Citi believes the US dollar is primed for a pullback given Donald Trump’s more measured approach to tariffs. That’s good news for the beaten-up Aussie dollar.

Some of Wall Street’s biggest banks reported a surge in profit today on the back of a rebound in dealmaking and strengthening equity markets toward the end of last year. JPMorgan Chase, the US’s biggest lender,

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JPMorgan notched a record profit of $58.5 billion, up from $49.6 billion in 2023, America’s biggest bank reported on Wednesday. Goldman Sachs said its profits soared to $14 billion in 2024, compared to $8.5 billion a year earlier.

Citigroup cut its closely watched profitability target in 2026 as it tackles rising regulatory expenses and, at the same time, announced a $20 billion share buyback program.

This is a good time to be a trader. Revenue from big Wall Street desks dealing in stocks, bonds and other instruments surged in the fourth quarter from a year ago. [Trading revenue at Citigroup](

Shares rose 3.6% in premarket trading. Citi, one of the nation’s largest banks, has been pursuing a turnaround strategy under CEO Jane Fraser, who has sold off some business and reorganized the company around five core business units.

Citi CEO Jane Fraser's has made major moves ... 2024-12-19T12:08:18Z Stocks tanked after the Fed signaled fewer rate cuts next year. Here's what Wall Street analysts see ahead.

Citigroup said on Friday it was expecting a rally in global equities to extend into 2025, as falling interest rates and easing inflation could help prop up corporate earnings.

See which banks, hedge funds, and private equity firms have called staff back five days a week and which allow some work from home.

Wall Street banks JPMorgan Chase, Goldman Sachs and Citigroup notched up strong rises in profits at the end of last year, powered by a boom in trading and dealmaking. JPMorgan’s net earnings rose 50 per cent per cent to $14bn,

Bank of Nova Scotia is the latest major bank to walk away from the industry’s biggest climate-finance alliance, following a mass exodus led by Wall Street.