Citigroup, Goldman, Morgan Stanley Report Drop in Profits
Citigroup’s reported a 46% YoY drop in Q1 2022 net profits to $4.3bn due to higher cost of credit, higher expenses, and lower revenues. Revenues fell 2% YoY to $19.2bn. Citi’s cost of credit was at $755mn in Q1 compared to -$2.1bn in the prior year period...
Axis to Buy Citi’s India Retail Business for $1.6bn
Citibank has agreed to sell its Indian retail banking business including savings accounts, credit cards, and wealth management to Axis Bank, a private sector banking major for $1.6bn. The deal will be executed in cash. Besides Axis Bank will also pay Citi an...
US Banks Face 75% Revenue Hit from IPO Drought
US investments banks are hit by an IPO slowdown as equity capital markets (ECM) revenues have been impacted. Big investment banks such as Goldman Sachs, Citigroup, BofA and Morgan Stanley have seen ECM fees sharply drop to $645mn vs. $5.3bn for the same period in...
