Citi Financial News

When you fire somebody, you save the cost of paying them, but you now have the problem of who is going to pick up the work they used to do.  It sounds pretty obvious, but in fact a lot of banks have come to grief over the years by forgetting that the equation has two sides, and that you need to have an answer to the question (even one as simple as “nobody, we’re closing that business line down”) before you make the redundancy announcement.  In the case of Citi’s current reorganisation, CFO Mark Mason has put some thought in, and he spelled it out quite clearly at the Goldman Sachs conference yesterday.

It happens every year, but this Christmas especially there are a lot of people in banks staring at their screens, dreading an unexpected invitation to a meeting with line manager, at which a member of the HR team also happens to be in attendance. In the words of one Citi trading insider, the next few weeks could be «brutal.»

If you work in UK high yield or leveraged finance and you're concerned about your job security, then hang in there. After a terrible year for both markets in 2023, today'sFinancial Stability Report from the Bank of England suggests things will improve. But you might have to wait a few years.

Dec. 8th, Panama，Panama City – Gate.io, a leading crypto exchange and Web3 innovator, has announced a significant milestone for its crypto lending platform, Lend & Earn. The platform has reached an all-time high of over $500 million in capital committed by lenders, with nearly a quarter of that sum being in the form of Tether (USDT).

Max Healthcare Institute Ltd announced its complete acquisition of Starlit Medical Centre Pvt Ltd for an enterprise value of ₹940 crore, on Friday. This strategic move grants Max Healthcare ownership of the 550-bed Sahara Hospital located in Lucknow. The company has successfully finalized a binding share purchase agreement (SPA) to acquire a full 100% stake in Starlit Medical Centre Pvt Ltd.

Martin Luther King Jr.'s birth home with gasoline. The woman, 26, whose name has not been revealed, has been booked for criminal attempt to commit arson and criminal attempt to damage government property. She is likely to face federal charges in connection with the incident, the police said.

In a significant development for home searchers, Housing.com has unveiled an AI-driven Price Trend Engine. This feature utilises Machine Learning (ML) and Artificial Intelligence (AI) to offer users critical pricing data and insights, thus facilitating more informed decisions for buying, selling, or renting properties.

Given its crucial role in shaping India’s overall development, the government places significant emphasis on the infrastructure sector and has been actively implementing pragmatic policies, says Sandeep Gulati, MD, India and South Asia, Egis, a France-based leading global consulting, construction engineering and operating firm.

The first half of fiscal year 2024 remained lacklustre for commercial office space activity across the top 7 cities, with both net absorption and new completions remaining largely stagnant compared to the same period last year. New office supply across the top 7 cities rose by a meagre 5% in H1 FY2024 against H1 FY23, and net office absorption saw a marginal yearly decline of 1% in this period.

In a bid to tame inflation and sustain economic growth, the Reserve Bank of India (RBI) on Friday decided to keep the repo rate unchaged at 6.5% for the fifth time in a row, which is good news for both homebuyers and real estate.

Learn more about Dr. Bart Kachniarz Dr. Nirmal Nathan's credentials as a Board Certified plastic surgeon are complemented by his extensive scholarly contributions to the fields of aesthetic surgery.

Vladimir Putin broke with tradition when delivering his New Year’s televised address on the last day of 2022. For more than two decades, the Russian president had appeared alone, usually in front of imposing Kremlin backdrops. This time, he stood before a group of men and women in military uniforms who he said had been taking part in the “special military operation"—the Kremlin’s code for its brutal war against Ukraine.

By Lisa Baertlein

Maruti Suzuki is offering attractive discounts on select models in the Indian market. From December 2023, customers can take advantage of these discounts on models like Jimny, Fronx, and Grand Vitara. The discounts are available in the form of cash discounts, exchange bonuses, and corporate benefits.

Chennai has broken as many residents of different areas complain of shortage of even drinking water and lack of cleanliness. In the Pattalam area in Chennai, roads are still waterlogged and the people are complaining of a lack of cleanliness and absence of necessities. A resident even warned the politicians to not come to the area to seek vote during the elections. «No one visited here. We struggled for three days without drinking water and milk.

Tamil Nadu Chief Minister MK Stalin will be donating one-month's salary to the Chief Minister's Public Relief Fund to help Tamil Nadu's recovery from Cyclone Michaung havoc. The Chief Minister has also called on all MPs and MLAs to do the same.

Cost of Living LIVE Updates December 8: The cost of living is the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.

Prashant Biyani, V-P, Institutional Equity Research,Elara Securities, says “I would not say one should be aggressively buying it. But yes, we do not expect any further fall from here because especially on the larger ones, the impact could be limited to the extent of maybe 15% on EBITDA and PAT over the next 12 to 18 months. But due to other events like sugarcane SAP being due for revision, some amount of sentiment being negative around ethanol, I would not suggest buying sugar companies as of now.” Sugar companies cannot use sugarcane juice or syrup for ethanol with immediate effect which means mills will have to resort to B-heavy or C-heavy molasses or ethanol production. What about the contracts already signed for supply using sugar juice? The contracts which have been signed will now be lapsed with immediate effect for juice-based ethanol with the caveat that whatever is the existing stock like, lying with the sugar companies that might be taken up by the OMCs.

Bengaluru Urban district found herself in trouble after her revenge plan backfired. The 32-year-old homemaker, upset with her husband for breaking her cell phone to prevent her from interacting with other men online, decided to send a hoax bomb threat message to the police from his mobile phone. The woman, identified as Ramya (name changed), was arrested on Monday but was later released on station bail. According to the police, Ramya was angry with her husband, Rama (name changed), for objecting to her close friendship with a man from Bihar whom she had met online. After her husband damaged her phone, Ramya contacted her friends using another phone and informed them about the incident.

When employees at fashion giant Shein crowded into an elevator in the company’s Guangzhou office at the end of one workday this summer, no one took notice of Sky Xu. The quiet man in the corner was one of the wealthiest people in China, the driving force behind an app that has quickly become one of the top shopping destinations in the world—and the boss of everyone riding the elevator. With Xu that day was Frances Townsend, a senior adviser to Shein.

Reserve Bank of India's decision to keep the repo rate unchanged for the fifth successive time at 6.5% is expected to support the housing property market and help sustain a consistent trajectory of growth in home sales. The prevailing momentum in mid-income and premium housing sales is expected to persist, whereas affordable and low-income housing, sensitive to interest rates, may experience a subdued pace. Responding to the inflationary environment, the central bank, through six successive increases since May 2022, had raised policy rates by a cumulative 250 basis points, taking the repo rate to 6.5% before hitting the pause in April. Following this, home loan rates are already hovering around 9% from a record low of 6.6% a year ago. “Both residential and commercial real estate markets may benefit from stable interest rates.