DIRS.INFO The most relevant business & tech news

☆ Dollar to stay bright this year before fading in 2024, analysts say: Reuters poll
▼ + stars: | 2023-09-07 | by ( Sarupya Ganguly | ) www.reuters.com time to read: +3 min

Backed by a strong economy and rising U.S. Treasury yields, some of the highest among developed economies, the dollar despite bouts of weakness has stayed resilient against most major currencies. That strong performance has brought the long-held view of a weaker dollar in the short to medium term under review. A solid 81% majority of analysts, 43 of 53, who answered an additional question said the risk to their dollar outlook was to the upside, the Sept. 1-6 Reuters poll showed. Elsewhere, other Asian currencies stand to face significant friction in recouping losses for the year, according to the poll. Almost all were forecast to at best stay within a range or trade modestly higher against the dollar in coming months.

Persons: Jane Foley, Lee Hardman, pare, Sterling, Sarupya Ganguly, Sujith Pai, Devayani, Pranoy, Hari Kishan, Andrea Ricci Organizations: Treasury, . Federal, Rabobank, Argentine, Thomson Locations: BENGALURU, China, America, Brazilian

☆ Dollar eases as risk appetite improves on China's measures
▼ + stars: | 2023-09-04 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The China-sensitive euro was up 0.25% at $1.0799, just off a 10-week low touched last week against the dollar. The Australian dollar and the New Zealand dollar also got a lift from those measures. "The U.S. dollar is softening against most other G10 currencies today as risk appetite improves on the back of China support measures," said Jane Foley, head of FX strategy at Rabobank. The Canadian dollar slipped 0.07% to 1.359 per dollar ahead of the Bank of Canada's policy meeting this week, with the central bank expected to hold rates.

Persons: Dado Ruvic, Jane Foley, Christine Lagarde, Isabel Schnabel, Foley, Jeremy Hunt, Sterling, Joice Alves, Ankur Banerjee, Sharon Singleton, Christina Fincher Organizations: REUTERS, U.S, Australian, New Zealand, Rabobank, European Central Bank, ECB, FOCUS, Reserve Bank of Australia, Canadian, Bank of, Thomson Locations: China, Beijing, FOCUS British, U.S, London, Singapore

☆ What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
▼ + stars: | 2023-09-04 | by ( Kaja Whitehouse | Michelle Abrego | ) www.businessinsider.com time to read: +11 min

According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. So, which Wall Street firms are still letting employees work from home at least part of the time? On days employees are in, the firm focuses on taking "advantage of our shared location," it reads. At that time, the firm called for its employees to come into the office a minimum of three days a week. Since then, most employees have been in the office throughout the week, according to a person familiar with the firm.

Persons: Goldman Sachs, David Solomon, Citadel's Ken Griffin, Joe Biden, Jan Hatzius, Hatzius, Jamie Dimon, Goldman, Goldman Sachs Goldman Sachs, —, Dimon, JPMorgan Gretchen Ertl, Jane Fraser, she's, Fraser, they're, Citigroup Patrick, Fallon, Brian T, Moynihan, Bank of America Shannon Stapleton, Reuters Morgan Stanley Morgan Stanley's, James Gorman, Gorman, Gorman doesn't, Morgan Stanley, we're, James Gorman SAUL LOEB, Larry Fink, Larry Fink Spencer Platt, Citadel's Griffin, Griffin, Raj Mahajan, Ken Griffin, Milken, Mike Blake, Blackstone, Stephen Schwarzman Roy Rochlin, Nir Bar Dea, Izzy Englander's Organizations: JPMorgan, Blackstone, Morning, Citadel, Bloomberg, Business, Deloitte, JPMorgan JPMorgan, Goldman, Citigroup, Street, Bank, Economic, Getty Images Bank of America Bank of, Bank of America, Reuters, Getty, BlackRock BlackRock, Yards, Labor, Fox, BlackRock, Citadel Securities, Blackstone Blackstone, Bridgewater Bridgewater Associates, Bridgewater Associates, Bridgewater Locations: Citadel, Davos, Switzerland, New York City

