'There's no reason to mince words: It's do-or-die time'.
Citigroup, said profit tumbled 86%, missing analysts’ estimates after year-end trading slumped more than forecast.
An unpleasant surprise.
'They are moving their chips from global consumer to capital markets'.
The sharp decline in trading revenue at Jefferies Group is a sign of more pain to come on Wall Street.
Citigroup traders will be spared the full pinch of this year’s market slump, while investment bankers won’t get bonus boosts as big as their surge in dealmaking.
'It’s an exciting time to be joining the industry'.
Banks will probably generate more reliable profits, though not at the high levels preceding 2008’s crisis, as firms adapt to new rules and pressure to cut risk, Citigroup Inc. Chief Executive Officer Michael Corbat said.
Citigroup earned less from running a bank in Japan than its global chief executive officer’s salary last year, helping explain why the U.S. bank is considering selling the consumer business as Abenomics crushes loan returns.
Citigroup CEO Mike Corbat, speaking at the Sanford Bernstein conference on Thursday, said there were “telltale” signs about the fraud in the bank’s Mexico unit.