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...One person familiar with the business plan said the company had set an internal target for revenue derived from advertising of about £300mn by 2026. Revolut declined to comment on the target....
...Quantuma, part of K3 Capital Group, was “very disappointed” at what had happened and has taken steps to make sure its internal processes are adequate, it added....
...amid a slowdown in demand for some of their services....
...The profitable units, which account for three-quarters of its annual €2.6bn revenue, are now sitting in separate legal entities from its auditing business....
...Fraser told investors last month that the wealth management business “isn’t where it needs to be”....
...The standout business has been Citi’s transaction services division — which houses its vast payment processing and cash management network — though revenue growth there has been slowing this year....
...did not establish criminal intent in the Big Four firm’s conduct and while its assessment is unflattering, it has been greeted with relief inside EY for this reason, said people familiar with the firm’s internal...
...Two allies — John Garvey, PwC’s global financial services leader, and Julien Courbe, global chief client officer — had their management roles taken away at the same time, according to internal communications...
...The Internal Revenue Service said on Wednesday that it was preparing “dozens” of audits of large corporations, partnerships and high-income taxpayers to see if their use of jets had been properly designated...
...We est. the value of the Services LOB (est. 1/4 of core revenues) at about 4/5 of Citi’s market cap ($75B vs $99B as of Dec. 29, 2023) assuming a P/E of 12-13x on 2024E earnings of $6B....
...Any rebound for Citi next year starts in its services unit, offering working capital and payment facilities to its multinational corporate clients....
...Full-service banks such as JPMorgan are built for scale — ie getting as many deals through the door as possible — so there’s only so much impact any one individual can make. That’s intentional....
...Revenues from operations rose 3 per cent in the quarter to $21bn, again better than analysts had expected....
...Citi’s banking division reported revenues of $4.6bn for 2023, down 15 per cent from a year earlier....
...The Munich-based fintech company Wirecard collapsed into insolvency in June 2020 after reporting that half of its revenue and €1.9bn in corporate cash did not exist....
...By comparison, Kirkland & Ellis of the US, the world’s highest-grossing law firm, reported $6.5bn in revenue in 2022....
...Spending on the bank’s credit cards helped raise revenue in its consumer banking division by 12 per cent, while corporate spending helped push up revenue in Citi’s treasury services division, which manages...
...Eduardo Cruz, who heads Citi’s Latin American investment banking operations, is leaving the bank, according to an internal memo sent earlier this month....
...The deal was one of several recent examples of buyout firms investing in the professional services industry....
...The Internal Revenue Service had temporarily stopped sending postal reminders to pay overdue tax bills, and as many as 4.7mn taxpayers could have been affected....
...Citi’s transaction services division also reported one of its best quarters in years....
...It was after he missed out on the chief executive position there — to fellow Scot, Jane Fraser — that Flint suggested to Bird in an Edinburgh pub that he consider running the asset manager....
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