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☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

"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

Citigroup also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Citigroup declined to comment on the memo, town hall and meeting with managing directors. Citi had 240,000 employees at the end of the second quarter. CONSULTATIONS IN THE UKThe bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. In the second quarter, net income tumbled 36% to $2.92 billion, beating analyst expectations.

Persons: Sara Wechter, Jane Fraser, Fraser, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio, Kirsten Donovan, Sonali Paul Organizations: Citigroup, Reuters, Bankers, Citi, Bank of America, Milana, Svea Herbst, Thomson Locations: Wells Fargo, London, New York, Svea

"Some roles will change, new roles may be created, and new roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time. CONSULTATIONS IN THE UKThe bank said in a separate memo it is also beginning the specific consultation required in the UK. Some of these roles may change, while others will remain largely the same."

Persons: Sara Wechter, Jane Fraser, Fraser, Jane, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio Our Organizations: Citigroup, Reuters, Citi, Bank of America, Thomson Locations: Wells Fargo, London, New York

☆ Citigroup has 'no room for bystanders' in reorganization, CEO says
▼ + stars: | 2023-09-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeNEW YORK (Reuters) - Citigroup CEO Jane Fraser said on Friday that top employees were on board with the company’s sweeping reorganization, and that there was “no room for bystanders” in the bank’s biggest overhaul in almost two decades. “The case for change is pretty clear - our people want to succeed and our highest performers got behind this very quickly,” Fraser told CNBC. The company began discussions about layoffs soon after announcing the reorganization, sources close to the situation told Reuters this month. Bank of America CEO Brian Moynihan also predicted the economy would achieve a soft landing in comments earlier this week.

Persons: Jane Fraser, Mike Blake NEW, ”, ” Fraser, Fraser, Brian Moynihan Organizations: Citi, Milken, Global Conference, REUTERS, Mike Blake NEW YORK, Citigroup, CNBC, Federal Reserve, Bank of America Locations: Beverly Hills , California, U.S

The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. The plaintiffs said Morgan Stanley convinced them to invest about $281 million, but hid details of a Brightline preferred share transaction that should have required the loan be prepaid at a "make-whole" amount they estimated at $750 million. Morgan Stanley was also accused of having swapped out one document with the signature of a Certares affiliate, to make it seem like the affiliate had read and agreed to the preferred share transaction. In a statement, Morgan Stanley said "the firm does not believe the claims have merit and will defend itself vigorously." The case is CK Opportunities Fund I LP et al v Morgan Stanley Senior Funding Inc et al, New York State Supreme Court, New York County.

Persons: Morgan Stanley, Andrew Kelly, Morgan, Brightline, Tatiana Bautzer, Jonathan Stempel, Rosalba O'Brien Organizations: New York Stock Exchange, REUTERS, Certares Management, Knighthead Capital Management, Brightline Holdings, Fortress Investment Group, Las, New York, Court, Thomson Locations: Manhattan , New York City, U.S, New York, Manhattan, Florida, Los Angeles, Las Vegas, Brightline, New, Court , New York County

[1/4] UBS CEO Sergio Ermotti addresses the Economic Club of New York in New York City, U.S., September 14, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - UBS Group (UBSG.S) CEO Sergio Ermotti plans to stay at the helm through 2026 to integrate former rival Credit Suisse in a process he likened to a marathon. "I need to finish the job," Ermotti told the Economic Club of New York on Thursday. "My commitment is to finish the job, and for sure that means staying through the end of 2026. UBS said last month it wants to cut $10 billion in costs by the end of 2026 and lay off 3,000 people in Switzerland.

