WHAT YOU NEED TO KNOW: Citigroup gets slammed, and Goldman Sachs gets wiped out
Matt Turner
BusinessInsider.com
Jan. 15, 2015
Citi beat on earnings ― and the stock is getting slammed.
Markets in general are down Friday, but Citi has dropped much more significantly than the other major Wall Street banks. The devil is in the detail of Citi’s results, with core revenues coming in weak and investors expressing concern over the bank’s exposure to emerging markets.
Elsewhere on Wall Street, Morgan Stanley has shaken up its trading business, naming a new head of fixed income and commodities. It also just announced bonuses: this is what we know so far.
Goldman Sachs’ fourth-quarter earnings essentially got wiped out by a settlement related to residential mortgage-backed securities it sold between 2005 and 2007.
Larry Fink, CEO of BlackRock, said Friday he expects to see more layoffs in the next few months. His comments came on the day that Walmart announced it would close 269 stores and lay off thousands of employees.
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