Citi Hit Another Wrong Button
Also the big four hedge funds, memecoins are not securities, the CFPB gives up on Capital One and betting on the pope.
Generally companies like to deal with all their problems at once. Investors tend to care more about recurring earnings than one-time events, so if you have made some mistakes, you want to pick one quarter and say “okay we’re taking all of our losses for all of our previous mistakes this quarter, but after this everything is fine.” Every other quarter looks good, with normal healthy growing earnings, and that one quarter is terrible but investors are willing to look past it. If you have to take one big write-down this quarter, you might as well hunt around for every other possible write-down, because if you take them all this quarter they sort of don’t count, whereas if you wait until next quarter they’ll hurt.
This applies more broadly. I don’t exactly think Citigroup Inc. was intentionally fat-fingering all of its payments last April, but this is funny: