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☆ Citigroup to buy Deutsche Bank license in Mexico for wholesale unit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Financial details were not disclosed, and Deutsche Bank said it would continue to grow and invest in Mexico through its broker dealer business there. The purchase of Deutsche Bank's license allows Citi to sidestep the lengthy process of independently applying for its own, once the split is complete. The retail operation will become known as Banco Nacional de Mexico, or Banamex, while the wholesale unit will be called Citi Mexico, Citi's country chief said in September. Deutsche Bank said it would still do business in Mexico. "Deutsche Bank is committed to deliver our global emerging markets platform to all of our client base through our Mexico broker dealer entity," the bank said.

☆ Euro, sterling jump, dollar tumbles as market turns to risk assets
▼ + stars: | 2022-11-07 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

[1/2] U.S. dollar and British pound notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/IllustrationLONDON, Nov 7 (Reuters) - Euro and sterling rose against the safe-haven U.S. dollar on Monday, supported by a risk-on sentiment across markets with European stocks rising on persistent hopes China will ease COVID restrictions. Another risk-sensitive currency, sterling , reversed earlier losses to trade up 0.6% to $1.1442, while the euro jumped to its highest since Oct. 27. Four Fed policymakers on Friday also indicated they would still consider a smaller interest rate hike at their next policy meeting. Reporting by Joice Alves in London; Editing by Ed Osmond and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ VIEW Bank of England lifts UK rates to 3% in historic hike
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Toby MelvilleLONDON, Nov 3 (Reuters) - The Bank of England raised UK interest rates to 3% on Thursday in its largest rate hike since 1989 and warned of a "very challenging outlook" for the economy. Money markets showed traders now expect UK rates to peak at 4.6% by next September, compared to expectations of 4.8% just two days ago. UK bank stocks (.FTNMX301010) fell 0.8%BONDS: Yields on the two-year gilt were last up 1 basis points at 3.041%, compared with 3.064% before the BoE announced its decision. Rates markets are pricing another 50bps hike at each of the December and February meetings, although still reflect a lower terminal rate than just a week ago. ANDREW ALDRIDGE, PARTNER AT DEEPBRIDGE CAPITAL, LONDON"Quelling rampant inflation and kickstarting a slowing economy left the Bank facing a difficult balancing act, with today's interest rate hike to 3% hardly surprising in this context.

☆ POLL Dollar's retreat temporary, likely to reclaim recent highs
▼ + stars: | 2022-11-02 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

BENGALURU, Nov 2 (Reuters) - The dollar's retreat in foreign exchange markets is temporary, according to a Reuters poll of currency strategists, who said the greenback still had enough strength left to reclaim or surpass its recent highs and resume its relentless rise. The Fed is widely expected to raise its benchmark rate by 75 basis points on Wednesday, its fourth jumbo increase in a row. However, for the December meeting interest rate futures showed a split on the odds of a 75 or 50 basis point increase. Those six and 12-month median forecasts were a slight upgrade from the October poll and the first since April. It was expected to trade around 146.0, 141.7 and 135.0 per dollar over the next three, six and 12 months respectively.

☆ Dollar's retreat temporary, likely to reclaim recent highs - Reuters poll
▼ + stars: | 2022-11-02 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 31 (Reuters) - Hong Kong aims to restore its reputation as a global financial hub by playing host to a bevy of top Wall Street executives this week, defying critics who say a talent crunch and geopolitical tension will hobble its ambition. Alongside the main theme of "navigating through uncertainty", the summit is widely expected to focus on whether Hong Kong can remain a global financial centre after almost three years of border controls and pandemic restrictions. COVID-19 CONTROLSThe two-day summit, organised by the Hong Kong Monetary Authority (HKMA) - the de-facto central bank - has suffered at least two marquee participants dropping out after contracting COVID-19. Those who make it will look for reassurances of the city returning to pre-pandemic normalcy, making it easier for them to move talent to Hong Kong. Reporting by Scott Murdoch in Sydney and Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

The bid amounts for the unit, known too as Banamex, were not disclosed by the sources. The sources also cautioned that no deal was guaranteed with any party and Citigroup could ultimately decide to sell Banamex shares on the Mexican Stock Exchange instead. Inbursa and Grupo Mexico declined to comment. Backed by Slim, Mexico's richest person, Inbursa was flagged as a strong contender when Citigroup put Banamex up for sale in January. However, mining tycoon Larrea has the firepower to compete as a candidate to buy Banamex, the sources said.

