DIRS.INFO The most relevant business & tech news

☆ Citigroup considering at least 10% job cuts in major businesses - CNBC
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 6 (Reuters) - Citigroup's (C.N) managers and consultants working on CEO Jane Fraser's reorganization have discussed job cuts of at least 10% in several major businesses, CNBC reported on Monday, citing people with knowledge of the process. The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter. Fraser's push to eliminate regional managers, co-heads and others with overlapping roles will translate into job cuts beyond 10% for executives, the report said. Since taking charge of the banking giant in 2021, Fraser has tried to improve profits, streamline the bank and fix regulatory problems.

Persons: Andrew Kelly, Jane Fraser's, Fraser, we've, We've, Niket, Jaiveer Singh Shekhawat, Tatiana Bautzer, Arun Koyyur Organizations: Citibank, New York Stock Exchange, REUTERS, CNBC, Boston Consulting Group, Citi, Boston Consulting, Thomson Locations: Manhattan , New York City, U.S, Bengaluru, New York

☆ Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called 'Project Bora Bora'
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Stock Chart Icon Stock chart icon Citigroup's stock has been mired in a slump under CEO Jane Fraser. While competitors have been cutting jobs this year, Citigroup's staff levels remained at 240,000. That leaves Citigroup with the biggest workforce of any American bank except the larger and far more profitable JPMorgan. Executives will see cuts beyond 10% because of Fraser's push to eliminate regional managers, co-heads and others with overlapping responsibilities, they said.

Persons: Citigroup Jane Fraser, Alex Wong, Jane Fraser, Fraser, JPMorgan Chase, James Shanahan, Edward Jones, Mike Corbat, they'll, Mike Mayo, Titi Cole, Citigroup's, Cole, Wells, I'm, Dana Neibert Organizations: Citigroup, Financial Services, Rayburn House, JPMorgan, Citi, Bank of America, Boston Consulting, Bank, Getty, Operations Locations: Washington , DC, U.S, Wells Fargo, Tahiti, Polynesia

☆ Stocks making big moves premarket: Dish Network, Bluegreen, Albemarle and more
▼ + stars: | 2023-11-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Dish Network — Shares dropped 6.2% premarket after the company missed Wall Street's expectations on both revenue and earnings, driven by substantial losses in its pay-TV retail wireless subscribers. Dish lost 26 cents per share in the third quarter, while analysts expected earnings of 5 cents per share, according to LSEG, formerly Refinitiv. Nvidia — The semiconductor stock added 1.1% premarket Monday, lifted by Bank of America's optimism about Nvidia's quarterly earnings due Nov. 21. Affiliated Managers Group — Shares of the asset manager company gained 2.5% third quarter earnings and revenue topped analyst estimates. AMG posted revenue of $525.2 million, exceeding analysts' estimate of $509.4 million.

Persons: Tesla, RingCentral, Schuster, SATS, Jane, FactSet, — CNBC's Brian Evans, Jesse Pound, Michelle Fox Theobald, Scott Schnipper Organizations: Reuters, Hilton, Paramount, CBS, Bank of America, Dish, Citigroup —, CNBC, Citigroup, Bora Bora, Nvidia, Bank of, UBS, Dominion Energy, Barclays Locations: Berlin, China, Albemarle

☆ Citigroup considers deep job cuts for CEO Jane Fraser's overhaul
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCitigroup considers deep job cuts for CEO Jane Fraser's overhaulCNBC's Hugh Son reports on the massive reorganization at Citigroup.

Persons: Jane Fraser's, Hugh Son Organizations: Citigroup

☆ Citigroup employees face job cuts as CEO Jane Fraser needs to cut expenses
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCitigroup employees face job cuts as CEO Jane Fraser needs to cut expensesCNBC’s Hugh Son joins 'Power Lunch' to report on Citigroup considering future job cuts.

Persons: Jane Fraser, Hugh Son Organizations: Citigroup

☆ Citi weighs shutting municipal-bond trading business - Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 3 (Reuters) - Citigroup (C.N) Chief Executive Officer Jane Fraser is weighing whether to shutter the bank's municipal-bond trading and origination business, Bloomberg News reported on Friday. Citi's municipal offering business has been under scrutiny from Texas attorney general, who in January halted the bank's ability to underwrite most municipal bond offerings in Texas saying that Citi has discriminated against the firearms sector. A Citi spokesperson at that time had said the company did not discriminate against the sector and that it believed it was complying with Texas' law. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Jane Fraser, Citi's, Fraser, Jaiveer Singh, Saumyadeb Chakrabarty, Maju Samuel Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Bloomberg, Citi, Thomson Locations: Manhattan , New York City, U.S, Texas, Bengaluru

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year. Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic. Investment banking revenue will probably rise 5% to 10% next year for the largest banks, according to Mike Mayo, an analyst at Wells Fargo.

