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<keyword id="19923231" type="General" weightage="100" keywordseo="Air-India-Express" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India Express" meta.hostid="261" meta.entityid="Air India Express">Air India Express</keyword>, part of the <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword>, is set to reconfigure its aircraft starting in April 2025 and will be focusing solely on <keyword id="23932064" type="General" weightage="20" keywordseo="economy-class-seating" source="keywords">economy class seating</keyword>, a PTI report says. This follows the merger of AIX Connect (formerly AirAsia India) with Air India Express on October 1, marking a major step in Tata’s broader consolidation of its airline operations. Currently operating a fleet of 90 aircraft, including Boeing 737s and A320s, Air India Express has plans to expand its reach, particularly to smaller cities and towns. The airline aims to simplify its fleet by eliminating <keyword id="21350335" type="General" weightage="20" keywordseo="business-class" source="keywords">business class</keyword> seats, opting instead for a uniform economy layout across its narrow-body planes. The decision comes as the airline faces supply chain challenges that have delayed the delivery of new aircraft. To bridge the gap, it has already inducted 35 white-tail Boeing 737-8 planes, with plans to add 15 more in the coming months. White-tail aircraft are planes originally manufactured for other carriers and later repurposed by Air India Express. These planes, often with varying business class configurations, will be reconfigured to fit the airline’s new model. The PTI report adds that by eliminating business class, the airline aims to better serve its core market—connecting <keyword id="20567886" type="General" weightage="20" keywordseo="Tier-2-and-Tier-3-cities" source="keywords">Tier 2 and Tier 3 cities</keyword> with major metropolitan hubs, while expanding its international network. In addition to strengthening its domestic routes, Air India Express plans to focus on regional international flights, particularly to destinations in the Gulf, Southeast Asia, and eventually South Asia. Air India Express’ network strategy is closely aligned with that of the larger Tata Group’s airline portfolio, which includes Air India, Vistara, and the recently merged AIX Connect. As part of this consolidation, Air India Express aims to meet growing demand for affordable travel between smaller towns and metros, a market segment identified as a key growth area. The move towards an economy-only fleet reflects broader industry trends, with many <keyword id="20314404" type="General" weightage="20" keywordseo="low-cost-carriers" source="keywords">low-cost carriers</keyword> focusing on streamlining operations to reduce costs and improve efficiency. Air India Express plans to increase its fleet to over 110 aircraft by the end of the financial year, with further additions expected in the future. (with PTI inputs)

Air India Express to bid adieu to business class seats next year, will turn into economy only airlines

More than 40 per cent of <keyword id="20081234" type="General" weightage="20" keywordseo="consumers" source="keywords">consumers</keyword> in Tier 3 to 6 cities use <keyword id="19994585" type="General" weightage="20" keywordseo="digital-payment" source="keywords">digital payment</keyword> on a daily basis, while 45 per cent claimed to use it once in two days, a new survey report has said. "This reflects the frequent usage of <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> by consumers, even in Tier 3 to 6 locations of the country," said a report by Chase India on The State of Digital Payments in India. The report identifies the key challenges faced by <keyword id="20442209" type="General" weightage="20" keywordseo="merchants" source="keywords">merchants</keyword> and consumers in the adoption of digital payment services at the grassroots level. According to the report, nearly half of the merchants who are not using digital payments in rural India are unaware of the service. In contrast, a staggering 94 per cent of consumers who are not using digital payments are aware of it but still don't use it, as they face issues like lack of internet connectivity, limited knowledge, mistrust in online payments and service-related problems. The report added that around 74 per cent of consumers claimed to be using digital payment services for a transaction a family member made. The report said around 41 per cent of merchants claimed to receive less than 25 per cent of their sales through digital payments, around 15 per cent of merchants claimed to receive over 50 per cent of their sales through digital payments. "This shows the potential left to be tapped with respect to increasing the usage of digital payments at the grassroots level," the report said. A total of 2,240 respondents were surveyed for the report, including 1,184 consumers and 1,056 merchants, spread across 16 districts, covering eight states in different geographic zones of the country. The report also said that lack of awareness about digital payments was a crucial finding. Around 46 per cent of merchants had never used digital payments because they were unaware of it. The survey revealed that, on average, around 36 per cent of merchants claimed to be processing over 50 digital payment transactions every month. Also, around 23 per cent of merchants claimed to be processing not more than 1 digital payment transaction every alternate day. Most merchants process digital payment transactions of less than Rs 15,000 every month. Only a handful of merchants claimed to process digital payments of over Rs 1 lakh. The main challenges that hinder the adoption of digital payments were inadequate infrastructure, service-related issues, capacity constraints and lack of trust in digital Payments, it said. "KYC is a vital step in onboarding merchants for using digital payments services. However, the survey discovered that nearly one in three merchants faced difficulties in completing the KYC process due to a lack of requisite documents, capacity constraints and the time taken for onboarding, among other reasons," the report said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Over 40% consumers use digital payment every day in Tier 3-6 cities: Report

Small and medium enterprises (<keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword>) are driving a major surge in <keyword id="21881529" type="General" weightage="100" keywordseo="job-applications" source="keywords">job applications</keyword> across key sectors, with more than 35 million job applications recorded in the first eight months of 2024, according to a report by jobs and professional networking platform apna.co. The growth is fueled by rising demand in sectors like BFSI (Banking, Financial Services, and Insurance), BPO (Business Process Outsourcing), and hospitality. The report highlights that the surge in job applications is largely for roles such as Sales &amp; Marketing Managers, Accounting Technicians, Telecallers, Back Office Executives, and Business Development Associates. These positions are critical for the expansion of businesses in these sectors, and the growing demand reflects a strong upward trend in hiring. "SMBs and MSMEs employ more than 110 million people, making them the backbone of our economy. Their success is crucial for our nation's journey towards achieving a USD 5 trillion economy," said Nirmit Parikh, Founder &amp; CEO of apna.co. Parikh emphasised that the demand for skilled workers in these sectors is expected to continue growing, creating vast opportunities for <keyword id="20019820" type="General" weightage="20" keywordseo="job-seekers" source="keywords">job seekers</keyword> across India. <h2>Major growth in Tier-2 and Tier-3 cities</h2>An interesting trend noted in the report is that over 55% of the total job applications for SMB roles came from tier-2 and tier-3 cities, including Jaipur, Indore, Ahmedabad, Lucknow, Kochi, and Bhubaneswar. As businesses expand into these cities, the talent pool is evolving to meet the growing demand, fostering a symbiotic relationship between employers and job seekers. Out of the 35 million job applications received, 14 million came from women, marking a 30% year-on-year increase in female participation. Women are increasingly taking on roles across diverse fields like finance, accounts, marketing, and graphic design, reflecting their rising involvement in the workforce. As SMEs and MSMEs continue to grow, the <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword> they generate are set to further contribute to India’s economic goals, fueling progress toward the USD 5 trillion economy target. (With inputs from PTI)

Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report

<ul><li><keyword id="20313645" type="General" weightage="20" keywordseo="retail-leasing" source="keywords">Retail leasing</keyword> in the sector is expected to sustain at 6-6.5 million square feet in 2024, says CBRE.</li><li>By the year-end, 5-6 mn. sq. ft. of investment-grade mall space will become operational in <keyword id="21259569" type="General" weightage="20" keywordseo="tier-I-cities" source="keywords">tier-I cities</keyword>.</li><li>Domestic brands are expected to turn cautious, but <keyword id="20322579" type="General" weightage="20" keywordseo="global-brands" source="keywords">global brands</keyword> are continuing to expand, according to the report.</li></ul><keyword id="20020606" type="General" weightage="20" keywordseo="Indian-brands" source="keywords">Indian brands</keyword> are turning cautious with their retail expansion. Hence, the leasing in the sector is expected to sustain at 6-6.5 million square feet in 2024, according to the latest report by the commercial real estate firm CBRE. The saturation follows the remarkable growth in 2023, as brands absorbed a little over 7 million sq ft. The supply environment in terms of retail space like malls and high streets is also expected to be stable in the current year. By the year-end, 5-6 mn. sq. ft. of investment-grade mall space will become operational in tier-I cities. “Retailers, including anchor tenants and established brands, are expected to proceed cautiously with expansion plans. They will prioritize locations with high visibility, strong foot traffic and favourable consumer demographics. As a result, rental growth is expected to rationalize across both primary and secondary locations,” the report says. But, there is a silver lining! Luxury and premium brands, especially global brands, are choosing to spread their wings in top cities despite the global macroeconomic and sectoral challenges. “Foreign luxury retailers are entering India through partnerships with local players. The upcoming launches of a few brands underline this trend. This reflects a renewed optimism in India's <keyword id="71937" type="General" weightage="20" keywordseo="retail-sector" source="Orion">retail sector</keyword>,” said Ram Chandnani, managing director, advisory &amp; transactions Services, CBRE India. Retail demand across investment-grade malls, prominent high streets and standalone developments has grown consistently since 2020. Tier-I cities remain key expansion hubs, and promising tier-II markets are attracting new players. Malls are transforming into experiential centres, offering a mix of entertainment, dining and shopping. “Fuelled by pent-up demand and strategic expansion, India's luxury retail sector is experiencing a leasing boom, attracting both established brands deepening their presence and new international players entering the market. This expansion reaches beyond Delhi and Mumbai to the newer markets like Hyderabad and Ahmedabad,” said Anshuman Magazine, chairman &amp; CEO of India, South-East Asia, Middle East &amp; Africa, CBRE. In 2024, the home décor segment is likely to expand in both online and offline formats, while fashion and apparel players will continue expanding in tier-I cities across malls and high streets, the report adds. It also sees good traction from domestic jewellery brands as well as the entertainment category.

The luxe experience: Expanding global brands to drive retail leasing in 2024

<ul><li>The <keyword id="23759938" type="General" weightage="100" keywordseo="Indian-smartphone-shipments" source="keywords">Indian smartphone shipments</keyword> recorded a 3% growth in Q3 2024 ahead of the festive season.</li><li>Vivo has emerged as the top smartphone maker in terms of market share, while Samsung leads in value.</li><li>The share of 5G smartphones in overall shipments has crossed 80%.</li></ul> Indian smartphone shipments have received a boost in Q3, recording a 3% year-on-year growth, which will come as a relief to smartphone makers after a<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms"> subdued Q2</a> which saw a year-on-year decline of 2%. According to a report by Counterpoint Research, while the shipments have only increased by 3%, the value has recorded a 12% year-on-year growth to reach an all-time record for a single quarter. “The market is increasingly shifting toward value growth, fueled by a premiumisation trend, which, in turn, is supported by aggressive EMI offers and trade-ins,” said Prachir Singh, senior research analyst, Counterpoint Research. The increase in the value of smartphones is being driven by a trend of premiumisation, with Indian consumers moving towards premium smartphones, something which has been happening for the last few quarters. <h2>Indian <keyword id="23759941" type="General" weightage="20" keywordseo="smartphone-market-share" source="keywords">smartphone market share</keyword> Q3</h2><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.9% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.7% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.6% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.8% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.4% </td></tr></tbody><tbody></tbody></table> Source: Counterpoint Research After emerging as a close second during Q2 2024, Vivo has now emerged as the top smartphone maker in Q3 2024, recording a 19.4 market share, up from 15.9% in Q3 2023. Xiaomi’s market share has remained flat and it continues to occupy the second position with a 16.7% market share in Q3 2024, up from 16.6% in Q3 2023. Samsung has recorded a decline in its market share, reporting a 15.8% market share in Q3 2024, down from 17.2% recorded in Q3 2023. Oppo holds the fourth spot, with a significant increase in market share, from 9.8% in Q3 2023 to 13.4% in Q3 2024. Realme has recorded a decline, with its market share decreasing from 14.4% in Q3 2023 to 11.3% in Q3 2024. <h2>Smartphone market value share</h2><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.6% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apple </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.6% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.8% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.6% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.7% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td></tr></tbody><tbody></tbody></table> Source: Counterpoint Research Samsung has emerged as the leader when it comes to market value, recording a 22.8% share, up from a 22.6% share in Q3 2023. “Samsung currently leads the market in terms of value with a 23% share. The brand has been prioritizing its flagship Galaxy S series and enhancing its value-driven portfolio. Samsung is also integrating Galaxy AI features into its mid-range and affordable premium models in the A series, encouraging consumers to upgrade to higher price segments,” Singh said. <div type="Article" hostid="261" msid="114428011" title="UPI refund to digital arrest scam, here are some online scams you need to be aware of" mstype="2" mssubtype="0"></div> Apple has emerged second, with a 21.6% share in market value, down from 21.8% in Q3 2023. “The brand has aggressively expanded into smaller cities, driving significant value growth with an increased focus on newer iPhones. Strong shipments of the iPhone 15 and iPhone 16 ahead of the festive season have further enhanced Apple's performance, Singh added. <h2>5G smartphones record new high</h2>5G smartphones have achieved a new record in share at 81% of overall shipments in Q3 2024. This has been driven by the reduction in the average selling prices (ASPs) of 5G smartphones. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oxygenos-15-announced-key-features-eligible-devices-and-all-you-need-to-know/articleshow/114575643.cms">OxygenOS 15 announced – key features, eligible devices and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/apple-is-hiring-400-employees-in-india-roles-how-to-apply-and-all-you-need-to-know/articleshow/114570315.cms">Apple is hiring 400 employees in India – roles, how to apply and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/snapdragon-8-elite-announced-to-power-iqoo-13-oneplus-13-xiaomi-15-series-and-more/articleshow/114463844.cms">Snapdragon 8 Elite announced, to power iQOO 13, OnePlus 13, Xiaomi 15 series and more</a>

Indian smartphone shipments up 3% in Q3 – Vivo leads the market but Samsung wins the value game

