Stocks took a strong turn upward in 2023, sparked by the slowing pace of rate hikes, declining inflation and a resilient job market: a trio of good omens that could portend the elusive but highly desired “soft landing” for the U.S. economy. That momentum has continued in the early days of 2024, with all three … Read more
Citigroup is shutting down its municipal business, a move that will affect around 100 employees, as the bank continues to overhaul its business under an reorg by chief executive, Jane Fraser. The bank has decided that the unit is “no longer viable given our commitment to increase the firm’s overall returns”, according to a memo … Read more
Citigroup Inc. is planning to grant the majority of its over 40,000 coders access to generative artificial intelligence as Wall Street continues to embrace the burgeoning technology. As part of a small pilot program, the Wall Street giant has quietly allowed about 250 of its developers to experiment with generative AI, the technology popularized by … Read more
Frankfurt was ready to celebrate. Only a year after the 2016 Brexit referendum, the vast majority of US banks had set up their EU hubs in the German city. International school places were being block-booked ahead of relocations from the UK and property prices were rocketing. But the French government had other ideas. Emmanuel Macron, victorious … Read more
JPMorgan, Wells Fargo and Citigroup’s earnings indicated higher U.S. Federal Reserve interest rates had allowed them to charge more on loans while raising rates on deposits more slowly. Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. … Read more
The world’s top bankers and investors are most likely to attend the biggest climate summit this year, which is scheduled to take place in Dubai. According to a report by Bloomberg news agency, banks such as Barclays Plc, Citigroup Inc., and Standard Chartered Plc are preparing to send larger delegations this year to Dubai for … Read more
Banks are rushing to get ahead of a major change in how trades are settled, roping in extra staff and resources to make sure they are ready. The move to T+1 settlement in the US — where trades must be settled within a day of the transaction — is still nine months away, but it is set … Read more
Updated Aug 10, 2023, 01:36pm EDT Topline Wells Fargo will pay $125 million in fines to the Securities and Exchange Commission after employees were found to be using personal text messages and emails to conduct business that legally needed better record-keeping, regulators said Tuesday, adding to the long list of legal run-ins the company has … Read more