Persons: Peter Orszag, Lazard, Mike Blake, dealmaking, Orszag, Morgan Stanley's, Ted Pick, Morgan Stanley, Dealogic, Mike Mayo, Jane Fraser, Fraser, Jana Partners, Brian Moynihan, Goldman Sachs, David Solomon, Tatiana Bautzer, Lananh Nguyen, Svea Herbst, Bayliss, Megan Davies, David Gregorio Our Organizations: Financial Advisory, Milken, Global Conference, REUTERS, Wall, Exxon Mobil, Chevron CVX.N, Reuters, CNBC, Global, Investment, Wells, Citigroup, Exxon, Natural Resources, Barclays, News Corp, Frontier Communications, Bank of, Svea, Thomson Locations: Beverly Hills , California, U.S, dealmaking, Ukraine, East, Wells Fargo

☆ Michael Cohen dropped one big bombshell, but his testimony at the NY fraud trial was eclipsed by Trump
▼ + stars: | 2023-10-26 | by ( Laura Italiano | ) www.businessinsider.com time to read: +7 min

Michael Cohen finished testifying Wednesday, his second day on the stand at Trump's NY fraud trial. "No I did not," Cohen protested from the witness stand, in one of the rare moments that his voice rose to meet Habba's volume. Just after the lunch break, Trump was suddenly summoned to take the witness stand by the judge. Engoron found Trump's testimony – in which he swore under oath that he'd meant Cohen, not the clerk, was "partisan" – was "not credible." AdvertisementAdvertisementAnd Trump's testimony, not Cohen's, wound up the big story of the day.

Persons: Michael Cohen, Trump, Alina Habba, upstaged, —, Donald Trump's, Cohen, he'd, Habba, " Cohen, Emily Fox, Emily Jane Fox, Letitia James, James, Donald Trump , Jr, Eric Trump, Arthur Engoron, Trump's, Weisselberg, Clifford Robert, Robert, Donald Trump, Colleen Faherty, Engoron, o00 Organizations: Service, Trump White House, Trump, firebrand, York, longtime Trump Organization, New Locations: Manhattan, New York

☆ Wall Street’s glum rainmakers deserve more love
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +7 min

Morgan Stanley’s (MS.N) investment banking revenue in the third quarter was its worst since 2009, at just over $1 billion. The rapid rise in interest rates, which makes traditional lending more lucrative for so-called universal banks, adds to the glum aura around investment banking. Reuters Graphics Reuters GraphicsInvestment banking isn’t the biggest part of any bulge-bracket firm’s revenue, but it’s disproportionately profitable. Goldman made nearly $8 billion more from investment banking in 2021 than in the last four quarters. Declining volatility in markets is great for deals, but it’s nowhere near as good for banks’ trading desks, which tend to thrive on choppy conditions.

Persons: Caitlin Ochs, Goldman Sachs, Morgan Stanley’s, Goldman, Morgan Stanley, James Gorman, Jane Fraser, David Solomon, they’re, Peter Thal Larsen, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, Exxon Mobil, Chevron, JPMorgan, Citigroup, Reuters Graphics Reuters Graphics Investment, Hamas, Goldman, Bank of America, Barclays, Citi, Thomson Locations: New York City, New York, U.S, catnip, Israel, China

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ Wall Street leaders appear at Saudi conference amid conflict
▼ + stars: | 2023-10-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH/LONDON, Oct 24 (Reuters) - Wall Street's top financiers showed up in force at an annual financial conference in Saudi Arabia on Tuesday despite broad concerns over travel in the Middle East in the wake of an escalating conflict between Israel and Hamas militants. Goldman Sachs' (GS.N) David Solomon, JPMorgan's (JPM.N) Jamie Dimon and Citi's (C.N) Jane Fraser were among a group of high-profile bankers and asset managers speaking at the Future Investment Initiative (FII) conference at the Ritz Carlton Hotel in Riyadh. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation. This year, Saudi Telecom Corp took a near 10% stake in Spain's Telefonica.

