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Deutsche Bank leads the way on cuts, but Barclays, HSBC, Société Générale and Citigroup are also reducing headcount.
Deutsche Bank and Wall Street banks reportedly just gave Congress thousands of documents related to Russians with possible ties to Trump
Investigators are looking into whether there was potential foreign influence on Trump and his family, The Wall Street Journal reported.
Citigroup is reportedly cutting hundreds of jobs this year — another sign the slump in trading is here to stay
“This won’t be the last trading-related job cuts story,” an analyst told Bloomberg.
"FINRA member firms must live up to their responsibility as a gatekeeper protecting investors from bad actors," a regulatory official said.
Both revenue and earnings per share outperformed consensus analyst expectations, which lifted shares industry-wide.
Market share for both trading and investment banking has already been shifting towards US banks over the past few years, Credit Suisse says.
Only four of them are American.
The US stock market has de-equitised, a fancy term that basically means companies are buying more shares than they are issuing, every year since 2011.
Citigroup on Monday is announcing earnings results from the first quarter.
A major overhaul is underway at Citi’s highest ranks as bank president Jamie Forese announces his retirement
Citi President Jamie Forese is retiring, and other execs are either leaving or taking on new roles, according to a memo from CEO Michael Corbat.