Key PointsCitigroup beats on earnings, revenue, announces exit from 13 foreign markets on Thursday posted results that beat analysts' estimates for first-quarter profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves.The firm also said it was shuttering retail banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management outside the U.S., one of the first big strategic moves made by CEO Jane Fraser, who took over in February.Shares of the bank were down less than 1% after climbing 3.1% in the...…Key PointsCitigroup beats on earnings, revenue, announces exit from 13 foreign markets on Thursday posted results that beat analysts' estimates for first-quarter profit with strong investment banking revenue and a bigger-than-expected release of loan-loss reserves.The firm also said it was shuttering retail banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management outside the U.S., one of the first big strategic moves made by CEO Jane Fraser, who took over in February.Shares of the bank were down less than 1% after climbing 3.1% in the...WW…

Key PointsIn this articleHere's what JPMorgan CEO Jamie Dimon wrote in his 2021 letter to shareholders is bullish on the U.S. economy – at least for the next few years.In his , the long-time chairman and CEO said he sees strong growth for the world's biggest economy, thanks to the U.S. government's response to the coronavirus pandemic that has left many consumers flush with savings."I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S....…Key PointsIn this articleHere's what JPMorgan CEO Jamie Dimon wrote in his 2021 letter to shareholders is bullish on the U.S. economy – at least for the next few years.In his , the long-time chairman and CEO said he sees strong growth for the world's biggest economy, thanks to the U.S. government's response to the coronavirus pandemic that has left many consumers flush with savings."I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S....WW…

Key PointsMorgan Stanley dumps Archegos stock before fire saleThe night before the Archegos Capital story burst into public view late last month, the fund's biggest prime broker quietly unloaded some of its risky positions to hedge funds, people with knowledge of the trades told CNBC. sold about $5 billion in shares from Archegos' doomed bets on U.S. media and Chinese tech names to a small group of hedge funds late Thursday, March 25, according to the people, who requested anonymity to speak frankly about the transaction.It's a previously unreported detail that shows the extraordinary steps...…Key PointsMorgan Stanley dumps Archegos stock before fire saleThe night before the Archegos Capital story burst into public view late last month, the fund's biggest prime broker quietly unloaded some of its risky positions to hedge funds, people with knowledge of the trades told CNBC. sold about $5 billion in shares from Archegos' doomed bets on U.S. media and Chinese tech names to a small group of hedge funds late Thursday, March 25, according to the people, who requested anonymity to speak frankly about the transaction.It's a previously unreported detail that shows the extraordinary steps...WW…

Key PointsIn this articleJim Cramer on Citigroup CEO banning Zoom calls on Friday's and encourages vacations CEO told staff that she is banning internal video calls on Fridays, encouraging staff to set boundaries for a healthier work-life balance and instituting a firmwide holiday called Citi Reset Day as fatigue takes a toll on employees.Fraser, who took over for predecessor Mike Corbat this month, told staff of the changes in a memo sent Monday afternoon to her 210,000 employees around the world, according to a person with knowledge of the matter."The blurring of lines between home and...…Key PointsIn this articleJim Cramer on Citigroup CEO banning Zoom calls on Friday's and encourages vacations CEO told staff that she is banning internal video calls on Fridays, encouraging staff to set boundaries for a healthier work-life balance and instituting a firmwide holiday called Citi Reset Day as fatigue takes a toll on employees.Fraser, who took over for predecessor Mike Corbat this month, told staff of the changes in a memo sent Monday afternoon to her 210,000 employees around the world, according to a person with knowledge of the matter."The blurring of lines between home and...WW…

Key PointsIn this article CEO David Solomon addressed junior bankers' complaints over heightened workloads in a message to employees, after the results from an where one employee called conditions "inhumane" went viral."Let me say to everyone, and in particular to our analysts and associates: We recognize that people working today face a new set of challenges," Solomon said in a voice note to Goldman employees Sunday evening. 11 hours ago"In this world of remote work, it feels like we have to be connected 24/7," he said. "All of us—your colleagues, your managers, our divisional leaders—we...…Key PointsIn this article CEO David Solomon addressed junior bankers' complaints over heightened workloads in a message to employees, after the results from an where one employee called conditions "inhumane" went viral."Let me say to everyone, and in particular to our analysts and associates: We recognize that people working today face a new set of challenges," Solomon said in a voice note to Goldman employees Sunday evening. 11 hours ago"In this world of remote work, it feels like we have to be connected 24/7," he said. "All of us—your colleagues, your managers, our divisional leaders—we...WW…

