Following a surprising quarterly loss, US banking giant Citigroup plans to cut 20,000 jobs in the medium term. CEO Jane Fraser reported a “disappointing” final quarter with a loss of $1.8 billion. She anticipates a turning point in 2024 as the bank progresses with tightening structures and separating business units. The 20,000 jobs to be […]
Marco Valla, who joined from Barclays last year, is leading a new initiative and has already made at least ten subsequent hires. The team is set to be the 12th for 2022, leaving six more spots to fill. In other news, UBS has gained an activist investor, Cevian Capital, who have so far only issued […]
Robert Kiyosaki, the author of Rich Dad Poor Dad, has made a bold prediction for Bitcoin (BTC), forecasting a six-figure price as US regulators approve a series of spot exchange-traded funds (ETF). Kiyosaki shared his prediction with his 2.5 million followers on social media platform X, stating that he expects Bitcoin to surge by 247% […]
For the past six months, nearly a dozen providers have been awaiting the green light from the U.S. Securities and Exchange Commission (SEC) to launch the first spot-based Bitcoin ETF. For years, the agency has refused to approve such products, always with seemingly false reasons. However, a clear court decision in the case of Grayscale […]
The Monetary Authority of Singapore (MAS) is set to gain more authority under a new law currently under consideration in the country’s parliament. This law could have significant implications for crypto companies if approved. The Financial Institutions (Miscellaneous Amendments) Bill 2024 aims to expand the MAS’s jurisdiction, allowing it to give directions to holders of […]
The legal proceedings involving Do Kwon, the ex-CEO of Terraform Labs, have taken a new turn. Kwon’s legal team has requested a delay in the Securities and Exchange Commission (SEC) trial. The request for postponement is due to the ongoing complications related to Kwon’s extradition from Montenegro, where he is currently serving a four-month sentence […]
US Securities and Exchange Commission (SEC) Chair Gary Gensler has recently approved Bitcoin ETFs, a move that has sparked controversy due to his concurrent criticism and unfounded claims against Bitcoin and the broader crypto industry. Despite the approval of the ETFs, Gensler has maintained his critical stance on Bitcoin, referring to it as a “speculative […]
UBS, the Swiss financial giant, is making a renewed push into the lucrative US investment-banking market, more than a decade after it abandoned its ambitions of becoming a major player in the sector. This time, however, the bank’s ambitions are more measured.The bank’s recent takeover of its local rival, Credit Suisse, along with turmoil at […]
Vitalik Buterin, co-founder of Ethereum, has proposed a 33% increase in the gas limit to enhance network throughput. This marks the first change in Ethereum’s gas limit in three years, addressing rising gas prices and the ongoing scalability debate within the Ethereum community.In a recent ask-me-anything (AMA) session on Reddit, Buterin suggested raising the gas […]
The New York Department of Financial Services (DFS) is preparing to announce a settlement with Genesis Global, a subsidiary of the Digital Currency Group (DCG), according to a recent report by Fortune Magazine. DFS Superintendent Adrienne Harris has voiced concerns over Genesis’ failure to maintain a functional compliance program, which she believes shows a disregard […]
