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4:16 a.m. April 15, 2021 - By Ciara Linnane
Citigroup Q1 profit more than trebles as it announces shake-up of consumer business in Asia and EMEACitigroup Inc. shares jumped 3% in premarket trade Thursday, after the bank posted record profit for the first quarter as it released $1.8 billion from its loan loss reserves and announced a shake-up of its Asia and EMEA consumer banking business. The company posted net income of $7.9 billion, or $3.62 as share, for the quarter, more than triple the $2.5 billion, or $1.06 a share, posted in the year-earlier period. Revenue edged down to $19.3 billion from $20.7 billion. The FactSet consensus was for $2.60 in EPS and $18.8 billion of revenue. "It's been a better than expected start to the year, and we are optimistic about the macro environment," Chief Executive Jane Fraser said in a statement. The record net income was driven by a strong performance at the bank's institutional clients group and the big release from loan loss reserves/ And while global consumer banking revenue was down sequentially due to the pandemic, "this is the healthiest we have seen the consumer emerge from a crisis in recent history," she said. Citi is now planning to overhaul its global consumer banking business to focus in areas it has the greatest scale and growth potential. The bank will focus its presence in Asia and EMEA on four centers; Singapore, Hong Kong, the UAE and London. It will close its consumer franchises in 13 centers, namely Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citi had $666 billion of loans at quarter-end, down 8% from a year ago. Deposits stood at $1.3 trillion, up 10%. Shares have gained 18% in the year to date, while the Dow Jones Industrial Average and S&P 500 have both gained about 10%.
4:19 p.m. March 29, 2021 - MarketWatch
Goldman, Morgan limit losses linked to ArchegosGoldman Sachs Group Inc. and Morgan Stanley were quick to move large blocks of assets before other large banks that traded with Archegos Capital Management, as the scale of the hedge fund's losses became apparent, according to people with knowledge of the transactions. The strategy helped limit the U.S. firms' losses in last week's epic stock liquidation, they said.
9:25 p.m. March 10, 2021 - By Quentin Fottrell
My financially reckless friend lives in the family home. Can we prevent her sister from selling it after their mother dies? ‘I’m not certain Mary could even afford the taxes and upkeep on her mother’s house, even if she remained there’‘I’m not certain Mary could even afford the taxes and upkeep on her mother’s house, even if she remained there.’
10:00 a.m. Feb. 26, 2021 - By Alessandra Malito
News and analysis for those planning for or living in retirement Retirement news and analysisRetirement news and analysis
4:46 p.m. Feb. 21, 2021 - By Quentin Fottrell
My daughter-in-law will only have a second child by surrogacy — and wants to use $200K of my son’s inheritance to pay for it ‘He has already dipped into capital by covering his wife’s $250,000 in college and credit-card debt before they were even married — a pretty heroic rescue!’‘He has already dipped into capital by covering his wife’s $250,000 in college and credit-card debt before they were even married — a pretty heroic rescue!’
10:02 a.m. Jan. 31, 2021 - By Quentin Fottrell
My father inherited money from his parents — he now tells people he earned it due to his (nonexistent) investment prowess ‘I would like my dad back, but I am afraid he is too far gone’‘I would like my dad back, but I am afraid he is too far gone’
10:10 a.m. Jan. 29, 2021 - By Jason Dorsey
7 things you need to know about Generation Z Here is what our research tells us about them as trend drivers for 2021 Here is what our research tells us about them as trend drivers for 2021
8:15 a.m. Jan. 24, 2021 - By Quentin Fottrell
My wife found a half brother through Ancestry.com. Are we morally or ethically obligated to share her father’s estate? ‘The whole family seemed genuinely excited to finally find information on his biological father, after years of searching with no real leads’‘The whole family seemed genuinely excited to finally find information on his biological father, after years of searching with no real leads.’
7:28 a.m. Jan. 23, 2021 - By Andrew Keshner
Financially fragile Americans during COVID-19 have difficulty answering these 15 money questions — can you? A new survey asked who could cover unexpected expenses during the pandemic’s early days.A new survey asked who could cover unexpected expenses during the pandemic’s early days.
6:51 a.m. Dec. 27, 2020 - By Quentin Fottrell
My aunt stole my mother’s Social Security, and persuaded my elderly father to sign over power of attorney ‘My father was recently very sick and in the hospital, and he was not in his right mind’‘My father was recently very sick and in the hospital, and he was not in his right mind.’
7:47 a.m. Dec. 18, 2020 - By Quentin Fottrell
My wife and I missed mortgage payments because of unpaid debts, yet she shops and hides her finances. What do I do? ‘On a few occasions, I have suggested selling the house or considering bankruptcy to restructure our debts, but she is unwilling to consider either’‘On a few occasions, I have suggested selling the house or considering bankruptcy to restructure our debts, but she is unwilling to consider either.’
