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<ul class="summary-list"><li><keyword id="19897536" type="General" weightage="100" keywordseo="netflix" source="keywords">Netflix</keyword>'s stock recently hit an all-time high, but can the growth keep going?</li><li>The US and Canada drive 70% of Netflix's revenue growth and are crucial for its future ad expansion.</li></ul>By now, it's become a common refrain in Hollywood: Netflix has <a target="_blank" href="https://www.businessinsider.com/netflix-earnings-winning-streaming-wars-not-even-close-2024-1">won the streaming wars</a>. It has a giant subscriber base and a towering lead over its rivals (most of which are still struggling to figure out a profitable streaming model), and its stock price recently hit an <a target="_blank" href="https://www.businessinsider.com/netflix-stock-historic-high-chart-streaming-2024-9">all-time high</a>. Still, that gargantuan comeback — it hit $725 a share earlier this month after falling below $180 in summer 2022 following a rare subscriber loss — has some investors asking if the company is worth its high price tag. After all, Netflix still <a target="_blank" href="https://www.businessinsider.com/youtube-not-netflix-is-big-threat-to-hollywood-analysis-2024-2">trails YouTube in terms of TV watch time</a>, and its share of the total TV viewing, per Nielsen, hasn't materially changed over the past year. <a target="_blank" class="" href="https://www.businessinsider.com/amazon-beating-netflix-upfront-battle-for-tv-sports-dollars-2024-7">Amazon threw a wrench into Netflix's advertising ambitions</a> by <a target="_blank" class="" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">steamrolling into the market</a> earlier this year. Netflix has already made clear to investors that weaker subscriber growth may be ahead as its password-sharing crackdown benefits taper off, writing in its <a target="_blank" class="" href="https://s22.q4cdn.com/959853165/files/doc_financials/2024/q2/FINAL-Q2-24-Shareholder-Letter.pdf">Q2 shareholder letter</a>: "We expect paid net additions to be lower than Q3'23, which had the first full quarter impact from paid sharing." While some analysts think Netflix could grow revenue by as much as 15% in 2025, others are more tepid. Barclays even gave the stock a rare downgrade on October 7, writing that it would be harder for Netflix to grow revenue over time and that every growth lever comes with trade-offs. Ahead of Netflix's Q3 earnings report on October 17, here are the top questions on Wall Street's mind about how Netflix can keep its growth going and live up to its sky-high valuation. <h2>Where will future revenue come from?</h2>For all of Netflix's expansion overseas, the US and Canada remain by far its biggest growth engine, accounting for 70% of revenue growth from 2019 to 2023, Barclays analysts wrote this month. How much growth is left? The benefits of Netflix's password-sharing crackdown will fade over time, which could weigh down subscriber growth. Netflix is also counting on the US and Canada to drive advertising growth, but Barclays argued that this could come with trade-offs in either lower revenue (if more people <a target="_blank" class="" href="https://www.businessinsider.com/ads-are-coming-to-netflix-heres-everything-you-need-to-know">choose its ad tier</a>) or lower subscriber growth (if Netflix raises prices to compensate for that). <h2>How is advertising going?</h2>With subscriber growth potential limited in the US because Netflix is already quite saturated in the market, Netflix needs to ramp up ad revenue. This is a point that analysts have been <a target="_blank" class="" href="https://www.businessinsider.com/netflix-earnings-preview-questions-streaming-wars-enter-new-phase-2024-1">making for a while</a>, and Netflix has made progress, announcing a 150% increase in ad commitments at <a target="_blank" href="https://www.businessinsider.com/star-of-this-years-tv-upfronts-retailers-2024-4">this year's TV upfronts</a> (off a small base). It's also opening up advertising sales through tech partnerships, and deals to broadcast live events like the Tyson-Paul fight, two NFL Christmas Day games, and <a target="_blank" class="" href="https://www.businessinsider.com/why-netflix-pro-wrestling-wwe-deal-makes-sense-2024-1">WWE fights</a> — all things that are catnip to advertisers. Netflix execs have said that they expect advertising to eventually account for at least <a target="_blank" class="" href="https://www.businessinsider.com/netflix-could-add-free-streaming-service-fast-build-ads-business-2023-1">10% of the company's revenue</a>. But the ad tier base is still relatively small (15 million in the US and Canada, LightShed Partners estimated). It needs a lot more to become a meaningful contributor to revenue, though how much is unclear. While Netflix's ad tier growth is steadily adding inventory, those tech deals will take a couple of years to ramp up. The <keyword id="19899797" type="General" weightage="20" keywordseo="wwe" source="keywords">WWE</keyword> partnership won't start until 2025. And as part of its effort to attract advertisers, Netflix is spending to acquire more ad-friendly content like live sports (as well as to build a video gaming library), which could increase its content costs and cut into its margins. Meanwhile, <keyword id="19904608" type="General" weightage="20" keywordseo="amazon" source="keywords">Amazon</keyword> came on strong when it rolled out ads by default across Prime Video this year, putting downward pressure on Netflix's and other streamers' ad rates. Barclays wrote that forcing people to watch more ads could also have a downside for Netflix: "It's tough to see how this doesn't come with its own engagement trade-offs." <h2>Are price increases coming?