☆ Hong Kong finance chief stuck in Saudi Arabia after catching COVID
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 27 (Reuters) - Hong Kong's Financial Secretary Paul Chan tested positive for COVID-19 during a visit to Saudi Arabia and will stay there for a "short while" to observe health requirements, the city's government said on Thursday. Chan had been due to complete his visit to Saudi Arabia and return to Hong Kong on Thursday but had tested positive before setting off for home. Hong Kong has scrapped mandatory hotel quarantine but international arrivals still can not enter some places, like bars and restaurants, on the first three days of their visit. Participants in the banking event from abroad will be have to take a COVID test before beginning their journey to Hong Kong, upon arrival and throughout the three-day medical surveillance period, the HKMA said. Reporting by Farah Master; Editing by Clarence Fernandez, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Citi CEO Fraser will not attend Hong Kong summit due to COVID - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Oct 27 (Reuters) - Citigroup (C.N) Chief Executive Jane Fraser will not attend next week's Global Financial Leaders' Investment Summit in Hong Kong as she has tested positive for COVID-19, a person with knowledge of the matter told Reuters. It did not say if Chan would attend the summit. Citi's Fraser was set to join the heads of some of the world's top banks and asset managers at the summit. A Citi spokesperson confirmed the development and said that Fraser looked forward to visiting Hong Kong in the near future. Goldman Sachs (GS.N) CEO David Solomon, Morgan Stanley (MS.N) boss James Gorman and BlackRock (BLK.N) President Rob Kapito are among the speakers scheduled to attend, according to the summit organiser, the Hong Kong Monetary Authority (HKMA).

☆ Citigroup says it's in dialogue with regulators on consent order
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Oct 14 (Reuters) - Citigroup (C.N) Chief Executive Jane Fraser said on Friday the bank is having "constant and constructive" dialogue with regulators about a consent order issued two years ago requiring the bank to improve its risk management and internal controls. "Transformation is our number one priority," Fraser told analysts after the company reported third quarter earnings. The Office of the Comptroller of the Currency (OCC) imposed a $400 million fine on Citi in 2020, citing similar concerns. "We have constant and constructive engagement with our regulators," Fraser said Friday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Saeed Azhar and Mehnaz Yasmin;Our Standards: The Thomson Reuters Trust Principles.

The bank reported $18.51 billion in revenue versus the $18.25 billion expected by analysts, according to Refinitiv. On the trading front, Citigroup reported $3.06 billion in fixed income revenue and $1.01 billion in equities revenue. Citigroup reported a $520 million pretax benefit in the third quarter related to the divestiture of its Asia consumer business. Like the rest of the industry, Citigroup is also contending with a sharp decline in investment banking revenue. The bank reported $631 million in investment banking revenue for the third quarter, down more than 60% year over year.

"And I'm really pleased with the high-caliber bankers who are attracted to both our platform and our culture." Register now for FREE unlimited access to Reuters.com RegisterWhile Wall Street powerhouse Morgan Stanley (MS.N) boosted its ranks by 11% to 81,567, compensation at the firm fell 5%. "We're looking at headcount," James Gorman, Morgan Stanley's chief executive officer, told analysts in a conference call. Separately, Morgan Stanley's chief financial officer in an interview said that the company is "constantly evaluating" its resources, and "when we think about headcount, we always think of it relative to the economic environment." The culls come as a darkening economic outlook and rising U.S. interest rates weighed heavily on dealmaking businesses.

☆ Global markets like 'whack-a-mole', volatility, liquidity are issues - bank execs
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Oct 14 (Reuters) - Trying to navigate through global market stresses is like "whack-a-mole," Citigroup Inc (C.N) CEO Jane Fraser said on Friday, as she added the bank is constantly stress testing scenarios. Wall Street banking executives said they were keeping a close watch on markets, after the volatility in the U.K., with liquidity a particular focus. That shook broader markets with U.S. yields surging along with those on British government debt. Europe "is at the centre of the storm" with continued energy supply constraints impacting some clients, Fraser said. Fraser added that large global institutions like Citi had a role in supporting the market as it was in a strong capital position.

