As reported by Bloomberg, Raghavan directly approached Citi chief executive Jane Fraser in 2023, when she was struggling to find a leader for investment banking. He pitched himself as the one who could revive the division. Within days, he was on a flight to New York and sealed the deal.Since his arrival, Citi has gained ground in investment banking. The bank has advised on marquee transactions such as Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapies and Nippon Steel’s $15 billion t ...

you. Let's turn to Starbucks this morning, as you might know, announcing plans to cut some corporate jobs, close some North American stores as part of the company's broader turnaround efforts. Let's get to Kate Rogers, who brought us that news earlier this morning.Morning again, Kate. Good morning, Carl. So, Starbucks announcing a $1 billion restructuring plan this morning in an SEC filing, adding that it will lay off some 900 non- retail employees and, as you said, closed stores.The number of company opera ...

Core Viewpoint - Starbucks is implementing a $1 billion restructuring plan that includes closing underperforming stores in North America and cutting 900 jobs to improve its financial performance and customer experience [1][9]. Group 1: Store Closures and Job Cuts - The company will close stores where it cannot meet customer expectations or achieve financial performance, with the majority of closures expected by the end of the fiscal year, reducing the North American store count by about 1% [3][4]. - The job cuts will primarily affect support teams, and the company will also close many open positions, with approximately 10,000 employees in non-coffee-house roles as of September 29, 2024 [8][11]. Group 2: Sales Performance - Starbucks has experienced six consecutive quarters of sales decline in the US, attributed to changing consumer preferences and increased competition [2][6]. Group 3: Leadership and Strategy - CEO Brian Niccol, who previously led a turnaround at Chipotle, is focusing on investing in store improvements to reduce service times and enhance the coffee-house environment while streamlining management [5][8]. - The company is also investing in technology to improve order sequencing and customer experience [9][11]. Group 4: Financial Outlook - Starbucks anticipates ending the fiscal year with nearly 18,300 locations across the US and Canada, down from 18,734 locations reported in July [4]. - Since Niccol's appointment in August 2024, Starbucks shares have increased by approximately 9% [11].

Company Performance - Novo Nordisk, the maker of Ozempic and Wegovy, is showing signs of a turnaround [1]

Core Insights - Madison Investments released its second-quarter 2025 investor letter for the Madison Small Cap Fund, highlighting a challenging start to the quarter due to catastrophic tariffs, followed by a rebound supported by positive macroeconomic data [1] - The Russell 2000 Index increased by 8.5% for the quarter, while the Madison Small Cap Fund (class Y) returned 4.42%, underperforming compared to the Russell 2000 and Russell 2500 [1] Company Analysis: The Hain Celestial Group, Inc. - The Hain Celestial Group, Inc. (NASDAQ:HAIN) has faced significant challenges, with a one-month return of -15.29% and a staggering 81.70% loss in value over the past 52 weeks, closing at $1.44 per share with a market capitalization of $130.022 million on September 17, 2025 [2] - The company has seen a notable decrease in food consumption, particularly in ultra-processed items, with reductions ranging from 6.7% to 11.1%, leading to disappointing Q1 results, especially in its salty snack brand [3] - Due to the difficulties in turnaround amidst shrinking volumes and frugal consumer behavior, the fund decided to exit its investment position in The Hain Celestial Group entirely, following a CEO replacement and ongoing strategic evaluations [3]

Group 1 - Jim Cramer discussed Under Armour, Inc. (NYSE:UA) in the context of potential earnings reporting changes and the impact on long-term business planning [2] - Cramer indicated that Under Armour's turnaround is not expected to happen in the current quarter, highlighting the focus on short-term performance by investors and analysts [2][3] - Cramer expressed support for Under Armour's CEO Kevin Plank but noted the intense competition in the industry from major players like Nike and New Balance, which poses challenges for the company [3] Group 2 - The article suggests that while Under Armour has potential, there are other investment opportunities, particularly in AI stocks, that may offer higher returns with lower risk [3]