Persons: Sergio Ermotti, Brendan McDermid, Ermotti, Colm Kelleher, Tatiana Bautzer, Lananh Nguyen, Chris Reese, Timothy Gardner Organizations: UBS, Economic, of New, REUTERS, Credit Suisse, Thomson Locations: of New York, New York City, U.S, Swiss, Asia, China, Switzerland, New York

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

"We are making bold decisions to meet our commitments to our shareholders," Fraser, 56, said in a statement. The latest changes have already eliminated 35 committees, Fraser said, citing an example of efforts to reduce bureaucracy. Job cuts are expected, but the bank did not estimate the number of positions being eliminated or the financial impact, sources familiar with the matter said. "Investors are only going to give Citigroup credit for hard numbers meeting their goals," said Eric Compton, banking analyst at Morningstar. Citi is eliminating layers in former divisions Institutional Clients Group and Personal Banking and Wealth Management.

Persons: Jane Fraser, Fraser, Shahmir Khaliq, Andrew Morton, Peter Babej, Gonzalo Luchetti, Andy Sieg, Wells, JPMorgan Chase, Brian Mulberry, Eric Compton, Ernesto Cantu, Mark Mason, Tatiana Bautzer, Saeed Azhar, Medha Singh, Lananh Nguyen, Nick Zieminski, Jonathan Oatis Organizations: Citigroup, Citi, Bank of America, JPMorgan, Zacks Investment Management, Morningstar, Wealth Management, International, Thomson Locations: North America, New York

☆ Citigroup CEO Jane Fraser pushes biggest overhaul in almost two decades
▼ + stars: | 2023-09-13 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

Citigroup CEO Jane Fraser testifies during a U.S. House Financial Services Committee hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, U.S., September 21, 2022. The bank is also planning to list its Mexican consumer unit, known as Banamex, after a sale process fell through. Scottish-born Fraser is the first woman to lead a Wall Street bank. She spoke in March about her life and career in a wide-ranging interview with Carlyle Group (CG.O) Co-Founder David Rubenstein. Reporting by Tatiana Bautzer; writing by Michelle Price; editing by Lananh Nguyen and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Elizabeth Frantz, Jane Fraser's, we've, Fraser, Michael Corbat's, Sandy Weill, David Rubenstein, Goldman Sachs, Smith Barney, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Josie Kao Organizations: Citigroup, . House Financial, REUTERS, Citi, JPMorgan Chase &, Bank of America, Banks, Carlyle Group, Cambridge University, Harvard Business School, McKinsey, Thomson Locations: Washington , U.S, U.S, New York, Scottish, Mexico

☆ Barclays CEO expects revival of deals over next months
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsNEW YORK, Sept 12 (Reuters) - Barclays Chief Executive Officer C.S. Venkatakrishnan on Tuesday said he is seeing signs investment banking activity will recover. The CEO, speaking at an investment conference hosted by the bank in New York, said the conditions to reactivate M&A deals and share offerings are being met, with more stable markets, bank lending in terms attractive to investors and valuation corrections over the last months. Reporting by Tatiana Bautzer and Niket Nishant; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, C.S, Venkatakrishnan, Tatiana Bautzer, Mark Porter Organizations: Barclays, REUTERS, Thomson Locations: City, London, New York

☆ Wealthy families pile into bonds, private equity while shedding stocks - Citi
▼ + stars: | 2023-09-12 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File Photo/File Photo Acquire Licensing RightsNEW YORK, Sept 12 (Reuters) - Wealthy families loaded up on bonds and private equity investments in the first half of the year while slashing their stock exposure, according to a survey by Citigroup's (C.N) private bank. More than half of the 268 family offices polled, accounting for a combined net worth of $565 billion, increased their allocations in fixed income, while 38% boosted their private equity holdings. Investors sought out private equity investments in the first half while the market for initial public offerings (IPOs) stayed sluggish. But the private equity investments are more conservative now than in previous years. The family offices surveyed had an average portfolio allocations that included 22% in both public and private equities respectively, 16% fixed income and 12% cash.

