morgan, citibank, bank of america and legacy home loans have each implemented programs to help bringhomeownership opportunities to communities of color. i applaud that work. and i look forward to seeing what we will do to create more opportunities. further, hud is soliciting actionable feedback on the availability of small balance mortgages. we want to know what barriers prevent you from originating these loans on 20 recommendations for how we can increase the volume of small mortgage loans in fha programs. people who live in less-expensive or rural areas often find it difficult to get a mortgage for a lower-priced home. today, we released a report assessing the limited supply of small mortgages and how that impacts affordable homeownership. i hope this report and your feedback help us identify steps we need to take to make change in the small dollar market. we need your partnership. our agency and the entire biden-harris administration strive to close the racial wealth gap through investments in communities and people. we can't do this work without partnership and engagement, but mo

they do not advertise it, but such requests have already been received gp-morgan and citibank, it isiding basic services to gazprom, as well as to fertilizer producers ural-potassium and phosagro. they retain the possibility of making payments in dollars , making transfers and receiving trade financing. in addition, the bank was directly prohibited from blocking phosagro assets, and was reminded that trade in medical and agricultural products is not subject to restrictions, according to bloomberg , washington is taking such measures to reduce the negative effects from anti-russian sanctions to escape the global economic disaster. the indian state petroleum corporation will retain a 20% stake in the sakhalin-1 project, according to reuters. she has already sent the necessary application to the operator, let me remind you that the project finally changed jurisdiction to russian in mid-october, while the participants were given a month to accept a similar share in the new operator. restrictions on the export of rice and rice groats can be extended for the next year, the ministry of agri

important russian companies, according to bloomber cone. this is not advertised, but jp morgan and citibankave already received similar requests. we are talking about providing basic services to gazprom, as well as to fertilizer producers uralkali and phosagro. they still have the opportunity to settle in dollars, make transfers and receive trade financing. in addition, the bank was directly banned from blocking phosagro assets, and was reminded that trade in medical and agricultural products is not subject to restrictions. according to bloomberg, washington is taking such measures to reduce the negative the effect of anti-russian sanctions and avoid a global economic catastrophe. the indian state petroleum corporation will retain a 20% stake in the sakhalin-1 project, according to reuters. she has already sent the necessary application to the operator , let me remind you that the project finally changed jurisdiction to russian in mid-october, while the participants were given a month to accept a similar share in the new operator. the supply of electricity to moldova has risen in price thre

every bad project you've ever heard of they and citibank and bank of america and wells fargo, all deep involved in. so that's bad. what's good is we can fight them. not everybody's got a pipeline or a coalppmine in their backyard to goppfight, but you know what? chase has conveniently located 5,000 branches across america in the highest traffic locations imaginable. keep your eyes open for the signal about theppday that we need you to beppthere. [applause] chase has passed out tens of millions of credit cards around the country. probably there's lots of people in this room who have one in their wallet. everybody who has a chase card also somewhere in their home has a pair of scissors and we're going to ask you to use them. [applause] we're going to go figure out the ways toppgo at the absolute heart ofppglobal capital. it's going to be a hell of a tough fight. it may be one of the kind of ultimate fightsppin this ongoing effort toppsalvage the planet. stay tuned. [applause] i've given you the setup. i've given you the setup. i'm not going to tell you what the outcomeppof all

usc plans to purchase a new floating dock, lengthen the embankment and change internal logistics citibankay ceases to open new savings accounts, the parent structure of the city group company winds down business in russia about the bank said so. the loan portfolio will be handed over to uralsib by the end of the year credit cards. in the first half of 2023, let me remind you about the departure from russia, city group announced in august losses from the closure of the business, then estimated at $ 170 million. this was the news of the economy in short. and the ears are huge. this is not necessary elena yakovleva belarusian eared shepherd dog, he is not for sale. this is how i exchange your eared puppy for your quiet life of the moon the state duma is considering the draft federal budget in the second reading today, on this at the stage, deputies can make amendments that will allow them to allocate additional funds for the development of agriculture and the elimination of digital inequality in the regions, alexandra nazarova will tell how the formation of the main financial document for th