C.E.O.s urge Washington to help with asylum seekersAs New York City’s migrant crisis continues to escalate, with more than 100,000 arrivals from the southern U.S. border straining shelters, some of the city’s top business leaders are intervening in a fight over who’s responsible. But recent communications by the Biden administration suggest that such calls won’t be heeded. The letter underscores the increasing urgency of the crisis, which has pitted Mayor Eric Adams against Gov. Adams has said the crisis could cost the city $12 billion over three years, while Hochul has spent $1.5 billion and deployed nearly 2,000 National Guard members so far. The migrant crisis is a business issue.

Persons: Jamie Dimon, JPMorgan Chase, Larry Fink, BlackRock, Jane Fraser, Citigroup —, Biden, won’t, Eric Adams, Kathy Hochul —, Adams, Hochul Organizations: JPMorgan, Citigroup, Gov, Biden, National Guard Locations: Washington, York, U.S, New

☆ Jill Lepore Revisits American Myths With an Eye to the Present
▼ + stars: | 2023-08-26 | by ( Sloane Crosley | ) www.nytimes.com time to read: +2 min

THE DEADLINE: Essays, by Jill LeporeIn 1636, at the height of the Dutch economic hysteria known as Tulipomania, John Harvard helped found the first college of the American colonies. It’s a good thing I do not have Jill Lepore’s job. The phrase “historical framework” is insufficient when it comes to Lepore, who also provides the picture and the glass. Through these figures Lepore covers American consumerism, literary biography, journalism, intellectual property law and other cultural curiosities. But it’s her inclinations toward misfits and old narratives we have taken for granted that make “The Deadline” glow.

Persons: Jill Lepore, John Harvard, Jill Lepore’s, John Harvard’s, ”, Lepore, Jane Franklin, Lela, Robert L, Ripley, Who ”, Rachel Carson, Mary Shelley, “ Frankenstein, Fredrick Douglass, Joan Didion’s, Ruth Bader Ginsburg’s, “, Karl Marx, Walt Whitman Organizations: Yorker, Magna Carta, Mattel, Affordable, Lepore

☆ US dollar slips as traders cautious before Fed's Jackson Hole symposium
▼ + stars: | 2023-08-21 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

The Japanese yen , which is on intervention watch, weakened 0.55% versus the greenback at 146.21 per dollar, with analysts now seeing the threshold for intervention at around 150 per dollar. Meanwhile, the offshore yuan , also on watch for intervention, rose 0.3% versus the greenback at 7.2853 per dollar. Jane Foley, head of FX strategy at Rabobank in London, said a firm dollar is problematic for both central banks since "it threatens to expose both currencies to undesirable weakness." His comments may set the direction for U.S. Treasury yields, which have driven the rise in the dollar in recent weeks. "If Powell stays on the theoretical side of things, that might lower implied volatility of the dollar and lead to a smaller reaction."

Persons: Dado Ruvic, Jackson, Sahota, Jane Foley, Jerome Powell, Karl Schamotta, Christine Lagarde, Powell, Laura Matthews, Samuel Indyk, Tom Westbrook, Kirsten Donovan, Mark Potter, Will Dunham, Jonathan Oatis Organizations: REUTERS, U.S, U.S . Federal, FX, Fed, Reuters, Rabobank, Treasury, European Central Bank, Thomson Locations: U.S ., , Wyoming, San Francisco, China, London, United States, Wyoming, Toronto, New York, Singapore

☆ Citigroup mulls plan to split its largest division - source
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The bank is unlikely to replace Ybarra, the head of its Institutional Clients Group (ICG), the source said on Monday. The plans are still being considered and have not been finalized, the source said. The ICG unit provides financial services to institutional investors and governments. Its shares fell 0.6% alongside a broader decline in the S&P bank index, which dropped 0.5% in Monday trading.