Key PointsGoldman junior bankers detail 'crushing' work loadJunior investment bankers at are suffering burnout from 100-hour work weeks and demanding bosses during a SPAC-fueled boom in deals, according to an done by a group of first-year analysts.The surge in activity has taken a serious toll on analysts' mental and physical health since at least the start of the year, according to slides released to social media and authenticated by people with knowledge of the matter."The sleep deprivation, the treatment by senior bankers, the mental and physical stress ... I've been through foster care...…Key PointsGoldman junior bankers detail 'crushing' work loadJunior investment bankers at are suffering burnout from 100-hour work weeks and demanding bosses during a SPAC-fueled boom in deals, according to an done by a group of first-year analysts.The surge in activity has taken a serious toll on analysts' mental and physical health since at least the start of the year, according to slides released to social media and authenticated by people with knowledge of the matter."The sleep deprivation, the treatment by senior bankers, the mental and physical stress ... I've been through foster care...WW…

Key PointsMorgan Stanley to offer some clients access to bitcoin funds: Sources is the first big U.S. bank to offer its wealth management clients access to funds, CNBC has learned exclusively.The investment bank, a giant in wealth management with in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.The move, a significant step for the acceptance of as an asset class, was made by Morgan Stanley after clients demanded exposure to the...…Key PointsMorgan Stanley to offer some clients access to bitcoin funds: Sources is the first big U.S. bank to offer its wealth management clients access to funds, CNBC has learned exclusively.The investment bank, a giant in wealth management with in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.The move, a significant step for the acceptance of as an asset class, was made by Morgan Stanley after clients demanded exposure to the...WW…

Key Points has agreed to pay about $125 million to resolve separate U.S. probes into allegations that it paid bribes to secure business overseas and that it manipulated metals markets, according to a person with direct knowledge of the deal.The bank, a global capital markets player and Germany's largest lender, entered into a three-year deferred prosecution agreement as part of the settlement, according to a copy of documents filed Friday in federal court in Brooklyn.Nearly all of the dollar value of the punishments to be announced Friday is tied to the allegation that Deutsche Bank...…Key Points has agreed to pay about $125 million to resolve separate U.S. probes into allegations that it paid bribes to secure business overseas and that it manipulated metals markets, according to a person with direct knowledge of the deal.The bank, a global capital markets player and Germany's largest lender, entered into a three-year deferred prosecution agreement as part of the settlement, according to a copy of documents filed Friday in federal court in Brooklyn.Nearly all of the dollar value of the punishments to be announced Friday is tied to the allegation that Deutsche Bank...WW…

Key PointsJPM, Berkshire, Amazon to wind down joint health care venture, the joint venture formed by three of America's most powerful companies to lower costs and improve outcomes in health care, is disbanding after three years, CNBC has learned exclusively.The company began informing employees Monday that it will shut down by the end of next month, according to people with direct knowledge of the matter.Many of the Boston-based firm's 57 workers are expected to be placed at , or as the firms each individually push forward in their efforts, and the three companies are still expected to...…Key PointsJPM, Berkshire, Amazon to wind down joint health care venture, the joint venture formed by three of America's most powerful companies to lower costs and improve outcomes in health care, is disbanding after three years, CNBC has learned exclusively.The company began informing employees Monday that it will shut down by the end of next month, according to people with direct knowledge of the matter.Many of the Boston-based firm's 57 workers are expected to be placed at , or as the firms each individually push forward in their efforts, and the three companies are still expected to...WW…

Key Points posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion.In its earnings , Morgan Stanley Friday it had a $644 million loss from a "credit event" for that client, as well as $267 million in related trading losses.a day agoThat client was Bill Hwang's Archegos, Morgan Stanley CEO said during a conference call with analysts, confirming what a person with knowledge of the situation told CNBC earlier. While Morgan Stanley was the biggest prime broker to Archegos, other banks suffered larger losses. Credit Suisse, which CNBC...…Key Points posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion.In its earnings , Morgan Stanley Friday it had a $644 million loss from a "credit event" for that client, as well as $267 million in related trading losses.a day agoThat client was Bill Hwang's Archegos, Morgan Stanley CEO said during a conference call with analysts, confirming what a person with knowledge of the situation told CNBC earlier. While Morgan Stanley was the biggest prime broker to Archegos, other banks suffered larger losses. Credit Suisse, which CNBC...WW…