In life, Irzen Octa ranked among the least significant of Citigroup Inc.’s 200 million customers. In death, the cash-strapped small-businessman from Jakarta has come to haunt the reputation of the world’s 8th-biggest bank.
Goldman Sachs Group Inc. and Morgan Stanley may consider dropping their status as bank holding companies to avoid expenses tied to the Volcker rule, said David Hilder, an analyst at Susquehanna Financial Group LLP.
Bank of America Corp. fell the most since November 2012 after suspending plans for a dividend increase and $4 billion of share repurchases because of an error in its stress-test submission to the Federal Reserve.
Mexican authorities issued an arrest warrant for the chief executive officer of Oceanografia SA, the oil services provider seized by the government after Citigroup Inc.’s local unit alleged a $400 million loan fraud.
Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
Citigroup Inc. stopped soliciting clients for some retail banking products in Japan as it awaits the outcome of a government investigation into its compliance with local rules, two people with knowledge of the matter said.
Two years after Lehman Brothers Holdings Inc. collapsed under $613 billion of debt, investors are questioning whether the investment-banking model that fueled record profits in the middle of the decade can be repaired.
Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc. had long-term credit grades reduced to A- from A by Standard & Poor’s after the ratings firm revised criteria for dozens of the world’s biggest lenders.