Citigroup Property Investors has invested Rs 640 crore (Rs 6.4 billion) in four special economic zones (SEZs) being developed by the Delhi-based property developer BPTP, picking up a 40 per cent stake in the special purpose vehicle. BPTP is developing a 25 acre SEZ in Noida, 100 acre SEZ in Greater Noida, 54 acre SEZ in Faridabad and 27 acre SEZ in Gurgaon, with a total saleable space of 20 million square feet. The company has 10 ongoing projects spread across 34.66 mn sq ft.
The race for Citigroup Global Services, the business process outsourcing arm of Citigroup is hotting up with the entry of the BPO firm WNS and consultancy firm Accenture.
Also says PSU banks divestment to be considered after improvement in governance
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
The foreign bank had earlier pared its holding in the housing finance company from 11.4 per cent to 9.9 per cent.
"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.
'Nobody has a premium on solving the world's problems. Everybody has got new things to learn from somebody,' says CitiBanker Ajay Banga.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
India-born chief executive officer of Citigroup, Vikram Pandit, was awarded Banker of the Year by Euronext magazine for having executed one of the biggest, and most complex, bank restructurings in history which saw the troubled institution returning to profits.
NPA issues in the banking sector, standoffs in Parliament denting the reform momentum and limited space on the fiscal side are among the major concerns for investors.
The US regulators on Wednesday fined Citigroup, American Express, J.P. Morgan Chase & Co and Putnam Investments a combined $81.25 million for failing to provide customers with necessary information about mutual funds.
Citigroup is all set to acquire direct custody, securities clearing and fund services business of ABN AMRO in select European and Asian markets, including India, for an undisclosed sum.
The insurance giant American International Group has replaced Goldman as its main corporate adviser with Citigroup and Bank of America, says a media report.
The report, however, said a sustained weakness in USD against the emerging market forex remains a key risk to this view.
With inflation spreading to non-food items, the Reserve Bank is likely to further tighten its monetary stance in its forthcoming annual policy, which may jack up interest rates, Citigroup said.
Financial services firm Religare Enterprises on Wednesday said it will acquire a part of Citigroup India's home loan portfolio for Rs 500 crore (Rs 5 billion), representing 5 per cent of the latter's total mortgage book.
The management review, requested by federal regulators, gave Citigroup's senior executives good marks overall and took a satisfactory view of the leadership of Pandit, but took a harsher stance on some of Pandit's top deputies, The New York Times said citing persons with knowledge of the situation.
Cracking the whip on the practice of exorbitant salaries, the US government's pay czar has slashed the compensation of top executives by 50 per cent at seven largest bailed-out firms including Citigroup and AIG.
Ajay Banga is one of the nine members of the Commission on Enhancing National Cyber Security.
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 pace of global economic recovery is expected to be subdued even as the financial conditions have been improving in recent months, says Citigroup.
The push for Citi to enlist external help, is led by the Federal Deposit Insurance Corporation and backed by other regulators, underlines authorities' desire to keep Citi's upper echelons on a tight leash after rescuing bank with $45 billion, the report noted.
"Citigroup is close to a secret agreement with one of its main regulators that will increase scrutiny of the US bank and force it to fix financial, managerial and governance issues," The Financial Times has reported. Attributing to people close to the situation, the daily said the deal had been discussed in recent weeks amid increased pressure on Citi from the Federal Deposit Insurance Corporation and could be finalised soon.
Citigroup will limit the cash bonuses for its bankers at below $1,00,000 in a move to defuse public uproar over compensation, says a media report.
Citigroup is planning to sell its energy-trading unit Phibro, which came under flak for the huge pay package of $100 million handed over to its star trader Andrew Hall.
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 affected executives include Michael Klein, who was co-head of the New York company's investment bank, and Kevin Kessinger, formerly in charge of operations and technology at Citi, the report published online said. Klein and Kessinger both got lucrative severance packages when they left last year, including periodic cash payments.
"Citigroup is ramping up efforts to slash its huge technology costs, with the bank's management believing it can save significantly more than $1 billion in 2009 by integrating hundreds of systems that have been separate for years," the Financial Times has reported.
The company, however, did not disclose the financial details of the deal.
Citigroup's Vikram Pandit may have been named among worst CEOs ever in America, but in terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers among the US companies run by persons of Indian origin.
UK daily Financial Times, quoting people close to the development, said, "Citigroup is to revamp its board with the departure of long-standing members Kenneth Derr and Franklin Thomas following criticism of its ability to supervise the troubled company's executives and strategy".
Citigroup will soon announce what its executives describe as a drastic plan to shed a host of businesses and shrink itself by one-third, a leading financial daily said on Wednesday, citing people familiar with the bank.
Citigroup chief Vikram Pandit will try to convince investors that the financial services major is on a recovery path, following fresh concerns about his future in the company, a media report said.
The legislation could be ready for mark-up before Congress' spring recess, which starts April 6, the report quoted an unnamed senior Congressional staffer as saying.
Citigroup and the International Finance Corporation will be launching a funding tie-up worth $1.25 billion, aimed at boosting global trade flows, says a media report. As per the deal, Citi would provide $750 million to banks in Asia, the Middle East, Africa and Latin America over a three-year period, it added.
Sanjay Jha (left) of Motorola and Vikram Pandit (below) of Citigroup are among the three who have made it to the league of top 25 highest paid men in the world.
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