Quoting people familiar with the matter, 'The Wall Street Journal' said: "Executives at Citigroup Inc, faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright."
In a statement issued late on Wednesday night, Citigroup said, "A total of 360,083 North America Citi-branded credit cards were affected. Only accounts issued in the US were impacted."
Citigroup Inc is closing a hedge fund co-founded by chief executive officer Vikram Pandit, 11 months after the bank bought the fund management company for more than $800 million.
Citigroup Inc, the largest US bank, has asked India to liberalise its financial services sector, saying it would help the country maintain and improve over eight per cent GDP growth.
The cuts, which amount to about 4 per cent of the bank's workforce, carry the fingerprints of Citigroup's Chairman Michael O'Neill.
Global financial services giant Citigroup Inc on Tuesday sold its 100 per cent subsidiary Citi Technology Services Ltd to Wipro for $127 million. CTS is an India-based captive provider of information technology services and solutions to Citi entities worldwide.
Citigroup, the global financial giant, plans to cut almost 17,000 jobs worldwide in a bid to cut down its expenses by $1 billion.
This effectively freezes the legal fight in the courts until Wednesday noon (2130 IST) following Wells Fargo and Wachovia announcement of $15 billion deal which bested the earlier deal with Citibank. Meanwhile, the Wall Street Journal said discussions to resolve the mess are continuing, with the most likely scenario resulting in Citigroup buying branches from Wachovia in the Northeast and mid-Atlantic region.
Morgan Stanley Smith Barney currently is valued at $20 billion on Citigroup's books, which is $ 5 billion more than it is on Morgan Stanley's, the report said citing Credit Suisse's analyst Howard Chen.
During the financial crisis, the Treasury had invested a total of $45 billion in it and made a $5 billion commitment under the Asset Guarantee Program that was never funded.
The financial services major posted a profit of $1.6 billion in the first quarter of this year against a whopping loss of $5.11 billion in the same period last year.
"Citigroup has struck a deal to sell a $ 1.7 billion portfolio of private-equity assets to European buyout firm AXA Private Equity," The Wall Street Journal reported citing a source.
Citigroup Inc yesterday announced its decision to slash 17,000 jobs.
It projected first-quarter revenue for its IT services business to be in a range of $1.58 billion to $1.61 billion - a decline of 0.6 per cent to a rise of 1.6 per cent over the previous quarter.
In one of the largest settlements arising from corporate scandals in the past five years, US-based Citigroup Inc has agreed to pay $2.65 billion to investors who claimed that the bank helped hide huge losses piling up at WorldCom
The $58-billion conversion, announced in February when Citigroup shares were trading near USD 1, was supposed to happen in April but was slowed by negotiations between the bank and federal officials over details of the complicated transaction, the report noted. The deal is aimed at reducing worries about Citigroup's capital levels.
The US Department of Treasury plans to sell its 27 per cent stake in Citigroup Inc, says a media report. The stake selling is part of a programme of regularly scheduled sales.
The Financial Industry Regulatory Authority has fined Citigroup $650,000 for violation of disclosure and supervisory norms involving a stock borrow programme.
The huge loss at Merrill follows Citigroup Inc's write-off of $18 billion against sub-prime exposure. Citigroup, on Tuesday, had reported the biggest loss of almost $10 billion in its 196-year history.
As the US government intensified its crackdown on corporate fraud, America's leading investment banks and brokerage houses have announced they will pay a hefty fine totalling $1billion to settle allegations of conflicts of interest.
Citigroup Inc has defended its $75 million settlement with the Securities and Exchange Commission over under-declaration of its subprime mortgage exposure, setting the stage for a federal judge to decide on whether to approve the deal, according to a media report.
After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
State-owned India Infrastructure Finance Company Ltd has tied up with Infrastructure Development Finance Company, and global equity investors Citigroup Inc and Blackstone Group to launch a $5 billion infrastructure fund.
World's largest private equity firm Blackstone, which is planning to raise $4 billion from an initial public offer in the US, may further boost its investment in India after closing the public issue.
Citigroup, apart from grappling with the write-offs and losses in its consumer banking business in the US, will also have to get its act right in other markets as well, particularly, India and Mexico.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
Wall Street research analysts have suffered rounds of layoffs, big pay cuts, and accusations that they routinely lied to the investing public. Now there's a new worry -- that their jobs are being shipped overseas.
The country's largest refiner Indian Oil Corp is planning an initial public offer of its Sri Lankan subsidiary Lanka IOC by June this year to raise between $20-25 million.
Indian Oil Corporation on Thursday sold a fifth of its 9.2 per cent stake in Oil and Natural Gas Corporation to garner Rs 3,685 crore (Rs 36.85 billion).
The Axis Bank share sale was launched on Thursday in an indicative price band of roughly Rs 1,290 to Rs 1,357 a share.
Alibaba Group Holding Ltd's initial public offering now ranks as the world's biggest in history at $25 billion, after the e-commerce giant and some of its shareholders sold additional shares.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
A robust growth in revenue notwithstanding, analysts are sceptical about the first report card of India Inc in the current fiscal and expect the continuing cost pressures to lead to a fall in their first quarter profitability.
At the bank's current market price, the stake on offer is worth about Rs 5,700 crore
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