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

Citigroup Private Clients Said to Back Boston Skyscraper — Clients of a Citigroup Inc. unit backing the construction of New York's tallest apartment building are funding a new project in Boston. The firm has finished raising money from clients of its private bank to invest in a 60-story tower being built in Boston's Back Bay neighborhood, according to a person briefed on the matter.

Citigroup Legal Costs Jump as Currency Probes Accelerate — Citigroup Inc. (C) revealed that it's facing a U.S. criminal probe into the bank's foreign-exchange business and took a $600 million legal charge that forced it to restate third-quarter results. The bank is cooperating with criminal and antitrust investigations by the Justice Department as well as inquiries by the Commodity Futures Trading Commission and regulators in Britain and Switzerland, the New York-based company said yesterday in a regulatory filing.

Citigroup Reduces Profit by $600 Million on Legal Costs — Citigroup Inc. (C), the third-biggest U.S. bank, said third-quarter profit was $600 million less than previously reported because of an increase in legal costs. Net income was $2.84 billion for the three months ended Sept. 30, instead of $3.44 billion, the New York-based company said today in a statement.

Did Bank Rules Kill Liquidity? Volcker, Frank Respond — 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 — 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 — 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 — 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 — 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 — 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 — 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.
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Oct 30, 2014

thank you @mathbabedotorg for making the point that the London Whale wasn't just NYFed's mistake but also $JPM hiding things from regulator

Oct 27, 2014

just learned Bruce Springsteen's "Nebraska" was inspired by Howard Zinn's People's History. So cool!

Oct 27, 2014

interesting backstory to the lawyer who's led the push for tax inversions by @zachmider

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:

Oct 21, 2014

good piece on why new European bonus caps will kill the small brokers and embolden the bulge bracket @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.

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