Crypto News 

Citigroup Seeks Bitcoin Professionals to Tackle Money Laundering

“Moreover, for both positions, the company is asking for the so-called Bitcoin Professional Certification” reports financemagnates.com. Citigroup, a New York-based financial-services giant, is looking for Bitcoin professionals to strengthen its anti-money laundering team.To apply for the latter position, “knowledge of cryptocurrency and bitcoin monitoring” is a must. Source: financemagnates.com Share This:

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News Stocks 

Cramer unpacks the bank stocks’ weakness after strong earnings reports

“As earnings kick into full swing, CNBC’s Jim Cramer needed to address the unexpected weakness in the big bank stocks” writes Elizabeth Gurdus for cnbc.com. “The issue is simply that these stocks, all the bank stocks, ran going into the quarter.”For the long term, we have four banks — Citigroup, Bank of America, J.P. Morgan and Wells Fargo — … and the first three just slammed it out of the park. Source: cnbc.com Share This:

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News 

Senator slams bank gun policies, threatens consumer complaint

“WASHINGTON (Reuters) – A U.S. senator on Thursday criticized Citigroup Inc and Bank of America Corp’s restrictions on lending to firearm makers and sellers, saying the new policies were wrongly politicizing banking services” writes Midwest Communications Inc for 95kqds.com. Mulvaney said to the best of his knowledge the CFPB had not yet received a complaint regarding Citigroup and Bank of America’s stance on providing services to companies that sell firearms. Mulvaney said he found the banks’ decision “troubling” but he was not inclined to wade into the issue.Consumers are able…

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Markets News Stocks 

Buy Stocks On Big Sell-Offs, Says Citigroup

“This indicates that global economic data now is generally coming short of forecasts, per the Journal” writes Mark Kolakowski for investopedia.com. He warns that rising interest rates could set off an avalanche of defaults among over-leveraged companies, eventually causing a stock market collapse of 40%.To capitalize on this environment, equity strategists at Citigroup Inc. are advising investors – not to play it cautiously – but to buy stocks during what Citigroup expects to be a series of steep sell-offs in the coming months. Source: investopedia.com Share This:

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News 

Citigroup tells marijuana dispensary to stop poaching its name and logo

“Citidank, a California pot dispensary, has come under fire from a similarly named New York bank whose logo resembles that of the newly opened marijuana superstore” writes Kevin Dugan for marketwatch.com. Citigroup C, +1.56%  , the parent company of Citibank, reached out to the dispensary after the Post dropped a dime on the small business, asking the bank if there was any connection. “Unless you are as high as a kite, you know that Citi isn’t affiliated with this business in any way and we have requested that they stop…

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News 

Citigroup CEO earns 369 times average employee

“Michael L. Corbat arrives at the Planalto Palace before a meeting with Dilma Rousseff in Brasilia Thomson Reuters (Reuters) – Citigroup Inc Chief Executive Michael Corbat’s annual pay for 2017 was 369 times the median annual pay of all employees, the bank said in a regulatory filing” reports businessinsider.com. Corbat’s annual total compensation was $17.8 million while the median annual total compensation of all Citi employees was $48,249, the bank said in the filing. (http://bit.ly/2panXYX) The bank in February announced that it had raised Corbat’s annual compensation by 48 percent…

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Markets News 

Citigroup moving toward ‘national digital bank’: CFO

“We really are laying the groundwork for having a national digital bank.”” reports businessinsider.com. Gerspach said the bank does not want to begin marketing a national digital bank to consumers until it is sure it can digitally open and service accounts over mobile phones and computers to the satisfaction of customers.Gerspach also said first quarter markets revenue was up by a “low-to-mid” single digit percentage from a strong quarter a year earlier.Gerspach’s outlook for market revenue comes one week after a JPMorgan Chase & Co executive said first quarter markets…

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News 

Banks pay $4M for lobbying as tax reform debated

“Out of the six major banks, Goldman, Bank of America and Citigroup put up the most cash, combining to pay more than $2 million in lobbying expenses” reports foxbusiness.com. Citigroup turned to Bob Schellhas, a former head of government affairs at the firm, for help on the tax reform bill.The lobbying disclosure forms do not make clear what changes were made to the tax reform bill in response to the banks’ efforts or the specific objectives for some of the financial firms.President Trump’s campaign promise of draining the swamp seems…

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News 

Consumer businesses help Citigroup top Wall Street estimates

“Citigroup on Tuesday reported quarterly profit that topped Wall Street expectations as consumer businesses made up for lower revenue from bond and currency trading” reports nypost.com. While the new tax law is expected to bring long-term gains for banks doing business around the world, several Wall Street banks have said they will be taking a one-time charge in the fourth quarter resulting from the new federal tax law.JPMorgan Chase, the biggest US bank, said on Friday it had taken $2.4 billion in one-time tax expenses, primarily for income earned overseas…

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News Stocks 

Citigroup climbs after beating expectations despite a $22 billion tax hit

“JPMorgan posted a strong quarter despite taking a $2.4 billion hit from tax reform, while Wells Fargo was boosted by tax reform” writes Kimberly Chin for businessinsider.com. The bank posted adjusted earnings of $1.28 a share, above analysts’ expectations of $1.19 a share.Yet the financial institution booked a one-time, non-cash charge of $22 billion, or $8.43 per share, due to the tax law.Shares of Citigroup jumped 3.10% to $79.22 on Tuesday before the bell after the bank reported earnings that beat Wall Street expectations.JPMorgan, Wells Fargo and PNC Financial were…

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