11:11 a.m. Dec. 8, 2020 - By Quentin Fottrell
My mother left a home in Savannah, Ga., on 5 acres. I want to sell. My brother threatened to sue me for harassment and ‘ruin me’ ‘My sister also does not want to sell the property because it has been in the family for 90 years’‘My sister also does not want to sell the property because it has been in the family for 90 years.’
7:04 a.m. Dec. 6, 2020 - By Alessandra Malito
I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do? Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com
2:21 a.m. Dec. 2, 2020 - By Andrew Keshner
Ariel Investments’ John Rogers Jr. pushes corporate boards to have their own ‘Jackie Robinson moment’ Black households are almost twice as likely not to have any stock-market investments, one recent study showsBlack households are almost twice as likely not to have any stock-market investments, one recent study shows.
12:02 a.m. Nov. 6, 2020 - By Kate Wood
Three reasons you should refinance your home right now with a renovation loan Why this is a smart move, plus tips for how to use oneA renovation refi is a way to borrow money for home improvements at a lower interest rate than personal loans or credit cards.
4:22 a.m. Nov. 3, 2020 - By Ciara Linnane
Ant Group IPO postponed by Shanghai Stock Exchange: WSJ The initial public offering of Ant Group, operator of China's immensely popular Alipay mobile wallet, has been postponed by the Shanghai Stock Exchange, the Wall Street Journal reported Tuesday. The exchange said Ant's meeting with regulators on Monday has disqualified it from listing, the paper reported. Ant Chairman and CEO Jack Ma met Chinese regulators on Monday. Ant, which is affiliated with e-commerce giant Alibaba Group Holdings Inc. with dual listings on the Hong Kong and Shanghai exchanges, aiming to raise about $34.5 billion through the offering. Trading was expected to begin Nov. 5. The company is best known for its mobile-payments offering, but it aims to be a one-stop financial hub that also provides access to wealth management, investing and insurance services. Analysts view the payments portion of the business as a gateway that brings users in to Ant's more complex offerings.
12:03 a.m. Nov. 3, 2020 - By Melissa Lambarena
Starter credit cards: Harder to get, but here are the options 4 types of credit cards for beginners, and how to get themCredit cards aimed at those who are new to credit used to be easier to get, but you can still qualify, and more choices exist today.
11:41 a.m. Nov. 2, 2020 - By Jeffry Bartash
Here’s where the economy stands as the U.S. chooses between Trump and Biden Rapidly recovering economy still has recession-like symptomsJust days before the 2020 election, President Trump is touting record growth in the economy in a last-ditch effort to persuade voters to stick with him. Yet Democratic rival Joe Biden says the U.S. is stuck in a “deep hole” and that the recovery is in danger of stalling. Here’s where the economy really stands.
7:34 a.m. Nov. 2, 2020 - By Andrew Keshner
‘It’s a grim cut off’: Washington abandoned a stimulus deal, so much of America’s temporary financial safety net will expire The help that Americans have been getting with rent, unemployment benefits, student loans, paid leave and more is scheduled to end soonThe help that Americans have been getting with rent, unemployment benefits, student loans, paid leave and more is scheduled to end soon.
10:37 a.m. Nov. 1, 2020 - By Quentin Fottrell
I make $140K a year. I’m trying desperately to help my half siblings: 2 are refugees in Turkey, 3 are in Syria. But how? ‘Obviously, I’m not making crazy money, but my family is secure. I feel incredibly protective and heartbroken of their missed dreams and destroyed lives’‘Obviously, I’m not making crazy money, but my family is secure. I feel incredibly protective and heartbroken of their missed dreams and destroyed lives.’
1:16 p.m. Oct. 28, 2020 - By Bill Bynum
The 2-cent solution to close the racial wealth gap: A call for U.S. companies to invest in Black communities By supporting Black-owned businesses, corporations and banks would create jobs and boost the economyBy supporting Black-owned businesses, corporations and banks would create jobs and boost the economy.
1:02 a.m. Oct. 24, 2020 - By Quentin Fottrell
My brother is in his mid-50s and nearly lost his home twice. Should I give him half of my inheritance to pay off his mortgage? ‘Over the last 10 years, he has borrowed a total of $30,000. While he has never declared bankruptcy to my knowledge, he has restructured his debts twice’‘Over the last 10 years, he has borrowed a total of $30,000. While he has never declared bankruptcy to my knowledge, he has restructured his debts twice.’
1:03 a.m. Oct. 21, 2020 - By Ryan Lane
How do I know if grad school is worth it? What to think about if you’re considering continuing your educationIf you’re thinking about grad school, maybe because you can’t get a job or lost yours, here’s what to consider before you enroll.
12:49 p.m. Oct. 19, 2020 - By Vincent Reinhart
The FOMC and Fed governors have become less important as decision-making revolves around Chairman Powell One consequence of the Fed’s greater openness: Chairman Powell’s closer hold on powerOne consequence of the Fed’s greater openness: Chairman Powell’s closer hold on power, writes Vincent Reinhart.
