by Amruth Sundarkumar | Oct 17, 2022 | Banks
JPMorgan reported its Q3 results with net profits down 17% YoY to $9.74bn, on revenues of $32.5bn, up 10% YoY. Its net interest income rose 34% to $17.6bn thanks to higher rates and an expanding loan book. Total Markets revenues were at $6.8bn, up 8% – Fixed...
by Amruth Sundarkumar | Oct 11, 2022 | Banks
As Q3 earnings season approaches, the largest US banks are expected to collectively increase their loan loss provisions by about $4.5bn, according to analysts’ estimates from Bloomberg. The banks include JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs,...
by Amruth Sundarkumar | Sep 9, 2022 | Banks, Global
Citigroup won its appeal in a US court that ruled in favor of the bank to recover ~$500mn of its funds that it erroneously wired to Revlon’s lenders. The court said that the lenders were not entitled to the repayment, and were on notice that the fund transfer...
by Amruth Sundarkumar | Aug 16, 2022 | Banks, Global
Citigroup has revived court proceedings against Revlon by suing the cosmetics major after failing to clawback $500mn from its lenders, following accidental payments to them in August 2020. The bank had accidentally transferred $900mn to Revlon’s lenders at the time....
by Amruth Sundarkumar | Jul 18, 2022 | Banks, Investment Grade Bonds
Citigroup Inc. posted revenues of $19.6bn in Q2 2022, 11% higher YoY than $17.8bn one year prior. However, the bank reported a 27% YoY drop in Q2 2022 net income to $4.5bn compared to $6.2bn a year ago due to higher credit costs and an increase in expenses. Citi’s...
