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citi's private equity venture ends in disappointment and legal disputes
Citi Private Bank's Silverfern club aimed to attract wealthy clients with private equity investments, but tensions arose over differing expectations and performance issues. A legal battle ensued after Citi distanced itself from Silverfern, leading to a ruling that favored Citi, highlighting the challenges of client relationships in private equity.
european banks poised for record shareholder returns amid uncertain recovery prospects
European banks are poised to reward shareholders with record dividends and accelerated share buybacks, marking a potential turning point after years of underperformance since the 2008 financial crisis. While bank valuations have rebounded, they remain mixed compared to US counterparts, with European profitability improving but still lagging behind. UBS forecasts a return of €123 billion to shareholders in fiscal 2024, led by HSBC, BNP Paribas, and Unicredit, while Crédit Agricole and Deutsche Bank are expected to contribute less than Spain's BBVA.
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