Hub News

Citigroup Undergoes Business Restructuring and Job Reductions Under CEO Jane Fraser Due to Stock Performance Challenges

Citigroup CEO Jane Fraser has announced a significant corporate reorganisation aimed at streamlining operations, reducing management layers, and accelerating decision-making processes. The restructuring involves dividing Citigroup into five main business lines directly reporting to Fraser, streamlining from the previous two

Fed Governor Waller Concurs on the Need for a Cautious Approach to Interest Rates

Federal Reserve Governor Christopher Waller expressed that the recent strong economic data will provide the central bank with some leeway in deciding whether to implement further interest rate hikes to combat inflation. Waller referred to the positive data as a

Goldman Sachs Divests Another Business Acquired During CEO David Solomon’s Tenure

Goldman Sachs has announced its agreement to sell its personal financial management unit to its competitor, Creative Planning. The transaction is set to be finalized in the fourth quarter of this year and is expected to yield a gain for

Nearly One-Third of Investors Comfortable Employing Artificial Intelligence as Advisor

Approximately 1 in 3 investors would consider utilizing artificial intelligence (AI) as their financial advisor, a recent survey has shown. However, experts warn that this trend could potentially result in flawed advice. The survey conducted by the Certified Financial Planner

Lloyd Blankfein Expresses Inability to Envision Returning to Goldman Sachs

Lloyd Blankfein, the former CEO of Goldman Sachs, has refuted a recent news report suggesting his potential return to the firm. He denied claims made in a New York Times article that he offered to come back in some capacity,

UBS Terminates Government and Central Bank Safeguards for Credit Suisse

UBS has terminated a 9 billion Swiss franc ($10.27 billion) loss protection agreement (LPA) and a 100 billion Swiss franc public liquidity backstop (PLB) put in place by the Swiss government following its takeover of Credit Suisse in March. This

Manhattan Judge Declares Certain Crypto Assets as Securities, Adding Complexity to Coinbase and Ripple Cases

A Manhattan federal judge has issued an opinion stating that cryptocurrencies should be treated as securities, regardless of their method of sale. This ruling allows the Securities and Exchange Commission (SEC) to proceed with securities charges against Terraform Labs and

JPMorgan Chase exec Erdoes sought tax advice, Madoff intel from Epstein, suit alleges

Legal filings have alleged that JPMorgan Chase executive Mary Callahan Erdoes sought advice from disgraced former financier Jeffrey Epstein in 2005 to address a $600 million tax issue. Erdoes, who later became head of the bank’s asset and wealth management

Goldman Sachs misses on profit after hits from GreenSky, real estate

Goldman Sachs reported second-quarter profit below analysts’ expectations, mainly due to write-downs related to commercial real estate and the sale of its GreenSky lending unit. The company’s profit for the quarter experienced a significant 58% decline, amounting to $1.22 billion,

Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees

On Tuesday, the Consumer Financial Protection Bureau said Bank of America, the second-largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years. The CFPB said in a statement that the

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