The crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss has reportedly filed for an initial public offering (IPO). Citing people familiar with the matter, Bloomberg reports that Gemini is working with the investment banking titans Goldman Sachs and Citigroup in its efforts to quietly go public. The anonymous sources also say that discussions […]
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The third-largest bank in the US accidentally credited trillions of dollars to a customer’s balance in a massive payment error, according to a new report. While attempting to add $280 to the customer’s balance, Citigroup mistakenly credited the client with $81 trillion, reports the Financial Times. The payment, for an account in Brazil, was manually […]
The post Third-Largest US Bank Adds $81,000,000,000,000 To Customer’s Account Balance in Massive Payment Error appeared first on The Daily Hodl.
Russia reportedly sent a whopping $5 billion through banking giants JPMorgan Chase and Citigroup in a scheme to skirt US sanctions. According to a report from the Wall Street Journal citing “people familiar with the matter,” investigators at the Justice Department (DOJ) believe Russia used a state-controlled bank to move billions of dollars through correspondent […]
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Defaults on credit card loans are skyrocketing in the US. Lenders are now witnessing a 14-year high in credit card defaults, reports the Financial Times. The bad credit forced lenders to collectively write off a whopping $46 billion in loans that are considered seriously delinquent in the first nine months of 2024. Based on data […]
The post US Lenders Lose $46,000,000,000 As Customers at Capital One, Citi, JPMorgan Chase, Synchrony, Discover, Citi and Bank of America Face Billions in Delinquencies appeared first on The Daily Hodl.
America’s biggest banks are about to lock in their largest share of the banking industry’s profits in nearly ten years after an explosive run-up. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo – the four largest banks in the US – recorded $88 billion in collective profits in the first nine months of the […]
The post JPMorgan Chase, Bank of America, Citigroup and Wells Fargo Consolidate Power Over Banking Industry Amid Record Profit Share: Report appeared first on The Daily Hodl.
US banking giant Citigroup will shell out $135.6 million to regulators for failing to fix longstanding issues with the bank’s risk management, compliance, data handling and internal controls. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) have imposed the collective fine for failing to address deficiencies flagged in two enforcement […]
The post Major US Bank To Pay $135,600,000 Fine Over Perpetual Problems With Risk Management, Compliance, Data and Internal Controls appeared first on The Daily Hodl.
Bank of America, Citigroup and Goldman Sachs are reporting $4.139 billion in losses as lenders write off mounting debts that customers can’t honor. In its latest earnings report, Citigroup says its net credit losses, which are debts that the firm does not expect to collect, hit $2.28 billion in Q2 of this year. The figure represents […]
The post Bank of America, Citigroup and Goldman Sachs Report $4,139,000,000 in Losses As US Lenders Witness Major Spike in Unrecoverable Debt appeared first on The Daily Hodl.
Some of the biggest banks in America are quietly selling their exposure to a troubled sector of the US economy, according to a new report. The banks are beginning to dump commercial real estate loans in a push to “cut their losses,” reports the New York Times. The Times points to Goldman Sachs and Citigroup, […]
The post US Banks Dumping Exposure To $2,500,000,000,000 Market Before ‘Inevitable Losses’ Hammer Balance Sheets: Report appeared first on The Daily Hodl.
A year after three of the largest bank failures in US history, the Federal Reserve says America’s banking giants have enough capital to survive a “highly stressful scenario.” In its yearly stress test, the Fed says 31 of the nation’s largest banks survived a simulation slamming the lenders with about $685 billion in credit card, […]
The post Big Banks Would Survive $685,000,000,000 Financial Disaster Despite Lenders’ Riskier Balance Sheets: Federal Reserve appeared first on The Daily Hodl.
US regulators are flagging JPMorgan Chase, Bank of America, Citibank and Goldman Sachs over the banks’ contingency plans for trillions of dollars in derivatives. The Federal Reserve and Federal Deposit Insurance Corporation (FDIC) say the lenders’ so-called “living wills” – which in part detail how banks could safely unwind their derivatives portfolios without requiring government […]
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