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☆ 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.

☆ Wall Street CEOs Uncertain Fed Can Achieve Soft Landing
▼ + stars: | 2022-09-21 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—The heads of the largest U.S. banks expressed concerns about the state of the U.S. economy as they began two days of questioning Wednesday from Congress. Bank chief executives, including JPMorgan Chase & Co.’s Jamie Dimon , Citigroup Jane Fraser and Wells Fargo & Co.’s Charles Scharf , offered a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession while warning of risks on the horizon.

☆ Citigroup plans to wind down UK retail bank as part of strategic refresh
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File PhotoSept 21 (Reuters) - Citigroup Inc said on Wednesday it was planning to wind down its retail bank in the United Kingdom, aiming to further streamline operations as part of its chief executive's strategy. Winding down its UK retail bank, which comprises just a single branch, would have no material financial impact on the company, the lender added. In May, executives at JPMorgan said its consumer bank Chase had attracted more than half a million customers in Britain. The UK plans were first reported by the Financial Times, which said Citi is not considering selling its UK retail operations. The bank has begun consultations with its UK retail banking staff, Citi said.

☆ U.S. bank CEOs set for congressional grilling by Democrats and Republicans
▼ + stars: | 2022-09-21 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

People wearing masks for protection against the coronavirus disease (COVID-19) walk past the U.S. Capitol in Washington, U.S., September 4, 2022. read moreThe CEOs due to testify include the heads of the four largest U.S. banks: JPMorgan Chase & Co's Jamie Dimon, Wells Fargo's (WFC.N) Charles Scharf, Bank of America's (BAC.N) Brian Moynihan and Citigroup's Jane Fraser. They are set to be joined by US Bancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak and Truist's (TFC.N) Bill Rogers, who run the country's largest regional lenders. Democrats are likely to press bank executives on fees, the closure of bank branches in poorer areas and how banks are addressing fraudulent transactions. Some large banks have adopted policies that some Republicans say amount to boycotts of certain industries such as fossil fuels and firearms.

☆ 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.

☆ Bank CEOs to Go Before Congress, With Economy and High Inflation in Focus
▼ + stars: | 2022-09-20 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

JPMorgan Chase CEO Jamie Dimon is expected to warn about competing forces affecting the economy, such as strong consumer spending and disrupted supply chains. WASHINGTON—The heads of seven of the largest U.S. banks are set to face questions from Congress on hot-button issues including money-transfer scams, the state of the U.S. economy and a credit- and debit-card code that identifies when purchases are made at firearms stores. Bank chief executives, including JPMorgan Chase & Co.’s Jamie Dimon , Citigroup Inc.’s Jane Fraser and Wells Fargo & Co.’s Charles Scharf , plan to offer a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession, according to prepared remarks. Two days of hearings start Wednesday.

☆ 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.

☆ JPMorgan CEO Dimon to warn Congress of economic 'storm clouds' -testimony
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +3 min

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021. REUTERS/Brian SnyderWASHINGTON, Sept 20 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon plans to tell Congress that the U.S. economy faces "storm clouds," according to prepared testimony. Dimon, who is due to testify alongside major U.S. bank CEOs at congressional hearings Wednesday and Thursday, will outline the competing forces buffeting the nation's economy. The hearing will seek CEO testimony on a range of issues, including consumer protection, compliance issues, diversity and "issues relating to the public interest" such as worker rights and abortion access, according to the memo. They will be joined by US Bancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial (TFC.N) CEO William Rogers, who run the country's largest regional lenders.

☆ Big U.S. bank CEOs to be grilled by Congress on consumer, social issues
▼ + stars: | 2022-09-19 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

The line-up includes the CEOs of the four largest U.S. banks: JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Citi's Jane Fraser and Wells Fargo's Charles Scharf. They will be joined by USBancorp (USB.N) CEO Andy Cecere, PNC Financial (PNC.N) CEO William Demchak, and Truist Financial CEO William Rogers, who run the country's largest regional lenders. That's a message the banks' executives, lobbyists, and trade groups have conveyed during a marathon of private meetings with key lawmakers over the past few weeks, the sources said. But bank executives are also wary of growing criticism from Republicans, traditionally allies who have pushed back against heavy regulation, over what they see as Wall Street's increasingly liberal leanings on environment and social issues. While executives faced some critical questions from Republicans on such issues last year, the pressure will be greater this time, said analysts.

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