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[1/2] A JPMorgan logo is seen in New York City, U.S., January 10, 2017. While lenders regularly compete for customers, the loss of confidence that shook the banking system in the last two weeks sparked concerns about contagion that could lead to a broader panic. President Joe Biden, Treasury Secretary Janet Yellen and Citigroup Inc. C.N Chief Executive Jane Fraser have all made statements in recent days to reassure the public that the U.S. banking system is safe. "We all have a vested interest in keeping America's financial system strong and thriving," a JPMorgan spokesperson said. "It's the envy of the world with thousands of institutions of all sizes serving every corner of the country."

The index of top European banks (.SX7P) was down 1% in early trading, with German banking giants Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE) both falling 0.8%. The rescue of Credit Suisse, which followed the collapses of California-based Silicon Valley Bank (SVB) (SIVB.O) and New York-based Signature Bank (SBNY.O) ignited broader concerns about investors' exposure to a fragile banking sector. The decision to prioritise shareholders over Additional Tier 1 (AT1) bondholders rattled the $275 billion AT1 bond market and some Credit Suisse AT1 bondholders are seeking legal advice. "The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a 'viability event', in particular if extraordinary government support is granted," FINMA said. However, some watchers think the banking system is more vulnerable to rumour and rapid moves in an era of widespread social media use, posing a challenge for regulators trying to tamp down instability.

March 22 (Reuters) - Citigroup Inc (C.N) CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. "The banking system is pretty sound," and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday. "This is not a credit crisis. In the past two weeks, two U.S. banks collapsed, Credit Suisse Group AG (CSGN.S) was taken over by Swiss rival UBS Group AG (UBSG.S) and America's biggest banks agreed to deposit $30 billion in another ailing firm, First Republic Bank (FRC.N). Reporting by Lananh Nguyen and Saeed Azhar; Editing by Sandra Maler and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ It took a progressive Virginia suburb 8 years to let developers build apartments instead of single-family houses. It shows how hard it is to build middle-class housing in the US.
▼ + stars: | 2023-03-21 | by ( Eliza Relman | ) www.businessinsider.com time to read: +12 min

Arlington, Virginia, is finally set to pass a "missing middle" housing policy after years of debate. Arlington is just the latest community to address missing middle housing as a part of a broader national reckoning. Across the country, critics of increasing housing density in single family neighborhoods are disproportionately older, wealthier, white homeowners. Advocates of missing middle housing say there's a deep generational gap when it comes to housing density. Despite the massive effort it took to come to the verge of passing missing middle housing, Arlington officials predict change will be slow and limited.

☆ Mexican finance minister says "satisfied" with Citibanamex sale
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

MERIDA, Mexico, March 17 (Reuters) - Mexico's government is "satisfied" with the sale process of Citigroup's (C.N) Mexican retail bank Citibanamex, Finance Minister Rogelio Ramirez de la O said on Friday, adding that the bank is now in the due diligence process with potential buyers. Billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) and the head of Mexico's Mifel bank Daniel Becker (MIFEL.UL) are the last two bidders for the bank. "We have not been aware that either of the two have left (the process)," the finance minister said. Reuters had previously reported that Grupo Mexico had emerged as the front-runner to buy the consumer banking unit over rival bidder Becker, having secured a $5 billion debt package for its proposed, citing sources. In February, Citigroup's Chief Executive Jane Fraser met with Mexican President Andres Manuel Lopez Obrador amid the bank's attempt to finalize the sale of its local unit.

March 16 (Reuters) - First Republic Bank's (FRC.N) shares fell 17% in extended trading on Thursday, despite an unprecedented show of support in the bank from nearly a dozen of the world's largest financial institutions. The bank's shares, which had closed 10% higher after a volatile day that saw trading halted 17 times, slumped in after-market trading. Jason Ware, chief investment officer for Albion Financial Group, said the Dimon-led banking sector intervention on Thursday was a "shot in the arm of the system" but likely more was needed. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. The bank's shares have been hit hard in recent days in the aftermath of the collapse of Silicon Valley Bank.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

The planned rescue package was discussed by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase & Co. (JPM.N) CEO Jamie Dimon on Tuesday, according to a source familiar with the situation. A central player in the deal was Rodgin Cohen, a veteran lawyer at Sullivan & Cromwell, two sources familiar with the matter said. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. Other lenders including BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank channeled $1 billion of deposits into the San Francisco-based lender. Federal Reserve Board Chair Jerome Powell said the Fed was always ready to provide liquidity through its discount window.

