Bloomberg News

EXCLUSIVE: Bank of America combined its consumer businesses under the sole leadership of Holly O'Neill. She's expanding her role at the US bank, leading both the preferred business and retail. David C. Tyrie is also taking on more responsibility, becoming president of marketing, digital and a newly created specialized consumer client solutions group. More on the management changes, now on Bloomberg News and the terminal. #leadership #banking #consumer #finance https://lnkd.in/eEVKpcpz

"What's the deal with airline food?" There’s a reason airline food is so often a punchline. The explosion of air travel over the past few decades forced airlines to shrink galleys to make room for more seats, limiting the food possibilities, says Jens Kuhlen, president for North America at Gategroup. That, combined with relentless pressure to boost the industry’s paltry profit margins, led to a commoditization of in-flight dining. Airlines had little reason to one-up each other on food. That started to change when Asian, European and especially Middle Eastern airlines with a reputation for top-tier customer experiences began competing more directly with North American carriers. United Airlines now offers Magnolia Bakery banana pudding in first class, while Alaska Airlines treats its passengers to Stumptown Coffee Roasters coffee, Beecher’s cheese and Salt & Straw ice cream. And then there's the Delta Air Lines-Shake Shack burger tie-up no one can stop talking about. It’s proven so popular that burgers now account for nearly 15% of the roughly 4,500 hot meals prepped every day at the company’s Atlanta flight kitchen. Just a few weeks into the expanded program, the on-ground facility is ordering a third bun-toasting-and-buttering machine—the same ones Shake Shack uses in its restaurants—to make sure it can keep up. Don't miss this great story from Brooke Sutherland and Mary Schlangenstein via Bloomberg News: https://lnkd.in/eDHubzkp #airlines #airplanes #food #consumers #firstclass #premium #coffee

Europeans are slashing travel to USA this summer. Accor CEO Sebastien Bazin: European bookings for the USA -25% for the summer -- that's despite global increase of +3-5%. Travelers are rebooking to other destinations -- like Canada, South America, Egypt -- to avoid anxiety about going into 'unknown territory.' Story with Kate Duffy: https://lnkd.in/e9_FnWDe

We've taken stock of some recent #bschool trends, in a special report from Bloomberg Businessweek on the state of #highered. Notable among the shifts:  After years of decline, the number of applications to the US’s two-year MBA programs rebounded in 2024 — rising 19%, according to data from the Graduate Management Admission Council™ (GMAC™). It's an encouraging development for these programs. By the end of 2023, big questions again swirled about the future of b-school, part of a repeating cycle. As we had earlier reported, enthusiasm for #MBA degrees rose in the pandemic's early months, then fell sharply at most top-tier schools in 2022. While the pandemic saw a blossoming of new ways to deliver an MBA, tradition now seems to be reasserting itself with the biggest growth in 2024 in conventional two-year and part-time programs. https://lnkd.in/eeKhWp_D

Nearly 100 years ago, the US enacted a tariff law that set off a global trade war and prolonged and deepened the Great Depression. Now President Donald Trump is betting the world has changed enough that history won't repeat itself.

What do Trump's impending "reciprocal" tariffs mean for the world? Just the biggest act of protectionism in more than a century... And potentially the highest US average tariffs seen since the 1800s. My latest Bloomberg News Big Take with a brilliant cast of colleagues including Enda C. and economist extraordinaire Maeva Cousin. With thanks to Douglas Irwin, Mike Froman, Simon Johnson, Mary E. Lovely and many others who helped us digest the consequences. https://lnkd.in/eZ9FTPr5

UBS's Sergio Ermotti was the highest-earning CEO across continental Europe’s biggest banks last year, while UniCredit's Andrea Orcel got the largest raise. Ermotti was awarded 14.9 million Swiss francs (15.6 million euros) in total compensation for 2024, putting him well above the average income for the CEOs at the region’s 10 largest lenders, according to calculations by Bloomberg News. Orcel wasn’t far behind at €13.2 million, thanks to a jump of 32% — the steepest among his peers. Many banks in Europe last year posted bumper profits on the back of higher interest rates, enabling them to step up investor payouts. Their share prices generally increased strongly, with the rally even accelerating in the first quarter of 2025. UBS and UniCredit have argued that the compensation packages are justified, citing company performance, benchmark comparisons and strong competition for talent. Most of the pay for Ermotti and Orcel is tied up in long-term incentive plans, meaning they won’t get the money right away. The final value of the awards can change depending on the firms’ share prices. https://lnkd.in/e2HZN6Es

Accor's CEO Sébastien Bazin tells Oliver Crook that summer bookings from Europe to the US are down 25%, as travelers turn to Canada and South America instead https://bloom.bg/4j1naCg

The surging gold price has propelled South African mining stocks to their best monthly performance on record, shielding the country’s benchmark index from the mayhem in global markets. https://bloom.bg/3FKSBCr

SoftBank Group Corp. is seeking a loan of as much as $16.5 billion to help fund artificial intelligence investments in the US, according to people familiar with the matter, in what would be the tech investor’s largest-ever facility denominated solely in dollars.