☆ Citigroup beats 3rd-quarter profit estimates but stock falls after fixed-income trading revenue disappoints
▼ + stars: | 2022-10-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Citigroup reported third-quarter earnings on Friday that beat revenue and profit estimates. But revenue derived from the bank's fixed income and trading arm fell short, hurting the stock price. The company generated $3.06 billion in revenue from its fixed income sales and trading division, which fell short of analyst estimates for $3.17 billion in revenue. Investment banking revenue of $631 million fell well short of analyst estimates for $1.07 billion. Also on Friday, JPMorgan beat its earnings estimates as the bank saw revenue derived from its fixed-income trading unit beat expectations.

☆ Justice Ketanji Brown Jackson's potential impact on corporate America "cannot be overstated"
▼ + stars: | 2022-10-12 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +7 min

Ketanji Brown Jackson was sworn into the Supreme Court in June and is now hearing cases. But political and social tides could be changing: Ketanji Brown Jackson was sworn in as the first Black female Supreme Court justice in June, following Justice Stephen Breyer's retirement. While Biden makes moves in the political sphere, corporate America, too, is trudging forward. Jackson's work in the Supreme Court could inspire leaders in different sectors to further advance diversity, equity, and inclusion, sources said. Tina Opie, a Fortune 500 strategist and an associate professor of management at Babson College, is hopeful about the future of corporate America.

☆ Sterling slippery, stocks stalling as BoE boost fades
▼ + stars: | 2022-09-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

S&P 500 futures fell 0.2%. European futures rose 0.6% and FTSE futures lifted 0.3%. The U.S. dollar index had its worst session in 2-1/2 years on Wednesday, recoiling from record highs. The Australian dollar fell 0.8% to $0.6470. Brent crude futures fell 0.8% to $88.62 a barrel.

☆ Wall Street titans to join Nov 2 summit in Hong Kong as COVID rules relaxed
▼ + stars: | 2022-09-29 | by ( Scott Murdoch | Donny Kwok | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -The heads of some of the world’s top banks and asset managers will attend an investment summit in Hong Kong on Nov. 2, the city’s financial regulator said on Thursday, signalling a re-opening of the financial hub after strict pandemic-linked curbs. Goldman Sachs Group Inc CEO David Solomon, Citigroup Inc head Jane Fraser, Morgan Stanley boss James Gorman and BlackRock Inc President Rob Kapito will be among the speakers at the Global Financial Leaders’ Investment Summit, the Hong Kong Monetary Authority (HKMA) said. Hong Kong’s unrelenting COVID curbs have battered its economy and standing as a financial centre. Some banks had warned top bosses would not attend if any restrictions remained in place. HKMA Chief Executive Eddie Yue said on Thursday the final guidelines for those attending the summit were still being finalised.

☆ Singer R. Kelly, already behind bars, ordered to pay victims
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Sept 28 (Reuters) - R. Kelly, the multiplatinum R&B singer convicted twice this year of sex crimes, will be required to pay at least $300,000 in restitution to some of his victims, a federal judge said on Wednesday. Donnelly sentenced Kelly in June to 30 years in prison, after a jury convicted him of racketeering and other charges. The monthlong trial amplified accusations that had dogged the singer of the Grammy-winning hit "I Believe I Can Fly." Kelly was also convicted last month in Chicago on separate charges of child pornography and luring underage girls for sex. Kelly, whose full name is Robert Sylvester Kelly, is among the most prominent people convicted of sexual misbehavior during the #MeToo movement against such conduct by prominent men.

☆ British pound plunges below $1.11 after new government announces tax cuts
▼ + stars: | 2022-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Bank of England said Thursday that the U.K. economy was likely already in a recession as it raised interest rates by 50 basis points. The pound has been on a precipitous fall against the greenback this year, hitting levels this month not seen since 1985. The embattled British pound fell 1.95% Friday against the dollar, after the new U.K. government announced a radical economic plan in a bid to boost growth. "The obvious implication is that BOE rates are likely to be higher for longer than they would have been otherwise. While textbooks suggest that higher short-term interest rates should be currency supportive, GBP has been demonstrating since the spring that this is not always thecase," she said in a note.

