, Europe
Photo courtesy of Wells Fargo.

Weekly Global News Wrap: Citi negotiating return of $500m Revlon loan payment; Well Fargo cuts mortgage roles

And US banks report $71.7b profit in Q3.

From Reuters:
Citigroup is negotiating the return of about $500m mistakenly paid to a group of hedge funds and investment firms on a loan owed by Revlon, the now bankrupt cosmetics company, reports Reuters.

In a Thursday filing, lawyers for the bank and the lenders said they have been discussing a "consensual resolution" to end Citigroup's August 2020 lawsuit to recoup the mistaken payment.

The lawyers have reportedly asked US District Judge Jesse Furman to let them update the status by 5 December.

From Bloomberg:
Wells Fargo & Co. has cut hundreds more mortgage employees on 1 December.

The reductions took place across the country, according to people familiar with the plans, who asked not to be identified discussing private information. 

The latest wave comes amidst ongoing Federal Reserve rate hikes to tame persistent inflation, pushing mortgage rates toward their highest levels in two decades. Refinancings have dried up and some potential homebuyers have been sidelined in the process.

From Reuters:
U.S. banks reported a 3.2% rise in third-quarter net income compared to the same period in 2021– but an uptick in early delinquency and higher unrealized losses with securities may reduce future profits, the Federal Deposit Insurance Corporation (FDIC) warned.

Jointly, banks posted $71.7b in profit in the third quarter. The FDIC compiles data from 4,746 commercial banks and savings institutions it insures.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!