frightfiction Chapter 974 lets the entire financial world know that our Zhang has arrived!
Chapter 974 lets the entire financial world know that our Zhang has arrived!
Meanwhile, on the 31st floor of the Citibank headquarters building.
As I stepped out of the elevator, I saw a sign hanging in front of an office door.
The signboard was new and shiny, clearly it had only been put up recently.
The sign reads "Fusheng Securities Investment Fund Management Company".
Fusheng means to rise again from the ashes and turn adversity into prosperity!
At that moment, in his office, Soros looked at his newly assembled team with great confidence.
Anyone familiar with Quantum Fund would be surprised to find that there are more than 20 people in the office at this moment, nearly half of whom are former subordinates of Quantum Fund!
David, former chief trading officer of Quantum Fund; Mark Schwartz, former chief analyst of Quantum Fund; Jack Peterson, former head of trading at Quantum Fund; Richard, former general manager of Quantum Fund…
At this moment, this group of people gathered together.
They still find it incredible.
Quantum Fund had only been bankrupt for a few months, and they originally thought that the boss was basically beyond saving.
After all, with a debt of over one hundred million US dollars, no one would think that Soros, who was already penniless, could afford to repay it!
But who would have thought that just a few months later, Soros not only turned his life around, but also gathered most of his old subordinates back to him.
Moreover, this meeting wasn't held in a cheap apartment in Queens, but at the Citibank headquarters building, in the financial heart of Manhattan.
The rent for this office alone is equivalent to half a year's rent when they were at the Quantum Fund.
And now, Citibank is providing this office to them for free!
Because Fusheng Securities Investment Fund Management Co., Ltd. is a wholly-owned subsidiary of Citibank.
However, this subsidiary was managed entirely by Soros, who shared the profits while Citibank covered the losses.
This model is not uncommon on Wall Street, but it is usually reserved for the top fund managers.
The fact that Soros was able to secure such terms is enough to demonstrate how much Citibank values him.
All of this is because of that young man named Lin Haoran.
Soros stood in front of the floor-to-ceiling window, looking at the Manhattan skyline outside, his heart filled with mixed emotions.
A week ago, he was huddled in his run-down apartment in Queens, drinking five-dollar bottles of vodka, wondering if he would ever be able to turn his life around.
Today, he stands on the 31st floor of Citibank's headquarters building, with a team of more than 20 people reassembled, managing an initial fund of $200 million.
This transformation from hell to heaven took less than six months.
Moreover, given his reputation on Wall Street, he believes that in the near future, the assets under management by his fund company will be five hundred million or even one billion US dollars.
After all, he had helped investors make a lot of money when he was at Quantum Fund.
Those investors who once made a fortune from him may avoid him now, but they will definitely come back once he proves himself again.
“Boss, everyone’s here.” David, the former chief trading officer of Quantum Fund, walked up to Soros and said softly.
When these people received Soros's summons on New Year's Day, they thought they were dreaming.
They have genuine respect and loyalty for Soros.
Previously, when Quantum Fund went bankrupt, these senior executives would have had some responsibility and would have had to bear some of the debts.
But Soros took on all the debt, carrying a burden of over 100 million dollars on his own.
He didn't let any of his old subordinates suffer with him, and even during the bankruptcy liquidation, he used his personal connections to help them find jobs.
Everyone present will remember this kindness.
So when Soros made a phone call and said, "I'm at Citibank, I need you," they almost didn't hesitate and quit their jobs to come over.
It wasn't because of the high salary, but because they believed in Soros.
Soros turned around and his gaze swept over everyone present.
These people all wore complex expressions: excitement, anticipation, and a hint of disbelief.
They were all former subordinates of Soros, and after the Quantum Fund went bankrupt, they went their separate ways. Some went to other hedge funds, while others simply changed careers.
Many of those present had followed Soros for over a decade, and they knew him inside and out. They recognized Soros's talent, but he had simply offended the wrong people, which ultimately led to the annihilation of the Quantum Fund.
But now, everything is different. They are still in charge of the company, but now they have a powerful backer—Citigroup!
Furthermore, Lin Haoran, the man who once bankrupted Quantum Fund, is also one of the owners of Citigroup, which is also one of the owners of Fusheng Securities Investment Fund Management Company!
They have gained confidence!
Although partnering with Citibank means being locked in a shackle.
However, everything has its advantages and disadvantages. Citibank's endorsement means that they no longer need to worry about fundraising or malicious attacks from their competitors.
With the backing of a behemoth like Citigroup, they can focus more on investing itself instead of wasting energy on pointless disputes.
"Thank you all for coming," Soros said, his voice not loud, but every word was firm and resounding. "I know that the past few months have been difficult for everyone."
