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Citigroup Inc

Citigroup profit triples, exits some overseas consumer units

Citigroup profit triples, exits some overseas consumer units

Published 15 Apr, 2021 07:38pm
  • Like JPMorgan Chase & Co, which reported earnings on Wednesday, Citi benefited from a boom in capital markets activity, but its consumer bank felt the impact of low interest rates that hurt earnings.
  • Revenue fell 7% on low interest rates and a 10% decline in loans, largely due to lower consumer credit card loan balances.
Bank of America to deploy $1 trillion for sustainable finance by 2030

Bank of America to deploy $1 trillion for sustainable finance by 2030

Published 08 Apr, 2021 08:46pm
  • The initiative will help the bank's push for a greener economy through lending, capital raising, advisory and investment services to help low-carbon and other sustainable businesses, Bank of America said.
  • In February, Bank of America said it would target net-zero greenhouse gas emissions before 2050.
Nasdaq futures fall nearly 2pc as bond yields spike

Nasdaq futures fall nearly 2pc as bond yields spike

Published 12 Mar, 2021 05:38pm
  • Futures off: Dow 0.06%, S&P 0.57%, Nasdaq 1.76%.
  • Nasdaq 100 e-minis were down 230 points, or 1.76%, S&P 500 e-minis were down 22.5 points, or 0.57%, and Dow e-minis were down 18 points, or 0.06%.
Citigroup offers rapid at-home COVID-19 tests to some US staff

Citigroup offers rapid at-home COVID-19 tests to some US staff

Published 10 Mar, 2021 07:38pm
  • The at-home COVID-19 testing program uses a rapid antigen test, which offers results within 20 minutes, the bank said, adding the test is awaiting emergency use approval from the US Food and Drug Administration.
  • Citi said it has offered employees at its Chicago area branches and those working on its trading floors in New York a chance to participate in the home testing program.
Citi takes profits in South Africa currency trade

Citi takes profits in South Africa currency trade

Published 16 Feb, 2021 06:56pm
  • Citi said it was taking profit on its three-month USD/ZAR put spread of 14.00 to 14.50, giving a total profit of 1.26% of the notional value. It purchased the put spread on Jan. 20.
  • Citi said the potential for a lowering in issuance of South Africa government bonds had already been partially absorbed by the market.
Taiwan punishes foreign banks in speculation case

Taiwan punishes foreign banks in speculation case

Published 05 Feb, 2021 07:42pm
  • The Taiwan dollar is at a more than 23-year-high against the greenback as the island's trade-dependent economy booms on the back of global demand for its tech products.
  • The suspension will be a year or more for the most serious cases, the sources said, without saying the length of time being applied to each bank.
Citigroup urges return of mistaken Revlon payment as trial ends

Citigroup urges return of mistaken Revlon payment as trial ends

Published 17 Dec, 2020 12:56am
  • At the conclusion of a six-day non-jury trial, US District Judge Jesse Furman in Manhattan said he would rule as quickly as he could, while admitting "it's not the easiest case."
  • Ten asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management have refused to return $501 million.
Citigroup defends actions at trial over $900mn Revlon blunder

Citigroup defends actions at trial over $900mn Revlon blunder

Published 10 Dec, 2020 12:31am
  • The unusual case in Manhattan federal court could provide insight into Wall Street banks' relationships with clients.
  • Citigroup was "holding off" on firing a loan manager involved in the overpayment until after the trial. "I don't know," Farrell responded.
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