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A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Technology staff working on overlapping functions are also at risk of being laid off, one of the people said. "Simplifying the organization will also advance the execution of Citi's transformation, the firm's top priority," the company said in a statement on Wednesday. Citigroup has invested heavily in recent years in technology systems to increase risk controls and compliance to address the consent order, one of the sources said. But the company still employs many people with overlapping functions and redundant technology systems, one of the sources said.

Persons: Mike Segar, Jane Fraser, Moody's, Peter Nerby, Fraser, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Leslie Adler Organizations: Citibank, REUTERS, Citigroup, Technology, Citi, Bank of America, Wells, Thomson Locations: New York , New York, U.S, North America

The Federal Reserve has tamed inflation via interest rate increases, but it may need to take further action, he said. Still, optimism that the U.S. economy will avoid a recession is leading to a reopening of capital markets, Solomon said. "They're meaningful, they're going well," he said. "I do think these capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital," Solomon said. JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted the proposed rules, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth.

Persons: Mohamed Azakir, Goldman Sachs, David Solomon, Solomon, Treasuries, it's, Goldman, JPMorgan Chase, Jamie Dimon, Saeed Azhar, Lananh Nguyen, Davide Barbuscia, Sharon Singleton, Leslie Adler Organizations: REUTERS, Reuters, Federal Reserve, SoftBank Group Corp, JPMorgan, Thomson Locations: Beirut, Lebanon, U.S, New York

CEO of Goldman Sachs David Solomon participates in a panel titled "Empowering Women as Entrepreneurs and Leaders" at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. Goldman Sachs is shedding its consumer businesses after its foray into retail banking flopped. "I definitely do feel better about the capital markets," Solomon said in the wide-ranging interview. Solomon also said U.S. regulatory proposals for stricter bank capital rules have "gone too far." "I am focused on Goldman Sachs," he said.

Persons: Goldman Sachs David Solomon, Elizabeth Frantz, Goldman Sachs, David Solomon, that's, Solomon's, Solomon, SoftBank, Banks, Saeed Azhar, Lananh Nguyen, Jonathan Oatis, Jamie Freed, Deepa Babington Organizations: World Bank Group, International Monetary Fund, REUTERS, CNBC, T Arm Holdings, Federal Reserve, Thomson Locations: Washington , U.S, U.S

[1/3] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. David Wagner, a portfolio manager at Aptus Capital Advisors, exited his small position in Goldman Sachs months ago because he was unimpressed with managers' handling of the consumer business. Marcus, the consumer business, lost $3 billion in three years, and is being wound down. 1Solomon took the top job in 2018, leaning into Goldman's consumer business to broaden earnings beyond volatile revenue from trading and dealmaking. The retail operations struggled to gain traction against well-established consumer banks, prompting the bank to set aside billions to cover potential loan losses.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, David Solomon's, Goldman, Morgan Stanley, Tom Montag, Solomon, JPMorgan Chase, Morgan Stanley's, David Wagner, Wagner, Marcus, Montag, David, Narendra Modi, Lakshmi Mittal, ArcelorMittal, Saeed Azhar, Lananh Nguyen, Megan Davies, Anna Driver Organizations: Goldman, REUTERS, JPMorgan, Aptus Capital Advisors, Bank of America, Thomson Locations: New York City, U.S, Solomon, India, New Delhi

[1/6] A general view of the Bank of America financial center in New York City, U.S., June 26, 2023. REUTERS/Brendan McDermidNEW YORK, June 27 (Reuters) - Bank of America Corp (BAC.N) is adding consumer branches in four new U.S. states, it said on Tuesday, bringing its national footprint closer to rival JPMorgan Chase & Co (JPM.N). Bank of America will open new financial centers in Nebraska, Wisconsin, Alabama and Louisiana as part of a four-year expansion across nine markets, including Louisville, Milwaukee and New Orleans. The openings will give BofA a retail presence in 39 states, compared with JPMorgan, the largest U.S. lender, which has branches in 49 states. Holly O'Neill, Bank of America's president of retail banking, said last month that she expects good performance for the unit in the second quarter.

Persons: Brendan McDermid, Brian Moynihan, Moynihan, Aron Levine, Holly O'Neill, Saeed Azhar, Lananh Nguyen, Deepa Babington Organizations: Bank of America, REUTERS, Bank of America Corp, JPMorgan Chase &, JPMorgan, Federal Reserve, Consumer, CNN, Reuters, Bank of, Thomson Locations: New York City, U.S, Nebraska , Wisconsin , Alabama, Louisiana, Louisville, Milwaukee, New Orleans

[1/2] A view of the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. The latest round of penny-pinching comes as Goldman Sachs management grew more pessimistic about an economic recovery and dealmaking this year. Goldman Sachs investment banking revenue is down 52% in that same period, the Dealogic data showed. Goldman Sachs trades at 0.97 times its book value, lagging rivals Morgan Stanley and JPMorgan Chase & Co (JPM.N) which trade at 1.45 times and 1.33 times, respectively, according to Refintiv data. Reuters GraphicsThe headcount reductions and cost cutting do not solve Goldman's fundamental challenges: its reliance on investment banking and trading.

Persons: Goldman Sachs, Andrew Kelly NEW, Goldman, David Solomon, John Waldron, Morgan Stanley, pare, Brennan Hawken, Waldron, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Andrea Januta, Anna Driver Organizations: REUTERS, Andrew Kelly NEW YORK, Goldman Sachs, Investment, Lazard Ltd, Citigroup Inc, JPMorgan Chase &, Reuters, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

Guggenheim Securities is advising the U.S. Federal Deposit Insurance Corp (FDIC) on the sale process, two sources familiar with the matter said. The process kicked off this week after First Republic, which got swept up in a banking crisis last month, failed to come up with a deal without government help, three of the sources familiar with the situation said. A deal for First Republic would come less then two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to calm markets. A sale would bring to an end a weeks-long effort by First Republic to survive the market rout. When that deal failed to stabilize First Republic, the lender, known best for its rich clientele, tried to find other private-sector solutions.

