Citigroup to exit 13 consumer markets despite tripling quarterly profit April 15, 2021 Citigroup has started the year with a bang, tripling its profit in the first quarter after releasing $3.85bn in reserves but announced plans to exit a handful of its consumer markets. The investment bank reported quarterly net income of $7.9bn, up from income of £2.5bn in the first quarter of 2020. Revenues slipped seven per [...]
Bank of America profit doubles as Covid loan losses less than predicted April 15, 2021 Bank of America profit doubles as Covid loan losses less than predicted
Exclusive: Bank of Ireland UK launches four working hubs in pivot to flexible working April 15, 2021 The Bank of Ireland is the latest company to pivot to a flexible working model with plans to launch four working hubs across the UK. Some 91 per cent of employees surveyed by the bank have indicated they would like to work flexibly in a sign of just how much working patterns have changed amid [...]
UniCredit shareholders approve Andrea Orcel’s bumper pay packet April 15, 2021 UniCredit shareholders have approved the appointment of Andrea Orcel and a proposed bumper pay packet making him Italy’s highest-paid banker. Orcel is set to take over from French banker Jean Pierre Mustier who left in February after falling out with the board over its strategy. Today shareholders, accounting for around 60 per cent of the [...]
Women of the City: Ayesa Latif at Citi April 15, 2021 In this series, City A.M. zooms in on a range of successful women in the Square Mile, some being movers and shakers in their respective fields – rule makers, not rule takers – while others are rising stars worth keeping an eye on. Today: Ayesa Latif, managing director, head of EMEA electronic FX Sales at [...]
Before the Open: Late US tech selloff set to act as a drag on European open April 15, 2021 US markets saw another mixed close yesterday, only this time it was the S&P500 and Nasdaq that finished the day lower, while the Dow and Russell 2000 finished higher on the day. Despite the mixed close the S&P500 and Dow still managed to post new record highs. Coinbase finished its first day of trading, closing [...]
‘Fat finger’ trade briefly bumps £3bn off Barclays’ value April 15, 2021 Barclays’ share price fell 10 per cent yesterday morning after a suspected “fat finger” trade, which temporarily knocked more than £3bn from Barclays value. Barclays’ share price had fallen almost 10 per cent by 8:05am yesterday morning, according to reports – an unusual event, particularly for a big bank. After a five-minute pause in [...]
Goldman Sachs smashes profit expectations as global M&A and SPAC boom pushes fees higher April 14, 2021 Goldman Sachs smashes profit expectations on global M&A and SPAC boom
JP Morgan profit soars on higher investment banking fees April 14, 2021 JP Morgan reported a surge in profit in the first quarter boosted by a strong performance in its trading and investment banking divisions. The Wall Street bank posted net income of $14.3bn in the first three months of the year, up from $2.9bn a year earlier. JP Morgan’s performance was driven by the release of [...]
Glass Lewis opposes re-election of Credit Suisse’s risk chairman April 13, 2021 Proxy adviser Glass Lewis has called on Credit Suisse shareholders to oppose the re-election of board member Andreas Gottschling amid the Greensill and Archegos fallout. The Swiss bank has been mired in controversy in recent weeks due to its exposure to Archegos Capital Management which failed to meet its margin commitments. It came shortly after [...]