<ul class="summary-list"><li>Sen. Elizabeth Warren called for growth restrictions on Citi due to long-standing data issues.</li><li>Citi CEO Jane Fraser denied the prospect of an asset cap after being pressed by two analysts.</li></ul>Citi topped Wall Street expectations this quarter, but CEO Jane Fraser was dogged by questions regarding the bank's regulatory fate. In early October, Sen. Elizabeth Warren urged the Office of the Comptroller of the Currency to place growth restrictions on Citi, arguing the bank had become "too big to manage."Fraser was asked three times for reassurances that Citi did not and would not have an asset cap before answering the question."Let me be crystal clear," Fraser said after JPMorgan analyst Vivek Juneja raised the issue. "We do not have an asset cap and there are no additional measures other than what was announced in July in place and not expecting any."Sen. Warren's rebuke came three months after the OCC and the Federal Reserve<a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulatory-citigroup-transformation-2024-7"> fined Citi $135.6 million</a> combined for failing to make enough progress on data management problems that Citi had pledged to fix in 2020. This delay is despite Citi spending $7.4 billion from 2021 through 2023 on a <a target="_blank" href="https://www.businessinsider.com/citi-anand-selva-transformation-consent-orders-fines-2024-10">"Transformation" initiative</a> to overhaul the bank's technology and regain compliance. This year's budget exceeds $3 billion.The Transformation is overseen by COO <a target="_blank" href="https://www.businessinsider.com/citi-anand-selva-transformation-consent-orders-fines-2024-10">Anand Selva</a>. Fraser touted a few of the Transformation's accomplishments, such as retiring more than 450 applications this year and getting the Federal Reserve to lift a 2013 order over anti-money laundering compliance problems.Wells Fargo analyst Mike Mayo — who first asked about the asset cap — later pressed Fraser on why Transformation was behind, asking whether it was due to a lack of resources or a strategic issue. She said that the bank was fined due to shortcomings in data management, but had made progress in many other areas."We moved swiftly to address it," she said of the data issues. "And overall, I'm pleased with our progress."Chief Financial Officer Mark Mason told Mayo that the bank was reevaluating its approach as required by the OCC. In July, the agency ordered Citi to provide a resource-review plan each quarter to ensure the bank is providing enough resources for the effort.As to Mayo's question of whether the problem was budgetary or strategic, Mason said, "In many instances, it will be a little of both.""Part of our process is in fact that — taking a regular review of what is on track, what is in the way of our milestones and deliverables, where we see things that are being delayed or going red, what is the underlying root cause or why," he added. "Is it a resource issue where we need to put more dollars in people or technology to it? Is it a process issue where we need to reconsider our approach?"Mason said Citi has modified how data issues are resolved, "ensuring that there's engagement" from all the units involved. While the Transformation has 13,000 dedicated employees, the work required by regulators is often conducted by employees who sit in other business lines.Citi has also made <a target="_blank" href="https://www.businessinsider.com/citi-data-tim-ryan-anand-selva-memo-transformation-regulators-2024-9">leadership changes</a> to speed up the data effort in September, tapping Tim Ryan, the new tech head, to lead it alongside Selva.

Citi's regulatory nightmare still haunts CEO Jane Fraser

<ul class="summary-list"><li>More landlords across the US are offering rental perks to attract renters, according to Zillow.</li><li>The housing supply has increased post-pandemic, giving renters more options.</li></ul>Apartment landlords are offering massive concessions to draw renters across the US, but not all cities are trying equally hard to drum up new tenants.In July, six metro areas — Raleigh, Charlotte, Atlanta, Salt Lake City, Nashville, and Austin — saw more than half their listings on Zillow offering rental concessions, per a Monday <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-08-12-One-third-of-property-managers-are-offering-concessions-as-rental-market-cools#Closed">blog post</a> from the online real estate marketplace. These perks ranged from free parking to a few weeks of rent-free tenancy.The surge in rental concessions comes amid increasing apartment supply after new builds were started to meet rising rents during the pandemic, wrote Skylar Olsen, Zillow's chief economist.Rental vacancy rates nationwide remained at 6.6% for the second quarter of 2024, a record since 2021 and the same level for the last year, per Zillow. Higher vacancy rates mean renters have more options, and landlords have to work harder to win them over.While rents across the country have increased 3.4% year-over-year, according to <a target="_blank" href="https://www.zillow.com/research/july-2024-rent-report-34276/">Zillow</a>, concessions for renters have also risen for the past two years. The share of rental listings with concessions jumped from 19.4% in July 2022 to 33.2% last month, Zillow reported.The rise in rental concessions could offer some relief to renters changing homes. Renters have long struggled with <a target="_blank" href="https://www.businessinsider.com/cheap-homes-apartments-low-rent-scarce-expensive-housing-real-estate-2024-1">soaring</a> rental prices nationwide, often <a target="_blank" href="https://www.businessinsider.com/12-million-americans-spend-over-half-paycheck-rent-harvard-study-2024-1">dedicating</a> a substantial portion of their income to rent, BI reported in January.However, New York and Miami renters, who have struggled with <a target="_blank" href="https://www.businessinsider.com/rent-prices-increase-renting-vs-buying-real-estate-nyc-miami-2024-6">affordability gaps</a>, won't see as many concessions. Both cities scored some of the lowest concession rates for the month, at 15.9% and 17.4% for New York and Miami, respectively. <a target="_blank" href="https://www.businessinsider.com/most-competitive-rental-real-estate-market-apartments-housing-crisis-homes-2024-2">New York</a> has built comparably few apartments, compared with other cities, in recent years, while Miami has seen a <a target="_blank" class="" href="https://www.businessinsider.com/miami-climate-change-gentrification-flooding-housing-crisis-real-estate-prices-2024-4">flood of new residents</a> in recent years.Other cities have even fewer concessions: Just 10% of New Orleans buildings are offering such perks, and San Jose, Baltimore, Milwaukee, and Pittsburgh saw a year-over-year decline in listings offering concessions, according to Zillow."Rents are still growing, but it's a far cry from the steep rent hikes of two or three years ago, and renters will find sweeteners being offered by more than half of rentals in some places," wrote Zillow's Olsen. "A slowing job market and lower mortgage rates could mean falling rents if the current trends hold."

Most apartment owners in 6 big US cities are offering deals to renters — but don't expect a break in NYC or Miami