</h2>One way Netflix can keep growing revenue if subscriber and advertiser growth are limited is to raise prices for consumers. There's broad consensus among Wall Street analysts that Netflix has room to do so, given its relative value in the market and price increases by its peers. <keyword id="19941660" type="General" weightage="20" keywordseo="citibank" source="keywords">Citibank</keyword> analysts think Netflix could raise US prices by 12%. But a US price increase would only do so much for Netflix, given its ability to raise prices overseas is limited, Citibank wrote. Netflix last raised prices in October 2023, on its premium and basic tiers, but not its ad-supported or standard plans. Netflix has the <a target="_blank" class="" href="https://www.businessinsider.com/netflix-wins-streaming-wars-this-chart-shows-why-2024-1">lowest cancellation rate</a>, per research from the data firm Antenna, and the lowest-priced ad tier of the streamers, so it has a lot of credit with subscribers on this front. So, the question is more when prices will go up — not if. Or, as <keyword id="23618376" type="General" weightage="20" keywordseo="newstreet" source="keywords">NewStreet</keyword> analysts wrote, is it possible Netflix could go in the opposite direction, at least in some markets? The streamer could decrease prices in small markets to build penetration or launch a <a target="_blank" class="" href="https://www.businessinsider.com/netflix-could-add-free-streaming-service-fast-build-ads-business-2023-1">free, fully ad-supported tier</a> in select markets. <h2>What's happening with games?</h2>Netflix has been building out a video game library since 2021 but has shared little data on its progress. Meanwhile, questions persist inside and outside the company about what the strategy around games is and if they're <a target="_blank" href="https://www.businessinsider.com/netflix-games-mike-verdu-leaving-strategy-2024-6">worth the investment</a>. The company recently installed a new gaming leader from Epic Games, who has already <a target="_blank" class="" href="https://www.businessinsider.com/netflix-shakes-up-gaming-division-new-epic-hire-layoffs-2024-10">begun shaking things up</a>. With doubts about where Netflix's next growth act could come from, don't be surprised if questions grow louder about the games business, such as how efforts to promote games on the home screen have paid off and how Netflix might be looking to monetize them. <h2>What's next?</h2>For all the talk of Netflix's dominance, the overarching question looming for the company is how it moves from what's long been a single business model — selling subscriptions — to multiple business lines. Beyond advertising and games, the company also has been putting on events and selling merch tied to its popular shows like <a target="_blank" class="" href="https://www.businessinsider.com/bridgerton-merch-brand-collaborations-netflix-marketing-regency-trends-2024-6">"Bridgerton"</a> — areas that they say are about building fandom and retaining subscribers. "But those are business lines at <keyword id="19899232" type="General" weightage="20" keywordseo="disney" source="keywords">Disney</keyword>," <keyword id="23618375" type="General" weightage="20" keywordseo="dan-salmon" source="keywords">Dan Salmon</keyword> of NewStreet said in an interview. "If you think about the next five, 10 years, that's the question: Do they build all the ancillary businesses like Disney has to leverage their IP?" It's worth noting that Netflix recently hired Lowell Singer, a longtime investor relations exec from none other than Disney. There's also an inconvenient truth looming for Netflix. Despite Netflix ticking up in Piper Sandler's latest teen survey, kids spend more time <a target="_blank" class="" href="https://www.businessinsider.com/disney-kid-problem-cable-tv-decline-disney-channel-watching-youtube-2024-7">watching short video clips</a> on mobile screens versus TV shows and movies that are Netflix's bread and butter. Netflix will have to evolve to meet that generation as they grow into adulthood and when — or if — they become subscribers on their own. But those are questions that won't be solved in the next quarter. October 18, 2024 — This story was updated to clarify when Netflix most recently raised prices. It was October 2023, not October 2024.