Core Insights - V.F. Corporation (NYSE:VFC) is undergoing a turnaround effort and has recently announced the sale of its Dickies business for $600 million, which is seen as a significant move to improve its balance sheet [1][2]. Group 1: Company Overview - V.F. Corporation is an American apparel company currently focused on restructuring and improving its financial health [1]. - The sale of the Dickies brand is viewed as a strategic decision to enhance the company's balance sheet, which has been a concern [2]. Group 2: Market Reaction and Analyst Commentary - Jim Cramer highlighted V.F. Corporation as one of his favorite turnaround stories, emphasizing the importance of the Dickies sale in revitalizing the company's stock buyback efforts [2]. - The sale price of $600 million for Dickies suggests that the brand may hold more value than previously perceived, countering the notion that it was a tired brand [2].

Core Insights - Tapestry, Inc. (NYSE:TPR) is highlighted as a company undergoing a turnaround, particularly with its Kate Spade brand, focusing on simplifying its product lineup and appealing to younger consumers [2] - Jim Cramer emphasizes that Tapestry offers high-value products, which are characterized by quality at a reasonable price rather than low prices [2] - Cramer uses Tapestry as a model for other companies, suggesting that all firms need to undertake similar turnaround efforts [2] Company Overview - Tapestry, Inc. is a high-end American accessories, footwear, and jewelry company [2] - The company is known for its Coach brand, which has been discussed in the context of competitive strategies during challenging economic times [2] Market Commentary - Cramer expressed concerns regarding the impact of tariffs on Tapestry's stock performance, indicating that the company did not adequately signal the potential negative effects beforehand [3] - Despite acknowledging Tapestry's potential, there is a belief that certain AI stocks may offer greater returns with limited downside risk [3]

Core Insights - VF Corp is undergoing a turnaround strategy, highlighted by the recent sale of the Dickies brand for $600 million, which is seen as a positive move to improve the company's balance sheet and support stock buybacks [2][3][7] - The performance of Vans remains a concern, but there is optimism about the potential for recovery under the current leadership, despite the challenges associated with casual clothing lines [4][5] - The broader retail landscape is facing pressures, with companies like Target adapting by downsizing stores, indicating a need for strategic shifts across the industry [5][6] Company-Specific Insights - The sale of Dickies for $600 million is significant as it suggests that the brand may hold more value than previously perceived, countering the notion that it was a "tired brand" [3][7] - The CEO's aggressive stock purchases in the open market signal confidence in the company's future prospects, reinforcing the belief that the brands under VF Corp may be undervalued [2][3] - The turnaround efforts at VF Corp are compared to other successful transformations in the industry, such as those seen at Nike and Starbucks, emphasizing the potential for recovery despite inherent difficulties [6][7] Industry Insights - The retail sector is experiencing challenges, with companies needing to innovate and adapt to changing consumer preferences, as seen with Target's strategy to bank on larger stores [5][6] - The coffee market is facing inflationary pressures due to tariffs on Brazilian coffee, which could impact companies like Starbucks, highlighting the interconnectedness of global supply chains and commodity prices [7][8] - The restaurant industry, particularly brands like Chipotle and Sweet Green, is also facing significant hurdles, indicating a broader trend of difficulties across various segments of the retail and food service industries [8]

Company Overview - Kimberly-Clark Corporation (NASDAQ: KMB) is involved in manufacturing and marketing personal care and tissue products, including baby care, feminine care, adult incontinence, household paper goods, and professional hygiene solutions [2]. Core Insights - Jim Cramer highlighted Kimberly-Clark as a company undergoing a significant turnaround, emphasizing its restructuring efforts led by CEO Michael Hsu, despite the lack of recognition for these changes [1]. - The company has taken decisive action by selling 51% of its global Kleenex and tissue division to Brazilian supplier Suzano for $1.73 billion, allowing Kimberly-Clark to exit a cyclical business with low margins and focus on its more proprietary products, particularly in the diaper segment [2].