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Citigroup earnings buoyed by growing loans

“Citigroup Inc. said Friday its second-quarter profit rose 16%, boosted by growing loans and flat expenses” writes Christina Rexrode for marketwatch.com. Chief Financial Officer John Gerspach said last month that he expected trading revenue to be flat in the second quarter.Second-quarter trading revenue fell about 1% from a year ago, to $3.94 billion.Quarterly profit at the New York-based bank was $4.49 billion, up from $3.87 billion a year earlier. Source: marketwatch.com Share This:

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Citigroup trading results mixed as weak fixed income weighs against strong equity trading

“Equity markets revenue rose 19% to 4864 million, reflecting market volatility” writes Ciara Linnane for marketwatch.com. Securities services revenue rose 12% to $665 million.C, +0.88% posted mixed results from trading Friday, with its markets and securities revenue falling 1% to $4.5 billion in the second quarter as strong growth in equity markets and securities services was more than offset by a decline in fixed income markets.The bank said fixed income revenue fell 6% to $3.1 billion, driven by “a more challenging market environment” and a difficult comparison with the year-earlier…

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Citigroup, with limited options, hopes to lure deposits digitally

“Those efforts, some going back decades, have gathered about 5 percent of U.S. deposits, according to consulting firm Novantas” writes Midwest Communications Inc for 95kqds.com. Executives hope it can lure deposits without opening new branches, acquiring a rival or beating competitors’ rates – three ways to collect deposits with their own costs and risks.Citigroup is not the first bank to try to grow deposits without branches.Citigroup paid 0.81 percent on U.S. interest-bearing accounts in 2017 compared with less than 0.30 percent at the other three big banks, according to their…

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U.S. watchdog does not fine Citi for shorting credit card customers

“Citi first disclosed the credit card problems in February and promised the to refund $335 million at that time” reports businessinsider.com. Credit card customers who keep up with their payments are often entitled to a lower interest rate and Citibank said a computer error led to 1.75 million customers missing out on a lower rate.The Consumer Financial Protection Bureau (CFPB), a leading regulator for Citigroup, said the bank must refund customers but will not have to pay a fine.”Citi is pleased to have resolved the matter with the Bureau, and…

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Markets News 

Citigroup CFO sees flat second-quarter markets revenue versus year earlier

“His outlook for markets revenue was similar to assessments given two weeks ago by executives of JPMorgan Chase & Co and Bank of America Corp” reports businessinsider.com. Speaking at an investors conference, Gerspach said the equities portion of total markets revenue will likely be stronger than that from fixed income and commodities trading.FILE PHOTO – The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto Thomson Reuters By David Henry NEW YORK (Reuters) – Citigroup Inc sees second-quarter markets revenue coming in “flattish” compared to…

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Senate Democrats seek probe of SEC comments to Citigroup on guns

“WASHINGTON (Reuters) – U.S. Senate Democrats on Wednesday asked the Securities and Exchange Commission’s inspector general to investigate reports that Commissioner Michael Piwowar linked possible regulatory action to Citigroup’s policy on gun sales” writes Midwest Communications Inc for 95kqds.com. Citigroup in March added restrictions on firearms sales for new retail-sector clients after a mass school shooting in Parkland, Florida, drawing the ire of the U.S. gun lobby.”Recent news reports indicate that the Commissioner ‘castigat[ed] them for straying into social policy’ while ‘glowering and speaking emphatically’ about guns,” the senators said…

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Commonwealth Director of Public Prosecutions charges ANZ, Citi and Deutsche Bank with criminal cartel offences

“Criminal charges have also been laid against several senior executives: John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ. The charges involve alleged cartel arrangements relating to trading in ANZ shares held by Deutsche Bank and Citigroup” reports financefeeds.com. In its statement on the matter last week, ANZ said it was also co-operating with ASIC’s investigation into the matter.A followup to the FinanceFeeds’ article from last week about a number of major banks facing criminal cartel charges in…

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AUD Markets News 

Citi, Deutsche Bank, ANZ served with criminal cartel charges in Australia: competition regulator

“(Reuters) – Australia’s competition regulator on Tuesday said criminal charges had been laid against Australia and New Zealand Banking Group Ltd, a local unit of Citigroup and Deutsche Bank AG relating to cartel offences over a $2.3 billion share issue” writes Midwest Communications Inc for 95kqds.com. The placement was made when Australian banks were under pressure to meet new capital requirements, which prompted ANZ and the country’s biggest bank, Commonwealth Bank of Australia, to raise a combined A$8 billion in a single week. Source: 95kqds.com Share This:

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AUD Markets News 

Citigroup, Deutsche Bank, ANZ facing ‘criminal cartel’ charges in Australia

“ANZ, -1.51% will all face “criminal cartel charges” in Australia, the country’s consumer watchdog announced on Friday” writes Markets Reporter for marketwatch.com. “The charges will involve alleged cartel arrangements relating to trading in ANZ shares following an ANZ institutional share placement in August 2015,” ACCC Chairman Rod Sims said, in a statement.ANZ reportedly said the charges stem from a placement of 80.8 million shares. Source: marketwatch.com Share This:

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The Idaho Republican assailed Bank of America Wednesday for its announcement that it would stop lending to gun manufacturers that make versions of the AR-15.

“Megabanks that have moved to curb business with gun companies are running into powerful resistance in the person of Senate Banking Committee Chairman Mike Crapo” writes Ap Photo Pablo for washingtonexaminer.com. John Kennedy, R-La., Federal Reserve vice chairman for supervision Randal Quarles over the possibility of banks cutting off credit to gun makers.Since then, businesses have been under pressure to distance themselves from the gun industry, including from the state of New York.Citigroup has said that it will pull back from business with companies that sell guns to people under…

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