Netflix has won the streaming wars but Wall Street still has big questions about its future

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

Private sector lender <keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword> on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore. For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore. The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the <keyword id="19941660" type="General" weightage="20" keywordseo="citibank" source="keywords">Citibank</keyword> business acquisition, Axis Bank said. Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024. The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24. Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a><a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank">GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a>

Axis Bank posts net profit of ₹7,129 cr in March quarter

<ul class="summary-list"><li>Markets are stabilizing after Monday's selloff, but concerns are shifting to the Chinese yuan.</li><li>Some analysts are warning of potential yuan carry trade unwind.</li></ul>The markets appear to have stabilized after melting down on Monday, but there's a new worry on the horizon in the form of the Chinese yuan.<a target="_blank" class="" href="https://www.businessinsider.com/markets-japan-rate-hike-yen-fx-carry-trade-stock-futures-2024-8">Monday's massive market selloff</a> — the worst on the Nikkei since <a target="_blank" class="" href="https://www.businessinsider.com/1987-black-monday-stock-market-crash-most-important-lesson-2017-10">Black Monday 1987</a> — was in part triggered by the unwinding of Japanese yen <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-yen-carry-trade-unwind-fed-japan-rates-2024-8">carry trades.</a>"The next carry trade unwind could be the yuan," Khoon Goh, the head of Asia Research at ANZ, told <a target="_blank" class="" href="https://www.cnbc.com/video/2024/08/07/the-chinese-yuan-may-be-the-next-carry-trade-to-unwind-anz.html">CNBC</a> on Wednesday, pointing out that the offshore yuan already jumped against the dollar earlier on Monday as a kneejerk reaction to the yen carry trade unravel.The carry trade strategy involves borrowing Japan's longstanding ultra-low interest rate environment to fund higher-yielding assets elsewhere. The Bank of Japan's rate hike last week, however, jolted the market, forcing investors who borrowed to fund their carry trades to liquidate their positions, setting off the global market rout.Now, analysts and investors are jittery about the same happening in the Chinese yuan.China is in a low interest-rate environment as authorities are trying to boost the country's flagging economy.Citibank strategists expressed such concerns in a client note, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-07/carry-trade-out-of-danger-zone-but-watch-yuan-citi-quants-say">Bloomberg</a> reported on Wednesday. They wrote there are "positioning worries in the funding side of the carry trade, and in particular the yuan." Business Insider was not immediately able to reach Citi for comment.ANZ's Goh said Chinese exporters have been holding onto large amounts of dollar earnings that they had been unwilling to convert due to higher rates in the US. However, they may soon be doing so as the Fed readies to cut rates — which could create "big moves" in the markets.The US dollar is trading around 7.17 to the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-cnh">offshore yuan</a> now after falling to below 7.1 on Monday amid the market mayhem.<h2 id="273f7b27-d51c-440b-a56f-4276be30a054">China's yuan — like the yen — is weak. But it has different problems.</h2>However, analysts don't seem to think the fallout from the yuan carry trade would be as tumultuous as the action in the yen.Vishnu Varathan, the chief economist of Asia excluding Japan at Mizuho Bank, wrote in a note on Thursday that the yuan isn't the "next big shoe" to drop.That is a "somewhat misguided view," given that the yen — unlike the yuan — is a deeply liquid and global currency, added Varathan. In contrast, China still guides the Chinese currency's movements.China also has different problems than Japan.While the yen's weakness is due to Japan's low interest rates, the yuan's weakness is mainly due to China's "structural economic headwinds and daunting geo-political threats," wrote Varathan.China is navigating a painful economic transition from a low-value manufacturing juggernaut to its push into the hot <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">"new three" industries</a> of electric vehicles, lithium batteries, and solar cells. However, it's facing rising geopolitical tensions, including high import tariffs from the <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-share-price-europe-tariff-hike-overcapacity-investors-2024-6">US and the EU</a> on such high-value industries.This means that these geopolitical risks have to fade for the yuan to strengthen and cause an impactful unraveling of the carry trade like that for the yen earlier this week, he added.Goldman Sachs' analysts share these sentiments. In a note on Wednesday, they wrote that weak Chinese growth fundamentals mean any yuan rally should be limited."Still-elevated carry returns, weak domestic demand in China, and our expectation of continued monetary policy easing by the PBOC are likely to drive dollar-yuan back higher," the Goldman Sachs analysts wrote.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-08/jpmorgan-says-three-quarters-of-global-carry-trades-now-unwound">JPMorgan</a> estimated on Wednesday that about three-quarters of global carry trades have been unwounded so far, per Bloomberg.<h2 id="90b33a87-2561-402a-9370-54384ac43fe7">The yuan's risk is further depreciation, not strength</h2>China's economy hasn't been able to take off convincingly since the country exited nearly three years of pandemic restrictions, so it's more likely that the People's Bank of China still needs to cut rates, wrote Varathan.Therefore, the yuan's risk is — unlike the yen — one of depreciation rather than appreciation, and a yuan meltdown could trigger risk-off sentiment in the wider market, added the economist."While excessive volatility either way is not desirable, we fear abrupt CNY meltdown more than we do sudden CNY strength," wrote Varathan, referring to the yuan.Japan's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> index was down 0.2% at 2:32 p.m. local time on Thursday.South Korea's <a target="_blank" class="" href="https://markets.businessinsider.com/index/kospi">Kospi</a> was down 0.7% while Taiwan's Taiex was down 2%.Hong Kong's <a target="_blank" class="" href="https://markets.businessinsider.com/index/hang_seng">Hang Seng Index</a> was 0.7% higher at midday and China's <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> was up 0.3%.

