Covering Wall Street for Bloomberg. Writing about Citigroup, Wells Fargo and the largest U.S. banks. Opinions are my own.

Did Bank Rules Kill Liquidity? Volcker, Frank Respond

bloomberg.com — Last week's market gyrations sparked questions about whether bank regulations implemented after the 2008 financial crisis exacerbated price declines by limiting the ability of Wall Street banks to make markets. As stocks and some corporate bonds fell last week, some hedge-fund managers said higher capital requirements had curbed Wall Street trading desks' ability to cushion the declines by stepping in to buy securities -- what is known as providing liquidity.

Currency Trading Is Both Boon and Bane for Wall Street

bloomberg.com — Foreign-exchange trading is once again fueling revenue at Wall Street banks. It also remains one of their biggest headaches. Currencies bolstered third-quarter results of bond-trading desks at the three biggest U.S. banks, an unexpected boon as prosecutors weigh charges over allegations that traders rigged foreign-exchange rates. Fixed-income revenue at Bank of America Corp.

Citigroup Co-President Medina-Mora Said to Plan to Retire

bloomberg.com — Citigroup Inc. Co-President Manuel Medina-Mora has been telling colleagues that he is close to retiring as the Mexican unit he helped build fights fraud allegations, according to a person familiar with his thinking. Chief Executive Officer Michael Corbat, who yesterday described a fraud discovered in Mexico as "appalling," respects Medina-Mora and the business he developed, the person said.

Citigroup Discloses Mexico Personal Security Unit Fraud

bloomberg.com — Citigroup Inc. (C) said an independent investigation found a $15 million fraud at a Mexican unit that provided personal security services, adding that it has contacted law enforcement and regulators and disbanded the division.

Citigroup Profit Climbs 6.6% as Bond Trading Improves

bloomberg.com — Citigroup (C) Inc., the third-biggest U.S. bank, said profit rose 6.6 percent as bond-trading revenue climbed and lending improved. Third-quarter net income rose to $3.44 billion, or $1.07 a share, from $3.23 billion, or $1, a year earlier, the New York-based company said today in a statement.

Citigroup to Exit Consumer Banking in 11 Markets

bloomberg.com — Citigroup Inc. (C), the U.S. lender that gets the most revenue from overseas markets, announced plans to exit consumer banking in 11 markets as Chief Executive Officer Michael Corbat seeks to simplify the firm and boost returns.

Europe Fears Dominate as Bankers Press Politicians at IIF

bloomberg.com — International bankers meeting in Washington over the weekend shared their fears that central banks won't be able to jumpstart a slowing European economy that could threaten global growth. A European recession is the top concern or risk for the next 18 months, according to attendees surveyed by the Institute of International Finance at its annual gathering.

Citigroup Says Banamex CEO Resigns After ‘Challenges’

bloomberg.com — Citigroup Inc. (C) said Javier Arrigunaga resigned as chief executive officer of Grupo Financiero Banamex, the company's Mexican subsidiary. Ernesto Torres Cantu was named to succeed him. "In light of the difficult challenges our franchise in Mexico has faced over the past year, Javier Arrigunaga feels it is the right time for new leadership," Manuel Medina-Mora, Banamex's chairman and Citigroup's co-president, said in a statement today.

Citigroup’s Banamex CEO Arrigunaga Resigns, Torres Cantu Named

businessweek.com — Bloomberg News said that Javier Arrigunaga has resigned as chief executive officer of Grupo Financiero Banamex, the company's Mexican subsidiary. Ernesto Torres Cantu was named to succeed him. "In light of the difficult challenges our franchise in Mexico has faced over the past year, Javier Arrigunaga feels it is the right time for new leadership," Manuel Medina-Mora, Banamex's chairman and Citigroup's co-president, said in a statement today.

Citigroup Reviewing Trading Rules After Goldman Move

bloomberg.com — Citigroup Inc. (C) will review its conflict-of-interest policy for investment bankers after Goldman Sachs Group Inc. barred some employees from owning individual securities, said a person with direct knowledge of the matter. Executives at Citigroup still regard its less-restrictive policy as strong enough to prevent conflicts, according to the person, who asked for anonymity because the review isn't public.
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Oct 21, 2014

RT @brubaker: And this is the correct version of the Criminal vol. 1 cover. For some reason there's a glitch on the one out there: pic.twitter.com/C7qjT1Hwe1

Oct 21, 2014

good piece on why new European bonus caps will kill the small brokers and embolden the bulge bracket bit.ly/1pxK5n5 @dsquareddigest

Oct 21, 2014

between 2008 and 2010, the NYFed considered examining JPM's CIO office three different times. They didn't follow through once.

Oct 15, 2014

where's the glamour in that? "A bank is a collection of contracts that provide for future cash flows" bloombergview.com/articles/2014-… @matt_levine

Oct 15, 2014

RT @AmandaGordon: Last night @hermionevoyage gala, Lagarde spoke about to Charlie Rose re global virus, economy, keys to success | bloom.bg/ZZqbM1

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