RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Citigroup to raise women's pay; JPMorgan, Wells Fargo commends tax law

And Turkey’s banks have reached their growth limit.

From Reuters: Citigroup Inc (C.N) will increase compensation for women and minorities to bridge pay gaps in the United States, the United Kingdom and Germany, as part of its annual pay process this year, the Wall Street bank said on Monday. As part of the move, Citi also becomes the first big U.S. bank to respond to a shareholder push to analyze and disclose its gender pay gap.

From CNBC: Two of the nation's biggest banks — JPMorgan Chase and Wells Fargo — indicated Friday that they expect to see significant future benefits from the recently enacted GOP tax bill, through both lower taxes and increased business. The comments came as the two companies reported their quarterly results, which were both heavily impacted by the change in tax laws, but in different ways. JPMorgan Chase took a $2.4 billion charge tied to the tax bill, while Wells Fargo had a $3.35 billion benefit.

From Bloomberg: Turkey’s banks have reached their limits in financing the nation’s economic growth, the chairman of the largest listed lender by assets said. “The banking sector has run out of steam to finance growth,” Ersin Ozince, chairman of Turkiye Is Bankasi AS, or Isbank, said in an interview with Bloomberg on Tuesday in Istanbul. “Looking at current levels of capital, sourcing, profit margins and return-on-equity ratios, I don’t think we can further expand the banking sector.”

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