a decade at Goldman, largely in Asia, coheading its investment bank for Southeast Asia from 2012 to 2013 and later co-leading ECM operations in the region. 

Eric Bischof: Bank of America to Morgan Stanley

Old role: Global head of financial institutions investment banking

New role: Chairman, investment banking

Month: May

After only two years away, Bischof has returned to Morgan Stanley. The insurance specialist split in 2017 from the Wall Street giant, where he burnished his reputation and spent almost all of his more than two-decade career, to cohead Bank of America's financial institutions group.

Now he's back as a chairman of its investment bank, where he'll have more time to focus on relationships that have helped him execute deals like Ace's $28 billion buyout of Chubb in 2015 and Fortress Investment Group's $3 billion sale to SoftBank in 2017. 

Bischof is also known for co-leading a team of 30 bankers that advised the Federal Reserve Bank of New York on its bailout of AIG during the financial crisis. 

Tyler Brooke: Goldman Sachs to Centerview

Old role: MD, M&A and shareholder activism

New role: MD, M&A and shareholder activism

Month: May

After a five-year run with Goldman Sachs, Brooke joins Centerview Partners amid a ramp up in demand for activist-defense bankers. His resignation landed several months before Goldman's top activist-defense banker, Steven Barg, left to join the industry's most notorious activist, Elliott Management. 

Among Brooke's recent mandates, according to Reuters: ILG in its $4.7 billion sale to Marriott in 2018 and Tribune Publishing in its defense against a hostile bid from Gannett in 2016.

Andrew Callaway: Bank of America to RBC

Old role: Global head of life sciences investment banking

New role: Head of US healthcare investment banking

Month: January

After building out its investment-banking roster in 2018, RBC added senior Bank of America healthcare banker Andrew "Cal" Callaway in early 2019. He brings more than 100 M&A and financing deals worth of experience in biopharma, including previous senior roles at Wells Fargo and Deutsche Bank.

Thanks to veteran hires like these, the surging Canadian bank has raced into the top-10 in US M&A deal volume, hitting a goal it had set nearly a decade ago. 

Kristin DeClark: Deutsche Bank to Barclays

Old role: Head of tech ECM

New role: Cohead of US ECM, global head of tech ECM

Month: March

Barclays poached a pair of high-profile bankers to run equity capital markets in the US this year: Taylor Wright and Kristin DeClark.

DeClark, who also moonlights as a competitive ultramarathoner, joined first in March from Deutsche Bank and specializes in hot tech initial public offerings. Among the IPOs she's worked: Dropbox, Snap, Fitbit, Square, and GoDaddy.

Wright, a 24-year veteran of Morgan Stanley and head of its US financial institutions ECM group, joined a couple months later as her cohead. He's worked on public listings for AXA Equitable Holdings, Citizens Financial, Moelis & Company, Tradeweb, and Yext.

Lee Einbinder: Barclays to FinServ

Old role: Vice chairman and head of financial institutions group, Americas

New role: CEO

Month: August

The most senior among a cadre of senior financial institutions investment bankers to all quit the British firm within a month of each other this summer. 

Einbinder, who joined Barclays in 2008 after 12 years with Lehman Brothers, led the firm's investment banking coverage of financial companies in the US. Now, he's running a special-purpose acquisition vehicle called FinServ — a blank-check investment firm that raised $250 million in its November public offering and is looking to buy stakes in financial services companies.

Onur Eken: Barclays to Guggenheim

Old role: Global head of capital goods investment banking

New role: Senior MD, industrials investment banking

Month: June

Guggenheim roped in a pair of senior industrials bankers from Barclays in June: Onur Eken and John Welsh.

Eken, who joined Barclays from Lehman Brothers in 2008 and was the global head of capital goods, will continue on with a similar mandate in his new shop. 

Rahm Emanuel: City of Chicago to Centerview

Old role: Mayor of Chicago

New role: Senior counselor

Month: June

The biggest name hired in investment banking in 2019 comes not from finance, but from politics: Following an eight-year tenure as Chicago's mayor and a 30-year career as a Democratic political bulldog, Rahm Emanuel announced this summer he was joining boutique powerhouse Centerview Partners. 

Emanuel is in charge of launching the firm's Chicago office, where he'll build off a deep well of established connections — including the likes of area billionaires J.B. Pritzker, now Illinois' governor, and Citadel founder Ken Griffin. 

The foundation for the hire was laid in the late 1990s, when Emanuel spent two years at boutique Wasserstein Perella after leaving the Clinton White House in 1998. While there he reportedly met Robert Pruzan, who cofounded Centerview with Blair Effron in 2006. 

