Crains New York - October 22, 2012 - (Page 1)

CRAIN’S NEW YORK BUSINESS ® VOL. XXVIII, NO. 43 HALLOWEEN OBSESSION Inside Kevin Ryan’s big bash P. 29 OCTOBER 22-28, 2012 PRICE: $3.00 WWW.CRAINSNEWYORK.COM AN IPO EYEFUL Shutterstock shares were up some 35% in their first seven days of trading. $25 $24.36 10/18 $23.04 10/16 $23.08 10/17 $23.00 10/19 $22.95 10/15 $21.66 10/11 close $22.00 10/12 Citi seen sounding retreat in the city New CEO is likely to further shrink what used to be the largest employer in town BY AARON ELSTEIN $20 $17.00 10/11 opening PICTURE PERFECT: Shutterstock CEO Jon Oringer paid close attention to the IPO’s every detail. A strong balance sheet also helped. $15 Source: Bloomberg News Shutterstock! The first NY tech IPO in years was a quiet smash. What Jon Oringer can teach Mark Zuckerberg about going public BY MATTHEW FLAMM buck ennis Citigroup Inc.’s long reign as New York’s largest private-sector employer ended with a resounding thud during the Great Recession. Since then, Citi has sacked a third of its local workforce. Now the new regime that took over last week is poised to go even further. Analysts expect the new team, led by Chairman Michael O’Neill and Chief Executive Michael Corbat, to move quickly to cut costs. That means taking a meat-ax to slow-growing, thin-margin lines of business, such as trading and branch banking—both of which are centered in New York City. The bank’s focus and its money will See CITI on Page 28 Marathon hit with big cop fees City to quadruple race’s 2013 traffic, clean-up bill to $3M BY LISA FICKENSCHER For the first time in the ING New York City Marathon’s 43-year history, the city will present the event’s organizers with a multimillion-dollar bill to pay for the hundreds of workers who will control traffic, keep order and clean the city streets on Nov. 4. The tab for police officers alone is expected to surge beyond $1 million— from zero in years past. “No question, this is a challenge for us,” said Mary Wittenberg, CEO of See MARATHON on Page 27 Sometimes it pays to be ignored. Shutterstock Inc., unlike some of its Silicon Alley peers, had never been the subject of frequent speculation about its IPO plans. But on Oct. 11, it flew in under the radar to become the first New York City tech firm to go public since 2010. The company, which sells stock photos online, also happened to have one of the more successful initial public offerings in recent years. Its stock closed Friday at $23—35% above its $17 offering price. That put it leaps and bounds ahead of the average U.S. IPO this year, which last week was trading at 20% above its offering price, according to Renaissance Capital. The little-known Shutterstock now has a market cap valued at more than $750 million. The event was a far cry from Facebook’s IPO meltdown in May, where See SHUTTERSTOCK on Page 25 NEWSPAPER REPORT REAL ESTATE Park designers ride high, thanks to $1.5B spent by the city on new greens P. 15 THE LIST Largest construction firms P. 19 http://WWW.CRAINSNEWYORK.COM

Table of Contents for the Digital Edition of Crains New York - October 22, 2012

Crains New York - October 22, 2012
In the Boroughs
In the Markets
The Insider
Business People
Opinion
Greg David
Report: Real Estate
Real Estate Deals
The List
Digital New York
Classifieds
For the Record
New York, New York
Source Breakfast
Out and About
Snaps

Crains New York - October 22, 2012