By , (Reuters) - Citigroup Inc on Tuesday posted a 73% plunge in quarterly profit, as the bank set aside nearly $8 billion to brace itself for a potential surge in loan defaults stemming from the COVID-19 pandemic.The largest U.S. banks have so far stashed away more than $52 billion to prepare for possible losses this year as the economy heads into one of its worst recessions in decades.Shares of the lender were down about 2% in morning trade.Citi was forced to build reserves of $5.6 billion during the quarter, which also saw rival JPMorgan set aside record loan loss provisions to weather...…By , (Reuters) - Citigroup Inc on Tuesday posted a 73% plunge in quarterly profit, as the bank set aside nearly $8 billion to brace itself for a potential surge in loan defaults stemming from the COVID-19 pandemic.The largest U.S. banks have so far stashed away more than $52 billion to prepare for possible losses this year as the economy heads into one of its worst recessions in decades.Shares of the lender were down about 2% in morning trade.Citi was forced to build reserves of $5.6 billion during the quarter, which also saw rival JPMorgan set aside record loan loss provisions to weather...WW…

By , NEW YORK (Reuters) - A gauge of global stock markets rose on Tuesday, snapping a three-day losing streak, while oil prices soared as investors shrugged off grim economic data on hopes the easing of coronavirus lockdowns will jump start economies and revive fuel demand.The dollar rose against most major currencies, bolstered by better-than-expected U.S. services data. The greenback’s gains were also supported after U.S. President Donald Trump renewed verbal attacks on China, raising fears of a new trade war.Oil prices surged, with U.S. crude futures rocketing 20% on hopes a recovery in...…By , NEW YORK (Reuters) - A gauge of global stock markets rose on Tuesday, snapping a three-day losing streak, while oil prices soared as investors shrugged off grim economic data on hopes the easing of coronavirus lockdowns will jump start economies and revive fuel demand.The dollar rose against most major currencies, bolstered by better-than-expected U.S. services data. The greenback’s gains were also supported after U.S. President Donald Trump renewed verbal attacks on China, raising fears of a new trade war.Oil prices surged, with U.S. crude futures rocketing 20% on hopes a recovery in...WW…

By , A Standard Chartered spokeswoman declined to comment on a Reuters query on the memo. She said cybersecurity remains a top priority and that staff can use several authorized tools for audio and video conferencing.The London-based bank is the latest entity to distance itself from Zoom after interlopers exposed security flaws by bursting into strangers’ video chats in the nude, inserting lewd images into presentations, or hurling racial slurs at participants.These “Zoombombing” incidents have rattled all kinds of users, as hoards of business people, students, families and friends flocked...…By , A Standard Chartered spokeswoman declined to comment on a Reuters query on the memo. She said cybersecurity remains a top priority and that staff can use several authorized tools for audio and video conferencing.The London-based bank is the latest entity to distance itself from Zoom after interlopers exposed security flaws by bursting into strangers’ video chats in the nude, inserting lewd images into presentations, or hurling racial slurs at participants.These “Zoombombing” incidents have rattled all kinds of users, as hoards of business people, students, families and friends flocked...WW…

United States NEW YORK (Reuters) - Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters. JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and gas assets, said three people who were not authorized to discuss the matter publicly. The banks are also looking to hire executives with relevant expertise to...…United States NEW YORK (Reuters) - Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters. JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and gas assets, said three people who were not authorized to discuss the matter publicly. The banks are also looking to hire executives with relevant expertise to...WW…

By (Reuters) - A federal agency found no wrongdoing concerning the stalled U.S. government loan to Eastman Kodak Co, the Wall Street Journal reported on Sunday.The inspector general for the U.S. International Development Finance Corp (DFC), which was administering the loan, told Democratic lawmakers he found no evidence that agency officials had any conflicts of interest in the plans, the report said.It is unclear whether the agency will now move forward with the loan.Representatives for Kodak and DFC did not immediately respond to a request for comment from Reuters.Shares of the once...…By (Reuters) - A federal agency found no wrongdoing concerning the stalled U.S. government loan to Eastman Kodak Co, the Wall Street Journal reported on Sunday.The inspector general for the U.S. International Development Finance Corp (DFC), which was administering the loan, told Democratic lawmakers he found no evidence that agency officials had any conflicts of interest in the plans, the report said.It is unclear whether the agency will now move forward with the loan.Representatives for Kodak and DFC did not immediately respond to a request for comment from Reuters.Shares of the once...WW…

By , (Reuters) - Executives at the top U.S. banks warned investors this week that 2020 revenue will be lower than expected due to weak loan demand and an uptick in repayments during the coronavirus pandemic.Slideshow “Most of them are saying, ‘We don’t need money,’” CEO Brian Moynihan said in a virtual investor conference on Tuesday. “We tended not to believe them, honestly.”But loan balances at the Charlotte-based bank dipped below pre-pandemic levels earlier this month, potentially setting up its loan book to shrink in the third quarter for the first time since 2015, according to an...…By , (Reuters) - Executives at the top U.S. banks warned investors this week that 2020 revenue will be lower than expected due to weak loan demand and an uptick in repayments during the coronavirus pandemic.Slideshow “Most of them are saying, ‘We don’t need money,’” CEO Brian Moynihan said in a virtual investor conference on Tuesday. “We tended not to believe them, honestly.”But loan balances at the Charlotte-based bank dipped below pre-pandemic levels earlier this month, potentially setting up its loan book to shrink in the third quarter for the first time since 2015, according to an...WW…

By NEW YORK (Reuters) - World shares rose on Thursday after China’s exports came in far stronger than expected, suggesting an economic recovery was under way, but the dollar fell from two-week highs as U.S. data showed millions more Americans joined the ranks of the unemployed.Gold jumped 2% as the weak U.S. data heightened fears over a coronavirus-induced global downturn.Initial U.S. jobless claims for unemployment benefits totaled a seasonally adjusted 3.169 million for the week ended May 2, down from a revised 3.846 million in the prior week, the Labor Department’s weekly report...…By NEW YORK (Reuters) - World shares rose on Thursday after China’s exports came in far stronger than expected, suggesting an economic recovery was under way, but the dollar fell from two-week highs as U.S. data showed millions more Americans joined the ranks of the unemployed.Gold jumped 2% as the weak U.S. data heightened fears over a coronavirus-induced global downturn.Initial U.S. jobless claims for unemployment benefits totaled a seasonally adjusted 3.169 million for the week ended May 2, down from a revised 3.846 million in the prior week, the Labor Department’s weekly report...WW…