John Eydenberg: Deutsche Bank to Citigroup

Old role: Chairman, investment banking, Americas

New role: Vice chairman, investment banking

Month: June

Few have capitalized on Deutsche Bank's mass exodus of bankers as favorably as Citigroup, which nabbed a trio of senior rainmakers this summer: TMT cohead Mark Keene, global IB chairman and capital markets head Mark Hantho, and North America IB chairman John Eydenberg. 

Eydenberg, who'd been with Deutsche since 2001, reportedly has close ties to top-tier private equity clients like Apollo Global as well as Japanese investment giant SoftBank.

Jim Forbes: UBS to Morgan Stanley

Old role: Vice chairman, healthcare investment banking

New role: Vice chairman, healthcare investment banking

Month: July

In Forbes, Morgan Stanley acquired one of the top bankers in one of the hottest M&A sectors. The healthcare dealmaker has a track record with private-equity giants as well, running Bank of America's Global Principal Investments Group for three years before departing for UBS in 2012. 

Forbes has advised clients including Anthem, Ventas, Bain Capital, and KKR, according to The Wall Street Journal. 

He helped orchestrate one of the largest leveraged buyouts in history: Hospital Corporation of America's $33 billion take-private deal in 2006 with a consortium of investors including Bain, KKR, Merrill Lynch, and the Frist family. 

Jeremy Fox: Deutsche Bank to Credit Suisse

Old role: Head of ECM, Americas

New role: Cohead of real estate investment banking, Americas

Month: August

Fox is one of a handful of senior bankers to decamp not long after Deutsche Bank's monumental investment banking overhaul this summer.

The equity capital markets banker already has a stable of real estate relationships — he worked on IPOs for companies including Hilton Worldwide and Blackstone's Invitation Homes — but now he's pivoting to full-time coverage banking as the cohead of the group in the US for Credit Suisse. 

Robert Giammarco: Bank of America to The Amynta Group

Old role: Head of financial institutions investment banking, Americas

New role: Chairman and CEO

Month: April

One of the industry's top insurance dealmakers, Giammarco left Bank of America this spring after two decades for a corporate role in a company he had a hand in creating. 

Giammarco, the head of the financial institutions group in the US at BofA since 2014, advised AmTrust Financial in its 2017 sale of a majority stake in one of its US businesses to Madison Dearborn Partners, according to Bloomberg. He now is chairman and CEO of the new company, an insurance distribution and insurances company called The Amynta Group. 

Jean Greene: Lazard to Bank of America

Old role: MD

New role: MD, industrials M&A

Month: August

After two decades at Lazard orchestrating monster deals, Greene left for Bank of America this summer amid the firm's investment-banking hiring blitz.

Among Greene's deal trophies: Tyco's $16.5 billion sale to Johnson Controls and Anheuser-Busch InBev's more than $100 billion acquisition of SAB Miller, both in 2016. 

Celeste Guth: Deutsche Bank to PJT Partners

Old role: Global head of M&A

New role: Partner

Month: October

Guth lasted all of four months as Deutsche Bank's global head of M&A before ditching the troubled bank for calmer waters at advisory boutique PJT Partners.

Guth was named to the high-profile post this summer amid a massive overhaul that saw the German lender split its investment bank into three divisions and lay off thousands of employees. 

She previously ran the firm's global financial institutions group and was poached in 2015 from Goldman Sachs, where she spent nearly three decades and was made partner in 2002.

Mark Hantho: Deutsche Bank to Citigroup

Old role: Chairman of global capital markets and global head of ECM

New role: Vice chairman, investment banking

Month: June

Few have capitalized on Deutsche Bank's mass exodus of bankers as favorably as Citigroup, which nabbed a trio of senior rainmakers this summer: TMT cohead Mark Keene, global IB chairman and capital markets head Mark Hantho, and North America IB chairman John Eydenberg. 

After 13 years at Deutsche, the Montreal native Hantho — who has spent long stints in both London and Hong Kong— will continue coordinating capital underwriting for large corporates from New York as a vice chairman at Citi. 

Gary Howe: Lazard to Bank of America

Old role: Head of financial institutions investment banking, North America

New role: Cohead of financial institutions investment banking, Americas

Month: October

After an eight-year run, the long-time financial institutions dealmaker left Lazard, which is revamping its merger-advisory business amid declining revenues — cutting jobs and closing several offices. 

He joins a Bank of America dealmaking unit that's been on a hiring spree in 2019 and appears to be on the other side of its own investment-banking overhaul.

Zaheed Kajani: Citigroup to Evercore

Old role: Head of internet and digital media investment banking

New role: Senior MD, internet and digital media investment banking

Month: January

One of the industry's top internet investment bankers, the nearly two-decade veteran Kajani reportedly has more than 100 transactions under his belt, ranging from M&A deals, to IPOs, to private capital injections. 

The Menlo Park-based banker has advised companies including Alibaba, Bonobos, GrubHub, Roku, The Trade Desk, Wayfair, and Zillow. 

