Hints and tips:
...For more than a decade Citi has operated with two divisions: ICG and a consumer-focused division that includes Citi’s retail bank, credit cards and wealth management....
...SMBC, whose parent company is Sumitomo Mitsui Financial Group, also committed $2.25bn in financing for Jefferies’s debt underwriting business in 2021....
...“As a ‘loss leader’ or low-profitability safe business to establish relationships, it’s a great business. But as a standalone with no follow-up business, it’s mediocre,” they said....
...Christian Meissner, the former head Credit Suisse investment banker who is now at boutique advisory firm BDT & MSD Partners, said Raghavan was “clearly a formidable competitor, a super intense guy and that...
...Barnum said JPMorgan’s $2.8bn provision was primarily driven by loan growth at its credit card business — as banks make more loans they need to build provisions for a certain amount of losses — and “the...
...of departures at its US business....
...But, of course, there’s a reason why it’s widely called Shitibank; the sprawling, gormless Citi has for a v v v very long time proven adept at blithely ambling onto various rakes around the world....
...His overtures to private equity, private credit and hedge funds rarely got beyond the first meal. Often the cultures or business models clashed....
...Franklin said the deal would nearly double assets managed in its defined contribution business to $90bn....
...DIANE GLOSSMAN: You had on the one hand Citi that had a huge business around the globe, known to be an innovator in technology and credit card....
...If such data was deployed for assessing risk, it could be “very powerful in making smart credit decisions”, says Charlotte Principato, an analyst at Morning Consult, a business intelligence company....
...Wells Fargo also reported a continued increase in consumer spending in its credit card business. Not all Wall Street executives are predicting the Fed will hold firm on rates....
...(FT) Disney explores strategic options for India business (WSJ) Kim Kardashian in talks to buy back stake in beauty business from Coty (WSJ) Alleged Odey victims seek safeguarding of firm’s assets ahead...
...The bank also disclosed in August that the US consumer finance regulator was investigating how it manages accounts in its credit card business, which includes Apple....
...Given Citi’s smaller retail banking business compared with peers, it is more reliant on deposits from corporate clients that are more sensitive to price....
...Latest news Goldman execs clashed over Marcus before the lender’s retreat from retail banking, Josh Franklin reports....
...Big Tech’s move into the core banking business has been long feared on Wall Street after years of an uneasy alliance in areas such as mobile payments....
...“Obviously, it’s a higher risk than your standard business transaction,” said Jill Fisch, a professor of business law at the University of Pennsylvania....
...Goldman Sachs, Morgan Stanley, MUFG, Credit Suisse, Nomura and Macquarie declined to comment....
...The exposure is a small fraction of Citi’s overall business, with the bank holding $2.29tn worth of assets at the end of last year....
...Susan Katze, Credit Suisse analyst, lowered her estimate for Citi’s 2022 earnings for the second time this year on Tuesday, saying the Russian exposures had “tempered our expectations for share buybacks”...
...“High gas prices may push credit card default rates higher, particularly at the lower end of the income spectrum, but that has yet to show up in anyone’s reported numbers.”...
...Another option is to simply wind down the business....
...Perhaps the franchise might appeal to a big traditional asset manager keen to build up its alternatives business, especially in credit, where Sculptor is relatively strong....
...“If anything, the broader business is excited to see these new alts businesses grow because we are all shareholders,” said Shane Clifford, senior managing director for alternative strategies at Franklin...
International Edition