Persons: Ahmed Yosri, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Hadeel Al Sayegh, Anousha Sakoui, Amanda Cooper Organizations: Future Investment Initiative, REUTERS, Rights, Ritz Carlton Hotel, Saudi Arabia's, Hamas, Saudi Telecom Corp, Spain's Telefonica, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, LONDON, Israel, Davos, Swiss, Spain's

People walk outside of Jefferies Financial Group offices in Manhattan, New York, U.S., December 8, 2021. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Investment bank and capital markets firm Jefferies (JEF.N) has hired industrial banker Francis Tucci from Citigroup (C.N) for a senior role, according to sources familiar with the move. Tucci will join Jefferies as chairman, industrials, and will report to Peter Bowden, global head of industrial, energy and infrastructure investment banking. Tucci, who will be based in New York, will start early next year, the sources said. Also in September, Wells Fargo (WFC.N) hired former Citi executive Clayton Hale as co-head of equity capital markets.

Persons: Eduardo Munoz, Francis Tucci, Tucci, Jefferies, Peter Bowden, Jane Fraser, Wells, Clayton Hale, Svea Herbst, Bayliss, David Carnevali, Matthew Lewis Organizations: Jefferies Financial, REUTERS, Investment, Jefferies, Citigroup, Citi, Svea, Thomson Locations: Manhattan , New York, U.S, New York, Wells Fargo

☆ Davos in the Desert: Jamie Dimon and other bankers visit Saudi Arabia as Israel-Hamas war rages
▼ + stars: | 2023-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

Dubbed “Davos in the Desert,” the annual Future Investment Initiative (FII) will welcome about 6,000 participants from more than 90 countries over the next three days. Since the Hamas assault on October 7, Israel has widened its offensive against the Palestinian militant group and other regional enemies. Saudi Arabia’s crown prince Mohammad bin Salman, denied any personal involvement in Khashoggi’s murder but later confirmed it was carried out by Saudi officials. Bin Salman chairs the Public Investment Fund. “Very few people” had canceled plans to attend the conference, according to Richard Attias, the CEO of the FII Institute, the event’s organizer.

Persons: Jamie Dimon, Citigroup’s Jane Fraser, Defense Lloyd Austin, Larry Fink, Goldman Sachs, David Solomon, Noel Quinn, Ray Dalio, Stephen Schwarzman, Harvey Schwartz, Blackstone, Carlyle, “ We’re, it’s, ”, Fraser, Fink, “, Karen E, WeWork, Slack, Jamal Khashoggi, Saudi Arabia’s, Mohammad bin Salman, Bin Salman, bin Salman, Masayoshi, Richard Attias, Young, — Winston Lo, Michelle Toh Organizations: London CNN, “, Future Investment Initiative, Defense, Palestinian, Israel Defense Forces, West Bank, HSBC, Citigroup, Saudi, Public Investment Fund, Columbia University’s Center, Global Energy, CNN, Reliance Retail, Softbank’s Vision, Future Investment, FII Institute, Young of Columbia University Locations: Saudi Arabia, Israel, “ Davos, Gaza, Lebanon, Riyadh, Ukraine, Europe, United States, Washington, Russia, Saudi, Istanbul, Kingdom, Hong Kong

Olivier Douliery | Afp | Getty ImagesAmberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. Around 7% of student loan borrowers are now more than $100,000 in debt. "The government has made all these announcements, and it's really confusing to people," said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers. Her original student loan bill of $483, which was listed as due on Oct. 20, wasn't affordable for her.

Persons: Miguel Cardona, Kamala Harris, Olivier Douliery, she's, MOHELA, couldn't, Ella Azoulay, Carolina Rodriguez, Rodriguez, Scott Buchanan, Joe Biden, he'd, didn't, Biden, servicers, Braxton Brewington, Sarah Cluff, Sarah Cluff Still, servicer, Cluff, Sen, Elizabeth Warren, Nelnet, Joe Popevis, NelNet, Popevis, Servicers, Brewington, Amberlee, Jane Fox, Fox, Buchanan, Rocky, they'll Organizations: Washington , D.C, Afp, Getty, Public, Missouri Higher Education Loan Authority, CNBC, Finance, Biden, Student, Protection, Carolina, Education, Consumer, Student Loan, Alliance, U.S . Department of Education, Valuable Education, Education Department, MOHELA, SAVE, Legal, Association of Legal Locations: Washington ,, Pennsylvania, Missouri, U.S, New York, servicers