Michal Katz: RBC to Mizuho

Old role: Cohead of global technology investment banking

New role: Head of banking, Americas

Month: August

Katz, one of Wall Street's most powerful women, surprised many this summer when she vacated the top technology investment banking role at RBC, which has been gaining momentum and is one of the top tech IPO performers in 2019. 

Now, she has the top banking job in the US at Mizuho, and she'll be responsible for boosting the Japanese giant's relevance in the largest investment banking market. Her ambitions were larger than just technology, but her expertise will be essential as tech disruption redefines companies across sectors.

She told American Banker in September that her experience "has put me in a very unique position to think through this. Whether it be technology as a sector, where my old world used to be, or in my new role, which is going to be touching across nine or 10 industry groups that are being impacted by technology across the board."

Mark Keene: Deutsche Bank to Citigroup

Old role: Global cohead of technology, media, and telecom investment banking

New role: Global cohead of technology investment banking

Month: June

Few have capitalized on Deutsche Bank's mass exodus of bankers as favorably as Citigroup, which nabbed a trio of senior rainmakers this summer: TMT cohead Mark Keene, global IB chairman and capital markets head Mark Hantho, and North America IB chairman John Eydenberg. 

Keene, a 13-year Deutsche veteran and semiconductor expert, will co-run technology investment banking at Citi alongside Herb Yeh. 

Sam Kendall: Departed UBS

Old role: Head of investment banking, Americas

New role: Unclear

Month: October

Another year, another head of investment banking in the US for UBS. Last year, it was Joe Reece who left as head of Corporate Client Solutions in the Americas only four months after replacing Ros Stephenson, who stepped back into an executive vice chairman role.  

Kendall outlasted Reece in the role — during his tenure he also made headlines for cobbling together a handy staff reading list for uncertain times — but it was a brief reign as well. The two-decade UBS veteran stepped down from the role in September amid yet another organizational shakeup at the Swiss giant's investment bank, and in October Kendall reportedly departed to pursue other interests. 

Stephenson, meanwhile, is back on top, coheading the firm's dealmaking unit alongside Javier Oficialdegui. 

Sam Kumar: Citigroup to Bank of America

Old role: Global cohead of software investment banking

New role: Cohead of emerging growth and regional coverage investment banking

Month:  August

As part of its investment banking overhaul, Bank of America is on a mission to chase more middle-market deals in regional locales like Portland and Nashville, as well as provide coverage of emerging, rapidly growing tech firms.

The firm poached Kumar, Citi's head of internet investment banking in North America and global cohead of software, to jointly run the new group alongside Brendan Hanley, a BofA veteran. Kumar's client roster includes heavy hitters like Alibaba, SoftBank, Uber, and Fitbit.  

Amy Lissauer: Evercore to Bank of America

Old role: MD, shareholder defense

New role: Global head of activism and raid defense

Month: August

As investor activism proliferates, investment bankers who can step in and mount a quick and effective defense for companies have become a hot commodity on Wall Street. Lissauer worked alongside star raid-defense banker Bill Anderson at Evercore; now she'll be running the show herself at Bank of America.

At just 35, Lissauer has already advised more than 150 companies facing activism campaigns, according to a Bank of America memo announcing her hire, including Bristol-Myers Squibb, Envision Healthcare, and WageWorks. She also worked with Whole Foods in its defense against Jana Partners and eventual industry-rattling sale to Amazon in 2017.

Kathleen McCabe: Morgan Stanley to PJT

Old role: Head of marketing and business development in investment banking

New role: Partner, strategic advisory group

Month: August

The long-time Morgan Stanley investment banker has most recently held senior posts in investor relations and business development at the firm, but now she's back in an advisory role as a partner in boutique PJT's strategic advisory group. 

During her 21 years at Morgan Stanley, McCabe held relationships with some of the firm's largest clients, especially within the private equity world. 

Umi Mehta: Bank of America to Morgan Stanley

Old role: Head of US internet investment banking

New role: Global cohead of internet investment banking

Month: August

Bank of America has poached talented bankers over the past year, but they haven't been immune to competitors luring away their own: RBC claimed healthcare specialist Andrew Callaway; US FIG head Robert Giammarco left to run an insurance company; and Morgan Stanley hired standouts Eric Bischof, an insurance expert, and Umi Mehta, one of the top internet bankers and nearly 10-year vet of the firm.

Morgan Stanley further bolstered its prodigious tech-banking practice with the hire of Mehta, who will cohead global internet banking in the Menlo Park office alongside veteran Kate Claassen. Mehta has advised the likes of Uber, Carvana, Rent the Runway, and Zynga, according to Bloomberg.