Markets are worried about the Chinese yuan sparking a new wave of turmoil

<ul class="summary-list"><li><keyword id="11896548" type="UNKNOWN" weightage="60" keywordseo="citigroup" source="Orion">Citigroup</keyword> shares rose on Thursday following first-quarter results that surpassed Wall Street targets.</li><li>Trading revenue during the volatile period fell to $5.83 billion but was better than anticipated. </li></ul><a href="https://markets.businessinsider.com/stocks/c-stock">Citigroup</a> shares rose Thursday as the company posted first-quarter earnings that surpassed Wall Street's targets during a volatile period overall for banks with financial <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> rocked by Russia's invasion of Ukraine. Revenue: $19.19 billion, versus FactSet estimate of $18.19 billion.Earnings per share: $2.02 per share, versus $1.43 estimate<keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi" source="Orion">Citi</keyword>'s revenue from trading equities and fixed income came in at $5.83 billion, marking a decline of 1.8% from a year ago but the result was higher than the $5.09 billion estimate from Bloomberg. Profit sank 46% from a year earlier to $4.3 billion, with the investment and retail bank attributing the drop to higher credit costs, higher expenses, and lower revenues. Citi, led by CEO Jane Fraser, set aside $1.9 billion to shield itself from potential losses stemming from its exposure to Russia and the broader impact of the Ukraine conflict on the macroeconomic environment. <keyword id="12291844" type="UNKNOWN" weightage="60" keywordseo="bank-earnings" source="Orion">Bank earnings</keyword> began rolling out this week. <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> on Thursday posted better-than-expected per-share earnings of $2.02 a share and <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> topped estimates with earnings of $10.76 a share. <a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> earnings beat expectations but revenue of $17.59 billion fell short. <a href="https://markets.businessinsider.com/stocks/jpm-stock?utm_medium=ingest&amp;utm_source=markets">JPMorgan</a> took a <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-q1-earnings-revenue-slows-russia-hit-investment-banking-economy-2022-4">$524 million hit</a> from assets tied to Russia in the first quarter.

Citi beats 1st-quarter earnings forecasts as trading desks capitalize on volatility

<ul class="summary-list"><li>Allegations of currency-trade manipulation are bubbling up into a potential class-action suit against several big <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword>.</li><li>The banks, which include UBS, Barclays, <keyword id="6400347" type="UNKNOWN" weightage="60" keywordseo="citibank">Citibank</keyword>, and <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword>, are accused of colluding to rig prices in the foreign-exchange market.</li><li>In sum, banks have paid north of $12 billion in fines over FX rigging.</li></ul>Allegations of currency-trade manipulation are bubbling up into a potential class-action suit against several big banks, according to a <a href="https://www.ft.com/content/2eec1003-0c95-44fb-86b3-43767c1aac10?accessToken=zwAAAXqgGNmIkc8u7BADDJVE-9OGs0N2fBqsEA.MEUCIDG6Nvg__S6XeoIsJGloOWy8blCWaghyCaAhaooA5FnpAiEAu3U86Ylqh7W7Am_smVa3ZGmel20IpzDXeFaqELlZexQ&amp;sharetype=gift?token=ec69052a-d0e7-4769-82b4-48ebfc7ca201a201">report</a> from the Financial Times.Two high-powered legal teams are jostling to bring a collective action against the banks in London courts, pursuing a US-style class-action strategy that could lead to huge payouts. Under a 2015 UK law, class-action suits can be pursued if there are suspected violations of competition law in play, according to the FT.The banks, which include UBS, Barclays, Citibank, and JPMorgan, are accused of colluding to rig prices in the $6 trillion foreign-exchange market between 2007 and 2013. Traders allegedly coordinated currency bets in online chat rooms, exchanging information on customer orders and prices. In 2019, the banks coughed up over €1 billion in fines to the European Commission, following on similar fines paid to US, UK, and Swiss regulators. In sum, banks have paid north of $12 billion in fines over the FX-rigging scandal, according to the FT.UBS initially escaped the 2019 European fines by disclosing its misconduct early, but the regulatory action was effectively an "open invitation for parties who may have been impacted by these cartels to sue these banks," as one lawyer <a href="https://www.bbc.com/news/business-48292946">told the BBC</a> at the time.That prediction now seems prescient as the two competing class-action cases are being bankrolled by litigation financiers who buy equity in the outcome of a case.Separately, HSBC is facing allegations from a former client of FX <keyword id="38935" type="PERSON" weightage="60" keywordseo="Fraud">fraud</keyword> in front of London's High Court. HSBC denies the claims.

Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says

<ul><li>Citigroup is blocking investment firms that wouldn't return an accidental Revlon wire from future <keyword id="44647" type="ORGANIZATION" weightage="60" keywordseo="debt">debt</keyword> offerings led by the bank, according to a Bloomberg report.</li><li><keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi">Citi</keyword> accidentally transferred nearly $900 million to Revlon lenders last year when it meant to transfer only $8 million.</li><li>A judge ruled last month that Citi can't recoup the $500 million 10 investment firms refused to send back.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>A botched debt repayment by Citigroup is now being used by the bank as reason to block certain investment firms from future debt offerings, according to <a href="https://www.bloomberg.com/news/articles/2021-03-09/citi-blocks-firms-that-kept-errant-revlon-payout-from-debt-deals">a report from Bloomberg.</a>In what is considered to be <a href="https://www.businessinsider.com/citigroup-revlon-blunder-banking-takeaways-wire-transfer-mistake-2021-2">"one of the biggest blunders in banking history,"</a> Citigroup accidentally sent nearly $900 million to Revlon lenders last year when it meant to only send about $8 million.While some firms returned the money to Citigroup, others didn't, with 10 investment firms holding onto more than $500 million of the nearly $900 million accidental payment. A federal judge ruled last month that those investment firms do not have to return the money to Citigroup. Citigroup is appealing the decision.Now, Citigroup is retaliating by blocking these 10 lenders from participating in certain debt offerings led by the bank, Bloomberg reported, citing people with knowledge of the matter. The investment firms targeted by Citigroup include Brigade Capital Management, HPS Investment Partners, and Symphony Asset Management, according to the report. It's unclear whether the retaliation by Citigroup will be a big blow for the targeted firms, but it's hard to avoid Citigroup in debt <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> given that it is one of the largest underwriters of new bonds and loans, according to Bloomberg.However, the targeted firms can still participate in debt offerings led by Citigroup if the issuer specifically requests for their participation, Bloomberg reported. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-now-companies-benefit-from-stimulus-jefferies-2021-3" target="_blank" rel="noopener">Buy these 36 stocks poised to surge this spring as Biden's stimulus roll-out pours into the economy, Jefferies says</a>

Citi is reportedly blocking debt deals with firms that kept the bank's accidental $500 million payout

<ul><li>Net interest income grows 21% year-on-year and 6% sequentially </li><li>Net interest margins hit a 20-quarter high of 3.6%, but lags peers </li><li>The bank’s asset quality also showed an improvement during the quarter, with fresh accretion of slippages declining </li></ul><keyword id="6355975" type="General" weightage="100" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, the third largest private sector bank, on Monday reported a net profit of ₹4,125 crore in the opening quarter of FY23, a jump of 91% annually but remained flat sequentially. While the bank has beaten street estimates, its business growth momentum has come in lower than its peers. The bank’s key financial parameters showed improvement with net interest income clocking a growth of 21% year-on-year and 6% sequentially, as net interest margins improved by 14 bps annually and 11 bps sequentially to 3.60% during the quarter. This bank’s margins have hit a 20-quarter high. <cmsannotation type="cmsannotation" annotationid="Citi merger: ‘Customer experience has to hassle free’" comment="subhead" text="Citi merger: ‘Customer experience has to hassle free’">Citi merger: ‘Customer experience has to hassle free’</cmsannotation> Speaking on the merger with <keyword id="6400347" type="General" weightage="50" keywordseo="citibank" source="Orion">Citibank</keyword>, <keyword id="247960" type="General" weightage="50" keywordseo="amitabh-chaudhry" source="Orion">Amitabh Chaudhry</keyword>, CEO, Axis Bank said that CCI approval is likely to come in five to six weeks. "Based on limited data, we have limited concerns on business, which are all doing quite well. We cannot be engaging with Citi till we get CCI approval. Once approval comes we can engage more actively. The merger date refers to the date when we take over the assets. The customer experience has to be hassle-free," he said. While NIMs continue to trend marginally lower than its bigger peers, the lender has shown an improvement across all metrics during the quarter. "You are seeing delivery on NIM trajectory on what we had said earlier. You can take on higher risk and increase NIMs, so our growth factors in credit implication on the book. A rising interest rate environment plays to the strength of the larger bank and it should be positive for us on a net basis," said <keyword id="869603" type="General" weightage="50" keywordseo="puneet-sharma" source="Orion">Puneet Sharma</keyword>, CFO of Axis Bank. Fee income also grew at a robust rate 34% year-on-year, which is a big contributor to profits of private lenders. Retail fee income grew 43% annually. The bank’s core operating profit grew 17% annually and 5% sequentially. <cmsannotation type="cmsannotation" annotationid="Small biz loans grew by 74%" comment="subhead" text="Small biz loans grew by 74%">Small biz loans grew by 74%</cmsannotation> After two years of the pandemic, lenders are pushing for growth and Axis Bank reported a loan growth across segments, but it has disappointed analysts as it is lower compared to its peers. While retail loans grew 25% annually and 3% sequentially, small business loans and rural loans grew 74% and 42%, respectively, compared to the corresponding quarter last year. Overall loan growth stoof at 14% annually. The bank’s asset quality also showed an improvement during the quarter, with fresh accretion of slippages declining along with aggregate non-performing assets. The gross non-performing assets came in at 2.76%, which is lower by 109 bps year-on-year and 6 basis points sequentially. The bank’s net non-performing assets came in at 0.64%, which is 56 bps lower annually and 9 basis points sequentially. The bank’s accretion of fresh bad loans also declined. While the gross slippage ratio declined 210 bps year-on-year and 33 bps sequentially, the net slippage ratio was down 0.41% 219 bps annually. The bank’s provision coverage ratio stood at 77%. On a quarterly average basis, savings accounts grew 16% annually and 4% sequentially, while current accounts grew 15% annually. Term deposits grew 13% annually. On a quarterly basis, CASA grew 16% annually and 1% sequentially. The bank’s CASA ratio stood at 43%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/list-of-top-new-upcoming-whatsapp-features-in-second-half-2022/articleshow/93103440.cms">From avatars to hiding online status—list of top new upcoming WhatsApp features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-has-the-highest-rate-of-women-taking-action-against-harassment-calls-and-messages/articleshow/93107553.cms">India has the highest rate of women taking action against harassment calls and messages</a>

