American Banker (January 7)
“JPMorgan Chase bid farewell to the Net-Zero Banking Alliance on Tuesday, making it the last big U.S. bank to leave the climate-banking group ahead of the second Trump administration.” The latest defection “comes on the heels of similar departures last week by three of its peers — Bank of America, Citigroup and Morgan Stanley. In early December, Goldman Sachs became the first large U.S. bank to leave the alliance. Wells Fargo’s exit was reported about two weeks later.”
Tags: Bank, BoA, Citigroup, Climate, Defection, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Net-Zero Banking Alliance, Trump, U.S., Wells Fargo
Financial Times (February 26)
These are, according to Citigroup analysts, “distinctly echoey times.” Their “research suggests that, if it is not careful, China may be on track for a new wave of Japanification.” China is now remarkably similar to Japan’s post-property bubble era in, for example, demographics. China’s population is “now shrinking as Japan’s did years earlier… a reminder that after 1990, Japan’s housing price index fell as the 35- to 54-year-old cohort decreased.” These and other factors call for warnings about “the potential risks for China’s banking system.”
Tags: 1990, Analysts, China, China’s banking system, Citigroup, Demographics, Echoey, Housing price index, Japanification, Population, Property bubble, Research, Risks, Shrinking, Warnings
Philadelphia Inquirer (August 24)
“This is a new phase of vaccinations’ Get tough. Restaurants, cruise lines, colleges, and a growing number of employers—hospitals, municipal governments, Amtrak, Citigroup—are telling workers and customers to prove they’ve been vaccinated or go elsewhere. And all that was before Monday’s full authorization of the Pfizer-BioNTech vaccine.”
Tags: Amtrak, Authorization, Citigroup, Colleges, Cruise lines, Customers, Employers, Hospitals, Pfizer-BioNTech, Phase, Restaurants, Vaccinations, Workers
Barron’s (March 7)
“Today, in response to a campaign by sustainable investors Arjuna Capital and Walden Asset Management, American Express (AXP) became the seventh financial-services company since Jan. 15 to agree to take steps to publish and close the pay gap between male and female employees. The others are Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), Bank of New York Mellon (BK), Mastercard (MA), and JPMorgan Chase (JPM).”
Tags: American Express, Arjuna Capital, Bank of America, Bank of New York Mellon, Campaign, Citigroup, Financial services, JPMorgan Chase, Mastercard, Pay gap, Sustainable investors, Walden Asset Management, Wells Fargo
Washington Post (April 29, 2013)
Despite the Dodd-Frank financial reforms, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo remain too big to fail. “At $7.8 trillion, their combined assets are half the size of the entire U.S. economy, and they hold more than half of the nation’s $7 trillion in deposits.” It is unlikely that the U.S. government could ever allow any of them to fail.
Tags: Assets, Bank of America, Citigroup, Dodd-Frank, Economy, Financial Reform, JPMorgan Chase, Too big to fail, U.S., Wells Fargo
New York Times (August 2)
The Securities and Exchange Commission (SEC) fined Citigroup $75 million for misleading shareholders. “Too big to fail” author Andrew Sorkin notes the irony. This settlement punishes the shareholders, the very “same people who were arguably defrauded by its [Citigroup’s] failure to disclose its exposure to subprime mortgages in the first place.” The SEC admits this is “awkward,” but claims corporate settlements best encourage companies to obey disclosure regulations. Former SEC Chairman Harvey Pitt has a different opinion, “a class of innocent shareholders is being asked to pay for the misconduct of corporate officers.”
Tags: Citigroup, Disclosure, Fine, SEC, Shareholders