The Quantum Fund went bankrupt, our reputation was damaged, and many people saw us as losers. But standing here today, I want to tell you that we are not losers.
We only lost a battle, not the war.
He paused, then continued, "Now, the new company has a full two hundred million US dollars in cash in its account. This is the initial capital that Citibank gave us to operate independently. The profits will be split 20/80, with Citibank taking 80% and our team taking 20%."
The risk control team was dispatched by Citibank, all transactions had to be reviewed, and the fund would be immediately liquidated if we suffered losses for two consecutive quarters. I accepted all these conditions.
But I believe we will not let the day of fund liquidation come. Do you all have confidence?
As he finished speaking, Soros's voice suddenly rose, and his gaze swept over everyone present.
"Yes!" More than twenty people responded in unison, their voices echoing in the office with an imposing momentum.
Nearly half of the people present were newly recruited. These were all industry elites who had previously worked in major financial companies on Wall Street, and they naturally knew of Soros's name.
They also knew that this financial tycoon had suffered a crushing defeat in Mexico, accumulating a mountain of debt and ending up living in a cheap apartment in Queens.
So when they received a call from a headhunter saying that Soros was rebuilding a fund company under Citigroup, their first reaction was disbelief.
After confirming the news, they hesitated again. Could a bankrupt fund manager make a comeback?
But the headhunter's next words completely dispelled their doubts: "Citigroup will invest $200 million, Soros will be in charge of the entire operation, Citigroup will be responsible for risk control, and Citigroup will cover any losses."
This condition implies that Soros is backed by the behemoth that is Citibank.
While two hundred million dollars may not seem like much, Citibank's endorsement is invaluable.
Moreover, Soros's talent is widely recognized; all he needs is a platform.
And so, these people arrived.
At this moment, these newcomers looked at their new boss, Soros, with curiosity about everything about him.
After all, Soros has made headlines quite a bit this year.
David, one of the longest-serving members of Soros's team, couldn't help but ask, "Boss, isn't Citibank's offer of a 20/80 split too harsh? Our team only gets 20%, isn't that too little?"
The team currently has over twenty members, but it will definitely grow to more than that in the future.
The larger the team, the greater the cost.
With only 20%, David felt it would be difficult for them to support a large team, let alone pay high bonuses to team members.
You have to understand that they recruit Wall Street elites, whose salaries are already quite high. Add to that the year-end bonuses, and all these costs combined mean that if the company's final profits don't meet their expectations, the 20% share of the profits simply won't be enough.
Soros shook his head, his gaze calm, and said, "David, you only see the profit-sharing ratio, but you don't see what's behind it. The two hundred million dollars were all funded by Citibank; we didn't have to contribute a single penny. The 20/80 split may seem like we get less, but Citibank bears all the risk. Moreover, Citibank's platform, resources, and credit endorsement are invaluable."
Without Citibank, we wouldn't have been able to raise even two million dollars. These terms are already very generous.
He paused, then continued, "And David, you have to understand, this is just the beginning. Once we prove ourselves with our performance, once the assets we manage grow from 200 million to 500 million, 1 billion, 2 billion, I will strive for a higher share."
What we need to do now is not complain about the small share, but let our results speak for themselves. And I have that confidence, don't you have it too?
David fell silent.
Soros is right; they are no longer in a position to bargain.
Citibank's willingness to give this opportunity is already an immense favor.
Moreover, Soros is right; now is not the time to complain, but the time to prove ourselves with results.
“Boss, I have confidence.” David raised his head and looked at Soros with a firm gaze. “Having worked for you for so many years, I have never doubted your judgment.”
Soros nodded, then looked at the others.
"We trust the boss!" a dozen long-time employees responded in unison.
As for the new employees, they had never worked with Soros before. Although they knew of his reputation, they had never personally experienced the days when Soros led his team to dominate the financial markets, so their responses were somewhat hesitant.
However, seeing how determined those veteran employees were, they were also inspired and joined in the shouting.
Soros felt a surge of warmth as he watched this scene.
He knew that these new employees would need time to build trust, but he was confident that it wouldn't be long before they had the same confidence in him as the veteran employees.
“Alright, since everyone is confident, let’s prove it with concrete actions.” Soros clapped his hands and laughed, “Now, I hereby announce the official establishment of the Fusheng Securities Investment Fund.”
The first thing we need to do is let the entire Wall Street, the entire financial world, know that we're back!
He paused, his gaze sweeping over everyone present, and continued, "In this industry, reputation is capital. We don't need to be low-key; we need to let the market know as quickly as possible that Soros is back, and this time he's not fighting alone; we have Citibank behind us."
Everyone was thrilled, and David couldn't help but ask, "Boss, what are you planning to do?"
Soros smiled, walked to his desk, picked up a document, and handed it to David: "This is the press conference plan that I had Citibank's marketing department draft."