Elizabeth Milonopoulos: Goldman Sachs to Citigroup

Old role: MD, head of digital media and advertising investment banking

New role: Global cohead of internet investment banking

Month: June

Tech is the most competitive sector for talent in investment banking, so landing a top internet banker is a tall order. Citigroup poached two of them this summer amid a flurry of senior hires: Elizabeth Milonopoulos from Goldman Sachs and Brian Yick from Barclays. 

Milonopolous started her career in consulting with Accenture, then she joined Goldman as an associate in 2008 after business school, earning a promotion to managing director in 2015.

She'll now co-run Citi's global internet group alongside Yick.

Gregg Polle: Moelis to Bank of America

Old role: MD

New role: Vice chairman of M&A

Month: June

Polle — a 25-year Citi vet who coheaded M&A and ran the industrials group before retiring in 2008— was part of a slew of senior bankers hired by boutique Moelis & Company in the early 2010s. Now, he's headed back to bulge-bracket investment banking world, where he'll cover industrial giants, as well as other sectors, for Bank of America.

He's part of a wave of splashy, senior hires amid the firm's investment-banking turnaround.  

Michael O'Donovan: UBS to PJT

Old role: Head of ECM, Americas

New role: Partner, strategic advisory group

Month: May

O'Donovan joins PJT as partner after three years running IPOs, private placements, and other equity transactions as UBS' head of ECM in the Americas. 

Before UBS, O'Donovan worked in KKR's capital markets unit, and also had stints with Morgan Stanley, JPMorgan, and Bear Stearns. 

Glenn Riedman: RBC to Jefferies

Old role: Cohead of industrials investment banking

New role: Vice chairman, global head of capital goods

Month: June

Jefferies adds depth to its industrials coverage with the hiring this summer of Reidman, who spent eight years at RBC looking after industrial giants, as well as those focused on building products and metals and mining, among others. 

Before RBC, Reidman spent time at JPMorgan and more than a decade at Bear Stearns.

Rick Sherlund: Perella Weinberg to Bank of America

Old role: Partner, cohead of technology investment banking

New role: Vice chairman, technology investment banking

Month: May

The top-ranked-software-research-analyst turned investment banker has been making the rounds since leaving Goldman Sachs in 2007 after a quarter-century at the firm. After a couple hedge fund stops, the ex-Goldman partner spent four years at Nomura before moving on to short stints at Barclays in 2015 and Perella Weinberg in 2017, where he was tasked with building out their tech-investment-banking practice. 

Now, it's on to Bank of America, where Sherlund — along with fellow newcomer Johnny Williams, who joined from UBS in August — will bolster the firm's Palo Alto office with veteran tech expertise. 

Karen Simon: Retired from JPMorgan

Old role: Global head of director advisory services

New role: Retired

Month: August

In her 36 years at JPMorgan, Simon held a number of senior roles, including top jobs at the bank overseeing coverage of oil and gas, debt capital markets, and buyout firms. Up until 2016, she oversaw a team of 25 bankers that advised more than 120 private-equity finds as a vice chairman and head of financial sponsors. 

The past three years she ran the firm's director advisory services group, a Jamie Dimon brainchild launched in 2016 that advises and facilitates connections for corporate boards. Under Simon's leadership, the group recommended more than 700 candidates to 70 companies in its first year, according to The Wall Street Journal.

But after nearly four decades at the firm and its precursors, Simon, one the most senior female investment bankers on Wall Street, retired in August. 

Terry Sullivan: Victory Capital to UBS

Old role: Chief financial officer

New role: Global cohead of financial institutions investment banking

Month: March

Sullivan returns to bulge-bracket investment banking with UBS after nearly two years on the buy-side as CFO for Victory Capital, a Cleveland-based private-equity giant with nearly $150 billion in assets.

He was a regular advisor to Victory's leadership even prior to joining in 2016 from Morgan Stanley, where he spent nearly 15 years as a financial sponsors banker. 

Now, he'll co-run the financial institutions coverage globally for UBS. 

Rob Sweeney: Goldman Sachs to Sycamore Partners

Old role: Global head of consumer and retail investment banking

New role: President

Month: April

A 22-year company veteran and consumer-retail banking heavyweight, Goldman Sachs' Sweeney split for the buy-side this spring, joining private-equity giant Sycamore. He's part of a wave of departures among the partner ranks at Goldman Sachs in 2019. 

Among the clients Sweeney advised during his time at Goldman: Bed Bath & Beyond, Best Buy, Campbell's, J. Crew, Lululemon, Target, Under Armour, and Yum! Brands, the corporate parent of Taco Bell, KFC, and Pizza Hut.

As president at Sycamore, he'll continue to work relationships with the CEOs and board members of those firms and others to win business for the investment firm. 

