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C-PRJ
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FACTBOX-What to expect in 2024: Forecasts for GDP, inflation and other assets
Major banks release forecasts for global growth, inflation and other assets in 2024. HSBC, BofA Global Research, Wells Fargo Investment Institute provide forecasts for 2024. Forecasts come as major central banks across the globe have indicated interest rate cuts this year. U.S. Consumer prices are expected to rise more than expected in March.
Reuters · 18h ago
US judge in credit card fee rule case doesn't have to recuse, panel says
US judge in credit card fee rule case doesn't have to recuse, panel says. Don Willett's son owns Citigroup stock. Willett is a judge in a case challenging a rule capping credit card late fees at $8. The Consumer Financial Protection Bureau had said he should recuse himself.
Reuters · 19h ago
CORRECTED-BREAKINGVIEWS-Wells Fargo has worn its dunce cap long enough
Wells Fargo was prohibited from getting bigger for a series of flagrant customer abuses. John Foley says the bank has worn its dunce cap long enough. He says the $2 trillion cap on assets is costly to Wells Fargo. The bank missed out on $540 billion of deposit growth, he says.
Reuters · 21h ago
EXCLUSIVE-Abu Dhabi Islamic Bank in talks to buy $1.1 bln stake in Indonesian lender, sources say
Abu Dhabi Islamic Bank in talks to buy $1.1 bln stake in Indonesian lender, sources say. Sources say Abu Dhabi's largest Islamic bank is in discussions to buy a 15% stake in Bank Syariah Indonesia. The deal could tap into a fast-growing market in Southeast Asia. BSI shares surged as much as 5.6% on Thursday.
Reuters · 1d ago
Walmart-backed Ibotta targets up to $2.7 bln valuation in US IPO
Walmart-backed Ibotta targets up to $2.7 bln valuation in US IPO. Digital marketing company will likely raise $577.3 million in its IPO. The company plans to sell 6.6 million shares of its class A common stock at $88 apiece.
Reuters · 1d ago
Discover Financial's profit falls on higher loan loss provisions
Discover Financial's profit falls on higher loan loss provisions. The lender set aside more in rainy-day funds to cover for potential credit losses. U.S. Banks have increased their provisions for losses from bad loans as interest rates rise. Discover agreed to be acquired by Capital One Financial in a $35.3 billion deal.
Reuters · 1d ago
BUZZ-APi Group drops on stock offering
APi Group Corp's AGP.N shares down 5.1% at $37.11 premarket after follow-on priced. Co announces 11 mln shares for $412.5 million in stock offering. APi also announced purchase of elevator/escalator services firm Elevated Facility Service.
Reuters · 1d ago
Banks falling behind on messaging app scrutiny, survey finds
Survey finds banks falling behind on monitoring and archiving of all business-related communications using personal messaging apps. 63% of compliance executives say they are monitoring staff usage of WhatsApp for compliance purposes. Just 27% said they are investing in communications surveillance capabilities, survey finds. Banks fall behind on messaging app scrutiny, compliance firm SteelEye says.
Reuters · 1d ago
EXCLUSIVE-Abu Dhabi's largest Islamic bank in talks to buy $1.1 bln stake in Indonesian lender, sources say
Abu Dhabi's largest Islamic bank in talks to buy $1.1 bln stake in Indonesian lender, sources say. Bank Syariah Indonesia is a fast-growing market for Islamic banking services in Southeast Asia. Sources say Abu Dhabi's biggest Islamic bank is in talks for a 15% stake in the lender.
Reuters · 1d ago
WRAPUP 4-Morgan Stanley, HSBC cutting Asia investment banking jobs on China deals slowdown
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week. The cuts come amid a slowdown in dealmaking and sluggish markets in China and Hong Kong. Morgan Stanley is cutting at least 50 jobs in Asia Pacific this week, sources say. HSBC is expected to cut around 30 dealmakers in the region.
