C Jan 2025 55.000 put
- Reuters
Exclusive-Citigroup sees loan book hit in climate action ramp-up, document shows
Citigroup could suffer billions of dollars of losses in its loan book if the world sped up efforts to tackle climate change, according to a confidential analysis prepared by the U.S. bank that was reviewed by Reuters. The analysis was drafted by Citigroup last summer as it prepared to make a submission to the Federal Reserve on how it plans to manage the impacts of climate change. Five other major U.S. banks were also required to make confidential submissions using the same instructions from the Fed.
- Reuters
Wells Fargo investors approve executive pay, CEO underscores risk controls
Wells Fargo shareholders on Tuesday approved its plans for executive compensation with a majority vote, including hiking CEO Charlie Scharf's 2023 package to $29 million. Scharf told investors at the bank's annual meeting that it is investing in risk and control infrastructure, which became top priorities after a 2016 scandal in which employees had opened millions of fraudulent accounts, often to meet sales goals. "Our control environment has become increasingly stronger to numerous internal metrics and shows that the work is clearly improving in our control environment but we will not be satisfied until all of our work is complete," Scharf said.
- Reuters
UPDATE 2-Citi CEO says US consumers are more cautious, emphasizes bank overhaul
Citigroup CEO Jane Fraser told shareholders on Tuesday that U.S. consumers are becoming more cautious with their spending and making smaller purchases. "Consumers remain healthy and resilient," Fraser said at the bank's annual meeting on Tuesday.