NEW YORK, March 14 (Reuters) - U.S. consumers have flooded banking giants, including JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N) and Citigroup Inc (C.N) with deposits after the collapse of Silicon Valley Bank, sources familiar with the matter said. Large banks saw in influx of money from consumers and businesses in the last week as SVB teetered, one of the sources told Reuters. Rating agency Moody's Investors Service on Tuesday changed its outlook on the U.S. banking system to negative from stable to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank, Silvergate Bank, and Signature Bank. Shares of U.S. regional banks such as First Republic Bank (FRC.N), Western Alliance Bancorp (WAL.N) and KeyCorp (KEY.N) have slumped on fears of possible bank contagion following the collapse of SVB and Signature Bank (SBNY.O). For example shares of First Republic climbed nearly 40 percent after plunging more than 60% on Monday.

[1/3] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The investment bank will outline the path to profit for its Platform Solutions unit, which houses Goldman's transaction banking, credit card and financial technology businesses, it said. It is also considering "strategic alternatives" for its consumer platforms, Solomon said, without specifying what those options would be. Chief Executive David Solomon's performance and his plans for growth will also be scrutinized by investors and analysts. Observers will focus on his plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility.

NEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc (GS.N) Chief Executive David Solomon and his top executives are expected to unveil the company's medium-term financial goals on Tuesday, according to analysts. Its ROTE was 11% last year, missing analyst estimates, as rising interest rates prompted a sharp slowdown in dealmaking. Observers will also focus on the CEO's plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility. The bank has said it plans to slim down some alternative investments that weighed on profits last year. Reporting by Saeed Azhar and Lananh Nguyen Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

His counterpart at Bank of America Corp (BAC.N), Brian Moynihan, cited resilient consumer finances and spending as positive signs. At a separate event, Bank of America's CEO reiterated what he has been saying for months - that consumer spending remains robust and is underpinning the economy. While consumer spending remains healthy, credit card delinquencies are increasing, and growth in Wells Fargo's commercial bank is moderating, he said. Despite some easing concern about an economic slowdown, the bank chiefs said they were managing headcount to constrain costs. It aims to have a workforce of about 213,000 to 214,000 in the next three to four months, Moynihan said, down from 216,823 at the end of 2022.

His counterpart at Bank of America Corp (BAC.N), Brian Moynihan, cited resilient consumer finances and spending as positive signs. At a separate event, Bank of America's CEO reiterated what he has been saying for months - that consumer spending remains robust and is underpinning the economy. JOB CUTSDespite some easing concern about an economic slowdown, the bank chiefs said they were managing headcount to constrain costs. It aims to have a workforce of about 213,000 to 214,000 in the next three to four months, Moynihan said, down from 216,823 at the end of 2022. While consumer spending remains healthy, credit card delinquencies are increasing, and growth in Wells Fargo's commercial bank is moderating, he said.

REUTERS/Lucas JacksonNEW YORK, Jan 4 (Reuters) - Goldman Sachs Group Inc's (GS.N) top dealmakers are bullish on a recovery in global mergers & acquisitions (M&A) in the second half of 2023 despite a slowdown in economic growth and a weak credit market. The projections come after global M&A values slumped 36% to $3.78 trillion in 2022, from a record $5.91 trillion in 2021, according to Dealogic data. "I remain quite bullish, maybe not on the first quarter, but certainly as we go forward," said Stephan Feldgoise, global co-head of M&A. The company has been the top global M&A adviser by revenue for the past 20 years, followed by JPMorgan Chase & Co (JPM.N), according to Dealogic data. The bank sees opportunities in advising clients who are being targeted by activist investors, or fintech companies open to suitors after their valuations plunged, said Russ Hutchinson, the bank's chief operating officer of global M&A.

The layoffs are the latest sign that cuts are accelerating across Wall Street as dealmaking dries up. Goldman Sachs had 49,100 employees at the end of the third quarter after adding significant numbers of staff during the pandemic. The bank is weighing a sharp cut to the annual bonus pool this year, a separate source familiar with the matter said. Goldman Sachs declined to comment. The investment bank had first warned in July that it might slow hiring and cut expenses.

"There's a reasonable chance of a recession in the U.S., but it's not certain," Solomon said on Tuesday after the company released third-quarter earnings. "Fitch expects the U.S. economy to enter genuine recession territory — albeit relatively mild by historical standards — in 2Q23." David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022. "Private equity activity gets reset at a time like this because values have to come down because financing costs have gone up," he said. "So there's been less private equity activity right now."

Marcus, Goldman's consumer banking business, will be absorbed into the wealth unit, the sources said, confirming an earlier Wall Street Journal report. Register now for FREE unlimited access to Reuters.com RegisterThis is the biggest shakeup since the company's investor day in early 2020 when it outlined plans for four core units: investment banking, global markets, consumer and wealth management and asset management. The reorganization comes as the Wall Street titan seeks to boost its income from fee-based businesses and cut its reliance on volatile trading and investment banking revenues. The changes also signal Marcus, the consumer unit, is being relegated after Chief Executive Officer David Solomon expressed big ambitions to build a mainstream digital bank. But the consumer banking unit that launched in 2016 has struggled to gain traction and suffered from delays.

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