Hints and tips:
...Citigroup chief executive Jane Fraser is considering a plan to disband the bank’s biggest division in what would be the most significant shake-up of its corporate structure in nearly 15 years, according...
...Shortly after Raghavan’s move to Citi was announced, JPMorgan sent a memo to employees announcing that Filippo Gori and Doug Petno would become co-heads of global banking: a new division encompassing JPMorgan...
...Citigroup has been in a far worse position after divesting Smith Barney near the market bottom....
...Since the MD and VP titles are almost meaningless, you might think that global co-head is also either a vanity title or a piece of marketing. That’s not quite true....
...SMITH BARNEY: Smith Barney. They make money the old fashioned way....
...Shortly after his move to Citi was announced, JPMorgan sent a memo to employees announcing that Filippo Gori and Doug Petno would become co-heads of global banking: a new division encompassing JPMorgan’s...
...The timing of the move was as newsworthy as his destination: Citigroup, which last year ranked fifth for investment banking fees, according to data from the London Stock Exchange Group....
...Phil Smith, head of Emea LDI research at BlackRock, said: “This is about broadening out the pool of assets that can be used as collateral, increasing that resilience and trying to avoid losses from having...
...The exit of Ybarra, whose division generated more than half of Citi’s $40.9bn first-half revenue in 2023, opens a window of opportunity for Fraser to make the most significant changes to reporting lines...
...“A lot of institutional investors have just given up on them,” says Christopher Whalen, a veteran bank analyst who is the head of Whalen Global Advisors....
...Since taking over the top job in March 2021, the 56-year-old has cut jobs and reduced the US lender’s global footprint. Now she is considering plans to shake up the bank’s biggest division....
...There are glimmers of hope that investment banking might also be set for a comeback. The division had its best quarter in two years with revenues of $2.1bn....
...The US lender plans to completely separate its Banamex division, which has 38,000 employees and is one of the largest consumer banking franchises in Mexico, by the middle of next year....
...Reporting by Robert Smith, Sarah White, Arash Massoudi, Leila Abboud, Adrienne Klasa, Barney Jopson and Ivan Levingston....
...The one exception was Citigroup, which closed 0.8 per cent higher....
...It plans to completely separate its Banamex division and list it on the public markets by the end of 2025. One banking analyst said “this is not an ideal solution”....
...Here are the divisions expected to be hit....
...Cryptocurrency: Gurbir Grewal, director of the division of enforcement at the US Securities and Exchange Commission, will discuss cryptocurrency regulation with Coinbase chief policy officer Faryar Shirzad...
...the IMF said the global economy had proved to be unexpectedly resilient.Santander’s cost of risk, a ratio of provisions to its overall loan portfolio, stood at 0.99 per cent....
..., a former director of the Fed’s division of monetary affairs....
...Revenue at Microsoft’s cloud division climbed 16 per cent in the first three months of 2023, a faster than expected rate that dispelled fears of a sharp slowdown in spending by their corporate clients following...
...Ramaswamy, the author of Woke, Inc. and Nation of Victims, co-founded Strive Asset Management last year with the backing of billionaire PayPal founder Peter Thiel and US Republican senator JD Vance. 3....
...Citi has already scrapped its global consumer banking division as part of chief executive Jane Fraser’s retreat from international retail banking....
...with global banks....
...JPMorgan Chase, Citigroup and Bank of America are all contemplating cutting those bonus pools by 30 per cent, people familiar with the discussions said....
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