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☆ Citigroup asks employees to speak up about inappropriate behavior
▼ + stars: | 2023-11-22 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +2 min

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Citigroup Inc FollowNEW YORK, Nov 22 (Reuters) - A top Citigroup (C.N) executive asked employees to speak up if they see inappropriate behavior after a managing director sued the company this week, alleging she was sexually harassed by a manager in equities. "No colleague should ever be discriminated against or harassed," Andy Morton, Citigroup's global head of markets, wrote in the memo sent on Tuesday, which referenced a recently filed lawsuit. "Part of everyone's role in creating a culture of the highest standards involves stepping in at the moment we see something wrong," Morton wrote. "If you experience or witness inappropriate behavior, you can raise your concerns through official channels without fear of retaliation," including with managers, human resources or the company's ethics hotline.

Persons: Brendan McDermid, Andy Morton, Citigroup's, Ardith Lindsey, Mani Singh, Lindsey, Singh, Lindsey's, Morton, Tatiana Bautzer, Lananh Nguyen, Daniel Wallis Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Bloomberg, North America Markets, Thomson Locations: New York

Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Citigroup declined to comment on all the personnel moves, and none of the leaders named responded to requests for comment. The full reorganization could involve thousands of layoffs, according to a source familiar with the situation who was not authorized to speak publicly. Preparations for Monday's announcements were communicated verbally in meetings last week, according to another source familiar with the situation. Final announcements related to the overhaul will be made early next year, Fraser said in a memo to employees.

Persons: Jane Fraser, Eduardo Martinez Campos, Andy Sieg, Andrew Kelly, Valentin Valderrabano, Patricia Dorosz, Nacho Gutiérrez, Carmen Haddad, Fahad Aldeweesh, Haddad, Jose Miguel Salvador Nasur, Peter Babej, Ernesto Torres Cantú, Brad Wayman, Chris McCullough, Wayman, Patrick Gallagher, Lucy Baldwin, Sandeep Arora, Fraser, Mark Mason, Tatiana Bautzer, Lananh Nguyen, Andres Gonzalez, Saeed Azhar, Bayliss, Echo Wang, Isla Binnie, Nick Zieminski, Stephen Coates, Marguerita Choy Organizations: Citigroup, Citi, Citi Wealth Services, Citibank, New York Stock Exchange, REUTERS, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, Europe, Saudi Arabia, Chile, New York, London, Svea

☆ Wall Street bonuses expected to stay flat or decline -study
▼ + stars: | 2023-11-14 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +2 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Commercial and retail bankers at regional banks will receive bonuses that are 10% to 20% lower than the previous year, the report showed. Retail or commercial bankers working in large institutions could see year-end bonuses stay flat or rise about 10%. Bonuses for debt underwriters are expected to stay flat or drop as much 10%, while payouts for equity trading could fall 5% to 10%. Finance professionals working in fixed income trading, hedge funds, private equity firms and asset managers can expect flat bonuses or small gains or losses, according to the estimates.

Persons: Carlo Allegri, ”, Alan Johnson, Tatiana Bautzer, Lananh Nguyen Organizations: New York Stock, REUTERS, Johnson Associates, Thomson Locations: Manhattan, New York City , New York, U.S, New York, Lincoln

REUTERS/Chris Helgren Acquire Licensing RightsNEW YORK, Nov 8 (Reuters) - Citigroup Inc (C.N) has agreed to pay $25.9 million to settle U.S. Consumer Financial Protection Bureau (CFPB) charges it intentionally discriminated against credit card applicants who the bank identified as Armenian-American based on their last names. The CFPB also said bank employees lied to applicants by giving them fake reasons for denials, and were instructed not to discuss the discrimination in writing or over the phone. According to a consent order, some employees referred to card applicants they suspected were of Armenian descent as "Armenian bad guys" or the "Southern California Armenian Mafia." The payment includes a $24.5 million civil fine and $1.4 million of restitution to card applicants, for violations of the federal Equal Credit Opportunity Act. Citigroup apologized, saying it had been trying to thwart an Armenian fraud ring in California but that a "small number" of employees circumvented its fraud detection protocols.