This afternoon at 3 p.m., we will hold a formal press conference in the conference room of the Citibank headquarters building, and invite major Wall Street media to attend.
At that time, I will personally announce the establishment of the Fusheng Securities Investment Fund and explain our investment philosophy and future plans.
Soros doesn't lack fame; what he lacks now is for nobody to know that he's back, back in the top circles of Wall Street!
He couldn't wait to announce his return to the world.
For fund companies, the most important source of funds should not be financial giants like Citibank, but rather investors.
The $200 million was merely an initial investment from Citibank to support him; the real source of funding should be the investors who trusted him and were willing to entrust their money to him.
To regain investors' trust, he must let them know that Soros is back, stronger and more confident than before.
David took the document, quickly glanced through it, and couldn't help but gasp.
This press conference was even larger than the one held during the peak of the Quantum Fund's history.
Citibank's marketing department is indeed professional; they considered every detail very thoroughly, from venue setup and media invitations to press release writing.
“Boss, Citibank has invested a lot in this press conference,” David said.
Soros nodded, a hint of emotion in his eyes: "Mr. Lin said that Citibank giving us this opportunity is not charity, but an investment."
Citigroup has invested resources, and we must repay them with performance. This press conference is our first step in demonstrating our confidence to Citigroup, the market, and all investors.
He paused, then continued, "And, David, you should know that this press conference isn't just for publicity; it has an even more important purpose: to send a signal to investors who have made money from the Quantum Fund."
Many of these people are loyal fans of our team. When they learn that we have not only made a comeback but have also regained control of a powerful fund company, they will definitely become interested in us again.
David suddenly realized and couldn't help but give a thumbs up: "Boss, brilliant, absolutely brilliant."
Soros smiled and said nothing more.
He turned around, looked out at the Manhattan skyline, and a complex emotion welled up inside him.
This press conference will be the first clarion call for his comeback.
He wanted everyone to know that Soros would not fall easily.
He wants to show those who once mocked him, those who once avoided him, and those who once thought he would never recover that he has not only stood up, but has stood even higher than before.
"Alright, everyone get ready. The press conference this afternoon is very important, so don't make any mistakes." Soros clapped his hands, signaling everyone to get back to work.
Everyone responded in unison, then dispersed and returned to their respective workstations.
The sounds of telephones ringing, keyboards clattering, and printers mingling together, instantly filling the office with a busy yet orderly atmosphere.
Soros walked back to the window, quietly looking out, silently planning every detail of the press conference.
He knew that this press conference was not just announcing his return to the outside world, but also a war without gunfire.
He will use the most elegant way to slap the faces of those who kicked him when he went bankrupt, those who ridiculed him in the media, and those who predicted he would never recover.
He wanted them to know that Soros was back.
At this moment, the image of a young man involuntarily appeared in his mind: Lin Haoran!
If it weren't for him, I don't know how long I would have stayed in those small fund companies, or my whole life would have passed by without me ever paying off my debts. I would never be where I am today.
But it was also he who caused his own fall from grace.
This complex relationship filled Soros with conflicting feelings toward Lin Haoran: gratitude, awe, and even a hint of inexplicable submission.
But no matter what, he knew that Lin Haoran was the greatest benefactor in his life.
Before we knew it, it was almost three o'clock in the afternoon.
At this moment, a conference room in the Citibank headquarters building is packed to capacity.
The Wall Street Journal, The New York Times, The Washington Post, Bloomberg, Reuters...
Almost all mainstream financial media outlets sent reporters to the scene.
Long lenses and short lenses were pointed at the podium, and flashes of light went off one after another.
They had no idea what the news topic of the press conference was; all they knew was that Citibank had sent them the invitation.
They would naturally not miss Citigroup's press conference, since every move Citigroup makes can affect the direction of the global financial market.
At this moment, the conference hall was packed with people, and reporters were whispering among themselves, speculating about the theme of today's press conference.
Some say it might be that Citigroup is going to acquire a bank, others say it's going to launch a new financial product, and still others speculate that it's going to replace its CEO.
Various speculations circulated among the crowd, but no one guessed that the key figure at this press conference was a bankrupt fund manager who had been drinking vodka in a cheap apartment in Queens just a week earlier.
At 3:00 p.m. sharp, the doors to the conference hall were opened.
Soros, dressed in a custom-made dark blue suit, with his hair neatly combed, back straight, and gaze steady, walked onto the stage. Beside him stood the renowned Citibank Vice President, John Reid.
When the reporters saw that the visitor was none other than George Soros, they were immediately in an uproar.
No one expected that the protagonist of Citigroup's press conference would be a former bankrupt fund manager, a notorious loser on Wall Street. (End of Chapter)