Persons: Chris Helgren, Paco Ybarra, Jane Fraser, Scott Siefers, Piper Sandler, Ybarra, Tatiana Bautzer, Saeed Azhar, Lavanya, Dhanya Ann Thoppil, Hugh Lawson, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Ybarra, Group, ICG, Financial Times, Reuters, Thomson Locations: Toronto , Ontario, Canada, New York, Bengaluru

☆ Citi considers plan to disband its biggest division in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

Aug 21 (Reuters) - Citigroup (C.N) chief executive Jane Fraser is considering a plan to disband the bank's biggest division, the Financial Times reported on Monday. The plan would split the Institutional Clients Group — which generated nearly three-quarters of Citi's $14.8 billion in net 2022 profits — into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Lavanya, Nivedita Organizations: Citigroup, Financial Times, Thomson Locations: Bengaluru

☆ Citi mulls plan to split Institutional Clients Group in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal. The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jane Fraser, Fraser, Paco Ybarra, Lavanya, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Financial Times, Group, ICG, Reuters, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/IllustrationTOKYO/LONDON, Aug 10 (Reuters) - The dollar slipped against most currencies on Thursday ahead of U.S. inflation data that will shape the Fed's policy direction, although the prospect of higher energy costs pushed it to a one-month high against the yen. "Though you could argue it the other way given the euro zone recession risk if energy stays higher," she added. The impact of higher energy costs were also a factor in the softer yen, as resource-poor Japan is a major oil importer. A break above 145 would open the way potentially to 148 "if we get the U.S. dollar flexing again after the CPI," he said.

Persons: Florence Lo, it's, Jane Foley, We've, Foley, that's, Tony Sycamore, Kevin Buckland, Brigid Riley, Alun John, Kim Coghill, Sharon Singleton, Susan Fenton Organizations: REUTERS, U.S, CPI, Federal Reserve, Rabobank, U.S . Treasury, ECB, IG, People's Bank of China, New, Swiss, Thomson Locations: U.S, Japan, New Zealand, Tokyo, London

☆ Yes, R. Crumb Made a Yoga Mat
▼ + stars: | 2023-08-10 | by ( Rachel Felder | Chris Schalkx | ) www.nytimes.com time to read: +1 min

During the summer of 2022, I was lucky enough to visit the home of the comics artist couple Aline Kominsky-Crumb and Robert Crumb in a remote town in the south of France. Kominsky-Crumb, in good health at the time of our meeting, died of pancreatic cancer less than six months later. She was, with apologies to Crumb, the more personable of the two. Which brings us to this, Crumb’s touching tribute to his wife in the form of a yoga mat, with art based on an old flier he’d made for one of Kominsky-Crumb’s classes. It’s not something Crumb himself would ever use, but it’s the contrast in their personalities that makes their work so captivating.

Persons: Aline Kominsky, Crumb, Robert Crumb, Covid, ” Crumb, grandkids, Jane Fonda, he’d Locations: France, California

☆ An author says AI is ‘writing’ unauthorized books being sold under her name on Amazon
▼ + stars: | 2023-08-10 | by ( Clare Duffy | ) edition.cnn.com time to read: +5 min

Others have said they don’t want their work being used to train AI models, which could then be used to imitate them. Amazon removed the fake books being sold under Friedman’s name and said its policies prohibit such imitation. Author Jane Friedman found several books being sold under her name on Amazon, only she didn't write them — she suspects artificial intelligence did. The Authors Guild has been working with Amazon since this past winter to address the issue of books written by AI, Rasenberger said. And, she said, companies and publishers should continue investing in creative work made by humans, even if AI appears more convenient.

