The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a level not seen for 22 years as it tackles inflation still stubbornly above its long-term target of two percent. Goldman Sachs cut their forecast for a recession in the US...
Goldman Sachs net income down
The bank's shares dropped 3.7% to $327 in pre-market trading.
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...
India’s Adani Enterprises shares rocket 25%
The group owned by tycoon Gautam Adani lost around $120 billion in value after claims of accounting fraud were levelled by short-seller US investment group Hindenburg Research on January 24. The slide has raised concerns about the group's ability to raise fresh financing to pay down its debts. It cancelled...
Citi names new co-heads of emerging markets division in EMEA
Shaikh and Girach have worked at the bank for about 20 years.US banks report solid results, warn of rising recession risk
Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy. JPMorgan Chase set aside US$808 million in case of bad loans, while Citigroup reserved for $370 million in potential losses...
Lazard hires Citi Saudi CEO
Al-Khatib will support the firm’s operations in MENA.US stocks rise on strong retail sales, positive Citigroup results
Wall Street stocks rose early Friday as markets cheered unexpectedly strong US retail sales and better-than-expected results from Citigroup. After a pair of grim readings on US consumer price and wholesale inflation the last two days that pressured stocks, markets were pleased by data showing US retail sales jumped one...
AUB to acquire Citi Bahrain unit
The acquisition includes retail banking and credit card.
Citi’s revenue “nearly triples” in Saudi Arabia
Citigroup’s corporate and investment banking revenue nearly tripled in Saudi Arabia The group had returned to the kingdom three years back, after a 13-year-long absence Although Citigroup did not give out exact revenue figures, a senior executive revealed that the group’s corporate and investment banking revenue for its Saudi Arabia...