important russian companies, according to bloomberg, they are they do not advertise, but jp morgan and citibankready received similar requests. we are talking about providing basic services to gazprom, as well as to fertilizer producers ural-potassium and phosagro. they retain the ability to settle in dollars, make transfers and receive trade financing. in addition, the bank was directly banned from blocking sagra assets and reminded that trade in medical and agricultural products is not subject to restrictions. according to bloomberg , washington is taking such measures to reduce the negative effect of anti-russian sanctions . avoid a global economic disaster. restrictions on the export of rice and rice groats can be extended for the next year, the ministry of agriculture of russia plans to take such an initiative. for some items, there is a lag behind last year's pace, in particular , the gross paris, the collection of which is expected at the level of 950,000 t, this volume corresponds to the threshold of domestic consumption. in this connection, the ministry of agriculture plans to put forw

i spent two years delving into citibank's and balance sheets to figure out how much the bailouts weregoing to cost the taxpayers and with projects like that in the united kingdom and the republican finally in greece and one day when i was working in athens we were having a lunch break from a due diligence meeting on the top floor of the dining room of a fancy bank and they were telling me we've survived a nazi invasion into the ottoman turks. we can get through this and i was hoping they could so i picked up some food from the buffet and walked over towards .the window so they wouldn't see that i was having to chocolate pudding's and i saw first i thought i saw a parade going by and i was thinking there is not a holiday because we are working and i realized it wasn't a parade, it was like a riot or demonstration moving down the street towards the parliament and then i turned back and walked back to these bankers whose jobs we were hopefully saving. and i thought to i myself am i doing much good for the rest of the people beyond these couple of dozen bankers and a few months a later i

citibank -- citigroup saying negative dumb. what you say to that?will say what i said earlier. it was down on a year on year basis by 14%. compared to a q1 last year that was up 34%. it is hard. the compare point is why just the arithmetic gives you that. the better way to look at it is what is happening sequentially. when you've got an anomaly quarter we are comparing to and our fourth quarter last year, first and second quarter both had greater than 30% growth. the arithmetic is tough. the better way to gauge what is happening in terms of customer demand is, how do the sequential's compared to what you have seen historically? from that standpoint, it was below but pretty much in line would we have seen as a historical range. it was our fourth quarter to our first quarter. the sequential's look fine. second-highest q1 in terms of product orders we have had in the history of the company. caroline: difficult year on your palms. scott herren. keep watching. coming up, what's new in the vc world? and before we had to break, a softer tone apparently com

the chief economist at citibank joins us right now. what are you looking for? >> we are looking for continued gains in employment over the rest of the year. it is a deceleration. i think there is a lot of misunderstanding about what happens. employment since the beginning of 2020 has grown 0.5% but had 50 million springs -- minus and plus. this is the coming down portion now. what really matters is businesses are cash up with demand over the past year. they were building inventories and raising production. they need employment for that. the problem is demand is slowing. as we head into the coming year, we are expecting all this policy tightening to hit and we expect to have 2 million job losses over 2023. that will not be revealed here in 2022. >> what is the trend on payrolls if you are going to have a $2 million -- a 2 million job loss. >> i think negative statistics are next year. this is very unfortunate but policy likes the way it works. the simplest way is to think about the housing sector where i can give you the simplest way of looking at. if you think

. >> i don't think citibank is an honor of zelle, but do you want to give me a clear answer? >> i gave you, an unauthorized transactions are covered. you asked for something else. >> mr. rogers? >> unauthorized transactions are covered. >> mr. scharf? >> same, unauthorized transactions would be reimbursed. >> i have a question about cybersecurity. with the russian invasion of ukraine there comes a heightened threat of cyber retaliation from russia. as your bank seen an escalation in financial attacks on the cyber sector? start with u.s. banker. >> we have not seen any indication of an attack. >> dnc? >> same. >> jp morgan? >> i think of the united states government credit for working closely with the banks. we expected a lob we've not seen a lot, very little bit but that doesn't mean it's over. >> city group? >> we have not seen that in the united states. >> bank of america? >> we haven't seen a major increase, but the question is what happens next. >> truist? >> we have not seen a major increase specifically related to that. >> wells fargo? >> same answer as my colleagues. >