Persons: Jane Friedman, I’ve, ” Friedman, —, ” Mary Rasenberger, Rasenberger, James Patterson, Roxane Gay, Margaret Atwood —, OpenAI, Friedman, they’d, Ashley Vanicek, ”, Suzanne Skyvara Organizations: New, New York CNN, Amazon, CNN, Authors, Microsoft, Twitter Locations: New York

☆ Dollar on guard ahead of inflation data, euro digests Germany's data
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: +3 min

The dollar edged up on Monday after a mixed U.S. jobs report on Friday sent the U.S. currency to a one-week low, with market focus turning to inflation data from the world's two largest economies due this week. U.S. inflation data is due on Thursday, where expectations are for core inflation to have risen 4.7% on an annual basis in July. Against the dollar, the euro fell 0.4% to $1.0966, marching towards a one-month low. The Chinese yuan hovered near a two-week low, with its offshore counterpart last 0.2% lower at 7.2034 per dollar. The yen fell 0.4% to 142.28 per dollar after hitting a one-week high of 141.52 per dollar in Asia trade.

Persons: Chris Weston, Weston, Jane Foley Organizations: U.S, ECB, European Central Bank, Rabobank, Bank, Japan, Bank of England, bps Locations: U.S, Germany, China, Asia

REUTERS/Andrew Kelly/File photoNEW YORK, Aug 3 (Reuters) - Paco Ybarra, the CEO of Citigroup's (C.N) institutional clients group, will leave in the first half of next year, according to an internal memo seen by Reuters. He helped to establish it as a "powerhouse in fixed income," CEO Jane Fraser wrote in a memo to staff. Ybarra joined Citi in Madrid in 1987 as a management associate and subsequently worked in Mexico, Singapore, London and New York. He led some of its most important businesses, including markets and securities services. "A picture of grace under fire, Paco helped Citi navigate some of our industry’s most challenging moments," Fraser wrote, including the Mexican peso crisis in 1994, the 2008 financial crisis and the pandemic.

Persons: Andrew Kelly, Paco Ybarra, Jane Fraser, Ybarra, Paco, Fraser, Lananh Nguyen, Mark Porter, Nick Zieminski Organizations: Citibank, New York Stock Exchange, REUTERS, Reuters, Citi, Thomson Locations: Manhattan , New York City, U.S, Madrid, Mexico, Singapore, London, New York

☆ I own a village of tiny homes in the Arizona desert that were built to feel like treehouses — see inside
▼ + stars: | 2023-07-28 | by ( Jamie Killin | ) www.businessinsider.com time to read: +6 min

Urban planner Darin Dinsmore created a camp in Sedona, Arizona, with four tiny homes. My background in urban planning was one of the things that led me to start the TinyCamp project in Sedona and Cottonwood, Arizona. They're all permanent tiny houses with foundations and fire sprinklers, and they each have their own hot tubs and fireplaces. It shocks people, but tiny houses are expensiveA ladder leading up to the loft bed area of the TinyCamp home. The Achilles heel of the tiny house movement is that it's $10,000 for a sewer hookup.

Persons: Darin Dinsmore, I'm, Danielle Holman, We've, we've, It's, Jane Ferrell, Clarkdale Organizations: Service, Sedona, Google, TinyCamp Sedona Locations: Sedona , Arizona, Wall, Silicon, Sedona, Cottonwood , Arizona, California, Coconino County, Cottonwood, Sausalito , California, Sausalito, Arizona, Los Angeles, Northern Arizona, Clarkdale , Arizona

☆ Dollar’s decline throws spotlight on battered commodity currencies
▼ + stars: | 2023-07-26 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

While that's driven rallies in risk assets such as stocks, raw materials prices and some commodity currencies have been slower to respond. Reuters GraphicsThe bullish view on commodity currencies gained traction in recent days after leaders in China - the world’s leading commodity consumer - on Monday pledged to step up policy support for the economy. Prices for oil, copper and other raw materials rose on the news, while commodity currencies such as the Australian and New Zealand dollars edged up. Some other commodity currencies have seen similar declines, with the New Zealand dollar down 2% and the South African rand down 3%. Commodity currencies are far from the only way to play further dollar weakness.