☆ Quotes: Global banks under pressure as SVB triggers contagion worries
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +8 min

LONDON, March 14 (Reuters) - The health of the global banking sector as interest rates rise remained in the spotlight on Tuesday in the wake of the collapse of Silicon Valley Bank (SVB). But days of wild swings in global markets and hefty losses in bank shares, left the outlook for the sector in focus. Banks are now faced with the classic problem that has threatened banks throughout history: a mismatch in terms between assets and liabilities." Hopefully we'll go over the next few days, whether or not the financial system is going to calm down or not. "It’s been an indiscriminate sell off in banking stocks, the financial sector repriced everywhere.

☆ The winners and losers of the Silicon Valley Bank failure
▼ + stars: | 2023-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Silicon Valley Bank was taken over by regulators on Friday. These are the biggest winners, and losers, in the wake of the bank failure. Which brings us to the downfall of Silicon Valley Bank. Here's a rundown of who stands to gain, and lose, the most as a result of the fall of Silicon Valley Bank. Silicon Valley Bank's obituary had barely been written before firms were offering to buy up customers' uninsured deposits for as little as 55 cents on the dollar.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

☆ Sterling slips after BoE's Mann warns of risks for the pound
▼ + stars: | 2023-03-07 | by ( Joice Alves | ) www.reuters.com time to read: +2 min

LONDON, March 7 (Reuters) - Sterling slipped against the U.S. dollar on Tuesday, after a Bank of England (BoE) rate-setter warned that the pound could be vulnerable to Federal Reserve and European Central Bank (ECB) outlooks. The pound could depreciate if investors have not yet fully priced in hawkish messages from central bank peers, Catherine Mann told Bloomberg Television in an interview. "The important question for me with regard to the pound is how much of that existing hawkish tone is already priced into the pound," she said. Traders are also attaching a 93% chance of a 25-basis-point rate increase when the central bank meets to decide policy on March 23. There's no probability priced in that the bank could raise rates by more than that.

☆ Axis Bank completes deal to buy Citi's India consumer business
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

The deal value of 116.03 billion rupees ($1.41 billion) is based on the closing position of assets, assets under management and liabilities of Citi's portfolio as of Jan. 31, Axis Bank said. The consideration was subject to changes in the business' position since then, said Axis Bank. "Citi India consumer banking customers are now served by Axis Bank," Citibank said on its website. Shares of Axis Bank rose 2.2% on Wednesday in their biggest intraday advance in four weeks. Axis Bank will hold a press conference on the deal after the market closes on Wednesday.

☆ Why it’s impossible to find an open squat rack at the gym
▼ + stars: | 2023-02-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

You’ll have much better luck finding an open elliptical machine than a bench press, squat rack or 30-pound dumbbells. The pandemic led more people to take up weight training, gym owners and industry experts say. Post-pandemic, the surge in the popularity of weight training has helped the gym industry recover. Paul/Fairfax Media/Getty ImagesThe arrival of Nautilus and Universal strength training equipment in the 1970s and 1980s made weightlifting more attractive to a broader range of people. Genesis clubs have added more squat and dumbbell racks to keep up with demand for strength training and downsized cardio areas.

☆ Biden taps CEOs of 3M, CVS, FedEx, Citi, others to join his Export Council on trade
▼ + stars: | 2023-02-28 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden has appointed the heads of Citigroup , United Airlines , CVS , 3M and FedEx , among other top executives, to sit on a White House advisory committee overseeing international trade. The President's Export Council gives recommendations and insight into the ways government policies impact U.S. trade performance. The group also provides feedback on how Biden's trade policies are affecting businesses across sectors from industry and labor to agriculture. She previously served as chief operating officer and group president of Starbucks and CEO of Sam's Club. The Export Council features expertise from labor, real estate, national security and law, and leaders of Fortune 200 companies.

☆ U.S. dollar strengthens as Fed minutes signal higher rates
▼ + stars: | 2023-02-22 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

The dollar index was up 0.40% at 104.57, easing off the high of 104.59 it reached earlier in the day. "The Fed minutes were just released indicating that a few officials could have supported a 50-bps hike in the last meeting, though most backed the 25bps outcome. "The theme throughout February has been a bias towards higher rates, and these minutes are consistent with that perspective." But Fed funds futures traders are now pricing the fed funds rate to reach 5.38% in July, and remaining above 5% all year. "Stronger-than-expected U.S. data releases since the start of this month have reinforced the Fed's messages about stronger for longer interest rates."