☆ Chinese attendance at Saudi conference doubles as Riyadh courts Beijing
▼ + stars: | 2023-10-19 | by ( Pesha Magid | ) www.reuters.com time to read: +2 min

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. REUTERS/ Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 19 (Reuters) - Around 300 Chinese "decision makers" are attending Saudi Arabia's flagship investment conference this year, organisers said on Thursday, double last year's attendance as Riyadh deepens its relationship with China despite U.S. concerns. In defiance of its key Western ally, Prince Mohammed invited Chinese President Xi Jinping to visit the kingdom and launched a Chinese-Arab summit. In August, the BRICs group of nations, which includes China, invited Saudi Arabia to become a new member of the bloc. Saudi Arabia is halfway through an ambitious economic transformation plan - Vision 2030 - to wean the economy off oil by creating new industries, generating jobs for citizens, and luring in foreign capital and talent.

Persons: Ahmed Yosri, Richard Attias, Attias, Prince Mohammed bin Salman, Joe Biden, Prince Mohammed, Xi Jinping, ” Attias, Morgan, Jamie Dimon, Citi's Jane Fraser, Yoon Suk Yeol, William Ruto, Paul Kagame, Pesha Magid, Aziz El Yaakoubi, Christina Fincher Organizations: Future Investment Initiative, REUTERS, Rights, Saudi, FII Institute, Wall Street, Washington, Wall, HSBC, Standard Chartered, Kenyan, Rwandan, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, China, Gaza, Asia

☆ Big banks are quietly cutting thousands of employees, and more layoffs are coming
▼ + stars: | 2023-10-19 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

Michael Nagle | Bloomberg | Getty ImagesThe largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. The moves come after a two-year hiring boom during the pandemic, fueled by a surge in Wall Street activity. "Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans. The bank has cut about 2% of its workforce this year amid a protracted slowdown in investment banking activity.

Persons: Michael Nagle, JPMorgan Chase, Chris Marinac, Janney Montgomery Scott, you'll, Goldman Sachs, Charlie Scharf's, Mike Santomassimo, Goldman, Headcount, GreenSky, we've, Morgan Stanley, James Gorman, Mark Mason, Jane Fraser's, Mason, Jamie Dimon Organizations: New York Stock Exchange, Bloomberg, Getty, JPMorgan, Federal Reserve, headcount, Bank of America, Citigroup, First, Big Locations: New York, Wells, Wells Fargo, York, First Republic

☆ Insider Today: Big banks' cloudy forecast
▼ + stars: | 2023-10-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at why strong earnings results from some big banks weren't necessarily the big win markets were hoping for. The big storyTrouble brewingAdvertisementAdvertisementOn the surface, earnings season got off to a great start. And that could spell trouble for the broader market hoping for a banner earnings season to help it finish the year on a positive. AdvertisementAdvertisement"This may be the most dangerous time the world has seen in decades," he said in a press release announcing the bank's earnings. One market veteran predicts stocks will rally for the final stretch of the year due to a strong earnings season.

Persons: Elon Musk, Steve Jobs, Wells, Jamie Dimon, Dimon, Julian Restrepo, Emmalyse Brownstein, Mark Mason, JPMorgan's, Teresa Heitsenrether, Goldman Sachs, Jane Fraser, Fraser, Michael Siluk, there's, Walter Isaacson, Justin Sullivan, Tim Mosenfelder, Elon, Tyler Le, Noah Webster, He's, Naomi Osaka, Angela Lansbury, Sue Bird, Oscar Wilde, Bryce Harper, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, JPMorgan, Citigroup, AP, Citi, Barclays, Suisse, New York Department of Labor, Getty, Wedbush Securities, Microsoft Outlook, Microsoft, Consumers, PETA, Dairy Summit Locations: Ukraine, Israel, Chicago, New York City, San Diego, London, New York

Rubin died Friday at a hospital in Manhattan after “a brief and sudden illness,” according to his nephew, David Rotter. “Steve Rubin was a great publisher,” Grisham said in a statement. “For more than a month, it was humanly impossible to miss ‘Fire and Fury,’" Rubin wrote in his memoir “Words and Music,” published earlier this year. Rubin joined Bantam Books, a venerable paperback publisher, in the mid-1980s, and remained there for six years before leaving for Doubleday. In his memoir, he offered a succinct, if incomplete prediction: “I suppose the headline of my obit will read 'Publisher of ”The Da Vinci Code" dies'.”