10:18 a.m. Oct. 19, 2020 - By Philip van Doorn
Here are Wall Street’s favorite stocks for an election-relief rally The stock market has staged long rallies following the past nine presidential electionsThe stock market has staged long rallies following the past nine presidential elections.
12:09 p.m. Oct. 13, 2020 - By Brian Kraus
This is how to build a portfolio strong enough to handle any uncertainty about the economy and the election Use this time now to review your investment goals, expenses and philosophyUse this time now to review your investment goals, expenses and philosophy.
9:59 a.m. Oct. 12, 2020 - By Rachel Koning Beals
Mega banks should use their lending power against Big Oil, say these Rockefeller family members JPMorgan Chase’s recent climate pledge isn’t enough, say founders of BankFWD, which will urge the sector to phase out financing fossil fuelsJPMorgan Chase’s climate-change pledge ignores outright lending limitations,“its major lever for change,” descendents of the Rockefeller banking and oil dynasties write.
1:02 a.m. Oct. 8, 2020 - By Philip Reed
Too good to be true? How to buy a salvage-title vehicle They can be a good value if you know the history of the car, but proceed with cautionSalvage or ‘branded’ title cars are tempting deals that come with risks. Here’s what to look for and when to walk away.
4:59 a.m. Oct. 1, 2020 - By Andrew Keshner
5 big financial issues Trump and Biden didn’t mention in their first debate Unemployment was the top-searched issue on Google during the first presidential debateUnemployment was the top-searched issue on Google during the first presidential debate.
8:03 a.m. Sept. 29, 2020 - By Alessandra Malito
This is one task everyone in their 50s should consider before it’s too late You may be doing yourself — and your family — a favorYou may be doing yourself — and your family — a favor
12:46 p.m. Sept. 28, 2020 - By Paul Brandus
Trump doesn’t pay taxes? That’s old news. The real story is the president’s personal debts coming due Americans deserve to know about politicians’ potential conflictsAmericans deserve to know about politicians’ potential conflicts.
1:02 a.m. Sept. 24, 2020 - By Cecilia Clark
What is an income share agreement? What college students need to know about this type of student loan With ISAs, students borrow money from their school or a third-party provider. It’s a gamble that could be worth it for some studentsThe total you pay back could be much more—or far less—than the amount borrowed. It’s a gamble. Should you take it?
12:58 a.m. Sept. 24, 2020 - By Richard Eisenberg
Unemployment in the LGBT community is steep—here’s a little help for those with money anxieties How the SAGECents app aims to get users on trackThere’s a new, free personal-finance app for older LGBT adults having money troubles.
7:34 p.m. Sept. 21, 2020 - Associated Press
Manhattan district attorney points to ‘mountainous record’ of alleged misdeeds in justifying request for Trump tax recordsIn a filing with the 2nd U.S. Circuit Court of Appeals, lawyers for Vance again declined to reveal exactly why Trump is under investigation, citing grand-jury secrecy rules.
9:48 a.m. Sept. 18, 2020 - By Jonathan Burton
Billionaire investor Ray Dalio on capitalism’s crisis: The world is going to change ‘in shocking ways’ in the next five years Veteran hedge-fund manager says capitalists don’t divide the economic pie well, so the system isn’t working effectively for allVeteran hedge-fund manager says capitalists don’t divide the economic pie well, so the system isn’t working effectively for all.
11:14 a.m. Sept. 16, 2020 - By Erin El Issa
Stocks, bonds and more: A primer on diversification for new investors You don’t have to be an expert stock picker to diversify your portfolioThere are many ways to diversify your portfolio—here are three steps to get you there.
1:05 a.m. Sept. 15, 2020 - By Credit.com
Joining the military can affect your credit, learn how to protect it You could be subject to greater financial monitoring depending on your position and security clearanceMilitary service can require some serious financial planning, in fact, your credit can even impact your ability to join
3:52 a.m. Sept. 13, 2020 - By Quentin Fottrell
My parents have $50,000 in credit-card debt and $50,000 in a home-equity loan. My father works part-time and my mother refuses to work. How can we help? ‘My mother seems to think they will be able to retire in three years when they get additional Social Security, but they have zero retirement funds’‘My mother seems to think they will be able to retire in three years when they get additional Social Security, but they have zero retirement funds.’
12:12 p.m. Sept. 12, 2020 - By Melissa Lambarena
6 hard lessons I learned from the last recession They still apply todayThese valuable lessons might help you manage your finances during the coronavirus-related recession.
6:39 a.m. Sept. 12, 2020 - By Jacob Passy
Mortgage rates fall to a new record low — but not all Americans will be able to access them A tumultuous week in the stock market also affected the rates lenders have been offeringA tumultuous week in the stock market also affected the rates lenders have been offering.
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