Axis Bank beats street estimates on net profit, business growth disappoints

<ul><li>US <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> regulators fined <keyword id="44473" type="CITY" weightage="60" keywordseo="Citigroup">Citigroup</keyword> $400 million on Thursday for "longstanding failure" to fix its data and risk management systems. </li><li>Under the order, Citigroup is mandated to seek regulatory approval before making any significant acquisitions.</li><li>The Office of the Comptroller of the Currency and the <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> declared enforcement action against the bank for falling short of taking "prompt and effective actions to correct practices" in its risk management and internal controls.</li><li>Thursday's fine is the second penalty slapped on Citigroup in recent weeks.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Citigroup was fined $400 million on Thursday by US regulators for failing to resolve "several longstanding deficiencies" tied to its data and risk management systems.The Office of the Comptroller of the Currency <a href="https://www.occ.treas.gov/news-issuances/news-releases/2020/nr-occ-2020-132.html">faulted the nation's third-largest bank</a> for "unsafe or unsound banking practices for its long-standing failure to establish effective risk management and data governance programs and internal controls."Under the order, Citigroup must seek the <keyword id="224986" type="ORGANIZATION" weightage="60" keywordseo="OCC">OCC</keyword>'s approval before making any new significant acquisitions. The regulator also reserves the right to make any significant changes in senior leadership, or the board, if it believes the bank has not complied in a timely manner with the order. The Federal Reserve announced a <a href="https://www.federalreserve.gov/newsevents/pressreleases/enforcement20201007a.htm">separate enforcement action</a> against Citigroup for not taking "prompt and effective actions to correct practices" previously noted in its risk and data quality management, and internal controls. Read More: <a href="https://www.businessinsider.com/investing-outlook-ftse-100-short-sellers-418-million-profits-september-2020-10">Betting against the FTSE 100 netted traders £418 million in September. These are the top 5 most and least profitable short sells last month</a>"We are disappointed that we have fallen short of our regulators' expectations, and we are fully committed to thoroughly addressing the issues identified in the Consent Orders," Citigroup said <a href="https://www.citigroup.com/citi/news/2020/201007a.htm">in a statement</a>. The bank intends to make its risk and control environment a "strategic priority." Thursday's fine is Citigroup's second penalty in recent weeks.The Commodity Futures Trading Commission <a href="https://uk.reuters.com/article/us-cftc-citigroup/citigroup-is-fined-4-5-million-by-u-s-cftc-for-deleting-subpoenaed-audio-recordings-idUKKBN26J2NG">imposed a $4.5 million fine</a> against the bank in late September for mass deletion of audio files, including trader recordings that were subpoenaed as part of a federal probe. About a year ago, the <a href="https://markets.businessinsider.com/news/stocks/citigroup-hit-with-record-57-million-fine-bank-of-england-2019-11-1028718942?utm_content=buffer8ab66&amp;utm_medium=social&amp;utm_source=facebook.com&amp;utm_campaign=buffer-bi&amp;fbclid=iwar3gpm5xh4cecgvdkr3dn7d2qektjs1puzf3nbttu9zwzyibwyos65xkxvi#zyibwyos65xkxvi#">Bank of England fined Citigroup £44 million</a> ($56 million) for inaccurate regulatory reporting about its capital and liquidity levels between June 2014 to December 2018.In total, the bank has been charged with $25 billion in financial-related <keyword id="6394681" type="UNKNOWN" weightage="60" keywordseo="Fines">fines</keyword> over the last 20 years, according to a <a href="https://violationtracker.goodjobsfirst.org/parent/citigroup">Violation Tracker</a> produced by the corporate research project of advocacy group Good Jobs First. Read More: <a href="https://www.businessinsider.com/stock-market-investing-advice-stimulus-talks-sector-impact-david-bahnsen-2020-10">A $2.5 billion investment chief highlights the stock-market sectors poised to benefit the most if stimulus is passed after the election — and says Trump ending negotiations doesn't threaten the economic recovery</a>

Citigroup slammed with $400 million fine for 'longstanding failure' to resolve its risk and data systems

