Good morning from the Financial Times.
Today is Monday, July 13th, and this is your FT News briefing.
It's earnings week on Wall Street, and Citigroup is one of the big earners after years of change.
Plus, there's some drama at the World Economic Forum.
So at the moment, there's a little bit of a vacuum in power within the WEF.
They need a permanent chair, and they also need to find a chief executive.
I'm Safiya Ahmed, and here's the news you need to start your day.
Wall Street banks are reporting quarterly earnings this week,
and they're likely to have some good news to share, at least when it comes to investment banking.
The five largest American investment banks are set to announce
their biggest haul in investment banking fees in almost five years.
That's JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup.
A Bloomberg estimate puts their projected total at $11.1 billion.
That's up by almost a third from this time last year.
The banks have SpaceX's blockbuster listing to thank for this windfall, plus a resurgence in mega-mergers.
Now let's zoom in on one of those banks specifically, Citigroup.
It's expected to report another solid quarter for earnings tomorrow.
It hit a key profitability metric earlier this year too, and that prompted
its CEO Jane Fraser to set even more aggressive targets back in May.
This is the first earnings report since she set those.