again, i'd like to ask both bank of america and citibank what you have done. again, do you have any programs or ideas of how we can help facilitate home ownership, even with the challenges of increased interest rates? be moving to 30 or more gets to a 50-year mortgage, to lower the interest rate payments per month, with that help? any ideas you may have. after them, anyone else has ideas. first, mr. moynihan, then miss fraser. >> we have programs that provide down payment assistance and grants for that, if you get high counseling. we have programs to develop housing in our communities, develop programs, six billion a year. we do loan housing, development other types of hazard development. it's a multifaceted thing. at the end of the day, the amount of adjustment that will go on as rates adjust as intended to attack inflation, it will take a period of time for that to sort through. >> thank, you the gentleman's time has expired. this wagner is now recognized for five minutes. >> thank you, chairwoman. i'd first like to note that this is our third time hearing f

beaumont, chairman of the board beaumont chamber of commerce, member of the board of directors of first citibankand served chairman for many organizations in the city. he was a man of integrity and his passion and service to the community was felt and will continue to be felt far and wide. i take this time to honor the life of service exemplified by him. i thank him and his family for their dedication to our fellow citizens on behalf of a very, very grateful 14th district of texas. mr. speaker, i yield back. the speaker pro tempore: chair recognizes the gentleman from virginia, mr. cline, for five minutes. mr. cline: thank you, mr. the speaker pro tempore: the chair recognizes mr. klein for five minutes. mr. klein: thank you, mr. speaker. as h.p.d. reminds us, so many things have changed since those handwritten meeting notes of november 12, 1872 when the 700 residents of the town of harrisonburg at that time wrote the single man police department into being. by january 1, 1873, the force comprised of the chief of police, joseph kelly, and a police aide, officer willis. current h.p.d. captain jas

that fried had a survivor complex that ftx could eclipse big four banks, bank of america, jpmorgan, citibankchase. you raised success for raising money for small companies. i salute you. but i'm pissed off with the role of the vc world with in all of this. what is going on? sequoia is the smartest, richest, putting out puff pieces about this guy? shouldn't they be doing more due diligence. >> this is really tricky one, i loaf before the show i don't want to ruffle any feathers. ceo quo did you see the letter they published they talked about the size of their position in ftx, and what proportion of their fund it was. i recall it 3%. they're owning this was an error. they talked about some of the short falls in the ecosystem but they also talked about risk management, sizing bets accordingly, doing the best they can. charles: here is with my problem, sarah, in the article sequoia put out couple months ago, bank man fried. i'm skeptical of books, i actually do not, i do actually believe something very close to that. i think if you wrote a book you are f'd up and should have been a six paragraph

important russian companies, according to bloomberg, they do not advertise this, but jp morgan and citibanky received similar requests. we are talking about providing basic services to gazprom, as well as fertilizer producers uralkali and phosagro. they still have the ability to calculate in dollars for making transfers and receiving trade finance. in addition, the bank was directly banned from blocking phosagro assets, and was reminded that trade in medical and agricultural products is not subject to restrictions, according to bloomberg, washington is taking such measures to reduce the negative effect of anti-russian sanctions and escape the global economic disaster. restrictions on the export of rice and rice cereals can be extended for the next year, with such an initiative planned by the ministry agriculture of russia on some positions , there is a lag behind last year's pace, in particular, the gross paris, the collection of which is expected at the level of 950,000 tons. this volume corresponds to the threshold of domestic consumption. in this connection, the ministry of agriculture p

citibank, what they are saying is this new p.m.nment is going to be the consensus view shaping up. that's a bit of a surprise to investors and it means we could see a continuation of a populist slant here. it does seem to contain the most funding commitments, so in terms of what that means, they are looking at the pressure on the fiscal deficit and concerns around inflation from the demand side. also what that means for the central bank, that it's likely to keep its hawkish five for the month ahead. let's look at the broader markets -- we are half an hour away from the opens for japan and korea. taking a look at the fx space this morning, given we are seeing a bit more strength coming back into the dollar as fed officials continue to debate what is the best course ahead in terms of the size and scope of rate hikes in the months following. in terms of what we are watching in particular, a little weakness creeping back into the aussie dollar and a reflection around china, given we have concerns forming about a possible retreat . also