☆ US bank CEOs say they could exit China if it ever attacks Taiwan
▼ + stars: | 2022-09-23 | by ( Michelle Toh | Cnn Business | ) edition.cnn.com time to read: +1 min

Hong Kong (CNN Business) Leaders of America's biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan JPM Citi C Bank of America BAC CEO Jamie Dimon,CEO Jane Fraser, andCEO Brian Moynihan were all pressed on the subject Wednesday by US Congressman Blaine Luetkemeyer, from Missouri, in a Capitol Hill hearing"We'll follow [the] government's guidance, which has been for decades to work with China, and if they change that position, we'll immediately change it, as we did in Russia," said Moynihan, citing the corporate response to Russia's invasion of UkraineDimon said JPMorgan would "absolutely salute and follow whatever the American government says — which is you all — and what you want us to do." Asked what she would do if the decision was left to her, Fraser said that it was "highly likely that we would have a materially reduced presence, if any at all in the country."

Lawmakers also asked the CEOs to condemn China's "human rights abuses," in a departure from previous hearings that tended to focus on domestic issues like housing and consumer protection. JPMorgan & Chase (JPM.N) CEO Jamie Dimon and Citigroup CEO Jane Fraser both concurred, saying their banks would follow government guidance if China were to invade Taiwan. When asked later by Republican Lance Gooden if she would condemn "ongoing human rights abuses in China," Fraser hesitated. JPMorgan's Dimon also warned the United States had to compete with global Chinese banks, which have grown in size over the last few years to become the biggest in the world. "I am going to do everything in my power to make sure we compete with the best Chinese banks in the world.

☆ Senior Republican chastises banks for social agenda that 'harms America'
▼ + stars: | 2022-09-22 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

Senator Pat Toomey speaks in the Dirksen Senate Office Building in Washington, D.C.,U.S., May 10, 2022. Tom Williams/Pool via REUTERS/File Photo/File PhotoWASHINGTON, Sept 22 (Reuters) - The heads of the nation's largest banks faced pointed criticism from a top Republican Thursday, as he chastised firms for "embracing a liberal ESG agenda that harms America." Senator Pat Toomey, the senior Republican on the Senate Banking Committee, urged banks to "cease and desist" from weighing in on social and cultural issues as chief executives appeared before Congress for an oversight hearing. They were joined by the CEOs of the country's largest regional lenders, US Bancorp (USB.N), PNC Financial (PNC.N) and Truist (TFC.N). read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Pete Schroeder Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar towering, stocks cowering as Fed hikes higher
▼ + stars: | 2022-09-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

read moreS&P 500 futures were down 0.6% and the dollar was flying in early trade. The dollar index hit a 20-year high of 111.65 and the greenback's strength sent the Aussie, kiwi and Canadian dollars down to fresh multi-year lows. The Fed raised rates sharply, by 75 basis points, on Wednesday - the third such rise in a row. The yen is down about 20% on the dollar this year and at 144.29 per dollar is near a 24-year low. The U.S. dollar index hit a 20-year peak of 111.63 in the wake of the Fed hike.

☆ Watch Jamie Dimon and other bank CEOs get grilled by Congress in second day of hearings
▼ + stars: | 2022-09-22 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 9:30 a.m. Please refresh the page if you do not see a player above at that time.] The heads of seven of the biggest U.S. banks, including JPMorgan Chase CEO Jamie Dimon and Citigroup's Jane Fraser, are set to testify Thursday before the Senate Committee on Banking, Housing and Urban Affairs. The hearing, which is focused on industry oversight, comes a day after the CEOs endured more than six hours of questioning from the House Financial Services Committee.

☆ Why Jamie Dimon apologized to Elizabeth Warren
▼ + stars: | 2022-09-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN Business —JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Thursday for the second straight day. Zelle, Warren said, has helped boost bank profits while “defrauding” customers out of at least half a billion dollars. “Is that because you don’t keep track of when your customers report fraudulent Zelle transactions? Last year, Warren called Dimon the “star of the overdraft show” and accused him of prioritizing profits over struggling Americans. “Your bank, JPMorgan, collects more than seven times as much money in overdraft fees per account than your competitors,” she told him.

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