Persons: there's, Francesco Pesole, Brent, Thanos Bardas, Neuberger Berman, Bardas, Bipan Rai, Jane Foley, Saqib Iqbal Ahmed, Ira Iosebashvili, Leslie Adler Organizations: YORK, Reserve, ING Bank, Australian, Reuters, New, U.S, New Zealand, Deutsche Bank, International Monetary Fund, Bank of Japan, U.S ., CIBC, Rabobank, Thomson Locations: Norway, Australia, U.S, Norwegian, China, North America, Sweden

☆ Fans and family bid tearful farewell to 'French icon' Jane Birkin
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

PARIS, July 24 (Reuters) - Hundreds of fans joined film legends and family members to bid farewell to British-born actress and singer Jane Birkin at her funeral in Paris on Monday. Film star Catherine Deneuve, singer Vanessa Paradis and first Lady Brigitte Macron were among the mourners in the Saint-Roch church. Outside, tearful fans waving banners marked with "Jane Forever" and "Thank you Jane Birkin" watched the ceremony on a giant screen on the corner of Rue des Pyramides and Rue Saint-Honore. [1/4]Flowers are seen in front of the Church of Saint-Roch before the funeral of late singer, actress and muse Jane Birkin in Paris, France, July 24, 2023. President Emmanuel Macron declared Birkin "a French icon" after her death was announced on July 16 at the age of 76.

Persons: Jane Birkin, Catherine Deneuve, Vanessa Paradis, Brigitte Macron, Roch, Jane Forever, Honore, Birkin's, Charlotte Gainsbourg, Pascal Rossignol, Lou Doillon, Alain Souchon, Etienne Daho, Matthieu Chedid, Emmanuel Macron, Birkin, Serge Gainsbourg, Dominique Vidalon, Andrew Heavens Organizations: Monday, Rue des Pyramides, Rue Saint, of Saint, REUTERS, Overseas, Thomson Locations: British, Paris, Saint, Rue, France

So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."

Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, ”, Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru

☆ Dollar tentative, kiwi jumps as NZ inflation data tempers rate doves
▼ + stars: | 2023-07-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

[1/2] A New Zealand Dollar note is seen in this picture illustration June 2, 2017. Against a basket of currencies, the U.S. dollar rebounded from a 15-month low hit in the previous session, with its index steadying at 99.943 in early Asia trade. Sterling <GBP=D3> bought $1.3035, ahead of UK inflation data due later on Wednesday. "The stickiness of UK inflation measures has contrasted notably with price measures in both the euro zone and the U.S. which have been moving lower," said Rabobank's head of FX strategy Jane Foley. "While inflation is 'lower', it is not 'low' by any stretch of the imagination.

Persons: Thomas White, Tina Teng, Klaas, Jane Foley, Satish Ranchhod, Kazuo Ueda, Rae Wee, Shri Navaratnam Organizations: REUTERS, New Zealand, U.S ., U.S, CMC Markets, Reuters, Federal Reserve, European Central Bank, ECB, Sterling, Bank of, Reserve Bank of New, Westpac, Australian, Bank of Japan, Thomson Locations: SINGAPORE, Asia, U.S, Bank of England, New Zealand, Reserve Bank of New Zealand

☆ Dollar tentative, kiwi jumps as New Zealand inflation data tempers rate doves
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +3 min

English, American and New Zealand currency around a paper map of the world. The dollar held just above an over one-year low on Wednesday as traders assessed the U.S. rate outlook, while the New Zealand dollar spiked briefly after a higher-than-expected inflation reading pushed back prospects of policy easing further out. Sterling bought $1.3035, ahead of U.K. inflation data due later on Wednesday. "The stickiness of U.K. inflation measures has contrasted notably with price measures in both the euro zone and the U.S. which have been moving lower," said Rabobank's head of FX strategy Jane Foley. "While inflation is 'lower', it is not 'low' by any stretch of the imagination.