<ul class="summary-list"><li>US stocks dropped on Wednesday, dragged by a continued rise in Treasury yields. </li><li>Tech shares sold off, with the Nasdaq losing almost 2%.</li></ul>US stocks notched their worst losses in over a month, driven by rising bond yields that dragged tech shares lower. Major averages tumbled, with the Dow Jones Industrial Average losing over 400 points and the Nasdaq Composite losing 1.6%. The session marks the third losing day in a row for the S&amp;P 500 and the Dow, which both traded at all-time highs at the end of last week. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-tumbles-analyst-says-iphone-16-orders-slashed-2024-10">Apple led a decline</a> in tech stocks after a prominent supply chain analyst said the company was seeing waning demand for its new iPhone 16. The stock dropped as much as 3% Wednesday afternoon, and closing lower by more than 2% to mark its worst day since early August. Nvidia, Amazon, Microsoft, and other large-cap tech stocks also moved lower in Wednesday trades. Tesla shares slid 2% as traders headed into the carmaker's third-quarter <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10#wedbush-analyst-dan-ives-sticks-with-bullish-view-on-tesla-despite-recent-volatility">earnings results,</a> which will be published after the closing bell. Wall Street expects the company to report $25.43 billion in revenue, with analysts keeping a close eye on profit margins for the last quarter.Bond yields continued to rise on Wednesday, with prices extending the week's decline as traders dialed back expectations for coming Fed rate cuts amid hot economic data and cautious comments from officials this week. Odds for 75 basis points of cuts through January of next year dropped to 44%, down from 66% last week, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.The yield on the 10-year US Treasury briefly rose above 4.25% and hovered around its highest level since July. "Treasury yields continue to move higher this week, which is causing the stock market to settle down," Louis Navellier, the chief investment officer of Navellier &amp; Associates, said in a note. "The stock market is going to need some earnings surprises from more flagship stocks to get its "mojo" back. Fortunately, next week will be the biggest week for earnings announcements." MacDonald's stock ended 5% lower as traders reacted to the news of an E.Coli outbreak linked to the chain's Quarter-Pounder, which the Centers for Disease Control and Prevention said had caused one death and numerous hospitalizations. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,797.42, down 0.92%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,514.95, down 0.96% (-409.94 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,276.65, down 1.6%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-election-odds-polymarket-bets-polls-kamala-harris-2024-10">Here are a few theories about the "whale"</a> betting big on a Trump win in November. </li><li><a target="_blank" class="" href="https://www.businessinsider.com/existing-home-sales-2010-housing-market-outlook-mortgage-rates-fed-2024-10">Existing home sales hit a 14-month low in September. </a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-warning-signs-investor-exposure-sp500-nasdaq-citi-2024-10">The stock market is flashing a signal</a> that preceded a 10% slump in the past, according to Citi.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/europe-trump-win-outlook-trade-war-tariff-crypto-djt-election-2024-10">One global market is already pricing in a Trump victory</a>.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-commodities-geopolitical-tensions-middle-east-chinese-stimulus-2024-10">Energy markets are "schizophrenic"</a> amid rising geopolitical tensions and China's stimulus, according to one energy expert.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was down 1.37% to $70.76 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark held steady around $74.99 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 1.2% to $2,715.75 an ounce.</li><li>The 10-year Treasury yield climbed three basis points to 4.24%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 1.7% to $66,294.</li></ul>

Tech sell-off drags stocks to worst day in 6 weeks 

As the vibrant <keyword id="19896655" type="General" weightage="20" keywordseo="wedding-season" source="keywords">wedding season</keyword> kicks off in India soon, the <keyword id="19921618" type="General" weightage="20" keywordseo="Confederation-of-All-India-Traders" source="keywords" meta.keywordsubtype="org" meta.entityname="Confederation of All India Traders" meta.hostid="261" meta.entityid="Confederation of All India Traders">Confederation of All India Traders</keyword> (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords" meta.keywordsubtype="org" meta.entityname="CAIT" meta.hostid="261" meta.entityid="CAIT">CAIT</keyword>) has set an optimistic forecast, projecting a windfall for the nation’s economy. According to a recent CNBC report, CAIT predicts that this year, an estimated 48 lakh weddings are expected to take place in November and December, potentially generating a whopping ₹6 lakh crore in business. This surge reflects not just the volume of weddings but the wide-scale economic impact that accompanies such celebrations. Weddings in India are known for their grandeur, with celebrations often spanning several days and involving a number of services, from event planning and catering to jewellery purchases and attire. CAIT’s recent prediction, thus, underscores the vital role that the wedding season plays in the retail market. In this year’s cycle, the retail sector alone is poised to see a turnover of ₹5.9 lakh crore, highlighting the deep interconnectedness between cultural traditions and economic activity. In Delhi, which stands as one of the top locations for extravagant weddings, the expected impact is particularly significant. Approximately 4.5 lakh weddings are projected in the capital city, potentially contributing around ₹1.5 lakh crore to the local economy. This surge benefits a variety of sectors, including hospitality, fashion, gold and jewellery, and even technology, as digital services and e-invitations become more prevalent. The build-up to this wedding season has already shown signs of economic revival, particularly in sectors like gold and jewellery. Suvankar Sen, MD &amp; CEO of Senco Gold, noted a marked increase in wedding-related purchases during the recent Dhanteras festival. Speaking in an interview with CNBC TV-18, Sen highlighted that the August duty cut on gold played a significant role in spurring early buying behaviour. He pointed out that this policy move helped lower the cost of gold, enticing consumers to make significant purchases ahead of the peak wedding months. "We can see at least 40-50% of the consumers who are buying right now are related to weddings, and the 40-50% who are not related to weddings, are divided amongst consumers with a budget of ₹2-3 lakh buying some kind of jewellery as an annual buying during this auspicious time. Some consumers are buying working women's jewellery or lightweight for their daughters, something within ₹50,000 to ₹1 lakh kind of buying happening. ₹20,000-30,000 is a budget consumer at all levels, some kind of a pendant, ring or earring that everyone would like to buy during this auspicious time. So, this is how we are seeing the consumer," he added. This early momentum has translated into packed showrooms and increased consumer spending, signalling a robust start to wedding-related commerce. Retailers across India are now preparing for a flurry of activity, restocking inventory and expanding service offerings to meet the anticipated demand. From wedding attire and décor to luxury items like high-end electronics and custom-made invitations, the shopping lists are extensive, promising a lucrative time for businesses. While traditional sectors such as fashion, catering, and venue rentals will see a boom, new trends have also emerged, expanding the <keyword id="23787664" type="General" weightage="20" keywordseo="wedding-economy" source="keywords">wedding economy</keyword>. The demand for eco-friendly and sustainable wedding practices has grown, with couples seeking biodegradable décor and eco-conscious catering services.

