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☆ JPMorgan says it is not seeing any impact from alleged hack
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - JPMorgan Chase & Co (JPM.N) said on Tuesday it was aware of reports that a hacker group had blocked the bank's network infrastructure but the company has not seen any impact on its operations yet, according to a spokesperson for the bank. "We continue to closely monitor activity," the spokesperson said. According to media reports, Russian hacker group Killnet said it was "blocking the entire network infrastructure of the largest bank of America JP Morgan". Earlier this year, the group had also claimed responsibility for cyber attacks on Lithuania and on websites of several Italian institutions. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in Bengaluru and Lananh Nguyen in New York; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Bridgewater's Dalio warns of a 'perfect storm' for economy
▼ + stars: | 2022-10-11 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

GREENWICH, Conn., Oct 11 (Reuters) - Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, said a "perfect storm" is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. Domestic tension in the U.S. population caused by "irreconcilable differences" and a yawning wealth gap, combined with international conflicts, are contributing to the perfect storm, he said. Register now for FREE unlimited access to Reuters.com Register"The Fed and the government together gave enormous amounts of debt and credit and created a lurch forward. So now we're going to create a giant lurch backward," Dalio said at the Greenwich Economic Forum. read moreThe 73-year-old investor will keep his seat on Bridgewater's operating board of director and will mentor the firm's chief investment officers.

☆ U.S. fines 16 Wall Street firms $1.8 bln for talking deals, trades on personal apps
▼ + stars: | 2022-09-27 | by ( Michelle Price | ) www.reuters.com time to read: +4 min

Sept 27 (Reuters) - U.S. regulators on Tuesday fined 16 financial firms, including Barclays (BARC.L), Bank of America , Citigroup , Credit Suisse (CSGN.S), Goldman Sachs , Morgan Stanley and UBS (UBSG.S), a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. Register now for FREE unlimited access to Reuters.com RegisterThe institutions did not preserve the majority of those personal chats, violating federal rules which require broker-dealers and other financial institutions to preserve business communications. The failings occurred across all 16 firms and involved employees at multiple levels, including senior and junior investment bankers and traders, the SEC said. In one example cited by her office, Bank of America staff used WhatsApp, with one trader writing: "We use WhatsApp all the time but we delete convos regularly." The head of a trading desk routinely directed traders to delete messages on personal devices and to use Signal, including during the CFTC's probe.

☆ Asian women in U.S. financial sector see race and gender as career hurdles - study
▼ + stars: | 2022-09-27 | by ( Lananh Nguyen | ) www.reuters.com time to read: +1 min

A boardroom is seen at the legal offices of the law firm Polsinelli in New York City, New York, U.S., June 3, 2021. REUTERS/Andrew KellyNEW YORK, Sept 27 (Reuters) - Almost 60% of Asian women working in the U.S. financial sector say their race has hindered their careers, particularly at senior levels, according to a study by The Association of Asian American Investment Managers (AAAIM) published on Tuesday. Of the AAPI women surveyed, 62% said race became a bigger impediment later in their careers. Biases about gender and race can combine to block AAPI women from being promoted to executive roles, despite being well represented in junior and mid-level positions, she said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lananh Nguyen; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs closes $9.7 bln private-equity fund, largest since 2007
▼ + stars: | 2022-09-27 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo/File PhotoNEW YORK, Sept 27 (Reuters) - Goldman Sachs Group Inc has closed a $9.7 billion private-equity fund, its largest since 2007, that seeks to invest in companies with an enterprise value of about $750 million to $2 billion, the bank said on Tuesday. The fund sits under the Wall Street giant's asset management arm and is known as "West Street Capital Partners VIII." Register now for FREE unlimited access to Reuters.com RegisterGoldman's money managers are not alone in raising PE funds. BlackRock Inc (BLK.N) has about $35 billion focused on PE strategies, and last year alone, it raised $3 billion to invest in PE secondary market deals.

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.

☆ Citigroup CEO says higher rates to moderate growth in U.S,, world
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: 1 min

Citi CEO Jane Fraser speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/Mike Blake/File PhotoNEW YORK, Sept 21 (Reuters) - Citigroup CEO Jane Fraser told Congress on Wednesday higher rates to tame inflation are likely to moderate economic growth in the United States and in the rest of the world. "We are very concerned about the high prices that consumers are facing in America and indeed, around the world," she said in response to a question during the House of Representatives Financial Services Committee hearing. Register now for FREE unlimited access to Reuters.com RegisterReporting by Pete Schroeder and Lananh NguyenOur Standards: The Thomson Reuters Trust Principles.

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris HelgrenCompanies Citigroup Inc FollowNEW YORK, Sept 20 (Reuters) - Citigroup Inc introduced new diversity goals for gender, race and sexual orientation in its workforce for 2025, the bank said in a statement Tuesday. Citigroup became the first major Wall Street bank to appoint a woman, Jane Fraser, as its chief executive last year. Citigroup also expanded its worldwide hiring goals to include 3.5% of people who are lesbian, gay, bisexual, transgender and questioning in 2025 from the current 2.1%. And it further outlined aims for ethnic diversity in the U.K. and Brazil, and hiring college students from underrepresented communities.

☆ Factbox: Meet the big bank CEOs set to be grilled by Congress
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

In his prepared testimony, Moynihan touted the firm's focus on "responsible growth" as critical to its stability and strength. CITIGROUP INCJane Fraser, the first woman to lead a major Wall Street bank, was appointed in March 2021. In her prepared testimony, Fraser said the bank had made "significant progress" in divesting from those areas, while supporting institutional clients. U.S. Bancorp is currently the fifth largest bank in the U.S. with $582 billion in assets, and the largest bank outside of the "globally systemic" firms. Rogers describes the bank as "purpose-driven" in his prepared testimony, and highlighted efforts to boost investment in lower income and majority-minority communities.

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