<ul class="summary-list"><li>A Black TikToker gained over 30 million views and sparked outrage with her videos about <keyword id="12229794" type="UNKNOWN" weightage="60" keywordseo="citibank" source="Orion">Citibank</keyword>.</li><li>Baby Storme accused the bank of not accepting a $30,000 check because she is Black.</li></ul>A Black TikToker has gone hugely viral with a <a href="https://www.tiktok.com/@babystorme/video/7078395264146459946?_t=8Qvpu0KD3dm&amp;_r=1">series</a> <a href="https://www.tiktok.com/@babystorme/video/7078100510447848746?_t=8QvpsjqvMec&amp;_r=1">of</a> <a href="https://www.tiktok.com/@babystorme/video/7078082865119890734?_t=8QvprYzhsLV&amp;_r=1">videos</a> saying she was racially profiled at a bank in Los Angeles. The eight videos have cumulatively been viewed more than 33 million times, leading hundreds of people to encourage her to take legal action.Baby Storme, a rock musician with 1 million <keyword id="11894125" type="UNKNOWN" weightage="60" keywordseo="tiktok" source="Orion">TikTok</keyword> followers, explained in <a href="https://www.tiktok.com/@babystorme/video/7078082865119890734?_t=8QvprYzhsLV&amp;_r=1">her first video</a>, posted on March 23, that she went into a Citibank to cash a $30,000 check her father gave her to pay next year's rent. She said that when she tried to deposit the money, employees immediately confiscated her check and later called police to the scene. In the <a href="https://www.tiktok.com/@babystorme/video/7078082865119890734?_t=8QvprYzhsLV&amp;_r=1">video</a>, which has been viewed 24 million times, she can be seen crying, saying, "To think that I can't pay my rent right now, because of fucking racist ass bitches who work at fucking Citibank? Guess who's suing Citibank?"It's by far the most viral post on her account, where videos tend to receive tens or hundreds of thousands of views each.On March 23 and 24, Baby Storme posted two <a href="https://www.tiktok.com/@babystorme/video/7078100510447848746?_t=8QvpsjqvMec&amp;_r=1">more</a> <a href="https://www.tiktok.com/@babystorme/video/7078395264146459946?_t=8Qvpu0KD3dm&amp;_r=1">videos</a> which she said were filmed inside the bank. In one <a href="https://www.tiktok.com/@babystorme/video/7078100510447848746?_t=8QvpsjqvMec&amp;_r=1">video with 6.7 million views</a>, she can be seen arguing with two people. A man can be heard telling Baby Storme they are keeping her check for "further investigation," and the TikToker replied, "You don't wanna cash the check, because it's a $30,000 check, and I'm Black." In another <a href="https://www.tiktok.com/@babystorme/video/7078395264146459946?_t=8Qvpu0KD3dm&amp;_r=1">video with 1.3 million views</a>, Baby Storme can be seen trying to leave the bank, and the same man tells her she cannot leave until the police arrive. The video ends before Baby Storme could be seen leaving the bank. The LAPD did not immediately respond to Insider's request for comment. In a statement provided to Insider, Citibank said they have spoken to Baby Storme and are "working closely with her to resolve the issue in question," adding, "We are taking this matter very seriously and have launched a thorough investigation into what transpired on Tuesday."In a <a href="https://www.tiktok.com/@babystorme/video/7078446688385502506?_t=8QvpvmHjsiT&amp;_r=1">TikTok</a> with 1 million views posted on March 24, Baby Storme wrote that Citibank "froze" her account, leaving her unable to access her money. Citibank declined to comment regarding this allegation. Clips from the video have also <a href="https://twitter.com/IAmOroro/status/1506481703107411970">circulated</a> <a href="https://twitter.com/Purple_is_Royal/status/1506792049248452612">on</a> <a href="https://twitter.com/hadtodoitmyway/status/1506809198759362561">Twitter,</a> where people have <a href="https://twitter.com/IAmOroro/status/1506481703107411970">tagged</a> Citibank in their tweets and <a href="https://twitter.com/hadtodoitmyway/status/1506809198759362561">called on them</a> to fire the employees involved. One <a href="https://twitter.com/IAmOroro/status/1506481703107411970">tweet</a> with 2,700 likes tagged Citibank above a clip from the video, saying, "This seems an awful lot like racial profiling." Another <a href="https://twitter.com/oheydj/status/1506567584711430148">tweet</a> with 55 likes said, "the tellers need to be fired and that branch should just shut down if THAT is how you treat customers."Of the 97,000 comments on the original <a href="https://www.tiktok.com/@babystorme/video/7078082865119890734?_t=8QvprYzhsLV&amp;_r=1">TikTok</a>, most appeared to support Baby Storme and urged her to pursue legal action, "GET A LAWYER," one top comment with 64,000 likes said. Another comment with 23,000 likes, said, "Lawsuit." In a <a href="https://www.tiktok.com/@babystorme/video/7078334863153220910?is_copy_url=1&amp;is_from_webapp=v1">subsequent video</a> posted on March 24, the TikToker said she does not "know anything" about how lawsuits work, but is planning to research and find lawyers. In the past, <keyword id="12020461" type="UNKNOWN" weightage="60" keywordseo="black-americans" source="Orion">Black Americans</keyword> have <a href="https://abcnews.go.com/US/black-man-sues-detroit-bank-alleging-racial-discrimination/story?id=68484056">sued</a> <a href="https://www.nbcnews.com/news/us-news/black-doctor-sues-jpmorgan-chase-alleging-was-refused-service-texas-br-rcna14753">banks</a> for racial discrimination because their checks were refused. However, in 2020, <a href="https://www.nytimes.com/2020/06/18/business/banks-black-customers-racism.html">the New York Times reported that</a> it is often difficult to win these cases in court because of a loophole in the <a href="https://www.dol.gov/agencies/oasam/civil-rights-center/statutes/civil-rights-act-of-1964#:~:text=In%201964%2C%20Congress%20passed%20Public,hiring%2C%20promoting%2C%20and%20firing.">Civil Rights Act 1964</a>, which does not include banks in the list of business that legally cannot treat Black people differently.Baby Storme is a musician who often posts <a href="https://www.tiktok.com/@babystorme/video/6918904607980702981?_t=8QvpoQBnipJ&amp;_r=1">updates</a> about her life as a Black alternative rock singer. On March 25, she thanked commenters for their support <a href="https://www.tiktok.com/@babystorme/video/7078909741035982122?_t=8QvpwmrRKoX&amp;_r=1">in a TikTok</a> and said she was taking a break from social media. "I don't want this situation to overshadow who I am and what I do and it's a shame that I had to go viral for something like this," she added. Baby Storme did not immediately respond to Insider's request for comment.<a href="https://www.insider.com/culture">For more stories like this, check out coverage from Insider's Digital Culture team here.</a>