Persons: Chris Helgren, Hannes Hofmann, Ida Liu, Tatiana Bautzer, Lananh Nguyen, Stephen Coates Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Treasury, Citi Private Bank, Citi's Private Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, China

☆ Wall Street bosses see deal drought easing as IPOs spur optimism
▼ + stars: | 2023-09-12 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

[1/2] 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. Goldman Sachs (GS.N) CEO David Solomon told Reuters in an interview on Tuesday that the optimism that the U.S. economy will avoid a recession is prompting capital markets to reopen. "The environment is definitely better," said Solomon, who noted that Goldman was involved in most of the share offerings. Venkatakrishnan told investors at a conference in New York. The dealmaking slowdown had prompted thousands of layoffs at investment banks, including at Morgan Stanley (MS.N), Goldman Sachs and Citigroup (C.N) in recent months.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, Solomon, Goldman, Instacart, we'll, C.S, Venkatakrishnan, Morgan Stanley's, Dan Simkowitz, BofA, Alastair Borthwick, Morgan Stanley, Tatiana Bautzer, Lananh Nguyen, Mark Porter, Jamie Freed Organizations: Goldman, REUTERS, Reuters, Arm Holdings, underwriters, Barclays, Bank of America, Citigroup, Thomson Locations: New York City, U.S, British, New York

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ Barclays drawing up plans for hundreds of job cuts -sources
▼ + stars: | 2023-09-08 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Barclays is drawing up plans to cut hundreds of jobs, two sources familiar with the matter told Reuters, as the bank trims its costs while embarking on a wider strategy review. Bloomberg reported earlier on Friday that the bank was weighing hundreds of job losses. Venkatakrishnan is separately embarking on a wider strategy review, amid some investor dissatisfaction at the bank's underperformance relative to Wall Street investment banks. Barclays' Wall Street rivals have also cut jobs this year, as investment banking revenues are taking a long time to recover.

Persons: Peter Nicholls, Venkatakrishnan, Morgan Stanley, Goldman Sachs, Iain Withers, Tatiana Bautzer, Jonathan Oatis Organizations: Barclays Bank, REUTERS, Barclays, Bloomberg, C.S, Wall, Citigroup, Thomson Locations: London, Britain, British

The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Sept 7 (Reuters) - Wealthy clients going to a Morgan Stanley banker to discuss their investments may soon have a different sort of experience: having a chatbot listen to their conversation. They signed a deal last summer in which Morgan Stanley has preferred access in product development for wealth management. WEALTH RACEThe AI initiative is part of Morgan Stanley's strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion. Morgan Stanley is not alone in its AI efforts.

Persons: Morgan Stanley, Andrew Kelly, Sal Cucchiara, Morgan Stanley's, Cucchiara, Andy Saperstein, Sam Altman, Boris Power, OpenAI, they'll, Morgan, James Gorman, JPMorgan Chase, Teresa Heitsenrether, Erica, Nick Reed, Michael Abbott, Abbott, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Bankers, Saperstein, Wall, JPMorgan, Rival Bank of America's, OpenAI, Microsoft, Accenture, Thomson Locations: Manhattan , New York City, U.S, California, New York

☆ LatAm startups lay off staff, expect more IPOs next year - report
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Aug 30 (Reuters) - Two-thirds of Latin American startups have laid off staff over the last 18 months, as venture capital funding fell sharply in the region, according to "Latin America Digital Transformation" report by venture capital fund Atlantico. Venture capital funding in the second quarter slumped 65% in Latin America, compared with last year, and down more than the 49% globally during the reported period. As the volume of IPOs recovers globally, venture capitalists and Latin American unicorns may return to capital markets. Fintechs are among the fastest growing startups in the region, with digital payment systems such as the Central Bank of Brazil's PIX scheme helping to increase bank account penetration in the region. The launch of a new digital payment system in Mexico, as well as the arrival of digital banks, can change the scenario, according to the report.