Persons: — Stephen Rubin, John Grisham, ”, Rubin, “, David Rotter, Jacqueline Kennedy, Beverly Sills, Jane Friedman, ” Rubin, Kennedy, Henry Holt, Simon, Simon & Schuster, Bill O’Reilly, Martin Dugard, Laura Esquivel’s, Mitch Albom’s, ” Hilary Mantel’s, George W, Bush's, Bush, John Grisham's, Grisham, unshaven, “ Steve Rubin, ” Grisham, Doubleday, Dan Brown’s, Brown, Steve, Holt, Trump, Michael Wolff’s, Steve Bannon, Wolff, ’, Michael, Luciano Pavarotti, Sills, Cynthia Organizations: HarperCollins Publishers, Associated Press, New York Times, Doubleday, Henry Holt and Company, Simon &, Holt, New York University, Boston University, UPI, The New York Times Magazine, Bantam Books, Rubin Institute for Music, San Francisco Conservatory of Music Locations: Manhattan, Europe, New York City

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

Citi's net income rose 2% to $3.5 billion from a year ago, while earnings per share remained stable at $1.63. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. Citi's total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses. Rivals Wells Fargo (WFC.N) and JPMorgan Chase (JPM.N) also reported higher quarterly profit on Friday, boosted by a rise interest payments.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, Federal, ICG, Citi, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue. At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, LSEG, Citi, Federal, ICG, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

☆ Wall Street hiring is up, but it's not what you think. Here's what's really going on.
▼ + stars: | 2023-10-13 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

Third-quarter earnings season kicked off on Wall Street with JPMorgan and Citigroup reporting that headcount is up. In announcing third-quarter earnings, JPMorgan said headcount was up 7% over this time last year to 308,669. And the geopolitical conflict in the Middle East raises concerns about whether dealmaking — and therefore investment banking hiring — will come back next year. The investment bank, which was recently bought by Swiss rival UBS, said it currently has more than 2,000 staffers in that location. At Citi, investment banking fees were down 18% over last year, although underwriting fees have improved as companies look to sell more debt and stock.

Persons: headcount, Mark Mason, Mason, dealmaking, —, Jane Fraser, Goldman Sachs, Jamie Dimon, Fraser, I'm Organizations: JPMorgan, Citigroup, Citi, Credit Suisse, New York Department of Labor, Madison, Swiss, UBS, Financial Times, Barclays Locations: New York City

☆ Major US banks show profit boost, but cautious on outlook, consumer health
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan's (JPM.N) profit jumped 35% on the year-ago quarter, while Wells Fargo (WFC.N) profit surged 60%. The banks benefited from higher interest rates, which have bolstered banks' net interest income (NII), or the difference between what they earn on loans and pay out on deposits. JPMorgan and Wells Fargo, the first- and fourth-largest U.S. lenders, respectively, also increased their outlook for NII. Regional lender PNC Financial Services' (PNC.N), meanwhile, reported higher consumer loan delinquencies. JPM and Wells reported a decline in average deposits.

Persons: Shannon Stapleton, Wells, Jamie Dimon, Wells Fargo, Charlie Scharf, Jane Fraser, Dimon, JPMorgan's NII, Saeed Azhar, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, Citigroup, JPMorgan, Citi, PNC, PNC Financial Services, Thomson Locations: New York, Major U.S, Wells Fargo, U.S

☆ Jamie Dimon makes anxiety a feature not a bug
▼ + stars: | 2023-10-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

The mega-bank Jamie Dimon runs is performing strongly, and yet he openly frets and rants about what’s coming: higher interest rates, smothering regulation, recession, war. Lest nerves be soothed by those trends, Dimon lays on caveats with a trowel. Dimon can afford to dwell on the negative because JPMorgan is strong and liquid. If calamity strikes, JPMorgan’s high returns, high capital levels and sheer size make it akin to a safe haven. It also slightly reduced its forecast of expenses and credit-card write-offs from numbers given with second-quarter earnings.

Persons: Jamie Dimon, Marco Bello, delinquencies, Wells, Dimon, Peers, Jane Fraser, hasn’t, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: JPMorgan Chase &, Chase, Business The, Miami, REUTERS, Reuters, JPMorgan, Citigroup, Basel, Citi, Reuters Graphics, Thomson Locations: East, Ukraine

Search resuls for: "Jane F"

25 mentions found