. >> miss fraser, what are the criteria that citibank we'll use if they find suspicious transactions associated with this new code? >> we will follow the regulatory requirements in terms of the filing sars as we always do but is first blush looking at this we do not think it will be a factor in filing a -- >> mr. moynihan, on a similar note how we'll bank of america determine customer -- 's are filing or is it something but he recently came into -- money? >> again, as my colleague just said, if they buy or purchase a gun at a shop, the fact they purchase it has nothing to do with the sorrow file. >> my last question, real quick. when i talk to business owners in texas where i am from there does not seem to be any debate that we are in a recession. and they are concerned about it. i would like with this question. mr. dimon, you said the summer that there was a high probability of a recession and -- much worse. can you describe an economic hurricane that we have seen if you think we can avoid further economic damage? >> the american economy has consumer set by high rates circulation an

goldman's top tier is set to -- services citibank tapped 80 employees to become partner, meeting thisis 33% bigger than last year. it is also expected to be the most diverse group elevated to goldman's top rank. coming up, rhodium group says u.s. chip curbs could be tightened over time. we get more on that, next. this is bloomberg. ♪ vonnie: i i'm vonnie quinn with the first word headlines. binance has withdrawn its offer to rescue rival crypto exchange ftx. the binance ceo said ftx's issues are beyond his ability to help. that means ftx customers could be on the hook for steep losses. ceo sam bankman-fried told investors ftx is facing a shortfall of $8 billion and will need to file for bankruptcy without by -- financing. jong williams says inflation expectations are still stable. he also stressed delivering low and stable inflation is the fed's most import job. meanwhile, thomas barkan says the central bank will do what it takes to get back to its 2% inflation target. he also added the fed can back down over slow down fears and let inflation fester. >> this slower turn to normal leve

those of you interested in the comments from citibank, our base case would have powell guiding a slowbut remaining hawkish by downplaying one month of softer inflation data. this may serve to emphasize the hawkish focus on a tight labor market. lisa: all the rhetoric from fed officials says a step down make sense but it doesn't mean we will have a lower terminal point . if you look at fed funds futures and what they're pricing out, it's less than 5% stop how do they get that back up? what we heard was interesting the wage numbers may be more important than cpi so how much does that get traction. jonathan: the payrolls are friday. it's normal to take your shoes off. risk off, it depends on the shoes and the flooring stuff high heels on wooden floors are not so nice the next morning. or you could have a sign on the front door. lisa: doesn't it just make sense? it's a sign of that person. jonathan: i take mina but i don't insist you take off yours. -- i take mine off but i don't insist you take off yours. futures are down 7/10, this is bloomberg. ♪ lisa: keeping you up-to-date with news

the first message means gp morgan chase and citibank say the white house administration rather calledship, yes, with russian ones. yes, these are limited conditions. this is three days ago, i think. yes yes yes yes yes yes yes and the very head of gp morgan cheese. simply tnk is the largest financial corporation. yes, he speaks on a clean eye, the second factors, what i 'm talking about, and from, too, so to speak. i heard uh, controversy about it. for me it's convinced that a is punching. mutual a russian in ukrainian energy infrastructure and ukraine even now in donetsk is limited , but we see that there are very few victims, but very few, even ukrainians are hitting donetsk there in a week, in my opinion, two people died shelling conducted, almost every day and there several times a day. this speaks of the controllability of the situation. today, russian troops, which means they are relocating on the left, and right now i have not heard the bank of the dnieper, so far, that the ukrainians are shelling at this moment. uh, russian troops. i conclude. so there are certain agreements,