Keyword: citibank
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acknowledging a "clearly disappointing" quarter marred by one-off charges that resulted in a $1.8 billion loss. ... in the middle of a multi-year effort to cut bureaucracy, increase profits and boost a stock that has lagged peers ... "The fourth quarter was very clearly disappointing," CEO Jane Fraser .. We know that 2024 is critical." ... layoffs from the sweeping reorganization, Chief Financial Officer Mark Mason ... Citi will also no longer count 40,000 jobs when it spins off and lists its Mexican consumer unit Banamex in an eventual initial public offering, eventually aiming to reach a staffing level of...
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Ten banks in the United States are working with the New York Innovation Center (NYIC), part of the Federal Reserve, to test the regulated liability network (RLN), a digital currency platform that will replace cash. RLN would use distributed ledger technology to improve financial settlements and would include commercials and central banks, the firm said earlier this month.
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Ten members of the banking community are working with the New York Innovation Center (NYIC), which is part of the Federal Reserve Bank of New York, to explore the feasibility of the regulated liability network (RLN) — an interoperable digital money platform. The proposed RLN would use distributed ledger technology to improve financial settlements and would include central banks, commercial banks and regulated non-banks, the participating firms said Tuesday (Nov. 15) in a press release. “The 12-week PoC [proof of concept] will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated...
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Banks routinely snitch on customers and even deny services to people politicians don’t like. The House Judiciary Committee is investigating banks for sharing Americans' financial information with the FBI without regard for privacy concerns. In fact, there's no doubt about the threat to civil liberties posed by the government's leverage over the financial industry; that's long established. At question in this investigation is whether the danger to our freedom inherent in that cozy relationship is being wielded in political warfare between the country's political factions. But the larger problem should be fixed no matter what lawmakers discover. "Today, Chairman Jim...
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While waiting on the February jobs report from the US Bureau of Labor Statistics (BLS), I noticed that the big 4 banks (Bank of America, JPMorgan Chase, Citi and Wells Fargo) are drowning in net realized losses as The Federal Reserve combats 1) too many years of loose monetary policy under former Fed Chair Janet Yellen and 2) too much spending under Pelosi, Schumer and … McConnell. At a micro level, we have Silicon Valley Bank (SVB) SVB Is racing to prevent a bank run as funds advise pulling cash. Panic is spreading across the financial world as concerns about...
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For the first time in nearly 50 years, Great Britain’s inflation rate is expected spike beyond 18 percent, according to a dire new report from Citi. Benjamin Nabarro, the chief UK economist at Citi, told clients at the start of the week that the bank expects CPI inflation to reach 18.6 percent by January, in part due to soaring electricity and natural gas costs. (Related: The UK’s hyperinflationary track started to really become noticeable last year.) “Our latest estimate, updated for the further 25 percent and 7 percent rally in UK gas and electricity prices last week, points to a...
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Citigroup told employees on Thursday that it would require vaccination against Covid-19 as a condition of employment in the United States, making it the first major bank to issue such a mandate. “It has become crystal clear that Covid-19 will not be going away anytime soon,” Sara Wechter, the company’s head of human resources, wrote in a LinkedIn post describing the new policy. Ms. Wechter cited two catalysts for the decision. First, because the bank does business with the federal government, it has an obligation to comply with President Biden’s executive order requiring vaccination for people working on government contracts....
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The fact that America’s biggest banks (not to mention many of its biggest companies) have embraced virtue-signaling on issues like racial equality and representation is nothing new. But in the race to be seen as the most beneficent megabank on Wall Street, Citigroup appears to be pulling ahead. One year after releasing a 104-page paper purporting to analyze the impact of racism and inequality on America’s economy – the analysts ultimately determined, in a report that reads more like propaganda than sell-side research, that “systemic racism” has helped to destroy some $16 trillion in economic value over the last 20...
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Bitcoin, that inexplicable cryptocurrency with mysterious origins, is gaining acceptance in Wall Street even as many other financial institutions remain skeptical. Companies such as PayPal Holdings, Inc., Visa Inc. and MasterCard Inc. are now accepting the virtual currency, while Tesla Inc. is keeping some of its corporate treasuries in bitcoin. More than 12,000 bitcoins ATMs have popped up over the past year, while Toronto-based Purpose Investment launched the world’s first bitcoin ETF last month.....
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UPDATE: @Citibank says it will “not support candidates who do not respect the rule of law” and will “pause contributions" to the GOP members who objected. It is the fourth major corporation to take such a step.
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Citibank has a big problem: It mistakenly wired roughly $175 million to Brigade Capital Management, and the hedge fund hasn't returned the money. The US banking giant filed a lawsuit Monday in the Southern District of New York, seeking the return of funds that it said were transferred in an "operational mistake." Citibank said in court documents that it meant to send Brigade Capital around $1.5 million in interest payments on a loan the hedge fund made to troubled cosmetics company Revlon. Instead, it wired roughly 100 times that amount of its own funds to the hedge fund. Other Revlon...