Stephanie Sze: Barclays to Credit Suisse

Old role: MD, M&A

New role: Cohead of sell-side M&A

Month: October

Part of the wave of senior departures in Barclays investment bank in 2019, Sze left for Credit Suisse, where she'll run the firm's sell-side M&A practice, specializing in scenarios where companies — or their private-equity owners — put themselves up for sale or divest assets. 

Sze spent more than a decade at Barclays, joining from Lehman Brothers in 2008. 

Joe Todd: Goldman Sachs to Evercore

Old role: Partner, financial institutions investment banking

New role: Senior MD, financial institutions investment banking

Month: September

Amid Goldman Sachs' efforts to thin its partner ranks, longtime finance dealmaker Todd jumped ship to Evercore — and reportedly secured a six-year contract from the boutique in the process.

Todd started his career with Goldman in 2001 and made partner in the 2014 class. 

Janis Vitols: Barclays to Bank of America

Old role: Global head of asset management investment banking

New role: Global head of asset management investment banking

Month: July

Vitols, a Barclays vet of more than a decade, was among a cadre of senior financial institutions investment bankers to all quit the British bank within a month of each other this summer. 

While Barclays has seen an outflow of talent amid a shakeup to the investment bank and compensation cuts, Bank of America has been snatching senior bankers left and right. Vitols will handle the same remit at BofA that he did at Barclays.  

John Welsh: Barclays to Guggenheim

Old role: Cohead of global industrials investment banking

New role: Senior MD, industrials investment banking

Month: June

Guggenheim roped in a pair of senior industrials bankers from Barclays in June: Onur Eken and John Welsh.

After joining Barclays from Lehman Brothers in 2008, Welsh ascended the ranks and coheaded Barclays' global industrial group prior to joining Guggenheim. 

Johnny Williams: UBS to Bank of America

Old role: Vice chairman, strategic clients and partnerships

New role: Vice chairman, technology investment banking

Month: August

Yet another vice chairman hire for Bank of America, Williams returns to the firm after a six-year stint with UBS, bringing with him more than two decades of tech banking experience. Williams has worked on more than 150 IPOs during his career and has advised clients including Dell, IBM, Workday, Atlassian, and Palantir.  

He'll join forces with Rick Sherlund, who joined the firm on the West Coast as a tech vice chairman earlier in the year from Perella Weinberg. 

Taylor Wright: Morgan Stanley to Barclays

Old role: Head of financial institutions ECM

New role: Cohead of US ECM

Month: May

Barclays poached a pair of high-profile bankers to run equity capital markets in the US this year: Kristin DeClark and Taylor Wright.

Wright, a 24-year veteran of Morgan Stanley and head of its US financial institutions ECM group, joined in May. He's worked on public listings for AXA Equitable Holdings, Citizens Financial, Moelis & Company, Tradeweb, and Yext.

DeClark, who also moonlights as a competitive ultramarathoner, joined a couple months earlier from Deutsche Bank and specializes in hot tech initial public offerings. Among the IPOs she's worked: Dropbox, Snap, Fitbit, Square, and GoDaddy.

Brian Yick: Barclays to Citigroup

Old role: Cohead of internet investment banking, Americas

New role: Global cohead of internet investment banking

Month: June

Tech is the most competitive sector for talent in investment banking, so landing a top internet banker is tall order. Citigroup poached two of them this summer amid a flurry of senior hires: Elizabeth Milonopoulos from Goldman Sachs and Brian Yick from Barclays. 

For Yick it's something of a homecoming. He started his career at Citigroup in 1999, leaving in 2006 to join Lehman Brothers and then joining Barclays in 2008, where he rose to become the head of the internet group in the Americas. 

He'll now co-run Citi's global internet group alongside Milonopoulos.  

Tommaso Zanobini: Deutsche Bank to Moelis

Old role: Global head of fintech investment banking

New role: Managing director, fintech investment banking

Month: September

Yet another senior Deutsche defection, Zanobini's departure for Moelis leaves a hole for the firm in the simmering financial technology sector. 

Zanobini, who joined the German bank in 2017, has 25 years of tech investment banking experience, holding senior roles at Jefferies, Barclays, and Lehman Brothers during his career. 

• Saudi Aramco's record-shattering IPO made 3 billion shares available to public investors, though the offering only represents 1.5% of the oil giant's total value.
• Most large-cap companies offer far more of their stock in IPOs. Apple, Amazon, and Google-parent Alphabet all have more than 84% of their shares listed publicly.
• With the majority of Aramco's shares held by Saudi Arabia, government officials retain control of the firm and can lead it to take actions beneficial for the country.
• Watch Aramco stock here after it begins trading Wednesday.

Saudi Aramco's record-breaking initial public offering brought 3 billion shares to Saudi Arabia's Tadawul exchange, but the stake only represents 1.5% of the oil company's total value.

