CITIBANK TO EXIT FROM CONSUMER BANKING BUSINESS IN INDIA

Highlights

• Citibank's consumer banking business in India comprises credit cards, home loans, retail banking and wealth management, and has 35 branches across the country

• Citibank provides employment to approximately 4,000 people in the country’s banking...

HSBC ALL SET TO WITHDRAW FROM US RETAIL BANKING

Highlights

• This withdrawal will form part of the lender’s strategy update which is due on Tuesday, while CEO Noel Quinn is looking to cut down costs, boost fee income and continue the lender’s shift towards Asia

• According to the bank, Michael Roberts ...

U.S. MORTGAGE REFINANCE DEMAND SURGES BY 20 PERCENT

Highlights

• There is an increase of 16.7 percent in the Market Composite Index, while a jump of 20 percent in the Refinance Index

• This increase of 20 percent in the Refinance Index was the highest level seen witnessed since last March, with the volume being 93 per...

WELLS FARGO SELLS ITS $10 BILLION PRIVATE STUDENT LOAN PORTFOLIO

Highlights

• This move comes at a time in the middle of a directive under CEO Charlie Scharf to bring down the expenses and retrench the San Francisco based banking firm into its core businesses

• Wells Fargo announced this decision on December 18 after notifying all...

BANK OF MONTREAL TO LEAVE OIL AND GAS BANKING IN THE U.S.

Highlights

• The U.S. shale industry has been immensely affected by the COVID-19 pandemic which resulted in oil prices going down and decline in the demand

• BMO said this financial decision was made for an orderly wind-down of our non-Canadian investment and corpora...

HSBC LIKELY TO EXIT FROM U.S. RETAIL BANKING

Highlights

• According to the sources, HSBC Holdings Plc is considering a complete exit from retail banking in the United States

• Sources claim that the senior management at HSBC is planning to present the plan in front of the board in upcoming weeks

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COVID-19 IMPACT: WELLS FARGO & CO. CUTS OVER 700 COMMERCIAL-BANKING JOBS

Highlights

• As per a statement given by Wells Fargo spokeswoman Katie Ellis, the company is at the beginning of a multiyear effort to build a stronger, more efficient company for its customers, employees, communities and shareholders

• While several banking firms in...

MORGAN STANLEY TO ACQUIRE EATON VANCE FOR $7 BILLION

Highlights

• Morgan Stanley has decided to acquire investment management firm for a whopping amount of $7 billion in cash and shares

• the shareholders of Eaton Vance are entitled to receive $60.75 per share, which is 48 percent premium to the closing price on Wednes...

JPMorgan: MOST OF CONSUMER UNIT WORKERS TO CONTINUE WORKING FROM HOME UNTIL 2021

Highlights

• JPMorgan’s community banking unit, which operates primarily in the U.S. has maximum number of employees as compared to other divisions and it has total 122,089 employees

• According to the reports, JPMorgan in its directive communicated to staff in...