Persons: Tina Teng, Klaas, Sterling, Jane Foley, Satish Ranchhod, Kazuo Ueda Organizations: New Zealand, U.S ., U.S, CMC Markets, Reuters, Federal Reserve, European Central Bank, ECB, Bank of, Reserve Bank of New, Westpac, Australian, Bank of Japan Locations: Zealand, Asia, U.S, Bank of England, New Zealand, Reserve Bank of New Zealand

☆ Dollar licks wounds as policy peak looms
▼ + stars: | 2023-07-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The euro , which jumped 2.4% last week to a 16-month high, held just below that peak at $1.1223. The yen , also up 2.4% last week, held at 138.56 per dollar. The Australian and New Zealand dollars pulled back slightly, with the Aussie last at $0.6821 - off last week's peak of $0.6895 - and the kiwi down 0.2% at $0.6355 after hitting a five-month high of $0.6412 on Friday. The Swedish and Norwegian crowns made gains of more than 5% on the dollar last week, and have paused for breath. "By then other major central banks including the ECB will also likely have reached their peak policy rates ... interest rate dynamics may therefore swing back in favour of the dollar."

Persons: Carol Kong, Chris Weston, Sharp, Jane Foley, Tom Westbrook, Sam Holmes, Stephen Coates Organizations: SYDNEY, New Zealand, Commonwealth Bank of Australia, Federal Reserve, European Central Bank, Pepperstone, U.S, dovish Bank of Japan, ECB, Thomson Locations: Europe, Melbourne, Asia

☆ Dollar licks wounds as China data looms
▼ + stars: | 2023-07-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +2 min

The euro , which jumped 2.4% last week to a 16-month high, held just below that peak at $1.1228. The yen , also up 2.4% last week, held at 138.69 per dollar. "The FX market is front running possible normalisation of Fed policy in 2024," said Chris Weston, head of research at broker Pepperstone in Melbourne. "The question then is whether the dollar sell-off has gone too far and we are at risk of mean reversion early this week." The Swedish and Norwegian crowns made gains of more than 5% on the dollar last week.

Persons: Chris Weston, Sharp, Jane Foley, Tom Westbrook, Sam Holmes Organizations: SYDNEY, Federal Reserve, European Central Bank, Pepperstone, U.S, New Zealand, dovish Bank of Japan, ECB, Thomson Locations: U.S, Europe, Melbourne, Asia

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

☆ Citigroup posts better-than-expected earnings and revenue, shares rise
▼ + stars: | 2023-07-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Citigroup shares rose in premarket on Friday after the bank reported second-quarter earnings and revenue that topped expectations. Earnings per share: $1.33 vs. $1.30Revenue: $19.44 billion vs. $19.29 billionShares of Citigroup climbed more than 1% in premarket trading. While beating Street estimates, Citi's revenue dipped 1% from a year ago as the decline in markets and investment banking businesses weighed on the result. "In Banking, the long-awaited rebound in Investment Banking has yet to materialize, making for a disappointing quarter." On the bright side, revenue from personal banking and wealth management increased 6% in the quarter to $6.4 billion driven by strong loan growth.

Persons: Refinitiv, Jane Fraser, Fraser Organizations: Citigroup, P Bank ETF, Citi, Investment Banking Locations: premarket, U.S

Jamie Dimon, the bank’s chief executive, has deep political connections, and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. The U.S. economy “continues to perform better than many had expected,” said Charles W. Scharf, the bank’s chief executive. Unlike the other banks, Citigroup reported a fall in second-quarter profit, although the decline was not as severe as analysts had predicted. The U.S. government debt-limit standoff in April and May was also reflected in the banks’ results, with Citi citing anxiety during the negotiations as pushing investment-banking clients to the “sidelines” during the second quarter. What’s NextIn the next week or so, a slew of other banks will report quarterly earnings.

Persons: Jamie Dimon, Dimon, didn’t, ”, Wells, “, Charles W, Scharf, Jane Fraser, Goldman Sachs Organizations: JPMorgan, Treasury, Citigroup, Citi, Western Alliance and Comerica Locations: U.S, Wells Fargo, Republic

Search resuls for: "Jane F"

25 mentions found