The proportion of shares offered in the IPO is significantly lower than average, as other large-cap companies typically list the majority of their shares publicly. Apple, Amazon, and Alphabet all have more than 84% of their shares held by public investors, according to Bloomberg data. Facebook has 98.8% of its shares held by public markets.

Of the 1,000 largest public companies by market cap, only Volkswagen-owned Audi and German utility firm EnBW boast smaller stakes on public markets, Bloomberg reported Tuesday. The firms have just 0.36% and 0.37% of their shares floated, respectively.

The rest of Aramco's shares remain under government control, giving officials the ability to easily influence the firm's actions to benefit government interests. Saudi government entities alone sank $2.3 billion into the IPO, despite the kingdom's push to diversify its economy away from its colossal oil industry.

Saudi Arabia plans to use "a lot" of the offering's proceeds on local investments, Finance Minister Mohammed Al Jadaan told Bloomberg TV on Thursday. Other planned investments include a futuristic city estimated to cost $500 billion.

Though Aramco's listing seems to keep most power in the kingdom's hands instead of distributing it to shareholders, the same effect is achieved among most large companies. Alphabet, Berkshire Hathaway, and Ford all use dual-class share structures, giving special parties increased voting power.

The IPO took place December 5, valuing the firm at $1.7 trillion after Aramco sold 3 billion shares at 32 Saudi riyals ($8.53) each. Two thirds of shares offered were sold to institutional investors, with Saudi-based companies buying up 37.5% of the portion.

Aramco shares begin trading on the Tadawul exchange Wednesday.

Now read more markets coverage from Markets Insider and Business Insider:

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GitLab is eyeing a direct listing in November 2020, but its CEO explains why the $2.75 billion company could still go the traditional IPO route

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• During the first three quarters of 2019, 1,160 CEOs left their positions, according to the staffing firm Challenger, Gray, & Christmas.
• This figure exceeds the number of CEOs who departed during the same nine-month span at the height of the 2008 recession (which saw 1,132 CEO departures).
• The tech sector has seen the second-highest number of CEO departures, with 154 executives in that industry leaving their positions.
• In the first week of December, four CEOs announced their resignations: Susan Desmond-Hellmann at the Bill & Melinda Gates Foundation, Oscar Munoz at United Airlines, Larry Page at Alphabet, and Mark Okerstrom at Expedia.
• The latest departure is Away cofounder and CEO Steph Korey, who resigned following a Verge investigation into the company's office culture.
• Visit Business Insider's homepage for more stories.

More than 1,000 CEOs stepped down during the first three quarters of 2019, according to a report published by the staffing firm Challenger, Gray, & Christmas— 1,160 executives, to be exact.

Departures in the first nine months of this year exceeded the number of CEOs who stepped down during the first three quarters of 2008 (1,132), which was the height of the Great Recession. This is also the year with the highest CEO turnover in the first three quarters that Challenger, Gray, & Christmas has seen since the firm began tracking departures in 2002.

The tech sector has the second-highest number of CEO departures, at 154, including the high-profile departures of Adam Neumann from WeWork and Kevin Burns from Juul.

On October 22, the heads of Under Armour and Nike announced within hours of each other that they were stepping down. On November 1, the McDonald's board voted to fire CEO Steve Easterbrook over his relationship with an employee. Gap CEO Art Peck stepped down on November 7 after 15 years at the company.

SoulCycle CEO Melanie Whelan resigned from the company on November 26, which a spokesperson told Business Insider was a "mutual agreement" between the board of SoulCycle and Whelan. Whelan originally joined the company in 2012 as its COO and rose to CEO in 2015.

The first week of December saw four major CEO exits.

On December 3, Google cofounder Larry Page stepped down as CEO of Alphabet. Page is being succeeded by Google CEO Sundar Pichai, and Page will remain on Alphabet's board of directors. On December 4, Expedia CEO Mark Okerstrom — who had succeeded former CEO Dara Khosrowshahi as the company's top executive in 2017 — stepped down. 

On December 5, United Airlines CEO Oscar Munoz announced he would be stepping down as CEO in May 2020 and assuming the role of chairman of the board. That same day, Susan Desmond-Hellmann announced she would be stepping down as CEO of the Bill & Melinda Gates Foundation.

The latest CEO departure is Away cofounder Steph Korey, who resigned on Monday following the publication of a Verge investigation by Zoe Schiffer. Korey is stepping into the role of executive chairman as Lululemon executive Stuart Haselden becomes Away's new CEO.

Of the chief executives who left their positions during the first three quarters of 2019, 438 remained at their respective companies in different roles, 292 retired, and 103 moved to other companies, according to the report, which listed several other reasons for departures as well.

Here are the 36 most noteworthy CEO departures of 2019 thus far:  

SEE ALSO: The WeWork IPO fiasco of 2019, explained in 30 seconds

DON'T MISS: The HR chief at $1.4 billion Away told us the company wants employees to bring their 'authentic selves to work.' But a bombshell investigation described a culture of bullying — and now the CEO is stepping down.