Indian weddings expected to generate ₹6 lakh crore in two months, CAIT says

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

<ul class="summary-list"><li>Pet ownership is on the rise, and Americans are spending more time and money on their furry friends.</li><li>Dogs, in particular, are increasingly being welcomed into public spaces.</li></ul>Your next wedding might be full of drooling guests.The Dog Bar — a sprawling dog venue in Saint Petersburg, Florida —has had at least six (human) proposals, and one wedding. Some of the couples who got engaged met at the dog-catered venue; others just love it so much that that's where they wanted to make things official.It's not just romance brewing at the Dog Bar. Politicians come by to do <a target="_blank" class="" href="https://www.facebook.com/MayorKenWelch/videos/thanks-for-coming-out-to-support-last-night-at-the-dog-bar-st-pete-99-days-until/834832220788817/">some stumping</a> (and, presumably, dog petting). Young professionals convene for meet-ups. And a good chunk of customers don't even have dogs; they just want to hang out amongst both friends human and furry.It's all part of a new shift in American public and social life: It's gone to the dogs.Virtually all <a target="_blank" href="https://www.pewresearch.org/short-reads/2023/07/07/about-half-us-of-pet-owners-say-their-pets-are-as-much-a-part-of-their-family-as-a-human-member/">US pet owners</a> now say their furry companions are part of their family — up from 86% of dog owners and 78% of cat owners <a target="_blank" href="https://www.pewresearch.org/social-trends/2006/03/07/gauging-family-intimacy/">in 2006</a>. This might be in part because many younger Americans are having kids later than previous generations, or <a target="_blank" href="https://www.businessinsider.com/child-free-millennials-dont-want-kids-to-hamper-travel-life-2024-9">not having them at all</a>."People are really combining their social life with their dog ownership nowadays," Kendal Kulp, the co-founder and CEO of <a target="_blank" href="https://www.wagbar.com/">Wagbar</a>, a dog park and bar in Asheville, North Carolina, that regularly hosts weddings, dog birthday bashes, and Halloween parties. The space is currently hosting hurricane relief efforts for the local community.If you feel like you can't turn a corner without seeing a four-legged friend, you're not alone. America's younger workers are getting hooked on their dogs, and they're generating their own revenue streams — and popping up everywhere, occasionally to some people's chagrin."The dog today is not the dog of 10 years ago," Bobby Boivin, the co-owner of Boo's Dog Bar in Sarasota, Florida, said. "The dog today is literally a child in the family. It is a family member. And well, when people go out to dinner, they want to bring the whole family with them."You can feel that at the Dog Bar. Some of their community events are directly inspired by the other type of kids — the human variety. Stephanie Marble, the events coordinator and membership director, said she's taken inspiration from the birthday parties she threw for her sons when they were little."One thing that we do that's really simple in Florida is we just put sprinklers out in the yard," Marble said, "because in the summertime when you're trying to get the kids to do something, get out of the house and stop complaining, you just turn the sprinkler on and throw them all outside in the front yard and they can play for hours with their little pools and their little sprinklers. And so we do that once or twice a year at Dog Bar."She offers party packages, Santa for holiday photos, and an Easter egg hunt for dogs. Santa Steve, in particular, is a big hit — his photos with dogs frequently end up in their owner's digital Christmas cards. He has almost 200 sittings with dogs every year, broken up across two days.The obsession with canines is shaping our built environments, from bars to apartments to your favorite coffee shop. Our urban infrastructure and lifestyles are increasingly designed around pet ownership. Call it the invasion of the dogs.<h2 id="e6e1611e-a9f7-4ff4-b264-e769292d445a">Everyone got dogs</h2>In Washington, DC, a single-story laundromat and parking lot just off Logan Circle is being transformed into a 6,000-square-foot "dog-friendly garden" called Dog Daze. The turf and tree-dotted venue will feature vendors serving coffee, beer, pizza, smoothies, and acai bowls. The idea is to create a place where both people and dogs want to be regulars."You can go to a dog park, and you can sit down for a quick amount of time, but it's really more of a check-the-box activity versus actually somewhere you want to stay and hang out," said Dog Daze managing partner Kyle Cissel. "We wanted to make sure that it was somewhere they felt at home, they're willing to spend time, and they would actually stay for longer periods of time and make it part of their daily, weekly, and monthly schedule."Over the last few decades, the percentage of households with kids <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/11/19/growing-share-of-childless-adults-in-u-s-dont-expect-to-ever-have-children/">has plummeted</a>, while the share that owns a pet has ticked up. The percentage of homebuyers with a child under 18 living with them has fallen by nearly half since the 1980s, according to <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/a-stunning-stat-for-international-cat-day-there-are-more-american-households-with-pets-than-children">a NAR analysis</a> of US Census data. At the same time, the share of households with pets has grown <a target="_blank" href="https://americanpetproducts.org/industry-trends-and-stats#:~:text=2024%20APPA%20National%20Pet%20Owners,type%20and%20by%20generational%20segment.">from 56% in 1988 to 66% today</a>. And during the pandemic alone, over <a target="_blank" href="https://www.aspcapro.org/resource/new-aspca-survey-vast-majority-dogs-and-cats-acquired-during-pandemic-still-their-homes">23 million US households</a> welcomed dogs into their homes."We see dogs all the time where people are like, 'Yeah, this is my covid baby. I never liked dogs before, but I got one, and now it's my favorite thing in the world,'" said Kulp, of Wagbar.That dog boom coincided with a few other key trends: Americans were <a target="_blank" href="https://www.businessinsider.com/modern-loneliness">feeling lonely</a>, they couldn't afford to <a target="_blank" href="https://www.businessinsider.com/rising-cost-dating-millennials-gen-z-soaring-cost-love-apps-2024-8">sink more money into dating</a>, and larger homes with yards were financially out of reach.Nearly one in five homebuyers factor pets into their housing and neighborhood choice, <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/a-stunning-stat-for-international-cat-day-there-are-more-american-households-with-pets-than-children">according to data</a> from the National Association of Realtors (NAR). That's up from 15% in 2018. Among unmarried couples, the number jumps to 29%. A third of those who consider their pets needs when choosing a home say they want to be close to parks and recreation, NAR found. Inside the home, features like dog and cat doors, outdoor "catios" for felines, and fenced yards are all in demand.It pays for landlords and homebuilders to provide for their non-human customers. After all, the dog business is booming. Spending on US pet care alone <a target="_blank" href="https://americanpetproducts.org/news/u.s.-pet-industry-reaches-147-billion-in-sales-in-2023">has ballooned</a> from $53.3 billion in 2012 to $147 billion in 2023. Americans are also increasingly spending more time on their fuzzy friends; in 2003, according to the American Time Use Survey, Americans ages 25 to 34 spent just over four minutes a day on average on animal and pet care (that includes Americans without pets). By 2023, it had risen to nine minutes a day.And while playgrounds have traditionally been a social hub for parents and kids alike, dog amenities offer a new kind of community or third place. That might explain why dog-centric bars and restaurants — where dogs aren't just a patio feature but the main attraction — are popping up all over the country.Cissel thinks the future is bright for dog-friendly third spaces. He argued that a dog social club like Dog Daze is similar to a local gym or convenience store — an amenity neighbors would use multiple times a week, as opposed to other leisure amenities like movie theaters. "It's definitely something that I think you'll see in every neighborhood in the next 10 years," he said.Tara Downs, the owner of the seven-year-old Pub Dog in Colorado, said that she's noticed some economic shifts from her customers — three or four years ago, someone would come in and order a few beers and food for themselves, and food for their dogs. Now, they're seeing humans cut back on what they're spending on themselves but still getting their dogs the same treats."So they're still finding ways to make sure that they're giving their dogs everything that they want for them — no matter what it means for them in the human sense," she said.Take Fred Metzler. He was working a corporate job selling automatic doors when he decided he wanted a change. After adopting two puppies, he fell in love with a dog bar in his neighborhood. He and his former business partner decided to bring that concept down to St. Petersburg, Florida and ended up opening the Dog Bar in 2016.Metzler also noticed something else over the last decade or so: "The pet industry seemed to be kind of recession-proof. I mean, through '07, '08, when things were just terrible, and our business was way down in construction, companies like PetSmart never slowed down." Even in 2009, PetSmart's store sales growth slowed down to what the <a target="_blank" href="https://www.wsj.com/articles/SB10001424052702304607104579212232612242394">Wall Street Journal</a> hailed as a "respectable" rate that rebounded and then some. After all, as Kulp, the co-founder and CEO of Wagbar, said: "People spend more money on their dogs sometimes than themselves."According to a survey from the American Pet Products Association of 10,156 pet owners from December 2023 to January 2024, 27% of dog owners said that they hold holiday or birthday parties for their dogs — up from just 14% in 2018.In some tangible ways, today's dog owners indeed see their pets as children. It does make sense: In a country where the cost of living is rising and raising a kid <a target="_blank" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">costs $26,000 a year</a>, becoming a dog parent might feel more financially sound — and still help stave off loneliness."People are lonely, people take dogs as serious as children," Luke Silverman, the CEO and co-founder of Bark Social, a social club for dogs and humans with locations across the country, told BI. "All that together brings together these really unique opportunities to create a community."<h2 id="20b14fe7-56a0-4109-839f-fcf696ab8d55">What it means to have dogs everywhere</h2>Stephanie Chez, 26, first noticed more dogs around when she spent the summer of 2021 working at IKEA. Since then, she's seen them everywhere, from Sephora to Target to coffee shops.Chez loves dogs, but her fiance is allergic. Obviously, she said, some dogs are service animals and people with allergies will have to contend with that. And she enjoys seeing dogs around — but she's still adjusting to the new normal."Sometimes it's like, oh, did you have to bring your dog into this tiny little coffee shop?" she said.It's a question that Americans might be reckoning with more, especially as society becomes more dog-centric. According to the APPA survey, 15% of dog owners are bringing their dogs with them in the car daily to run errands or go about their daily routines — up from 10% in 2018. More dog owners are also bringing their dogs with them on vacation; around a third of them have brought their dogs on a two-plus night trip via car, and around a fifth did the same via plane.Other pet owners might be looking to do the same. Silverman said that someone once called and asked if they could bring a miniature horse in. His answer: If it was a service animal, yes. The horse ultimately never made an appearance.Unleashed Hounds and Hops in Minnesota has had one cat come in a backpack, according to founder Kevin Knutson. The cat mostly kept to itself; as long as it wasn't disrupting the dogs, it was okay for the not-dog to attend."It's the same thing with kids," Knutson said. "We do allow kids at our facility too, but we have a strict rule about they have to stand up within arms reach of an adult. This is not a playground for kids. This is a playground for dogs."Dog bars are also increasingly becoming a site of life's big moments. Multiple dog bars BI spoke with touted their singles events. Kulp said that couples have met, gotten engaged, and even gotten married at Wagbar.Some — like the Dog Bar in Florida — also use their spaces as a neutral ground for dog parents to meet adoptable dogs and see if their current pups get along with a potential new sibling. That neutral stomping ground has also made it a good space for broken-up dog couples to do custody hand-offs; Metzler has heard of one or two break-ups happening there, too."I think the individual was like, this was a good-energy place. My partner can only get so mad," he said.And as dog bars and dog-centric spaces have become a larger part of life for many Americans, some have also become a place for a send-off from life. Kulp said that a customer in his 80s found Wagbar, and came every day like clockwork. When he passed away, his family got in touch; they'd never been to the venue before, but they knew what a big impact it had on his final years. They decided to hold his memorial there — with dogs in attendance."That's just not something you see at very many places and businesses," Kulp said. To him, that's a testament to the power of dogs. "They just are a catalyst for that connection and conversation."

Invasion of the dogs: How surging canine ownership is reshaping cities and businesses

<ul class="summary-list"><li>Having kids nowadays is incredibly expensive, and that's even more true being a family of six. </li><li>I buy secondhand clothes and look for things in Buy Nothing groups. </li></ul>My oldest son was skipping through the crowd at a local carnival — between his ride on a mini roller coaster and his spin through the sky on the Ferris wheel. "Last ride before dinner," I reminded him.We then wandered to a picnic table at the edge of the festival grounds. I pulled out our soft cooler full of sandwiches, sliced apples, string cheese, and yogurt tubes. Just by packing our own dinner, we saved about $75 that night alone.The <a target="_blank" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">cost of raising kids</a> has never been higher, but there are creative ways to save serious cash, including online resources for free and secondhand goods. By incorporating three main strategies, our family of six saves over $7,000 a year.<h2 id="e5a998c8-3a22-4b73-8876-83c52a581963">Secondhand items and our Buy Nothing group save us $4,000 a year</h2>When my oldest was 1, I joined our neighborhood's <a target="_blank" href="https://www.businessinsider.com/personal-finance/joining-buy-nothing-group-saved-hundreds-dollars-2021-1">Buy Nothing group</a> on Facebook, and it's been a massive win for our family. It's a hyper-local community that gives away and shares items with neighbors. There's no selling, buying, trading, or bartering allowed. All items are given freely from someone's abundance, whether a pair of sweatpants or a bookshelf.Through Buy Nothing, neighbors have gifted us countless valuable items, including a vacuum, a motorized baby swing, kids' shoes, winter coats, and picture frames for a gallery wall. To make the experience fun for my kids, I refer to our Buy Nothing pickups as "surprises." It might be a puzzle or a waffle maker.When we receive a bag of kid T-shirts, I let my son pick out a few he loves, so the experience feels like shopping — special items he selects for himself. Some of my favorite outfits come into our lives this way.Beyond our official group, neighbors on our block generously gift us the shirts and shorts that no longer fit their sons and the headbands and dollhouses their daughters have outgrown. We are fortunate to live in a <a target="_blank" href="https://www.businessinsider.com/raising-family-best-friend-neighbor-improved-friendship-2023-12">close-knit neighborhood</a> with families who are happy to share.I also use Facebook marketplace, garage sales, and local <a target="_blank" href="https://www.businessinsider.com/secondhand-kids-clothing-buying-selling-resale-tips-2024-6">secondhand stores</a> to find what my family needs, like superhero Halloween costumes or baskets to organize the linen closet.When we come across things we no longer need in our house, we offer them to our Buy Nothing group and neighbors. I love seeing a treasured item, whether a board game or a dresser, find new life.Because we stay consistent in sourcing secondhand items, the savings build throughout the year. Almost everything that comes into our home is used, and that makes me feel proud, not just for the money savings but also for its low impact on the environment.<h2 id="595d8f0f-a0f3-40b9-bd8d-8342be208b6b">Attending free events and local spots saves us $1,000</h2>When we look for things to do as a family, we search online local calendars for free events that provide maximum fun for our family, including community festivals, library events, and cultural experiences. We attend art festivals, book readings in the park, and events like the Hispanic and Asian-Pacific festivals. The events often have giveaway booths, craft projects for the kids, and music or dancing. The activities are free and add richness and depth to our family life. We might hear live jazz or learn about our city's history.Rather than paying for the zoo entrance or movie theater tickets, we can enjoy family fun with minimal cost. We might visit the splash pad at a city park or go on a tour through the local recycling center. It's exciting to see our kids thrive in different environments and try new things.<h2 id="be4f7d79-d9fc-4df6-bc19-777b58d4dcf5">Packing our meals rather than eating out saves us $2,200</h2>My husband and I recently took our family to Chicago for two days and stayed at a hotel using our <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-book-free-travel-cheap-deals-credit-card-rewards">credit card reward points</a>. Before the trip, I packed our large cooler with cut fruits, veggies, hard-boiled eggs, yogurt, and chicken salad. We didn't eat out once or buy any food, except for donuts from a local shop as a treat. My husband says that maybe we should splurge for a <a target="_blank" href="https://www.businessinsider.com/what-is-chicago-deep-dish-pizza-2016-7">deep-dish pizza</a> next time. We both enjoy local cuisine and giving our kids that experience, but sometimes it makes more sense to skip it. We saved about $250 on the Chicago trip alone just for food and we ate a lot healthier too.Having our meals on hand also allowed us to fit in more sites than we thought possible. We went straight from ascending the Willis Tower to gazing at The Bean without wasting time finding a restaurant, ordering, and waiting for food, only for our kids to take two bites of their chicken fingers. At Maggie Daley Park that evening, we shared a container of fresh strawberries and a package of graham crackers. The kids got extra time to play because we had their snacks ready.Whenever our family heads to the beach or to explore a city, we load up a bag of food to take with us. While it requires extra prep and planning, we find the cost and time savings well worth the initial investment.With peanut butter and jelly in hand, we cherish our time and build up our savings to go on more adventures together and put our funds toward what matters most to us. Plus, we know we've budgeted for the best indulgences when life calls for a little ice cream or one more carnival ride.

We are a family of 6. We save $7,000 every year by doing 3 things. 

In March 2023, Citigroup CEO Jane Fraser anointed Anand Selva, as the bank's chief operating officer. His mandate: oversee a deeply unsexy yet crucial initiative to regain compliance with regulators. At the time, she praised his "long track record of delivering results."So far, Selva's tenure has been rocky.In July, two regulators <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulatory-citigroup-transformation-2024-7">fined Citi $135.6 million</a> for failing to make enough progress in fixing its data-management issues. The bank had agreed in 2020 to work on this problem and others, including poor risk controls, after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citigroup-slammed-400-mln-fine-longstanding-deficiencies-regulation-occ-fed-2020-10-1029660295">paying $400 million</a> in fines to the Federal Reserve and the Office of the Comptroller of the Currency. The OCC said in July that the bank had made "meaningful progress overall" but that the agency wanted to ensure Citi allocated enough resources to address the "persistent weaknesses" regarding data.These new fines are despite Citi dedicating massive resources to a firmwide initiative to overhaul the bank's technology. This program, called the <a target="_blank" href="https://www.businessinsider.com/citi-transformation-citigroup-regulatory-fine-anand-selvakesari-2024-7">"Transformation"</a> and overseen by Selva, has about 13,000 employees. Citi spent $7.4 billion on the endeavor from 2021 through 2023. This year's budget has been increased by $250 million, to more than $3 billion.The pressure is on, with Sen. Elizabeth Warren urging the OCC to "impose growth restrictions" on Citi, arguing that it has grown "too big to manage." The regulator and Citi declined to comment."We've always said that progress wouldn't be linear," Fraser said after the latest fines, "and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation."For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. Selva, who goes by the shortened version of his last name, Selvakesari, joined Citi as an assistant operations manager in Chennai, India, in 1991. He rose through the ranks in Asia before taking over the US consumer bank in 2019. When Fraser was made CEO in 2021, she chose Selva, who's now 57, to replace her as the global head of consumer banking.In his current role, his mandate is to make the bank safer, not to turn a profit. To do so, he has to solve for Citi's <a target="_blank" href="https://www.businessinsider.com/inside-real-reasons-behind-citi-mike-corbat-early-retirement-2020-9">decades of underinvestment</a> in its infrastructure, which affects every business line of the bank.Business Insider talked to 14 current and former Citi employees who have worked under Selva to get a picture of the challenge facing him and why he was put in charge of the bank's No. 1 priority. All but two spoke on the condition of anonymity, citing fear of reprisal or the sensitivity of regulatory matters. Three senior executives pointed to his experience navigating regulation and working with technology from running Citi's consumer bank. Gonzalo Luchetti, Selva's successor as the head of the US consumer business, told BI that serving 70 million customers required handling tremendous operational risk."If we mess it up, usually you don't mess it up for one; you mess it up for hundreds of thousands, if not millions," he said. "You have to be super good at process orientation and making sure that there's high discipline and rigor."Luchetti also emphasized Selva's longevity at Citi and experience across regions."He knows the fabric of the firm very well," Luchetti said. "The Transformation is about really repiping the machine. He's touched a lot of the machine himself."But touching the machine isn't the same as fixing it. Eight employees told BI that they were surprised that Selva was made the head of the Transformation given that he had never held a leadership role in technology or compliance. They described Citi's culture as a cliquey environment that rewards managing up over results, noting that the COO promotion followed dismal performance for the wealth unit he oversaw."The biggest job was given to a guy who with 1 ½ years in wealth wasn't able to do anything," a former managing director said.Selva has also come under scrutiny for a lawsuit filed against him and the bank by an ex-Transformation executive in May. Kathleen Martin, a former interim data chair, alleged that Selva pressured her to hide information from the OCC that would make Citi "look bad" and that she was fired in September 2023 after multiple refusals. Citi denied the accusations and filed a counterclaim in late August, alleging that Martin was fired for underperformance. Citi has recently made leadership changes to Selva's unit. The bank tapped its new tech head, <a target="_blank" href="https://www.businessinsider.com/citi-data-tim-ryan-anand-selva-memo-transformation-regulators-2024-9">Tim Ryan</a>, to lead the data effort alongside Selva and take over management of the 800-employee data team. The work on data, along with risks and controls, is paramount to the Transformation.Splitting the burden may expedite the massive task, which requires coordinating work from employees across the entire bank. Citi declined to specify a timeline, citing the confidential nature of regulatory matters. A managing director in the Transformation estimated that the work required would take about two decades.Mike Mayo, a Wells Fargo analyst, said that until Citi meets the requirements of the OCC and the Federal Reserve, the bank is in "regulatory purgatory.""Citi has thrown over 10,000 people and $3 billion and more at this problem," Mayo told BI in July. "They just have to get it done."Selva does have a long track record at Citi. Born in Madurai, a large city in southern India, he studied engineering and played basketball at the Coimbatore Institute of Technology. He earned his master's in business administration at Madurai Kamaraj University before joining Citi in 1991.Selva made his name at Citi by shaping its consumer-bank businesses across Asia. He led retail banking in China and India before taking over the Asia Pacific market in 2015. His approach was digital-first, eschewing branches for banking apps. Despite closing 60% of bank branches in Asia from 2016 through 2018, Selva grew deposits by 10%.<div type="image" title="Citi's Anand Selva speaking at a panel, seated and wearing a pinstripe suit and a red tie." height="3307" width="4960" msid="114093573" hostid="261" sizebytes="2310830"></div>"He's very tech and digital-oriented," Luchetti said. "We've been to China together to look at startups and firms that were disrupting the world. He was always very connected with learning more about technology, had that curiosity, and then the execution chops to get it done here."In 2019, Selva moved from Singapore to New York, where he now lives with his family, to run the US consumer bank. He assumed the global consumer-banking business from Fraser in 2021. Selva leaned on credit-card and lending offerings, launching products like Citi Custom Cash which allowed customers to pick their reward categories, and Flex Pay, a buy-now, pay-later service. Under Selva, Citi was the No. 2 issuer of credit cards in the US, and deposits grew by more than a third, to about $220 billion.In 2021, Citi started divesting itself of more than a dozen consumer-bank markets across Asia, Europe, and the Middle East. Selva was an important player on both sides of the table, according to Adora Tidalgo, the head of operational risk management at Citi. She said he helped find Asian acquirers that maximized value for Citi while keeping the businesses running smoothly with low attrition."That skill of balancing how much you want to bring in terms of revenue and the credit loss you want to take is really a skill that very much needs to be honed in the consumer space," she said. "That balancing, to me, I have seen Anand over the year been very successful in doing that."There have been some bumps in the road. As part of Fraser's reorganization of the bank in 2021, Selva gained oversight of a newly formed wealth unit and its new leader, Jim O'Donnell. Six current and former managing directors told BI that Selva's approach focused more on scale and digital offerings than high-touch client service. For instance, he didn't approve loans that failed to meet a certain threshold of return, even if it meant losing an important client, two former managing directors said."The way that every private banker on earth thinks about relationships is you need to invest in relationships, and then as you start to do more business with clients, you start getting more and more valuable opportunities with them," one of the former managing directors said. "You have to look at the relationship. You can't just look at every single transaction."Employees argued that Selva's playbook may have worked to build scale in Asia but not to satisfy well-heeled — and much more sought-after — US clients."I think Anand's decisions were comparing everything to what he knew from his time in Asia, and they are completely different markets," another former managing director said. "In Asia, Citi has a very recognizable brand, and people actually want to bank with Citi. You don't have to sell it that hard."