Investments

Citigroup shares fall 2% in premarket trading

Citigroup (C) shares fell 2% in premarket trading after a report noted that the investment bank suffered a sharp drop in trading revenue due to a worse-than-expected slowdown in markets business over the summer, reported MarketWatch.

The Financial Times cited people familiar with conversations between the bank and investors, saying some investors believe income could fall by much more than 10%. The bank is expected to report third-quarter earnings on Oct. 15. The FT reported that Citi also has the biggest exposure out of any U.S. bank to emerging markets, which have seen capital flight and currencies dropping in recent months.

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Caliber Home Loans CEO Sanjiv Das steps down

Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. 

3d rendering of a row of luxury townhouses along a street

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