A new report out today from Citi details findings that show hedge fund assets will swell to nearly $6 trillion in the next four years, doubling the size of the industry. At fees of 2% of assets and 20% of profits, members of the at-times controversial industry stand to make a lot of money.
The bank’s chief financial officer said that stock and bond trading revenues are expected to drop by up to a quarter. “We kind of have the market that we’ve got. I wish I had a better answer.”
Because the bank is in the midst of one of its biggest crises since 2008. It isn’t webcasting the event either, prompting one analyst to say that symbolically Citi looks like it is “running and hiding.”
While revenue dropped from a year, the bank’s stock jumped this morning.
Banks get $32 billion a year in overdraft fees from a product used by 9 out of 10 Americans.
“They need to take aggressive action to show they’re not the old Citigroup.”
This is the second time the troubled megabank has failed the Fed’s dividend and buyback process.
The Fed’s stress test says 29 of the 30 largest banks are well capitalized enough to survive a large shock, but the biggest banks would take the largest hits. Update: The Federal Reserve made errors in calculating some minimum capital ratios and has released new figures which are included.
Total video ad views grew 31% in the third quarter, Citigroup analysts said in a note today.
But the small- and mid-sized jets are getting squeezed.
Some of the nation’s top retailers are predicting digital devices will be at the top of kids’ wish lists this year.
The outspoken banking analyst accepted an award from the CFA Institute and proceeded to zing the banking industry left and right.