Persons: IPOs, Julio Vasconcellos, Tatiana Bautzer, Sherry Jacob, Phillips Organizations: Atlantico, Venture, SoftBank, Arm Holdings, Central Bank of, Thomson Locations: Latin America, Atlantico, Argentina, Mexico

☆ US SEC accuses Citigroup of record-keeping violations related to underwriting expenses
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo/File Photo Acquire Licensing RightsCompanies Citigroup Inc FollowAug 29 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday issued a cease-and-desist order against Citigroup Global Markets Inc over accusations the company's underwriting business willfully violated record-keeping requirements. Citigroup, without admitting or denying the findings, agreed to the order and agreed to pay a $2.9 million penalty, according to an SEC statement. The SEC said that "from at least 2009 through May 2019, CGMI used an unsubstantiated and unverified method to calculate and record indirect expenses associated with its work as an underwriter." Reporting by Ismail Shakil, Dan Whitcomb and Tatiana Bautzer; Editing by Caitlin Webber and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CGMI, Ismail Shakil, Dan Whitcomb, Tatiana Bautzer, Caitlin Webber, Jonathan Oatis Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, U.S . Securities, Exchange Commission, Citigroup Global Markets Inc, SEC, Thomson Locations: Toronto , Ontario, Canada

☆ JPMorgan increases stake in Brazilian digital bank C6 to 46%
▼ + stars: | 2023-08-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, Aug 29 (Reuters) - JPMorgan Chase & Co (JPM.N) has increased its stake in Brazilian digital bank C6 to 46% from 40%, the banks said in a statement on Tuesday, without disclosing the financial terms. The banks said C6 had expanded its number of clients to 25 million from 8 million since June 2021, when JPMorgan bought its initial stake, and had added products such as auto loans. Sanoke Viswanathan, JPMorgan's CEO of international consumer banking, said the investment in C6 Bank was an important part of the lender's global strategy. The credit portfolio of C6 had increased to 40 billion reais ($8.2 billion) from 9.5 billion when JPMorgan first invested, according to the statement. C6 posted a 2.2 billion real loss last year, due to increased provisions for credit losses.

Persons: Sanoke Viswanathan, Tatiana Bautzer, Chris Reese, Michelle Price, David Holmes Organizations: JPMorgan Chase &, JPMorgan, C6 Bank, C6, Thomson

☆ Citi buys stake in Peruvian foreign exchange fintech
▼ + stars: | 2023-08-24 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

NEW YORK, Aug 24 (Reuters) - Citigroup has acquired a stake in Peruvian foreign exchange startup Rextie, its first fintech investment in Latin America. Terms of the deal were not disclosed, but Citi and Rextie executives said the bank is injecting cash into the company to finance its growth. Rextie, founded in 2016, has closed so far $4.5 billion in forex transactions and expects to reach $7 billion by the end of next year. Rextie provides forex transactions through digital channels to 12,000 mid-sized and small companies in Peru and 170,000 individuals. Aldo Alvarez, Head of Institutional Strategic and Fintech Investments for LATAM at Citi, said the deal creates opportunities to offer the bank's products to Rextie clients.

Persons: Rextie, Aldo Alvarez, Mateu Batle, Tatiana Bautzer, Miral Organizations: Citigroup, Citi, Institutional, Fintech Investments, LATAM, Thomson Locations: Latin America, Peru

☆ Sigma Lithium, eyeing buyout, sues ex-CEO and daughter-in-law over trade secrets
▼ + stars: | 2023-08-22 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 22 (Reuters) - Sigma Lithium (SGML.V), , which produces metal used in electric vehicle batteries, has sued a former co-chief executive officer, accusing him of stealing trade secrets to undermine the company's effort to sell itself. The lawsuit said Cabral-Gardner and Gardner lead a fund, A10 Investimentos, with a 44% stake in the company, with Cabral-Gardner owning 76% of the fund and Gardner owning 24%. In a July 28 interview, Cabral-Gardner said Sigma has been looking to strengthen its "unique environmentally competitive position" in the global supply chain. The case is Sigma Lithium Corp v Gardner et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; Additional reporting by Tatiana Bautzer; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Calvyn Gardner, Sigma's, Ana Cabral, Gardner, Luisa Valim, Gardner's, Valim, Cabral, Sigma, misappropriated, Jonathan Stempel, Tatiana Bautzer, Jonathan Oatis Organizations: Sigma, Bank of America, Sigma Lithium Corp, Court, Southern District of, Thomson Locations: Manhattan, Vancouver , British Columbia, Brazil, U.S, Southern District, Southern District of New York, New York