A Black TikToker said she was racially profiled at an LA Citibank and now her videos have been watched over 33 million times

Citi is splashing out on a huge revamp of its London office. It's adding a winter garden, wellbeing zones, and 'villages' for its teams &mdash; take a look inside.

<ul class="summary-list"><li><keyword id="11896548" type="UNKNOWN" weightage="60" keywordseo="citigroup" source="Orion">Citigroup</keyword>'s unvaccinated US office staff will get fired, per multiple reports.</li><li>Staff who don't get COVID-19 vaccinations by Friday will be placed on unpaid leave and then be terminated.</li></ul>Citigroup has warned US office staff that they'll be fired at the end of the month if they don't get vaccinated against COVID-19 by January 14, according to multiple reports.The <keyword id="11962848" type="UNKNOWN" weightage="60" keywordseo="vaccine-policy" source="Orion">vaccine policy</keyword> is the strictest so far among big financial companies, <a href="https://nypost.com/2022/01/07/citi-warns-us-employees-theyll-be-fired-if-they-dont-get-covid-vaccine/">The New York Post</a> reported.The bank had first told workers about the vaccination deadline <a href="https://www.businessinsider.com/how-nyc-vaccine-mandate-will-impact-banks-jpmorgan-goldman-sachs-2021-12">in October</a>. But an internal memo from last Friday added that staff who don't get jabbed will be placed on unpaid leave before being terminated on January 31, both<a href="https://www.bloomberg.com/news/articles/2022-01-07/citigroup-confronts-vaccine-holdouts-in-no-jab-no-job-mandate?sref=lAVQtUwz"> Bloomberg</a> and the Post reported."You are welcome to apply for other roles at <keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi" source="Orion">Citi</keyword> in the future as long as you are compliant with Citi's vaccination policy," Citigroup said in the memo, per Bloomberg.Citigroup said in the memo that some fired staff would be eligible for year-end bonuses, but that they'd only get the money if they signed agreements saying they wouldn't pursue legal action against the company, Bloomberg and the Post both reported.Bloomberg reported that staff working in Citigroup's bank branches also have to get vaccinated, although by a different, unspecified deadline.Citigroup did not immediately respond to Insider's request for comment outside of working hours. A spokesperson for the bank told Bloomberg that more than 90% of its US employees had been vaccinated and that the proportion was climbing quickly.Other companies have fired staff for refusing to get vaccinated, including <a href="https://www.businessinsider.com/united-pilots%20fired%20after%20vaccine%20mandate-2021-12">United Airlines</a>, the <a href="https://www.businessinsider.com/mayo-clinic-fired-700-workers-who-failed-to-get-vaccine-2022-1">Mayo Clinic</a>, and<a href="https://www.businessinsider.com/covid-vaccine-mandate-new-york-healthcare-northwell-health-fires-employees-2021-10"> Northwell Health</a>, New York's largest healthcare provider.Citigroup announced its updated vaccination policy just weeks after the bank <a href="https://www.businessinsider.com/jpmorgan-and-citigroup-delay-return-to-office-as-omicron-cases-surge-2021-12">asked US office staff to work from home</a> during the first few weeks of 2022, reversing its hybrid approach. The change came amid <a href="https://www.businessinsider.com/us-records-over-1-million-covid-19-cases-setting-record-2022-1">soaring cases of the coronavirus</a> as the <a href="https://www.businessinsider.com/omicron-variant-covid-making-people-sick-different-emergency-room-doctor-2022-1">Omicron variant</a> spreads.

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Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says

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