FT News Briefing

Taking the Byte out of TikTok

Apr 23, 2024

10:30

Snipd AI

Topics include NYSE polling on 24-hour trading, ByteDance prepared to fight US bill on TikTok, traders betting on Fed rate hikes, and Goldman Sachs moving banker to Paris post-Brexit.

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Episode notes

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Quick takeaways

Goldman Sachs relocates key banker to Paris post-Brexit, signaling a shift in European financial center dynamics.

Potential TikTok ban in the US poses challenges for ByteDance due to national security concerns and export restrictions.

Deep dives

Goldman Sachs shifts top investment banker from London to Paris due to Brexit impact

Goldman Sachs has been reshuffling its top personnel post-Brexit, moving its leading investment banker for European financial firms from London to Paris. In response to the UK's decision to leave the EU in 2016, US financial entities like Goldman have relocated teams to various cities in continental Europe, with Paris being a top choice. Other Wall Street giants such as JP Morgan and Bank of America have also favored Paris as their primary European base. While the mass exodus from London hasn't been as significant as initially anticipated, it has dented the city's status as a major global financial center.

Introduction

3min

Implications of TikTok's Potential Shutdown and ByteDance's Response

4min

Exploring the Possibility of 24-Hour Trading on the New York Stock Exchange

3min

The New York Stock Exchange is polling market participants on the merits of trading stocks around the clock, ByteDance ready to ‘move to the courts’ after the US pushes ahead with a bill demanding the Chinese parent sell its viral app in the country, and traders have built up bets that the Federal Reserve could actually raise interest rates. Plus, Goldman Sachs has relocated its head of financial institutions group for Europe from London to Paris.

Mentioned in this podcast:

Goldman Sachs moves senior banker to Paris in post-Brexit revamp

TikTok gears up for legal fight in US to prevent ban

Investors price in growing chance of further Fed rate rises

New York Stock Exchange tests views on round-the-clock trading

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Denise Guerra, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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