Jane Fraser

Money Moves

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China's securities regulator approved Citi's plan for a wholly owned securities firm in Shanghai on Oct. 23, ending a wait that began with an application in late 2021. Citigroup Securities (China) has 1.2 billion yuan (about $180 million) in registered capital.

Updated Oct 30

Money Moves

As of May 2026: Restructuring milestone reached: Q1 2026 ROTCE of 13.1% exceeded medium-term target ahead of schedule

The six largest American banks wrapped up first-quarter 2026 reporting with combined net income of $47.3 billion, with trading floors thriving on Iran war volatility even as the outlook darkened. JPMorgan earned $5.94 per share on $50.54 billion in revenue as fixed-income trading surged 21 percent to $7.08 billion, while Citigroup posted its best quarterly revenue in a decade at $24.63 billion. Bank of America earned $1.11 per share, its highest in nearly two decades. Morgan Stanley posted a record equities trading quarter of $5.15 billion and a 29 percent jump in profit. Goldman Sachs led the week with record equities trading revenue of $5.33 billion. The banks announced roughly 5,000 job cuts, using the profit windfall to trim headcount rather than expand.

Updated May 31