36. Steph Korey — Away

Read more: Away CEO steps down days after investigation revealed she perpetuated cutthroat culture of bullying and burnout at the buzzy luggage startup

35. Susan Desmond-Hellmann — Gates Foundation

Readmore: The CEO of Bill and Melinda Gates' multibillion-dollar nonprofit is stepping down

34. United Airlines — Oscar Munoz

Read more: United CEO Oscar Munoz is stepping down and transitioning to chairman in 2020, with president Scott Kirby taking his place

33. Expedia — Mark Okerstrom

Read more: Expedia's CEO, who replaced Dara Khosrowshahi, is resigning along with the company's CFO as part of a leadership shakeup

32. Alphabet — Larry Page

Read more: Alphabet CEO Larry Page and President Sergey Brin are stepping down

31. SoulCycle — Melanie Whelan

Read more: SoulCycle CEO Melanie Whelan has resigned, marking the end of a tumultuous year for the boutique fitness company

30. Gap — Art Peck

Read more: Gap CEO Art Peck is stepping down from the company

29. McDonald's — Steve Easterbrook

Read more: McDonald's CEO Steve Easterbrook was fired over a relationship with an employee

28. Wells Fargo — Tim Sloan

Source: Wells Fargo CEO Tim Sloan is retiring

27. David's Bridal — Scott Key

Source: Wall Street Journal

26. Overstock — Patrick Byrne

Read more: Overstock founder Patrick Byrne was seemingly involved in a web of intrigue that involved a Russian spy and the FBI

25. Under Armour — Kevin Plank

Read more: Kevin Plank is stepping down as CEO of Under Armour

24. Care.com — Sheila Lirio Marcelo

Source: Wall Street Journal

23. AutoNation — Carl Liebert

Read more: AutoNation replaces new CEO with a new CEO

22. PG&E — Geisha Williams

Read more: PG&E says CEO Geisha Williams steps down

21. Kraft Heinz — Bernardo Hees

Read more: Kraft Heinz CEO stepping down, Patricio named successor

20. Blue Apron — Brad Dickerson

Read more: Blue Apron is soaring after its CEO steps down

19. HP — Dion Weisler

Read more: The CEO of HP is stepping down 'due to a family health matter,' and will be replaced by an exec who started at the company as an intern

18. UnitedHealthcare — Steve Nelson

Read more:Interview with Retired UnitedHealthcare CEO Steve Nelson

17. Guess — Victor Herrero

Read more: Guess CEO Victor Herrero to step down

16. Mozilla — Chris Beard

Source: TechCrunch

15. Boingo Wireless — Dave Hagan

Source: Yahoo Finance

14. REI — Jerry Stritzke

Read more: REI leader resigns over undisclosed relationship

13. Bed, Bath & Beyond — Steven Temares

Read more:Bed Bath & Beyond has a new CEO 5 months after activist investors released a brutal presentation slamming the company's leadership

12. Mattress Firm — Steve Stagner

Read more: Mattress Firm Board of Directors Announces the Resignation of Chief Executive Officer

11. Warner Bros. — Kevin Tsujihara

Read more: Warner Bros. CEO Kevin Tsujihara is stepping down following a report alleging he had a sexual relationship with an actress and promised to help her get roles

10. Rite Aid — John Standley

Read more: Rite Aid CEO John Standley To Step Down, Shares Up

9. Burlington Stores — Tom Kingsbury

Source: MarketWatch

8. Best Buy — Hubert Joly

Read more: Best Buy CEO Hubert Joly steps down

7. New York Post — Jesse Angelo

Read more:News Corp Appoints Sean Giancola As CEO of New York Post

6. Colgate-Palmolive — Ian Cook

Source: Financial Times

5. MetLife — Steven Kandarian

Read more: MetLife names Khalaf CEO, Kandarian to retire

4. eBay — Devin Wenig

Read more: eBay CEO abruptly steps down as the company considers selling off assets

3. Juul — Kevin Burns

Read more:Juul's CEO steps down as the e-cig company says it will stop all advertising in the US

2. Nike — Mark Parker

Read more: Nike CEO Mark Parker steps down just hours after Under Armour's chief executive leaves his role

1. WeWork — Adam Neumann

Read more: The WeWork IPO fiasco of 2019, explained in 30 seconds

• Citron Research, run by the famed short-seller Andrew Left, slapped Peloton with a $5 price target on Tuesday.
• That would imply an 86% drop from Monday's close of $34.77.
• Citron argued that the losses would come amid "intense" competition that's mounting.
• Shares of Peloton fell as much as 9.1% on Tuesday.
• Watch Peloton trade live on Markets Insider.
• Visit Business Insider's homepage for more stories.

