By David Henry and Niket Nishant (Reuters) -Citigroup Inc displayed some of the financial bruises required for its current restructuring as it reported a 26% drop in fourth-quarter profit on Friday. The bank said results were depressed by $1.1 billion in after-tax expenses for its ongoing divestitures of consumer banking businesses outside of the United…
By Bansari Mayur Kamdar, Shreyashi Sanyal and Sinéad Carew (Reuters) -Wall Street’s main indexes fell on Friday with the biggest drag from the financial sector as investors were disappointed by financial results from big U.S. banks, which cast a shadow over the fourth-quarter’s earnings season kick-off. Ten of the 11 major S&P 500 sectors were…
(Reuters) – Citigroup Inc described the Citibanamex consumer bank in Mexico it is planning to shed as a “jewel” as it gears up to be active with potential buyers in the coming months. The lender has been shedding the last of its consumer businesses outside of the United States as part of a “strategy refresh”…
WASHINGTON (Reuters) – While big U.S. bank bosses were optimistic on the economic outlook on Friday, pointing to an uptick in some lending businesses and a jump in consumer spending, investors were skeptical on the growth outlook for the sector. JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co, bellwethers of the U.S….
WASHINGTON (Reuters) – A U.S. court said on Friday that Martin Shkreli, who famously raised the price of Daraprim, would be ordered to pay $64.6 million and would be barred for life from the pharmaceutical industry. The drug is used to treat toxoplasmosis, a parasitic infection that threatens people with weakened immune systems. (Reporting by…
By Andrea Shalal and Ann Saphir WASHINGTON (Reuters) – U.S. President Joe Biden on Friday nominated former Federal Reserve Governor Sarah Bloom Raskin for the Fed’s key regulatory post and economists Lisa Cook and Philip Jefferson to serve on its board in what would represent a landmark demographic overhaul of the world’s most powerful central…
By Eric M. Johnson SEATTLE (Reuters) -Boeing Co executive Michael Teal, a top engineer on its 777X program who also oversaw technical development of the 737 MAX program, is set to retire, according to a company memo seen by Reuters on Friday. Teal, a 35-year Boeing veteran, was a vice president and chief project engineer…
By Jonathan Stempel NEW YORK (Reuters) – A U.S. appeals court put the federal government’s prosecution of Turkish state-owned lender Halkbank for allegedly helping Iran evade American sanctions on hold while the bank appeals to the U.S. Supreme Court. Friday’s order from the 2nd U.S. Circuit Court of Appeals in Manhattan allows Halkbank to appeal…
By Anirban Sen and Matt Scuffham (Reuters) -JPMorgan Chase & Co posted fourth-quarter profit ahead of market expectations on Friday, but its shares fell as much as 6% as analysts expressed disappointment over its forecasts for future profitability. The country’s largest bank warned that its return on tangible capital equity (ROTCE), a key metric which…
By Elizabeth Howcroft and Koh Gui Qing LONDON/NEW YORK (Reuters) – Global stock markets stumbled again on Friday and U.S. Treasury yields climbed as cautious investors considered imminent U.S. interest rate hikes and the uncertainty of their impact on the economy. Even a spate of solid earnings reports from Wall Street banks — JPMorgan Chase…