Survey data released on Tuesday showed U.S. business activity unexpectedly rebounded in February to reach its highest in eight months. He is the latest Fed official to signal that higher interest rates is likely needed to bring inflation back to desired levels. "Stronger-than-expected U.S. data releases since the start of this month have reinforced the Fed's messages about stronger for longer interest rates." The dollar index up 0.1% at 104.19, but off the high of 104.34 reached earlier in the day. A blockbuster U.S. employment report in early February sparked the rebound in the dollar, which has been helped along by a series of strong data releases.

☆ Citigroup lifts CEO Fraser's 2022 pay to $24.5 mln
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Citigroup (C.N) increased Chief Executive Officer Jane Fraser's compensation by nearly 9% to $24.5 million for 2022, the lender said in a filing on Tuesday. Fraser's total pay in 2021 was $22.5 million. She took over as the first female chief executive of a major Wall Street bank in February 2021. Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million. Citigroup reported a 21% fall in fourth-quarter profit last month, missing forecasts, as the bank increased provisions to prepare for a worsening economy and as investment banking revenue declined due to a sharp drop in dealmaking activity.

☆ Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9%
▼ + stars: | 2023-02-21 | by ( David Benoit | ) www.wsj.com time to read: 1 min

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☆ Dollar jumps to six-week high on higher rate expectations
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +2 min

The dollar surged on Friday to hit a six-week high against a basket of currencies as a bout of resilient economic data out of the United States raised market expectations that more interest rate hikes were in the offing. The latest data releases gave the U.S. dollar a leg up, knocking sterling to a fresh six-week low of $1.1952 on Friday. Similarly, the kiwi tumbled to a six-week trough of $0.6228, while the euro bottomed at $1.0652, its lowest since Jan. 9. Against a basket of currencies, the U.S. dollar index rose to a fresh six-week top of 104.31 and was on track for a third straight week of gains. U.S. Treasury yields have also surged on the back of further hawkish rate repricing, with the two-year yields last at 4.6762%.

☆ Designer Michael Kors celebrates power of women with new collection
▼ + stars: | 2023-02-16 | by ( Alicia Powell | ) www.reuters.com time to read: +1 min

[1/5] A model presents a creation from the Michael Kors spring summer 2023 collection during New York Fashion Week in Manhattan, New York City, U.S., September 14, 2022. REUTERS/Caitlin OchsNEW YORK, Feb 16 (Reuters) - Michael Kors celebrated women who inspired him at his New York Fashion Week show on Wednesday, designing his collection with Tina Turner, Jane Fonda and Yoko Ono in mind. Kors put a twist on evening wear by designing sleek jumpsuits and evening gowns with daring cut-outs. I fell in love with women who were very inspiring to me at the time," said Kors. I think it's a nice alternative to black and warm, and people look so great in it," Kors said.

☆ Citigroup executive says strategy refresh remains "priority"
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Citigroup Inc (C.N) is laser-focused about its "mission-critical" transformation agenda, its global head of treasury and trade solutions business said on Tuesday, as the bank undergoes a strategy refresh under Chief Executive Jane Fraser. "Transformation is the #1 priority for everybody at Citi," Shahmir Khaliq told investors at a conference, adding that it is imperative that the bank gets it right over the next 24 to 36 months. The bank has long struggled to keep pace with peers on profitability and valuations. Citi's return on assets emerged as one of the lowest among rivals in fiscal 2022. Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ I made $200,000 last year selling printables. It's mostly passive income and I can end my day before school pick-up — here's how I built it.
▼ + stars: | 2023-02-11 | by ( Jane Fazackarley | ) www.businessinsider.com time to read: +6 min

In the beginning, when I was only selling printables with personal-use licenses, I had several people ask if I could also create commercial-use printables, so I added those to my offerings. I noticed I was getting free traffic from Google and Pinterest, so I decided to cash in and start selling printables. My husband, who's now very supportive of my printables business, was skeptical that it was a good use of my time. I launched the memberships after customers requested more help selling printables, and I currently have around 190 members. My printables business means I can be there for my familyI can work as little or as much as I want.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

☆ How Jane Fonda Made Fitness a Feminist Cause
▼ + stars: | 2023-01-28 | by ( Danielle Friedman | ) www.wsj.com time to read: 1 min

Four decades ago, Jane Fonda released her iconic “Workout” video, inspiring untold millions to “feel the burn” of heart-pumping exercise for the first time—and launching a global women’s fitness movement. But while Ms. Fonda’s early ‘80s brand of fitness is often remembered for its shiny leotards and leg warmers, her fitness evangelism had a profound impact on the way women perceived their own strength and potential. Today, every woman who makes a New Year’s resolution to run or lift or cardio dance owes at least a small debt, though sometimes a burdensome one, to Jane Fonda, the original Hollywood fit-fluencer.

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