Reuters · 1d ago
REFILE-WRAPUP 4-Morgan Stanley, HSBC cutting Asia investment banking jobs on China deals slowdown
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week. The cuts come on the back of weaker dealmaking and sluggish markets in China and Hong Kong. Morgan Stanley is cutting at least 50 jobs, sources say, affecting around 13% of its Asia investment banking workforce. The moves are among the largest for the banks' China-focused investment banking teams.
Reuters · 1d ago
UPDATE 1-Aerospace parts manufacturer Loar Holdings aims up to $2.28 bln valuation in US IPO
Aerospace parts manufacturer Loar Holdings aims up to $2.28 bln valuation in US IPO. New York-based company aims to raise $286 million by offering 11 million shares. The company will list its shares on the New York Stock Exchange under the symbol "LOAR"
Reuters · 1d ago
CORRECTED-WRAPUP 2-Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown
Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown. Morgan Stanley is cutting at least 50 jobs in the region starting this week, sources say. Money raised via China IPOs plunged 82% and two-thirds in the first quarter. The cuts are among the largest to the two banks' China-focused investment banking teams.
Reuters · 2d ago
UPDATE 2-Morgan Stanley cuts dozens of investment banking jobs in Asia-Pacific, sources say
Sources say Morgan Stanley is cutting at least 50 investment banking jobs in Asia-Pacific. The layoffs affect around 13% of the bank's Asia investment banking workforce, sources say. Bankers based in Hong Kong and mainland China are going to be affected the most, they say. The cuts are due to a slump in China markets.
Reuters · 2d ago
UPDATE 1-Big banks led by Citi continue to trim staff to cut costs
Big banks led by Citi continue to trim staff to cut costs in the first quarter. Headcount at Bank of America, Wells Fargo and PNC Financial declined by about 2,000 jobs combined. Banks are under pressure to control costs due to uncertain economic outlook. JPMorgan Chase added 2, thousand employees in first quarter to 311,921.
Reuters · 2d ago
Big banks led by Citi continue layoffs amid pressure to cut costs
Big banks led by Citi continue layoffs amid pressure to cut costs. Bank of America, Wells Fargo and PNC Financial together cut more than 2,000 jobs in the first quarter. Citigroup saw the biggest drop in its headcount, down by 2,500 employees. JPMorgan Chase added 2,200 employees in first quarter to 311,921.
Reuters · 2d ago
Wall Street bosses cheer investment banking gains but stay cautious
Wall Street bosses cheer investment banking gains but stay cautious. Investment banking revenues jumped 16% to $7 billion in the first quarter for largest U.S. Banks. Morgan Stanley, Goldman Sachs, JPMorgan Chase and Citigroup reported strong results. Capital markets led the comeback in investment banking, executives say.
Reuters · 2d ago
RPT-BREAKINGVIEWS-Goldman’s plan B unexpectedly upgraded to a B-plus
Goldman Sachs’s first-quarter earnings beat expectations because of a surge in bond-trading revenue. CEO David Solomon's plan B looks more like a B-plus, says John Foley. Goldman's trading business grew 10% year-on-year and delivered an 18% return on equity. The bank is good at trading and is not trying to become a consumer bank.
Reuters · 2d ago
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About C-PRJ
Citigroup Inc. is a diversified financial services holding company. Its segments include Services, Markets, Banking, U.S. Personal Banking (USPB) and Wealth. Services segment includes treasury and trade solutions (TTS) and securities services. TTS provides an integrated suite of tailored cash management, trade and working capital solutions to multinational corporations, financial institutions and public sector organizations. Markets segment provides corporate, institutional and public sector clients around the world with a full range of sales and trading services across equities, foreign exchange, rates, spread products and commodities. Banking segment includes investment banking, which supports client capital-raising needs to help strengthen and grow their businesses. USPB segment includes branded cards and retail services, which have proprietary card portfolios and co-branded card portfolios. Wealth includes private bank, wealth at work and Citigold and provides financial services.