After an ill-received holiday ad weighed on Peloton's shares in early December, a notorious short-seller says they have much further to fall.

Citron Research, run by the famed short-seller Andrew Left, gave the company a $5 price target for 2020, implying an 86% drop from Monday's close of $34.77. Shares of Peloton fell as much as 9.1% on Tuesday.

While Peloton has enjoyed a first-mover advantage, "the lack of differentiation of its bike has finally caught up to it as the competition is not only making virtually identical exercise bikes but ones that are both more affordable and functional," Citron said in its report.

Second movers have created better bikes with features Peloton doesn't offer, like swivel screens that allow for mat exercises, open platforms that allow users to watch TV or Netflix, and iPad attachments, the note said. Peloton's hardware hasn't changed meaningfully since 2014, Citron said.

Competitors have also bested Peloton by "expanding their digitally integrated at home fitness hardware offerings to new segments like Mirror, Tonal, boxing, rowing, etc.," Citron wrote.

Citron argued that Peloton rose to fame by spending nearly $600 million in marketing in three years to appeal to the "high-income low hanging fruit while competition was low." Now "competition is so intense" that some companies are offering free exercise bikes with a digital subscription, it said.

"Peloton's glory days of hardware sales are in the rear-view mirror," Citron wrote, adding that Peloton "will inevitably compete with Amazon" and lower-priced alternatives if it wants to meet consensus expectations.

Before Tuesday's sell-off, Peloton was up roughly 20% from its September IPO price, despite its recent advertising debacle.

Left and his colleagues at Citron have earned the respect of fellow investors — and gained the ability to move a stock with a single report— through a strong track record.

Perhaps Left's greatest success came in 2015 when he was influential in exposing fraudulent activities at Valeant Pharmaceuticals, which he branded the "pharmaceutical Enron."

He initially wrote a report arguing that the company was using phony transactions to pad drug sales. He followed up with a report centered on the pharmaceutical distributor Philidor. Valeant went on to lose 90% of its value from the time of Left's initial publication.

Read more:Notorious short seller Andrew Left can send a stock tumbling with a single tweet — here's an inside look at how he decides which companies to tackle

Join the conversation about this story »

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

• The Department of Justice will investigate Google's acquisition of the smart-fitness company Fitbit, the New York Post's Josh Kosman reported Tuesday. 
• The government agency reportedly fought for jurisdiction over the deal with the Federal Trade Commission, which oversees a task force that monitors anticompetitive behavior in Silicon Valley. 
• Google's broader business practices are already under investigation by the Department of Justice as well as by a group of 50 state attorneys general. 
• Visit Business Insider's homepage for more stories. 

Google's acquisition of Fitbit last month prompted immediate concerns about the tech giant's new access to sensitive health data, amid government scrutiny over its already-broad access to a range of private data on its consumers. Now, the tech giant will face a government probe over $2.1 billion deal, according to a new report. 

The Department of Justice will review the Fitbit acquisition in addition to its investigation into Google's broader business practices, the New York Post's Josh Kosman reported Tuesday.

Companies considering mergers are required to file proposals with both the Department of Justice and the Federal Trade Commission, so that either antitrust agency can review the deal. Many of Google's past deals have been reviewed by the FTC, which oversees a task force that monitors anticompetitive behavior in Silicon Valley, but the DOJ reportedly fought for jurisdiction to review the Fitbit deal and argued that reviewing the merger fit in with the government agency's broader antitrust investigation of the tech giant. 

Fitbit makes smartwatches and fitness wristbands that are capable of tracking a wearer's sleeping habits, heart rate, and other personal information. The acquisition would give Google one of the leading companies in the growing market for wearable computing devices.

According to market research firm IDC, Apple was the No.1 maker of wearable devices worldwide in the third quarter, with a 35% share of the market. Fitbit was ranked fifth by market share. 

The Department of Justice did not respond immediately to a request for comment. The FTC declined to comment. A Google spokesperson said that it was normal for mergers to be reviewed by the government, but declined to comment on reports that government concerns surrounding Google's business practices had magnified scrutiny over the Fitbit deal. 

Both the Department of Justice and a group of 50 state attorneys general are already investigating whether the company has engaged in anticompetitive practices. 

Google's acquisition of Fitbit at the beginning of November, announced amid the government investigations of its business practices, quickly came under fire from US lawmakers. Republican senator Josh Hawley tweeted an immediate criticism, asking why Google should be able to acquire more companies amid an ongoing Department of Justice investigation, and House Representative David Cicilline, heading the House antitrust investigation into big tech, told Bloomberg that the deal threatened "to further entrench [Google's] market power online." 

The deal is expected to close in 2020, pending regulatory approval and other closing conditions, Fitbit said at the time.

Join the conversation about this story »

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