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Warren Buffett has given up his long-held conviction against buying gold — and he’s meanwhile getting out of Goldman Sachs. The totemic tycoon revealed in filings late last week that he has scooped up more than 20 million shares of mining giant Barrick Gold Corp. even as he unloaded nearly all of his nearly 2 million shares in Goldman Sachs. The 89-year-old investing icon’s sudden embrace of the precious yellow metal — which has has previously derided as “useless,” saying that “anyone watching from Mars would be scratching their head” at the idea of investing in it — took many...
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Major institutions should be broken up if necessary, Greenlight manager says NEW YORK (MarketWatch) -- Greenlight Capital manager David Einhorn said Monday that his hedge-fund firm is betting on the possibility of a major currency collapse and a surge in interest rates, citing ballooning government deficits in some of the world's most developed countries.The hedge-fund manager, who warned about Lehman Brothers' frailty before it collapsed last year, also said financial institutions that are deemed as "too big to fail," such as Citigroup Inc. /quotes/comstock/13*!c/quotes/nls/c (C 4.57, -0.02, -0.38%) , should be broken up. ReutersDavid Einhorn of Greenlight Capital. Greenlight has...
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Louisiana Attorney General Jeff Landry and the state’s Bond Commission denied $600 million to Citibank and Bank of America over the gun control stance adopted by both companies. Citibank and Bank of America were both to be part of a road financing plan in the state, but were omitted from the financial plan after arbitrarily placing new gun controls on banking customers. Louisiana Executive Division press secretary Ruth Wisher told Breitbart News that Landry and State Treasurer John Schroder have been working on the state’s response to corporate gun control “for some time.” Omitting them from the $600 million is...
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Facebook is asking banks to share customer’s financial information in a climate where corporate America is blacklisting gun manufacturers and businesses or groups that support the Second Amendment. On March 23, 2018, Breitbart News reported Citibank’s new corporate gun controls which bar gun store customers from selling “high-capacity” magazines and require those same stores to refuse long gun sales to 18 to 20-year-old Americans, even though it is legal to sell long guns to 18 to 20-year-olds. On March 30, 2018, Breitbart News reported that Interfaith Center on Corporate Responsibility (ICCR), which has $634 billion in assets, joined the gun...
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The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users. Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM +0.25% & Co., Wells Fargo & Co., Citigroup Inc. C +0.20% and U.S. Bancorp USB +0.40% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter. Facebook...
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Citibank and Barclay Credit Cards can be denied based on systems issues. Barclay readily acknowledges they have an issue but it took over 20 minutes on the phone with Citibank for them to get their administration to acknowledge they have an issue. In my specific case I was trying to buy an airline ticket but it kept getting a system error. Calls to the CC company did not fix the problem, however it was nice to find out it was their issue. It seem strange that both Citi and Barclay would have the same issue at the same time. Looks...
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Rep. Todd Rokita (R-IN) is pushing to end Citibank’s federal contract after the finance giant adopted new gun policies that do not respect the Second Amendment. Citibank currently enjoys a $700 billion contract with the General Services Administration (GSA), and Rokita is seeking to have that contract terminated. Rokita sent a letter to GSA administrator Emily W. Murphy, in which he pointed to Citibank’s new policy mandating that financial customers in the firearms sector refuse to sell “high capacity” magazines and bump stocks, and also refuse to sell long guns to any one under 21, although federal law allows sales...
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U.S. Links Charity to Chechen RebelsBy Nabi Abdullaev Staff Writer The head of a U.S.-based Islamic charity who is suspected of having ties to Osama bin Laden is in jail facing a grand jury investigation after the FBI showed he had lied about his support for Chechen rebels. Federal officials accused Enaam Arnaout, a Syrian-born U.S. citizen, and his Benevolence International Foundation of perjury last month for claiming they did not provide support to "people or organizations known to engage in violence, terrorist activities or military operations of any nature." Arnaout, 39, was arrested April 30. He had been under...
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Sixteen Republican congressmen are asking the General Services Administration (GSA) to reevaluate a $700 billion contract with Citibank as a result of the the financial institution’s “anti-Second Amendment policies.”The congressmen, led by Indiana Rep. Todd Rokita, sent a letter to GSA Administrator Emily Murphy on Wednesday, asking her to terminate the contract in response to Citibank’s March announcement restricting its clients participation in gun sales.“In 2017, the General Services Administration (GSA) awarded Citibank a contract of more than $700 billion to partially implement the federal charge card program, SmartPay 3,” the congressmen wrote in the letter, a copy of which was obtained by The...
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