Major Shifts in the Financial Landscape: Key Developments in Global Banking

BlackRock is in early talks with Millennium for a strategic equity stake. Citi is restructuring banker pay to enhance sales. Goldman Sachs named its largest partner class since 2010. Federal Reserve cut interest rates as Chair Jay Powell affirmed he won't resign at Trump's request.

In a significant development, BlackRock, the largest asset manager globally, is in preliminary discussions with Millennium Management. This prospective strategic alliance may see BlackRock acquiring a minority equity stake, marking a notable move in the hedge fund sector.

In another financial shift, Citigroup is undertaking a major revamp of its private bankers' pay structure. This overhaul aims to boost investment product sales and improve interactions with wealth clients, an effort to reinvigorate the group's underperforming wealth division.

Meanwhile, Goldman Sachs has appointed a remarkable 95 new partners, the largest cohort since 2010, to bolster its leadership ranks. Additionally, the Federal Reserve made headlines by reducing its benchmark interest rate by a quarter point, with Chair Jay Powell expressing confidence in the U.S. economy and reaffirming his commitment to his role amid political pressures.

(With inputs from agencies.)