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☆ Citigroup to Pull Out of Consumer Banking in China
▼ + stars: | 2022-12-15 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Citigroup Inc. is winding down its consumer-banking operations in China, the latest step in its retreat from the business in Asia. The move followed a strategic shift for Citi last year, one of the first big steps taken by Chief Executive Jane Fraser after she got the top job. The U.S. bank laid out plans to shed most of its retail operations in Asia and devote resources to wealth management and corporate customers.

☆ Chief of Mexico's Mifel says it is still in bidding process for Citibanamex
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 14 (Reuters) - Mexico's Banca Mifel is still in the bidding process for Citigroup's (C.N) Mexican retail bank Citibanamex, Mifel's head Daniel Becker told Reuters on Wednesday. Speaking at an event hosted by Mexico's banking association, Becker - the bank's chairman and CEO - said the race was not over, but declined to comment further. The competition to buy one of Mexico's biggest retail banks has narrowed to two bidders, with smaller rival Mifel, in conjunction with a band of investors, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, sources told Reuters late last month. Reporting by Valentine Hilaire; Writing by Isabel Woodford; Editing by Anthony Esposito and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ The ‘90s Blowout Is Back. Here’s How to Do the Big ’Do Right.
▼ + stars: | 2022-12-14 | by ( Fiorella Valdesolo | ) www.wsj.com time to read: +1 min

Topanga from “Boy Meets World.” Cher from “Clueless.” These are among the retro references name-checked in the blowout hair tutorials blowing up all over TikTok. (At last count, videos tagged #90sblowout had more than 84 million views on the app.) “[Social media] is really driving the trend,” explained Fekkai founder and CEO, Frédéric Fekkai, referencing Matilda Djerf (TikTok follower count: 1.3 million), an influencer whose signature fluffy blowout has become a frequent subject of viral posts. Jessica Gillin, a stylist at New York’s Jenna Perry Hair, sees her clients’ zeal for fluffy manes as just the latest expression of ’90s and Y2K nostalgia. “Big hair is femininity...it’s also power.”

☆ Eddie Murphy to be honored with the Cecil B. DeMille Award at Golden Globes
▼ + stars: | 2022-12-14 | by ( Chloe Melas | ) edition.cnn.com time to read: +1 min

CNN —Eddie Murphy will be honored with this year’s Cecil B. DeMille Award at the 80th Annual Golden Globe Awards in January. Murphy, who has previously won a Golden Globe, is also a six-time nominee. “We’re honored to present this year’s Cecil B. DeMille Award to the iconic and highly esteemed Mr. Eddie Murphy,” HFPA President, Helen Hoehne said in a statement. “The Banshees of Inisherin” led among film nominees announced Monday by the Golden Globes with eight nominations. The ceremony, which was not broadcast last January over controversy surrounding the HFPA, will return to NBC on Jan. 10.

☆ Citigroup promotes most women ever to MD role- memo
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

Dec 14 (Reuters) - Citigroup Inc (C.N) promoted over 100 women to the role of managing director, the highest ever for the bank, according to a memo seen by Reuters. For the bank, which named a total of 331 employees in 26 countries to the role, it is "one of the largest and most diverse cohorts" in its history, the memo said. The news, first reported by Bloomberg on Tuesday, highlights the New York-based company's push to improve the representation of women at top levels and encourage diversity. Citigroup became the first major Wall Street bank to appoint a woman, Jane Fraser, as its chief executive last year. Citigroup said in September it aimed to boost global representation of women in assistant vice president to managing director levels to 43.5% in 2025 from the current 40.6%.

☆ Eddie Murphy to receive lifetime achievement award at Golden Globes
▼ + stars: | 2022-12-14 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

LOS ANGELES, Dec 14 (Reuters) - Comedian Eddie Murphy will accept a lifetime achievement honor next month at the Golden Globes, the annual ceremony that is trying to restore its reputation in Hollywood after a diversity and ethics scandal. The Hollywood Foreign Press Association, the group that votes on the Globe winners, announced on Wednesday that Murphy would receive the Cecil B. DeMille award to celebrate his contributions to entertainment. Previous DeMille award recipients have included Oprah Winfrey, Meryl Streep, Sophia Loren, Tom Hanks, Jane Fonda and Robert De Niro. The honor for Murphy adds a big name to the Globes telecast on Jan. 10. The Globes were tainted after a 2021 Los Angeles Times investigation probed the HFPA's practices and revealed the organization had no Black members.

Technology stocks rose 3.1% as all sectors and major bourses climbed. The British pound and euro both gained around 1% against the dollar, with sterling hitting a six-month high of 1.242 against the greenback shortly after the announcement. The euro also reached a six-month high of 1.0659. U.S. stocks also moved higher and the 10-year Treasury yield fell below 3.5% after the reading came in. Thursday will also see monetary policy decisions from the Bank of England, European Central Bank and the Swiss National Bank.

