News with the tag "citigroup"

A filing by the asset management company Strategy (formerly MicroStrategy) with the U.S. SEC on March 18 revealed that the firm planned to issue an additional 5,000,000 shares of its 10.00% Series A Perpetual Strife Preferred Stock. The firm also confirmed that the stock would be available at $100 p...

Russia reportedly sent a whopping $5 billion through banking giants JPMorgan Chase and Citigroup in a scheme to skirt US sanctions. According to a report from the Wall Street Journal citing “people familiar with the matter,” investigators at the Justice Department (DOJ) believe Russia used a state-c...

Berkshire Hathaway, the investment conglomerate led by Warren Buffett, reduced its holdings in US banks Bank of America (BoA) and Citigroup shares in the final quarter of 2024. The move, disclosed in a regulatory filing on Friday, comes as Buffett continues to trim Berkshire’s stock portfolio, favor...

The financial industry faces mounting scrutiny as Citigroup, the third-largest bank in the US, confronts a legal challenge over its handling of online fraud cases. A federal judge in Manhattan ruled on Tuesday that Citigroup’s attempt to dismiss a lawsuit filed by New York Attorney General Letitia J...

Wall Street just went wild. Stocks posted their biggest gains since Trump took office again, with the S&P 500 climbing 1.8% and the Nasdaq skyrocketing 2.5%. This was a full-blown rally fueled by two big factors: lower-than-expected inflation and blowout earnings from America’s banking giants. Wall ...

Wall Street’s biggest names have smashed earnings expectations, but markets? Barely a pulse. Big banks delivered some of their best numbers in years, inflation data came in right on target, and even Bitcoin got a lift. Goldman Sachs reported $11.95 per share in earnings on revenue of $13.87 billion,...

Wall Street is on edge. The big banks—Citigroup, JPMorgan Chase, Goldman Sachs, and Wells Fargo—are about to release their earnings, and the stakes couldn’t be higher. Jefferies Financial Group already kicked off the season with numbers that disappointed the market. Combine that with a shockingly st...

Artificial intelligence is coming for the banks, and it’s not stopping at the doors. Over the next three to five years, up to 200,000 jobs in the banking sector could disappear as AI systems take over tasks currently done by humans, according to a report . That’s about 3% of the global banking workf...

Defaults on credit card loans are skyrocketing in the US. Lenders are now witnessing a 14-year high in credit card defaults, reports the Financial Times. The bad credit forced lenders to collectively write off a whopping $46 billion in loans that are considered seriously delinquent in the first nine...

Banks are headed for their weakest year in trading revenue since the pandemic, with numbers that scream struggle. Coalition Greenwich estimates that over 250 global firms will scrape together $32 billion from G10 rates trading and $16.7 billion from currency trades in 2024. That’s a 17% and 9% drop,...