Persons: Chris Helgren, Rohit Chopra, Chopra, Biden, Jonathan Stempel, Tatiana Bautzer, Douglas Gillison, Chizu Nomiyama, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Consumer Financial Protection Bureau, Citigroup, Southern California Armenian Mafia, Credit, Act, Thomson Locations: Toronto , Ontario, Canada, Glendale , California, Armenia, United States, Southern California, California, York, New York, Washington

☆ Moody's creates private credit rating and research group
▼ + stars: | 2023-11-06 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 6 (Reuters) - Ratings agency Moody's (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday. The global private credit market, with more than $1.3 trillion in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report. Private credit is largely owned by buy-and-holdinvestors such as pension funds, endowments, foundations and insurance companies, the report said. "The rapid growth of the private credit market in recent years has introduced new challenges and opportunities for investors, who are looking for fresh analysis from a trusted source," said Moody's president Michael West. The private credit group will have a team of more than 50 analysts in different geographies looking into private credit in institutions such as business development companies, collateralized loan obligations, insurance and asset management companies.

Persons: Andrew Kelly, Ana Arsov, BlackRock, Michael West, Moody's, Arsov, Simon Harris, Tatiana Bautzer, Rod Nickel Organizations: Moody's Corporation, REUTERS, Moody's Investors Service, Thomson Locations: Manhattan , New York, U.S

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday. The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income. It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition. Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang Organizations: New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson Locations: New York City, U.S, New York, Bengaluru

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year. Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic. Investment banking revenue will probably rise 5% to 10% next year for the largest banks, according to Mike Mayo, an analyst at Wells Fargo.

Persons: Peter Orszag, Lazard, Mike Blake, dealmaking, Orszag, Morgan Stanley's, Ted Pick, Morgan Stanley, Dealogic, Mike Mayo, Jane Fraser, Fraser, Jana Partners, Brian Moynihan, Goldman Sachs, David Solomon, Tatiana Bautzer, Lananh Nguyen, Svea Herbst, Bayliss, Megan Davies, David Gregorio Our Organizations: Financial Advisory, Milken, Global Conference, REUTERS, Wall, Exxon Mobil, Chevron CVX.N, Reuters, CNBC, Global, Investment, Wells, Citigroup, Exxon, Natural Resources, Barclays, News Corp, Frontier Communications, Bank of, Svea, Thomson Locations: Beverly Hills , California, U.S, dealmaking, Ukraine, East, Wells Fargo

☆ Morgan Stanley's Pick and Gorman talk succession, strategy and challenges
▼ + stars: | 2023-10-26 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +3 min

Companies Morgan Stanley FollowNEW YORK, Oct 25 (Reuters) - Morgan Stanley's (MS.N) current CEO James Gorman and incoming CEO Ted Pick spoke with Reuters about the company's leadership succession and strategy. On strategy: "There is no change in strategy. JAMES GORMANOn Pick: "We picked (Pick) because he's had a long history of showing he's an exceptional operator. It takes, it takes enormous resilience and mental toughness, and he's got that." I chair Columbia Business School, I have a role at University of Melbourne, and I'll do a bit of that.

Persons: Morgan Stanley, Morgan Stanley's, James Gorman, Ted Pick, Gorman, we've, James, Smith Barney, Eaton Vance, We've, Andy Saperstein, Dan Simkowitz, Dan, Andy, JAMES GORMAN, he's, Ted, Tatiana Bautzer, Lananh Nguyen, Sonali Paul Organizations: Reuters, TED, Columbia Business School, University of Melbourne, DOJ, SEC, Thomson

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo. "There is a constructive environment, and investment banking fees tend to be higher through the end of the year," said Jason Goldberg, a banking analyst at Barclays. Despite the renewed optimism, investment banking activity remains depressed. As rates rise, bond prices fall, representing losses on paper that would be realized if the banks sold the bonds. More broadly, "we're back into this environment where investors think interest rates are going to remain higher for longer," he said.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Goldman Sachs, Morgan Stanley's, Mike Mayo, Ebrahim Poonawala, Jason Goldberg, Richard Ramsden, James Demmert, Ramsden, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Nick Zieminski 私 Organizations: JP, Co, REUTERS, JPMorgan, Citigroup, Wells, Bank of America, Federal Reserve, Wall Street, SoftBank's Arm Holdings, Barclays, U.S, Treasury, Valley Bank, Federal Deposit Insurance Corporation, Reuters, Street Research Locations: New York, Wells Fargo, dealmaking, Israel, Bengaluru

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