☆ Uralsib completes purchase of Citi's Russian consumer loan portfolio
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Dec 12 (Reuters) - Russian commercial bank Uralsib said on Monday it had completed the acquisition of a portfolio of consumer loans from Citigroup Inc's (C.N) Russian unit, as the major U.S. lender reduces its exposure to Russia on the way to a full exit from the country. "The acquired portfolio includes unsecured consumer loans, which going forward will be serviced by Uralsib Bank from the moment of purchase," Uralsib said in a statement. Privately-owned Uralsib, among Russia's top 30 banks by assets, said the loan portfolio had high credit quality, giving it the opportunity to increase its client base in Moscow and St Petersburg. Citi said in October it would also sell a portfolio of credit card balances, if it secures customers' consent. Citi last year agreed to shed its retail operations in Russia as part of an overhaul led by Chief Executive Jane Fraser.

☆ Mexico president says two bidders remaining for Citi's local retail bank
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday there are two remaining parties bidding to buy the Mexican retail arm of U.S. banking giant Citigroup . Lopez Obrador expects the bid for one of Mexico's biggest banks to be resolved in the beginning of 2023, he said during a regular news conference. Sources have told Reuters billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) is battling Daniel Becker's smaller Banca Mifel to buy the lender. Citigroup Chief Executive Officer Jane Fraser has been looking to simplify the firm by selling off some its international operations. Reporting by Valentine Hilaire; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Citi CEO Jane Fraser warns the U.S. is likely to enter a recession next year
▼ + stars: | 2022-12-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti CEO Jane Fraser warns the U.S. is likely to enter a recession next year'Mad Money' host Jim Cramer and the 'Squawk on the Street' team discuss recent comments from Citi CEO Jane Fraser and her outlook for a recession in the U.S.

☆ Blackstone gets a slap from efficient markets
▼ + stars: | 2022-12-08 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

NEW YORK, Dec 8 (Reuters Breakingviews) - Private markets seemed, for a while, the perfect antidote to the weirdness of public markets. Those models typically move much more slowly than the rapidly changing prices served up by public markets. These charms became much more potent during the stresses of Covid-19, when it became clear that public markets are not always a ruthlessly efficient price-discovery mechanism. RESILIENCE OR INTRANSIGENCECovid briefly scrambled the world, but bigger changes are coming that may scramble the calculus for private markets. During Covid, public markets seemed backward-looking, overreacting to the present moment while private markets were able to focus on the future.

☆ Dollar to rebound, accumulate safe-haven strength in 2023: Reuters poll
▼ + stars: | 2022-12-07 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

BENGALURU, Dec 7 (Reuters) - The dollar will rebound against most currencies over the coming months, with the growing threat of recession in the U.S. and elsewhere keeping it firm in 2023 through safe-haven flows, according to market strategists polled by Reuters. Nearly two-thirds or 33 of 51 strategists who answered an additional question said the greater dollar risk over the coming month was that it would rebound rather than falling further. "We foresee volatility levels remaining high in the coming months and expect it is too early for USD bulls to fully capitulate." Most major central banks, including the Fed, are expected to end their tightening campaigns in early 2023. An overwhelming 80% majority, or 42 of 51 respondents, said there was not much scope for dollar upside based on monetary policy.

The potential settlement was discussed in a joint letter by lawyers for Citigroup and the lenders, which include hedge funds and investment funds, filed late Monday night in Manhattan federal court. "The parties have a mutual interest in resolving the time frames to enable resolution," the letter said. Following the earlier ruling, Citigroup had lowered previously reported profit to reflect $390 million of additional legal expenses. Last week, the lawyers said "material terms" of a potential settlement called for Citigroup to recoup its money and transfer some interest and amortization payments. The case is In re Citibank August 11, 2020 Wire Transfers, U.S. District Court, Southern District of New York, No.

☆ One of the best bets in real estate is no longer a sure thing
▼ + stars: | 2022-12-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The sure thing that's no longer a sure thing. But the shine is starting to come off what is considered one of the safest, and smartest, bets in real estate. The two largest single-family rental REITs — Invitation Homes and American Homes for Rent — have recently seen their ratings downgraded by Wall Street analysts, Insider's Alex Nicoll reports. More on the potential deal, which also might have participation from a former Wall Street CEO. If you want to leave Wall Street but don't know where to start, read this.

