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.
Goldman Sach's chief Lloyd Blankfein had called up his Citigroup counterpart Vikram Pandit to discuss a merger but the proposal was rejected by the India-origin chief executive officer, The Financial Times has reported.
From near bankruptcy late last year, banking behemoth Citigroup on Friday posted swung into profit of $4.28 billion for the second quarter riding on stake sale in group company Smith Barney brokerage.
The US government, under its $700-billion bailout plan, has purchased shares in 30 American banks for a total of over $150 billion, half of which have gone into Citigroup, JPMorgan Chase and Wells Fargo.
The buying of the aircraft was 'seen as a misuse of money at a time when the bank is reliant on public support'. The report said that Citi, which earlier insisted that it would go ahead with the purchase of the jet, backed out after officials acting for Treasury Secretary Tim Geithner, expressed strong opposition to the move.
India-born Vikram Pandit led world's biggest bank Citigroup is planning to overhaul its bonus system, aimed to increase co-operation and minimise in-fighting among disparate parts of the conglomerate, a media report said.
The global universal banking concept doesn't work and the Citigroup colossus ought to be dismantled as quickly as possible. But the dismantling needs to be done by someone who believes that it's the right strategy for recovering shareholder value.
Buying one share of Citigroup will cost its CEO Vikram Pandit his full-year salary -- $1, which can also buy a soft drink at any neighbourhood McDonald's store.
Some top Indian information technology firms such as Tata Consultancy Services, Satyam Computer and Polaris could feel the heat if Citigroup decides to sell part of its business or look for partners to tide over its losses.Analysts feel TCS' revenue might have an impact as Citi has signed an assured revenue agreement of $2.5 billion (Rs 12,500 crore) for a period of over nine years.
The US banking behemoth Citigroup has got risky assets worth $306 billion -- a figure equivalent to over half the total assets, nearly six times of market value as well as annual revenue, or about 50-times of full-year net profit of all Indian banks together!
Citi may sell 5-6% of Polaris Soft to investor
Troubled banking giant Citigroup on Friday said it has completed the sale of its German retail banking business to European banking group Credit Mutuel-CIC for euro 5.2 billion ($ 6.6 billion) in an all cash deal.
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
Smaller companies have outperformed firms with large capitalisation on bourses in November, with those from India emerging as the second-best performers in Asia, global financial conglomerate Citigroup says in a latest report. Indian small-caps are only next to Indonesia and have performed better than those in other Asian markets like China, Hong Kong, Taiwan, Singapore, Malaysia and Thailand.
Financial giant Citigroup, led by India-born Vikram Pandit, is in for an aggressive round of layoffs, where it will start firing about 6,500 employees from its investment banking business from Monday, media reports said.
Equity stake, flexible terms attract talent from Wall Street firms to local peers.
According to global financial services provider Citigroup's outlook for 2008, the high multiples, declining liquidity and overbought Asia (excluding Japan) markets suggest 20-25 per cent downslide in 2008.
The report pointed out that further rate hikes do pose downside risks to Citi's FY'09 and FY'10 GDP estimates of 7.7 per cent and 7.9 per cent, respectively. "...the days of 9 per cent plus growth are over and we believe that India has lost the opportunity to sustain those levels for now, and we expect growth to come in around 7 per cent plus levels in FY'2009-10," Citigroup, in its latest economic and market analysis report for India, stated.
While the April-February deficit is pegged at 5.3 per cent of GDP, the final print may be a tad lower due to revenue push and expenditure cuts seen in March, the last month of 2013-14 fiscal year, it said.
Citigroup is expanding its relationship with Housing Development Finance Corporation beyond the stake it owns in the country's mortgage lender.
India-born Vikram Pandit received nearly $216 million for taking over as chief executive officer of the world's largest bank, Citigroup, a media report said on Friday. According to a report published in The New York Times, Pandit received about $165.2 million in connection with the sale of Old Lane Partners, a hedge fund co-founded by him.
The sale of the BPO business, run by Citigroup Global Services (formerly e-Serve), is expected to fetch around Rs 3,200 crore for the group. At this price, it will be the largest deal in the domestic BPO space.
The New York-based Citigroup Property Investors will invest up to $120 million in Bangalore-based Nitesh Estates' luxury hotels.
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.
Citigroup's private equity arm Citigroup Venture Capital International, Baring Private Equity, TPG and 3i are the front-runners to acquire an equity stake in Sharekhan, the retail brokerage arm of the Mumbai-based SSKI group.
Charles Prince, chief executive officer, Citigroup has vehemently denied reports that the banking major is planning to shed thousands of jobs and focus outside North America for growth and termed it as 'press voyeurism'.
Global banks Morgan Stanley and Citigroup and private equity firm Actis today collectively bought a six per cent stake in the National Stock Exchange (NSE) for an undisclosed sum.
India, a leading global player in the home textile space, is poised to strengthen its position with an over three fold jump expected in exports by 2010, global financial services major Citigroup said.
Banks have so far succeeded in passing on almost the entire increase in cost of funds to the borrowers, but are close to reaching a point where it won't be possible to transfer to borrowers the entire burden of increase in interest costs.
Citigroup's private equity arm Citigroup Venture Capital International has acquired 85 per cent stake in retail brokerage Sharekhan for about Rs 470-480 crore (Rs 4.7 to Rs 4.8 billion).
New mobile subscriptions in India are likely to surge 50 per cent in 2007 from the previous year, mainly driven by growth in the ultra low cost market, global equity research firm Citigroup forecasts.
Under pressure from shareholders, Citigroup is planning to shed thousands of jobs and focus outside North America for growth, according to a report on the website of New York Times.
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
.jpg)
Infosys will declare its July-September quarter earnings on Friday.
How did an Indian Army brat become one of the most powerful bankers in the world?
Maintaining that the Indian equities remain a good asset class in the long-term, Citigroup on Monday said the return on equity of companies in India is one of the best in the world.
Markets ended at record highs on Monday on hopes that the new government would unveil reforms in the infrastructure space.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances