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<div class="KonaFilter image-container float_right"><div class="image on-image">Reuters/Shannon StapletonFormer <keyword id="6400347" type="COMPANY" weightage="60" keywordseo="CitiBank">Citibank</keyword> employee Debrahlee Lorenzana (L) and her attorney Gloria Allred answer questions during a press conference in New York June 28, 2010</div></div>A <a href="http://www.businessinsider.com/debrahlee-lorenzana-citi-2010-6">notorious ex-Citi banker</a> who claimed she was fired for being too sexy has quietly filed a new lawsuit claiming that Quest Diagnostics screwed up a blood test, <a href="http://www.nydailynews.com/new-york/queens/too-attractive-ex-citi-banker-sues-quest-blood-draw-article-1.1527622#axzz2lfrxhubX">the New York Daily News reports</a>.
Debrahlee Lorenzana, 36, says she suffered severe injuries after a hapless nurse drew her blood.
The lawsuit claims she suffered "severe shock and damage to her nervous system and certain internal injuries," according to the Daily News. The allegedly shoddy bloodwork "damaged her psychophysical motor skills," making her "suffer severe physical pain and mental anguish as a result," according to the lawsuit.
Her lawyer, Frank Panetta, told the Daily News that the allegations that his client got nerve damage from bad bloodwork aren't all that odd.
"What's unusual about that?" he told the Daily News. "Sometimes they screw up."
Lorenzana gained national prominence in 2010, when she filed a lawsuit claiming she got harassed at Citibank for being too hot and then fired. That year, she spoke to Elizabeth Dwoskin of the Village Voice about her experience at the bank. From <a href="http://www.villagevoice.com/2010-06-01/news/is-this-woman-too-hot-to-work-in-a-bank/">Dwoskin's article</a>:
Her bosses told her they couldn't concentrate on their work because her appearance was too distracting. They ordered her to stop wearing turtlenecks. She was also forbidden to wear pencil skirts, three-inch heels, or fitted business suits. Lorenzana, a 33-year-old single mom, pointed out female colleagues whose clothing was far more revealing than hers: "They said their body shapes were different from mine, and I drew too much attention," she says.
The case went into <a href="http://en.wikipedia.org/wiki/Arbitration">arbitration </a>(an outside-of-court dispute resolution), and Citi has made it clear that it <a href="http://dealbreaker.com/2012/05/citi-would-like-to-make-it-clear-it-did-not-pay-debrahlee-lorenzana-a-dime/#more-76999">didn't pay her a cent</a>.

Ex-Citibank Employee Who Said She Got Fired For Being Too Hot Is Back With A New Lawsuit

<div class="image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/516ecc2eecad047f4800000b-960/citibank-opening-12-1.jpg"></a></div></div>In a crowded conference hall filled with <keyword id="50691" type="COMPANY" weightage="60" keywordseo="Digital">digital</keyword> ad marketers, <keyword id="6400347" type="COMPANY" weightage="60" keywordseo="CitiBank">Citibank</keyword> North American head of consumer marketing Vanessa Colella explained why it made perfect sense that one of her first orders of business was, in fact, "eliminating the digital marketing department."
While having a group of digital specialists who "all come with incredible backgrounds, they speak in jargon, and wear blue jeans" could be comforting, Colella explained at <keyword id="1116195" type="COMPANY" weightage="60" keywordseo="Ad-Age">Ad Age</keyword>'s Digital Conference, that it is often a crutch.
Why? Because everyone in a company's marketing department needs to be fluent in digital strategy. "There's no path for you if you don't," she said.
So Citibank trained everyone, from those who specialized in bus shelters to TV marketing, to be digitally savvy. 
"That, as you might imagine, was not an overnight thing," Colella said. "We did a lot of internal training, and we hired strategically," taking on people from Yahoo, Microsoft, and Google.
Colella believes in streamlining the marketing process, keeping things quick and simple.
<div class="image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="LinkedIn" title_caption="Vanessa Colella's LinkedIn page." class="zoomin" href="http://static1.businessinsider.com/image/516ecc68ecad04094b000001-960/screen%20shot%202013-04-17%20at%2012.22.19%20pm.png"></a></div><a href="http://www.linkedin.com/pub/vanessa-colella/0/5/a5b">LinkedIn</a>Vanessa Colella's LinkedIn page.</div>When Citi had a <a href="http://bucks.blogs.nytimes.com/2012/01/10/citibank-lets-loyalty-members-pool-points-on-facebook/">Facebook campaign that helped people pool their credit card points</a> to take a group vacation or buy their friend a big gift, Colella said she told her new team, "Welcome to Citi, here is where the bathroom is, you have eight weeks [to develop the campaign]. You are forcing people to strip it down and keep it simple."
But campaigns don't just stay in the digital realm — thus why marketing employees have to be able to float between different mediums.
One of Citibank's greatest successes is <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CDUQFjAA&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fgroups%2FConnect-Professional-Womens-Network-Powered-4409416&amp;ei=gspuUYavIuiD0QG2joDgBA&amp;usg=AFQjCNGltSelBYBo1L0Zog2NoK69Cr9USg&amp;sig2=BWPw_1Dj26aL-jOVRmw60g&amp;bvm=bv.45368065,d.dmQ">Connect, a women's professional network on LinkedIn.</a>
"It became not just a digital program because women on the network decided they wanted to get together, and we started going to those," Colella said, admitting, "They didn't ask us in the beginning."
But now Citi throws events for participants of what has become one of <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;ved=0CDoQFjAB&amp;url=http%3A%2F%2Fwww.fastcompany.com%2F3002771%2Fif-you-want-your-brand-resonate-linkedin-hit-right-emotional-cues-hint-ambition&amp;ei=mspuUainLcKV0QHRnIGQDQ&amp;usg=AFQjCNE5YL8Dj0oB_IBagQoNKx46JDZV0w&amp;sig2=Kkpn7WowWrfJI4ithBTtkg&amp;bvm=bv.45368065,d.dmQ">LinkedIn's most successful groups</a>.
On the flipside, the <a href="http://citibikenyc.com/">physical bike sharing initiative, called Citibike,</a> is getting turned into an app.
"It started in the physical space and grew up into the digital," Colella said.
Evolution is key, she said, noting that a campaign doesn't have to live in a single publisher or ad network.
"Digital is not a department," Colella said. "It's not a department at Citi, not at our agency ... I don't want it to be at our partners."

Why Citibank Eliminated Its Digital Marketing Department

<keyword id="696658" type="COMPANY" weightage="20" keywordseo="DCB-Bank">DCB Bank</keyword> Limited has appointed Atal Agarwal as the executive vice-president and head of corporate banking, financial institutions and investment banking. Agarwal will take charge in his new position from December 1, 2014. 
	 Prior to DCB Bank, Agarwal had served as managing director and group head of corporate and financial institution verticals at The <keyword id="65497" type="CITY" weightage="20" keywordseo="Royal-Bank-of-Scotland">Royal Bank of Scotland</keyword>. He has nearly 30 years of experience and has also worked as the vice-president of investment banking vertical at <keyword id="141193" type="CITY" weightage="20" keywordseo="DSP-Merrill-Lynch">DSP Merrill Lynch</keyword> followed by his stint as the director of Financial Institutions Group at <keyword id="6400347" type="COMPANY" weightage="20" keywordseo="CitiBank">Citibank</keyword>. 
	 
	Commenting on his appointment, Murali M Natrajan, managing director and CEO of DCB Bank said, “Our aim is to double our balance sheet in the next 36 to 42 months. Corporate Banking and Financial Institution business is an integral part of our growth strategy. At present, corporate banking contributes approximately 25% of our Advances and we can expect this to grow steadily at 20% to 25% annually”. 
	 
	Currently, DCB Bank business segment include retail, micro-SMEs, SMEs, mid corporate microfinance institutions, agriculture, commodities, government, public sector, Indian banks, Cooperative banks and Non Banking Finance Companies.

DCB Bank Appoints
Former RBS India Vertical Head Atal Agarwal As EVP

<ul class="summary-list"><li>Global <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> could shrink as much as $1 trillion if a predicted 31 million women lose their <keyword id="11018" type="COMPANY" weightage="60" keywordseo="Jobs">jobs</keyword> during the coronavirus pandemic, <keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi">Citi</keyword> has warned.</li><li>The analysis, first reported by Bloomberg last week, suggests that some 220 million women globally work in sectors threatened by the virus, and that 31 million of those could lose their jobs during the pandemic.</li><li>This figure does not include China, meaning that the real number, including the world's second largest <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>, would likely be much higher.</li><li>"Women's lesser status in the labour market leaves them more exposed and easier to lay off," the OECD warned in April.</li></ul>Global GDP could shrink as much as $1 trillion if a predicted 31 million women lose their jobs during the coronavirus pandemic, Citi has warned.In a note last week, Citi analysts said that globally there are 220 million women working in "vulnerable sectors," <a href="https://www.bloomberg.com/news/articles/2020-05-21/women-s-job-losses-could-shave-1-trillion-off-global-gdp?srnd=prognosis">according to a report from Bloomberg</a> Thursday.Overall there are 44 million workers at risk of losing their jobs because of the pandemic, Citi said, with 31 million of these being women, and 13 million being men.Read more: <a href="https://www.businessinsider.com/investing-strategy-build-perfect-portfolio-asset-allocation-recommendations-7-etfs-2020-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">The investment chief of a $12 billion wealth-management firm breaks down how to build the perfect portfolio using just 7 ETFs - one designed to sidestep a dramatically 'overvalued' stock market</a>The alarming analysis highlights how women are likely more exposed to the crippling effects of the pandemic. According to the research 31 million female job losses across six sectors could amount to real global GDP loss of up to $1 trillion. This figure does not include China, meaning that the real number, including the world's second largest economy, would likely be much higher.Global GDP was estimated to be $80.27 trillion in 2017, <a href="https://www.cia.gov/library/publications/resources/the-world-factbook/fields/209.html#XX">according to the CIA's world factbook. </a>Citi economists Dana Peterson and Catherone Mann reportedly said in a research note: "The greater vulnerability of women to job losses is due to the segmentation of female laborers into sectors that are the most negatively affected by coronavirus disruptions." Read more: <a href="https://www.businessinsider.com/tech-stock-picks-to-buy-strong-revenues-coronavirus-crisis-rbc-2020-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">RBC handpicks 8 tech stocks that could continue to grow revenues during the crisis and are built like 'rocket ships' for the next boom</a><h2>Why women are more vulnerable to job losses than men </h2><div type="image" title="Connecticut reopening mask woman coronavirus" height="1000" width="2000" msid="75973509" hostid="261"></div>Analysts said women are more vulnerable to job losses than men due to their high participation in industries such as hospitality, restaurants, health care to name a few. Anthony Michelic, president of The PACE Group, said: "Fields that are male-majority (think primarily manufacturing, truck driving, resource extraction, and other outdoor work) are getting hit as well, but are still producing or transporting hard consumables that are being used in the marketplace.Michelic said more jobs need to be opened in both male-dominated and female-dominated industries as the majority of female jobs being lost are not due to human influence but rather due to "sector risk exposure". Indeed, the Organization for Economic Co-operation and Development <a href="http://www.oecd.org/coronavirus/policy-responses/women-at-the-core-of-the-fight-against-covid-19-crisis-553a8269/#section-d1e418">warned</a> in April: "In the context of the COVID-19 crisis, the fear is that gender employment gaps like these leave women more vulnerable than men to job loss; that women's lesser status in the labour market leaves them more exposed and easier to lay off."Pialy Aditya, chief strategy officer at Republic, echoed this view. "Unfortunately, women are at a much higher risk for unemployment, particularly with this pandemic."According to the National Women's Law Center, women contributed to 49% of the overall workforce but as of April 2020, they attributed to 55% of job losses. We've seen industries impacted by COVID-19 - Hospitality, restaurants, retail, healthcare, education, and so on."Raymond Lee, founder and chief exefcutive of Careerminds said "there are many free resources available to any furloughed or unemployed individuals that are looking to 'upskill' while under quarantine," and sees this as a way to prevent the risks of thousands of women losing jobs. It isn't all negative, however, with Citi's analysts noting — according to Bloomberg — that many pro-women employment policies that were instituted pre-pandemic could be expanded further in a post-coronavirus world."Many of the policies that promoted female labor force participation pre-coronavirus are even more suitable in a post- pandemic world," the analysts wrote.Read the original article on <a href="https://www.businessinsider.com/coronavirus-world-gdp-trillion-women-lose-jobs-citi-2020-5">Business Insider</a>

Citi warns that coronavirus may push 31 million women into unemployment and knock $1 trillion from world GDP

This week G.E. Capital Finance announced that <a href="http://www.usatoday.com/story/money/business/2013/04/24/ge-capital-gun-shops/2110435/">it would no longer finance gun purchases</a>, becoming the latest in a string of companies that have decided to leave a large amount of money on the table rather than risk their reputations on the gun business. 
It's one of the few places where the high-profile publicity campaign in support of increased <keyword id="1127786" type="UNKNOWN" weightage="60" keywordseo="gun-control">gun control</keyword> has led to a real world result.
Last week advocates for gun control were dealt a humbling blow when legislation to require background checks at gun shows <a href="http://www.businessinsider.com/gun-control-background-check-senate-vote-live-2013-4">publicly flopped on the floor of the Senate</a> after weeks of work. 
Despite the political defeat, however, something very interesting has happened in the private sector. 
GE is based in Fairfield, Conn., and <a href="http://online.wsj.com/article/SB10001424127887324743704578442561634381232.html">several employees have children in Sandy Hook</a> Elementary School, the site of the December mass shooting, according to the WSJ. Jeff Immelt, the CEO of GE, had a meeting with employees after the shooting. This, among other reasons, led to the lender ending financing for <keyword id="6371465" type="UNKNOWN" weightage="60" keywordseo="guns">guns</keyword>. 
GE is the fifth-largest lender in the country. While their decision to stop lending to gun buyers will only impact a very small portion of the market, the optics of it are not good for the business of guns. 
The decision brings GE in line with <keyword id="88858" type="CITY" weightage="60" keywordseo="Wells-Fargo">Wells Fargo</keyword> and Citigroup, both of which stopped financing gun purchases several years ago. But firms directly involved in the gun trade are having an even harder time. 
<keyword id="152447" type="COMPANY" weightage="60" keywordseo="Cerberus">Cerberus</keyword> Capital, the private investment company that owns Freedom Group — the manufacturer of the assault weapon Adam Lanza used to murder 20 children and 6 adults at Sandy Hook Elementary School — announced days after the shooting that they planned to unload the company from their portfolio. 
But Cerberus has been having difficulties finding a buyer for the company. Other gun manufacturers are <a href="http://online.wsj.com/article/SB10001424127887323309604578429232172444330.html">using this opportunity to kick Freedom Group's tires</a>, so to speak, and investigate their financials while a buyer remains elusive, according to the Wall Street Journal and Bloomberg News. 
It's come to the point where several individual Cerberus partners are pursuing a bid as a way to put a floor on the auction. Multiple investment banks — reportedly <a href="http://www.stltoday.com/business/local/cerberus-finds-difficulty-selling-freedom-group/article_587d7736-dde3-5874-a765-5d5fb153c71f.html">including JPMorgan Chase, Credit Suisse and Barclays</a> — declined to aid Cerberus in the sale and have refused to represent buyers to avoid getting pulled into a politically contentious gun debate.
The sale is worth millions in fees — Freedom Group could fetch as much as $1 billion — and yet multiple banks have decided that getting in the gun business isn't even worth all the money when reputations are at risk. 
<a href="http://www.stltoday.com/business/local/cerberus-finds-difficulty-selling-freedom-group/article_587d7736-dde3-5874-a765-5d5fb153c71f.html">According to Bloomberg news</a>, "Cerberus may have to take a lower price or be unable to sell the business because so many banks are unwilling to work on the deal, said one of the people with knowledge of the matter."

Gun Control Advocates Have Scored A Major Victory That Nobody Is Talking About

<keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword> might sell its housing <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> arm, ICICI Home Finance to investors such as <keyword id="34499" type="POSITION" weightage="80" keywordseo="private-equity">private equity</keyword> funds for about $700 million or Rs 4,400 crore, according to people close to the development. <keyword id="6400347" type="COMPANY" weightage="80" keywordseo="CitiBank">Citibank</keyword> has been roped in to find buyers, the people cited above told the Economic Times. Three months ago, the India's largest private sector bank had invited the investment bank to pitch for the mandate and the decision to appoint Citibank was taken about a fortnight back. 

	A person close to the development said that the mandate was allotted recently and some private equity players and a couple of other investors have been approached by the investment bank. 
 

	It will be too early to say but some private equity players may enter the housing finance sector, he added. 
 

	"ICICI Bank keeps receiving enquiries from time-to-time from interested parties regarding its stake in ICICI HFC but has not taken any decision to sell its stake in this company," a spokesman for ICICI Bank said.
 "ICICI Bank's mortgage business is primarily done within the bank and this business has been growing rapidly. Only a very small portion of the bank's overall mortgage business is done by <keyword id="2549170" type="ORGANIZATION" weightage="80" keywordseo="ICICI-Home-Finance-Company">ICICI Home Finance Company</keyword>," he added. 

	When the financial daily approached Citibank, it declined to comment on the matter.
 

	Its housing finance arm, which focuses on home loans in smaller cities, contributes about 10% of the book value of total home loans given by ICICI. 
 

	The deal needs the approval of the Reserve Bank of India as ICICI Home Finance is a Non-bank financial company (NBFC). 
 

	According to experts, it makes sense for the bank to exit the lower end of the home loan business. "Even the banking regulator has time and again told banks to focus on their core business. Exiting the smaller ticket size market would also help the bank maintain a healthy CASA (current and saving account) ratio," a senior banking analyst with a consultancy said. 
	 
	(Image: Reuters)

ICICI Bank considers selling its home finance arm for Rs 4,400 crore

Hopes of a minor fall in <keyword id="6371181" type="UNKNOWN" weightage="40" keywordseo="interest-rates">interest rates</keyword>, especially on <keyword id="6354730" type="UNKNOWN" weightage="40" keywordseo="Home-loan">home loan</keyword>s, were dashed last week after the RBI hiked its key rates in its policy review. Home loan borrowers, especially those crushed by a heavy <keyword id="6357050" type="COMPANY" weightage="40" keywordseo="EMI">EMI</keyword>, have been looking at the RBI for some solace for a while now. 
 
Generally, borrowers can do very little other than prepaying a part of the loan (if they have surplus cash) to reduce the interest burden or increasing the EMI (if they can afford it) to reduce the tenure and therefore, the overall interest paid. 
 
However, some experts believe home loan seekers and existing borrowers looking to switch lenders can consider experimenting with some out-of-the-ordinary home loan schemes. Such loans, which are linked to an overdraft facility, are offered by SBI, HSBC and Standard Chartered, among others. 
 <keyword id="6400347" type="COMPANY" weightage="40" keywordseo="CitiBank">Citibank</keyword> offers a home loan scheme that is a combination of a simple term loan and a credit line facility. However, most people are unaware of the existence of these schemes, as they are not promoted heavily. 
 "Such schemes can prove to be very useful, but the borrower needs to understand the product’s workings carefully before going ahead," says Vipul Patel, director of mortgage advisory firm Home Loan <keyword id="159121" type="POSITION" weightage="40" keywordseo="advisors">Advisors</keyword>. 
 
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	Unlike regular home loans which are standard offerings, features of these products vary with each bank. The only thing that is common among them is the home loan is linked to an overdraft facility. Any surplus money (apart from EMI) you deposit into the account will reduce the principal outstanding (only for the purpose of calculating interest), thus reducing your interest outgo.
You can also withdraw the surplus amount parked in the account, if required, though you may have to pay the applicable transaction charges per withdrawal. Again, it depends on the bank's policy. 
 "The deposits into the account actually offset the interest payable for that many number of days and, as a result, reduces the loan tenure as also the interest paid over the term of loan. This is more tax-effective as interest saved (<keyword id="25450" type="UNKNOWN" weightage="40" keywordseo="savings">savings</keyword>) is not taxable, while income is," says Patel. That is, if you were to <keyword id="47916" type="UNKNOWN" weightage="40" keywordseo="invest">invest</keyword> the amount in fixed deposits, the interest earned would be taxable. If used efficiently, it can reduce both your loan's tenure and the interest paid. <div style="page-break-after: always;">
	&#xa0;</div>
While it may sound like a win-win deal, there is a flipside to these products. Most importantly, they charge at least 0.25% more than a regular home loan. For instance, HSBC's Smart Home's rate is 0.25% higher than its regular home loan. Moreover, some banks also levy an annual fee of up to 1% of outstanding balance or loan amount, which is quite substantial. 
 "You need to carry out a cost-benefit analysis to ascertain whether a simple part pre-payment is better than depositing surpluses," says VN Kulkarni, chief credit counsellor, Abhay Credit Counselling Centre. Instead, it might be wiser to go for banks that charge an <keyword id="37018" type="UNKNOWN" weightage="40" keywordseo="interest-rate">interest rate</keyword> as low as 9.5%, he reasons. 
 
Simply put, you will benefit from these products, primarily if you direct all your savings into this account and are confident of parking a surplus. That means, it is not going to help if you are stretched for paying the basic EMI itself.

Smart Ways To Manage Your Home Loan Interest Burden

<ul class="summary-list"><li><keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi">Citi</keyword> is looking at offering <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> trading services, according to the Financial Times.</li><li>The bank's global head of foreign exchange said a range of clients have shown interest in bitcoin.</li><li>Citi will "build something" when it can be supported by regulators and clients, he said.</li></ul><a href="https://markets.businessinsider.com/stocks/c-stock">Citi</a> could be the next major bank to enter the digital currency market after surging client interest, the <a href="https://www.ft.com/content/d90ed3bf-2c8d-46c9-98b7-67859f6598e5">Financial Times</a> reported on Friday.With <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> and <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> warming up to <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, other large investment banks are having to look at making them more accessible to the public.Itay Tuchman, Citi's global head of foreign exchange, told the FT services including trading, custody, and financing are under consideration right now. "There are different options from our perspective, and we are considering where we can best service clients," he told the newspaper. "This is not going to be a prop-trading effort," he said, referring to proprietary trading, which uses money from the bank's own capital.Citi published a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-could-become-currency-global-trade-citi-2021-3-1030134805">research report on bitcoin</a> in March that said the digital asset could become the currency of global trade. At the same time, the bank suggested it could go either way and suffer a "speculative implosion."Goldman Sachs on Thursday opened up a new way for Wall Street investors to <a href="https://markets.businessinsider.com/currencies/news/goldman-sachs-bitcoin-derivatives-investors-crypto-futures-2021-5-1030398903">place big bets in the popular cryptocurrency through non-deliverable forwards</a>, a derivative tied to bitcoin's price that is paid out in cash.Tuchman said Citi has seen massive interest in bitcoin across a gamut of investors, including large asset managers. Some had requested for more research, while others wanted trading services and ways to finalize deals with cryptocurrencies.But he said the bank is being cautious and shouldn't do anything that's not safe, or sound. It is reportedly in no rush to conclude how deeply involved it should be in crypto. "We will jump in when we are confident that we can build something that benefits clients and that regulators can support," he said."I don't have any FOMO [fear of missing out], because I believe that crypto is here to stay and that we are just at the very beginning of the market," he added. "This isn't a space race. There is room for more than just one flag."Citi declined to comment further on the FT's report.

Citi plans to launch crypto trading services after a boom in client interest in digital currencies, report says

A home search is a complicated process that doesn’t end after simply selecting a property. When the money factor comes in, things get even more complicated. 
 Smart financing is a key factor in affording a property of one’s choice. The loan process however can be intimidating for first-time buyers; especially when it comes to dealing with multiple forms, clauses, complex calculations, and budgets. So many families go through the <keyword id="23666" type="UNKNOWN" weightage="20" keywordseo="stress">stress</keyword> of whether or not they will be able to <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> their house. The industry is controlled by 25-30 players and there’s Rs 20,000 crore worth of loans disbursed in India monthly. The average consumer is unaware of these facts, and there’s complete lack of clarity in this domain. The situation is such that finding a <keyword id="6354730" type="UNKNOWN" weightage="20" keywordseo="Home-loan">home loan</keyword> is often tougher than finding a home. 
 There are three factors that define a home loan: the amount of the loan, the duration of the loan, and the interest rate. Each bank has its fixed rate card. So when you approach a bank, it doesn’t matter whether you’re a farmer in Punjab or a <keyword id="6356391" type="POSITION" weightage="20" keywordseo="businessman">businessman</keyword> in Gujarat; the interest rate given to you will be the same. Even in terms of online assistance, consumers can merely compare different rate cards of banks. Presently, there’s simply no customisation when a user applies for home loans. 
 A better way to help streamline and simplify the home loan process is the need of the hour. The first step is to take this entire process online and ensure that what is being offered to consumers is not just a comparison tool but a complete solution. People applying for home loans should get results that are customised exactly as per their requirements. The impact that this can have is huge. For example, even 1% optimisation of Rs 20,000 crore can result in a <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> of Rs 200 crore monthly. Many people avoid applying for a home loan because they feel it’s not customised for them (interest rate is too high, loan repayment tenure is too short, etc). Effective customisation will go a long way in ensuring consumer confidence when applying for home loans since they will have the assurance that they are getting exactly what they need. 
 Housing.com is enabling such customisation to simplify the home loan application process. The company’s new service, <keyword id="2600976" type="UNKNOWN" weightage="20" keywordseo="Housing-Home-Loans">Housing Home Loans</keyword>, has partnered with leading banks — including CitiBank, ICICI, Axis Bank, Bajaj FinServ, DHFL, L&amp;T Finance and PNB Housing. Based on their inputs, users get the possible options that each bank can offer them. While many banks advertise their lowest possible <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword>, what Housing provides is the lowest rate for which users are actually eligible for across all their partner institutions. Users can apply directly for their loans through the Housing Home Loans portal. This service assists users from initial research all the way through approval of the best loan for which they’re eligible. 
 Although at 46%, home loan has a good <keyword id="34527" type="UNKNOWN" weightage="20" keywordseo="market-share">market share</keyword> of the loan industry in India, it has still not reached its full potential, with regards to helping people in a meaningful way. The right product will achieve this. 
 
The article is submitted by housing.com

Looking For A Hassle-free Home Loan Process In India? Then Read This First

<ul class="summary-list"><li>The four major Wall Street banks collected a combined $4 billion in overdraft fees during the pandemic.</li><li>Sen. Warren said Chase was "the star of the overdraft show," charging customers nearly $1.5 billion.</li><li>Warren asked the four banks' CEOs if they would refund the fees. All said no.</li></ul>Senator <keyword id="213453" type="PERSON" weightage="60" keywordseo="Elizabeth-Warren">Elizabeth Warren</keyword> singled out JPMorgan CEO Jamie Dimon during a <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> committee hearing, grilling him over Chase's decision to continue collecting nearly $1.5 billion in overdraft charges from customers during the pandemic.Joining Dimon were the CEOs of Citibank, <keyword id="6374849" type="UNKNOWN" weightage="60" keywordseo="bank-of-america">Bank of America</keyword>, and <keyword id="88858" type="CITY" weightage="60" keywordseo="Wells-Fargo">Wells Fargo</keyword>, which took in a combined $4 billion in fees from <keyword id="6358914" type="UNKNOWN" weightage="60" keywordseo="checking">checking</keyword> customers who had no money in their accounts during the pandemic, against the recommendations of bank regulators.At the start of the pandemic, Warren explained, the bank regulators told financial institutions that they would not be charged a fee if their accounts at the Federal Reserve were overdrawn. The regulators also recommended the banks extend the same automatic protection to their customers.Senator Elizabeth Warren asked the CEOs to raise their hands if they had followed that guidance."I'm not seeing anyone raise a hand, and that's because none of you gave the same help to your customers that the bank regulators extended to you - help that the regulators recommended that you give," Warren said.Instead, the four leading Wall Street banks, which handle tens of millions of retail checking accounts, charged customers a combined $4 billion in fees during the pandemic when their balances hit zero.According to the Pew Charitable Trusts, those customers were more likely to be African American or Hispanic, or be earning less than $50,000 per year. Figures from the <a href="https://files.consumerfinance.gov/f/201407_cfpb_report_data-point_overdrafts.pdf">Consumer Financial Protection Bureau</a> show that just 8% of account holders are responsible for three-quarters of overdraft fees.Singling out Jamie Dimon of JPMorgan, whom she called "the star of the overdraft show," Warren asked if waiving the nearly $1.5 billion it collected in overdraft fees would have put the bank into financial trouble."We waived the fees every time a customer asked because of Covid," Dimon replied."Your profits would have been $27.6 billion," Warren said. "I did the math for you.""Mr. Dimon, will you commit right now to refund the $1.5 billion you took from consumers during the pandemic?" she continued."No," he said.The other three executives also declined Warren's request."Last year, when customers said they were struggling, we waived fees on over 1 million deposit accounts, including overdraft fees - no questions asked," Chase spokesperson Amy Bonitatibus said in a statement to Insider.A previous study found Chase charges more than average for overdraft fees, generating <a href="https://www.nytimes.com/live/2021/04/13/business/stock-market-today">more than $35 per account</a>, compared with Citi, which charges less than $5 per account, according to Aaron Klein, a senior fellow at the Brookings Institution."Overdraft is an expensive fee they charge only on those people who run out of money that goes straight to short-term profits," Klein told the New York Times in April.

Sen. Elizabeth Warren grilled Jamie Dimon over Chase charging nearly $1.5 billion in overdraft fees during the pandemic

<ul class="summary-list"><li><keyword id="11896548" type="UNKNOWN" weightage="60" keywordseo="citigroup" source="Orion">Citigroup</keyword> reported $3.2 billion in net income for its fourth quarter, down 26% from a year ago.</li><li>The bank earned $1.46 a share, lower than an estimated $1.62 a share.</li><li>Operating expenses increased 18% year on year.</li></ul><a href="https://markets.businessinsider.com/stocks/c-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Citigroup</a> on Friday reported a 26% year-over-year drop in fourth-quarter net income to $3.2 billion as higher revenues were more than offset by rising expenses from the divestiture of its banking businesses in Asia. The third-largest bank in the US said operating expenses increased 18% year on year to $13.5 billion. Excluding the impact of Asia divestitures, expenses increased 8%.Shares of Citigroup slipped by 2.5% as of 9:50 a.m. ET in New York, after losing 4% in premarket trading.Here are the key numbers:Revenue: $17 billion, versus Bloomberg's estimate of $16.8 billion.Earnings per share: $1.46 per share, versus Bloomberg's estimate of $1.62.Investment banking revenue increased by 43% to $1.8 billion, beating Bloomberg's $1.63 billion estimate. But trading revenue slipped.For all of 2021, Citigroup reported $22 billion in net income, double the $11 billion earned in 2020. But revenue slipped to $71.9 billion from $75.5 billion in prior year."We had a decent end to 2021 driving net income for the year up to $22 billion in what was a far better credit environment than the previous year," said <keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi" source="Orion">Citi</keyword> CEO Jane Fraser, who took the helm in March 2021, in the company's earnings report.She added that Citi returned nearly $12 billion of capital to shareholders, and tangible book value, the measure of a bank's worth if liquidated, increased 7% during the year.Citigroup recently <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcitigroup-to-sell-consumer-banking-franchises-in-four-southeast-asian-countries-11642125692%3Fcampaign_id%3D4%26emc%3Dedit_dk_20220114%26instance_id%3D50322%26nl%3Ddealbook%26regi_id%3D85242594%26segment_id%3D79703%26te%3D1%26user_id%3Db7ecb39412279947d1966b4c36d2a5e0">revealed plans</a> to sell its consumer-banking franchises in less profitable <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in Asia and Europe — such as Indonesia, Malaysia, Thailand, and Vietnam — to free up resources to "double down in wealth, and focus on our higher-returning institutional businesses," according to Mark Mason, Citibank's CFO. The bank also said it plans to divest its consumer, small business, and middle-market banking businesses in Mexico.Citigroup's report helped kick off the fourth-quarter earnings season for corporations, which will help shed light on how well businesses are faring amid the surging cases of COVID-19.<a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> and <a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> also reported their earnings on Friday. <a href="https://markets.businessinsider.com/searchresults?_search=gs">Goldman Sachs</a> reports early Tuesday, while <a href="https://markets.businessinsider.com/searchresults?_search=bac">Bank of America</a> and <a href="https://markets.businessinsider.com/searchresults?_search=ms">Morgan Stanley</a> report Wednesday before the market open.

Citigroup reports steep drop in 4th-quarter earnings as operating expenses pile up

<ul class="summary-list"><li>This is a preview of the Fintech and Financial Inclusion research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/fintech-and-financial-inclusion?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-fintech-and-financial-inclusion-report-2019-8&amp;vertical=fintech#!/">Purchase this report.</a></li><li><a href="https://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-fintech-and-financial-inclusion-report-2019-8">14-Day Risk Free Trial: Get full access to this and all Fintech industry research reports.</a></li></ul>Historically, the US banking industry has discussed financial inclusion solely in terms of corporate social responsibility (CSR). Offering services to the underserved - unbanked consumers who lack access to banking products, and underbanked consumers who make only limited use of mainstream financial services - has long been economically unviable. But two forces have flipped the conversation from CSR to a genuine business opportunity.First, digital tools from mobile banking to AI are driving down costs and allowing financial institutions (FIs) to offer previously untenable products, such as fee-free accounts or credit scoring based on unconventional data.Second, the US' financial landscape is more competitive than ever, as fintechs, incumbents, and even tech companies like Amazon vie for larger shares of the overall space. That's creating a compelling reason for banks to seek out fresh growth opportunities, and the financially underserved represent just that. And with close to 33 million US households either unbanked or underbanked, the opportunity for fast-moving banks is huge.In Fintech and Financial Inclusion, Business Insider Intelligence explores the business opportunity for incumbent banks looking to tap the growing opportunity presented by the financially underserved, highlights through case studies how innovative players are utilizing technology to capture share in this market, and outlines recommendations for how banks can enter the space as well.The companies mentioned in this report are: Amazon, BBVA, Chime, Citi Bank, Experian, FICO, LendingClub, Petal, and Synchrony.Here are some of the key takeaways from the report:<ul><li>Despite the US being one of the most developed financial ecosystems in the world, a quarter of households in the country make little or no use of mainstream banking products.</li><li>Several barriers have stymied underserved consumers' adoption of mainstream banking products, both from the consumer and FI perspective.</li><li>Innovation in digital banking channels has helped reduce some of these barriers to adoption, making financial products viable for consumers and FIs alike.</li><li>Banks planning to target consumers that are financially underserved need to consider a number of factors, including product fit, financial literacy, and how they measure metrics for assessing of a financial inclusion effort.</li></ul>In full, the report:<ul><li>Details the key reasons why millions of US households are either unbanked or underbanked.</li><li>Forecasts the market opportunity of serving this group.</li><li>Explores how seven players have leveraged technology to tap into this lucrative market - Citi Bank, Chime, BBVA, LendingClub, Petal, Amazon, and Synchrony Financial.</li><li>Provides actionable recommendations for how banks can successfully pursue a financial inclusion project.</li></ul>Interested in getting the full report? Here are three ways to access it:<ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <a href="https://store.businessinsider.com/products/fintech-and-financial-inclusion?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-fintech-and-financial-inclusion-report-2019-8&amp;vertical=fintech#!/">Purchase &amp; Download Now</a></li><li>Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-fintech-and-financial-inclusion-report-2019-8">Learn More Now</a></li><li>Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/fintech-and-financial-inclusion-how-low-overhead-direct-banking-models-enable-banks-to-profitably-serve-the-us-33-million-underbanked-households-2019-8">here</a>.</li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

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