☆ Dollar gains broadly as upbeat U.S. data muddles Fed rate hike views
▼ + stars: | 2022-12-05 | by ( John Mccrank | Seher Dareen | ) www.reuters.com time to read: +3 min

The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. "The ISM services PMI data highlighted a U.S. economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation." Fed Chair Jerome Powell said last week the U.S. central bank could scale back the pace of its rate increases "as soon as December." "I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ Citigroup faulted by U.S. banking regulators for poor data management in 'living will' review
▼ + stars: | 2022-11-23 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Citigroup needs to address weaknesses in how it manages financial data, according to a review of the biggest banks' so-called living will plans, U.S. banking regulators said Wednesday. For the latest review, Citigroup was the only bank among the eight institutions that was found to have a shortcoming in its resolution plan, the regulators noted. Fraser has said that one of her main priorities was to address regulators' concerns and regain credibility with investors. In a statement, Citigroup said it was "completely committed" to addressing the shortcoming found in its 2021 resolution plan. "As part of the transformation Citi has embarked upon, we are making significant investments in our data integrity and data management, as the letter notes," the bank said.

☆ ‘80 for Brady’ trailer’s got game
▼ + stars: | 2022-11-18 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

Sally Field, Jane Fonda, Rita Moreno and Lily Tomlin star as a group of octogenarians who are hardcore Tom Brady fans who travel to Super Bowl LI. “That’s like 80 in people years.”“We’re 80 in people years,” Fonda’s character says. And, naturally, Brady makes an appearance. Brady told Variety he enlisted his friends and former Patriot teammates Rob Gronkowski, Danny Amendola and Julian Edelman to make cameos as themselves. Anytime I get my friends involved in things that I’m doing, it makes it that much more enjoyable for me.”

Before the U.S. data the euro, sterling and the Swedish crown had already risen sharply against the U.S. dollar as traders assessed a slew of economic data, including UK and euro zone job figures plus German economic sentiment. In Europe traders were also eying encouraging data such as German economic sentiment ZEW index, which rose in November. Jane Foley, head of FX strategy at Rabobank in London also pointed to other headlines supporting risk currencies against the dollar. The dollar index , which measures the currency against six counterparts including sterling and euro, was last down 0.46% at 106.162 after earlier touching 105.34, its lowest point since August. The Swedish crown rose sharply against the U.S. dollar after data showed inflation in Sweden rose less than expected in October.

☆ Piyush Gupta might be banking’s boldest boss
▼ + stars: | 2022-11-15 | by ( Una Galani | ) www.reuters.com time to read: +7 min

Piyush Gupta of $65 billion Singaporean lender DBS Group (DBSM.SI) appears to be that CEO, whether he thinks of himself that way or not. Yet the two banks trade on a similar multiple of 1.5 times their estimated 2022 book value, according to Refinitiv. There is limited room for growth in DBS’ tiny home market, a city with a population of 5.5 million people. That, plus the pressure to maintain that 1.5-times-book market value, means Gupta needs to keep finding ways to grow. U.S. President Joe Biden and Chinese President Xi Jinping held talks on Nov. 14 while at the G20 summit in Indonesia.

☆ Dollar set for biggest two-day fall since 2009 as rate outlook shifts
▼ + stars: | 2022-11-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Data on Thursday showed consumer inflation rose 7.7% year-on-year in October, its slowest rate since January and below forecasts for 8%. The dollar staged its biggest drop since late 2015 on Thursday as Treasury yields plunged, while other currencies - the yen and the pound in particular - jumped. The dollar index was down nearly 1.1%, having lost over 3% in the last two days - its biggest two-day decline since March 2009. The offshore yuan rallied by as much as 1.3% to hit its highest in over a month against the dollar, to 7.0592.

☆ Dollar heads for biggest two-day fall since 2009 as rate outlook shifts
▼ + stars: | 2022-11-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. Data on Thursday showed consumer inflation rose 7.7% year-on-year in October, its slowest rate since January and below forecasts for 8%. The dollar staged its biggest drop since late 2015 on Thursday as Treasury yields plunged, while other currencies - the yen and the pound in particular - jumped. The dollar index was down nearly 1%, having lost over 3% in the last two days - its biggest two-day decline since March 2009. "It can be a little dangerous in that the 'bad news' is still out there and could come back to burn us, particularly with respect to the Fed," Rabobank currency strategist Jane Foley said.

☆ Dollar flags after biggest daily fall since 2015
▼ + stars: | 2022-11-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. The dollar staged its biggest drop since late 2015 as Treasury yields plunged, while other currencies - the yen and the pound in particular - jumped. The dollar index was down nearly 0.5%, while risk assets including stocks, emerging-market currencies and commodities rallied. The offshore yuan rallied by as much as 1.3% to hit its highest in over a month against the dollar, to 7.0592. Bitcoin fell 1.2% to $17,344, after plunging below $16,000 for the first time since late 2020 this week.

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