<div type="image" title="Citi CEO Jane Fraser testifying at Congress" height="3828" width="5846" msid="114093582" hostid="261" sizebytes="314760"></div>The wealth business' revenue dropped by 6% year over year at the end of 2022. Fraser called the division's performance "disappointing." O'Donnell's reign over wealth was cut short in January 2023, and it was later placed under <a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">Andy Sieg</a>, the former head of Merrill Wealth Management. With Citi on a campaign to divest itself of 14 international consumer-bank markets, Selva's remit shrank.His appointment as COO thrust him into the spotlight. Tidalgo told BI that he was no stranger to the task of dealing with regulators."When you are the head of a country, you are the face of Citi to the regulators. Good, bad, or indifferent, you have to face them," she said. "That's part of the job."Citi's Transformation and its challenges predate Selva's appointment as COO. It existed as a firmwide initiative before the October 2020 fines but was kicked into overdrive after Citi entered consent orders with the OCC and the Federal Reserve.It can be viewed as two parts. The most visible is the strategy to simplify and modernize the bank, such as divesting Asian consumer businesses, removing five layers of management, and <a target="_blank" href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">reorganizing</a> so that the five business lines report directly to Fraser.The second part is meant to address the 2020 consent orders. The initiative is separated into seven programs, including finance, compliance, and risk and controls. While some 13,000 employees are dedicated to the Transformation, much of this work is carried out by employees across the bank. Selva sits at the center, coordinating these efforts. He's in a tough position, as much of the Transformation's work is executed by employees in other divisions."The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. "The role is really coordinating and getting others to do what they need to do, which is very different from running a business where the entire team follows your lead, you own it, you have the ability to actually get them to do this stuff."When everyone is accountable, effectively no one is, a former senior vice president in the Transformation said. Matters got stuck in bureaucracy, bouncing from one department to another and being debated in committee for months.A senior executive in the Transformation acknowledged that the programs often rely on each other's work. For example, a delay in data work can lead to one for a finance project."When we are asked sometimes why it is challenging to execute on the Transformation, one of the challenges is the interconnectivity of those seven works," she said.The senior executive said the Transformation's successes had been overlooked, partly because the bank is limited in what it can say on regulatory matters. For instance, Citi has retired or replaced a quarter of its applications, halfway to its overall goal. The bank declined to specify the number of existing or terminated applications, but as of July, it had retired nearly 300 applications this year. The senior executive also touted the bank's streamlining its risk-management workflow.But the Transformation has earned a middling grade from Citi itself. The bank evaluates the initiative's success for the purposes of a bonus program applicable to about 200 senior employees, including Selva. In 2022, an internal committee gave it a score of 94%, citing targets it met, such as submitting remediation plans to regulators.For 2023, the score sank to 80%, calculated by measuring the timeliness of executing scheduled work, the percentage of work deemed complete by the bank's internal auditors, and a "qualitative consideration of Citi's cultural change" derived from the bank's employee surveys.<div type="image" title="Headshot of Citi's new tech head Tim Ryan, smiling and wearing a black suit jacket with a light blue shirt" height="739" width="985" msid="114093578" hostid="261" sizebytes="32120"></div>Bringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense. The recruiter Phil Waxelbaum argued that a more traditional candidate to help lead the Transformation would be a seasoned, high-ranking person from a regulatory agency. But someone with a nonbanking background such as consulting or technology can work, too, according to recruiter Jeffrey Warren. Ryan joined Citi in June after seven years leading the US business of PricewaterhouseCoopers."In situations like this when you are looking to drive transformation, you need someone who can work at the intersection of people, processes, and technology," said Warren, managing director at Russell Reynolds Associates. "That includes working from within and likely driving some change with new people who have experience in new technologies or new ways of doing things."Ryan is now sharing data, a significant component of the Transformation, with Selva. Another PwC alum, Citi's head of enterprise risk management, Ashutosh Nawani, will take over the chief data office from one of Selva's lieutenants, Japan Mehta, and report to Ryan. Mehta will move to another role that the bank declined to specify.Employees told BI that they thought bringing in Ryan and Nawani would help."Sure, there might be some reservation that more consultants are coming in to run Citi, but there is a positive vibe of changing senior leadership," the former senior vice president in the Transformation said. "Legacy Citi culture is what got us into this spot in the first place."While the July fines did not meaningfully move Citi's stock, they have placed the bank and the Transformation under greater scrutiny. The OCC has ordered Citi to provide a resource-review plan each quarter to ensure the bank is providing enough resources for the effort. The Securities and Exchange Commission has also required the bank to address the Transformation's progress in future filings.The outstanding issues have also impeded Citi from expanding in China. According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators">Bloomberg</a>, the bank is still waiting on a clearance letter from the Federal Reserve to set up a securities office. The bank declined to comment on the process but said it was "fully committed to supporting clients" in China.<div type="image" title="Democratic Sen. Elizabeth Warren of Massachusetts at a hearing on Capitol Hill on January 11, 2024." height="1333" width="2000" msid="114093583" hostid="261" sizebytes="96482"></div>Regulators placing an asset cap on Citi, as Senator Warren has requested, isn't out of the realm of possibility, said Timothy Coffey, an analyst with Janney Montgomery Scott."At what point do the regulators just get fed up with Citi's inability to adequately resolve these issues or stick to the timeline that they've laid out?" he said. "That's an open-ended question."But the consent orders and the lack of progress are distractions in themselves. When Fraser took over Citi nearly four years ago, she said the Transformation was her No. 1 priority and asked for patience. Now her requests for time are wearing thin. Regardless of who leads the Transformation, Fraser is still accountable."This stays out here in terms of headline risk, and I think it puts a cap on the valuation that Citi can achieve," said Stephen Biggar, an Argus Research analyst. "It's an overhang on the stock. It's an overhang on the reputation of Fraser."Do you work for Citi? Have a tip or story to share? Reach out to Hayley Cuccinello at <a target="_blank" href="mailto:hcuccinello@businessinsider.com">hcuccinello@businessinsider.com</a> or 917 740 5340, which works for calls, text, and the encrypted messaging app Signal.

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