☆ Citigroup mulls plan to split its largest division - source
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The bank is unlikely to replace Ybarra, the head of its Institutional Clients Group (ICG), the source said on Monday. The plans are still being considered and have not been finalized, the source said. The ICG unit provides financial services to institutional investors and governments. Its shares fell 0.6% alongside a broader decline in the S&P bank index, which dropped 0.5% in Monday trading.

Persons: Chris Helgren, Paco Ybarra, Jane Fraser, Scott Siefers, Piper Sandler, Ybarra, Tatiana Bautzer, Saeed Azhar, Lavanya, Dhanya Ann Thoppil, Hugh Lawson, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Ybarra, Group, ICG, Financial Times, Reuters, Thomson Locations: Toronto , Ontario, Canada, New York, Bengaluru

☆ JPMorgan, US Virgin Islands trade accusations over Epstein
▼ + stars: | 2023-08-15 | by ( Us Appeals Judge Faults Probe Of Federal Circuit'S Pauline Newman | Andrew Goudsward | Law Firm Clifford Chance Posts Increased Revenue | ) www.reuters.com time to read: +4 min

REUTERS/Mike Acquire Licensing Rights Read moreCompanies JPMorgan Chase & Co FollowNEW YORK, Aug 15 (Reuters) - JPMorgan Chase (JPM.N) and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein. The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and his wife. The territory in a separate filing cited a 2011 email from a senior JPMorgan executive about suspicious cash withdrawals by Epstein. The filing containing the U.S. Virgin Islands accusations was more than 680 pages. The U.S. Virgin Islands also failed to show that the bank committed obstruction, JPMorgan said.

Persons: JP Morgan Chase, Mike, JPMorgan Chase, Jeffrey Epstein, Epstein, John de Jongh, Cecile, John Duffy, JE, Duffy, Mary Erdoes, “, Erdoes, Jonghs, USVI, JPMorgan, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, David Gregorio Our Organizations: JP, Co, JPMorgan Chase, REUTERS, JPMorgan, U.S . Virgin Islands, U.S . Virgin, Thomson Locations: New York, U.S, Manhattan

The logo of credit rating agency Moody's Investor Services is seen outside the office in Paris October 24, 2011.REUTERS/Philippe Wojazer/File PhotoNEW YORK, Aug 8 (Reuters) - Ratings agency Moody's said the U.S. banking sector is still strong even after it downgraded several small to mid-sized lenders and warned it might cut the ratings of several major banks. "What we're doing here is recognizing some headwinds - we're not saying that the banking system is broken," Ana Arsov, managing director of financial institutions at Moody's, told Reuters in an interview. An S&P index of bank stocks slid 2% after Moody's took action on 27 lenders on Monday, highlighting the challenges of higher interest rates, climbing funding costs and a looming recession that would weigh on profits. "As you look ahead, it doesn't feel like the pressure from interest rates being higher and overall monetary policy tightening is close to abating," said Jill Cetina, an associate managing director at Moody's. Reporting by Lananh Nguyen and Tatiana Bautzer; Editing by Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Philippe Wojazer, Moody's, we're, Ana Arsov, Jill Cetina, Lananh Nguyen, Tatiana Bautzer, Mark Porter, Jan Harvey Organizations: Moody's Investor Services, REUTERS, Reuters, Thomson Locations: Paris, Moody's, abating

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

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