Citigroup has appointed Shirish Apte and Stephen Bird as chief executive officers for the financial services entity's Asia-Pacific operations, with immediate effect.
Citigroup's chief executive Vikram Pandit has started writing blog posts on a newly launched website, a move termed as an effort to gather public support and rebuild the troubled firm's old image.
It maintained, however, that RBI's lending (repo) and borrowing (reverse repo) rates to banks will rise by 75 basis points (0.75 per cent) in 2010, in view of rising prices coupled with the surge in industrial production.
Six companies led by India-origin people including banking behemoth Citigroup and soft drinks major Pepsico have been named among the greenest American companies by Newsweek magazine.
According to The Wall Street Journal, Deutch joined Citi's board in 1996, after leading the Central Intelligence Agency.
To repay the amount, the company would sell common stocks worth $10.4 billion and also raise $1.35 billion through its issuance to some employees instead of cash as part of their compensation this year, among others.
Mobile phone maker Motorola's India-born chief Sanjay Jha has emerged America's top paid chief executive officer, while Citigroup's Vikram Pandit tops the league among bailed out banks, a survey said. Another Indian on the list is PepsiCo's Indra Nooyi at the 36th slot with a pay package of $13.98 million.
Foreign fund house Citigroup Global Markets Mauritius on Tuesday bought 0.97 per cent stake in Tata Motors for Rs 350.13 crore (Rs 3.50 billion) through open market transaction -- as part of the 5.34 per cent residual stake that Dailmer sold in the country's largest automaker.
Market ended lower for the third straight session led by IT stocks amid downgrade by Citigroup.
Banga's exit is being seen as a blow to Citigroup CEO Vikram Pandit, who said in a speech this week that the bank would look abroad for growth as the US economy slows. At MasterCard, he will be responsible for key business operations, including customer relationships globally, products, services, marketing, technology and operations.
The Citigroup will be splitting itself into two businesses even as the financial colossus slipped deeper into the red, posting looses for the fifth straight quarter.The banking major had revenues to the tune of $5.59 billion for the December quarter, against 6.42 billion dollars in the corresponding period a year earlier.
Citigroup came under growing pressure to overhaul its board on Tuesday after it revealed that two long-serving directors survived a shareholder vote largely thanks to a balloting rule that is due to be scrapped.
Less than we used to --but we like some banks better than before.
China is reportedly buying the precious metal with its gold reserves now pegged at 1,054 tonnes from 454 tonnes in 2003, which is one of the reasons for the boost in the prices.
Donning the role of a commander ill-equipped to save the Titanic of banking world, Citigroup's India-born chief Vikram Pandit has found a place among the 20 worst ever CEOs in the American history, but the top honours has gone to bankrupt Lehman Brothers' Dick Fuld.
One of the worst hit by the financial meltdown, Lloyds has been extended billions of pounds by the UK government, which now has more than 40 per cent stake in the banking group.
Citigroup chief executive Vikram Pandit will take home a salary of only $1 this year. He had in January said that he would accept only $1 as pay till the bank turned in profits. He will also not get any stock options this year, even as the beleaguered banking major labours under the burden of a government bailout.
Falling equity markets have trapped major private equity investors such as Warburg Pincus, Blackstone Group, Carlyle, Apax Partners, Chrys Capital and Citigroup.
Citi has already received fresh capital injection to the tune of $45 billion from the Federal government and officials way back in November reportedly had even discussed the option of replacing Pandit.
Four national winners were: Ajambar Soi from Jharkhand, Sonaliben Rajebhai Parmar from Gujarat, Shahida Begum from Uttar Pradesh, and P J Varghese from Kerala. Each received a cash prize of Rs 2 lakh (Rs 200,000).
Don't dig into personal reserves, avoid personal and short-term loans.
Unless loan growth picks up, net interest margins may not expand as expected.
The Reserve Bank is likely to reverse its soft rate regime by as early as April next year and increase its key policy rates by 125 basis points each by 2010-end due to rising food prices, global financial major Citigroup has said.
The study conducted by the US-based non profit organisation Center for Public Integrity has revealed that these 25 entities accounted for a whopping 72 per cent of subprime loans during the 2005-07 period. Topping the list is Countrywide Financial Corp which shelled out subprime loans worth $97.2 billion while CitiFinancial/Citigroup Inc' is at the 16th place and had generated $26.3 billion in such loans.
The Vikram Pandit-led Citi would expand its public exchange offer to raise the additional $5.5 billion capital, it said on Thursday. The move would help the entity to boost the capital without additional Federal funds or conversion of the government's securities into common shares.
Global research firm Citigroup, citing data compiled by emerging market fund flow tracker EPFR, said in a report that of the outflows registered by Asian funds, investors put in $209.9 million in China-dedicated funds. Meanwhile, Asian equity funds inflow declined to $46 million in the first week of December, while it was at $350 million in the third week of November.
Citigroup's Indian origin CEO Vikram Pandit, who has been on a major restructuring drive, including thousands of layoffs, since taking charge late last year, has asked his colleagues to help transform the "best financial institution" into the world's top-most company.
US government on late Sunday announced plans to remove billions of dollars of 'toxic assets' from the balance sheet of crisis-ridden banking giant Citigroup
Replacing Pandit-- an enthusiastic defender of the company's existing mix of businesses -- is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
Layoffs are turning out to be the flavour of the week, with European auto makers Peugeot, Citroen and Rolls Royce, British pharma giant AstraZeneca and American defence equipment manufacturer Boeing all set to slash nearly 7,000 jobs.
Troubled financial services firm Citigroup is inviting bids for selling its Japanese brokerage unit, Nikko Cordial, in an effort to raise over $5 billion, a media report says.
Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field. A potential sale of Kosmos' stake in the Jubilee field is being closely watched as the asset is one of the largest oil finds in West Africa in the past decade.
Refusing to disclose details, Citi India Chief Executive Officer Sanjay Nayar told reporters that non-performing assets in the consumer finance segment were much larger than expected, but added that business remained 'satisfactory'. "It is classic over-indebtedness, consumers were over-leveraged, while the underlying capacity remained unchanged," he said on the sidelines of a press conference.
India's infrastructure sectors, for long shunned by investors due to long gestation periods and hazy policies, have finally become attractive.
Billionaire Mukesh Ambani-led Reliance Industries has made it to the annual list of the world's 100 most respected companies compiled by the Wall Street Journal, topped by US-based healthcare products major Johnson & Johnson.
Lead director and chairman of the board's nomination and governance committee, Richard D Parsons will succeed Win Bischoff as chairman of the board of directors, from February 23, Citi said. Sixty-year-old Parsons, an experienced corporate leader, has previously worked with Time Warner in positions of president, chief executive officer and chairman.
"We are delighted to have Anjali Raina take on this important leadership role at our India Research Center," said Krishna Palepu, Ross Graham Walker Professor of Business Administration and Senior Associate Dean for International Development at Harvard Business School. "She will focus on building and maintaining relationships with senior business leaders in the region to facilitate the expanding work of the Center in research, educational programs, and alumni endeavors."
According to a report by the research arm of Citigroup, although SingTel will have no direct involvement in the Bharti-MTN deal, its holdings in Bharti may reduce due to the increased size of the merged entity. '...SingTel has no direct deal involvement and that the current 30.5 per cent (effective) stake in Bharti dilutes to 19.4 per cent. SingTel likely becomes a smaller shareholder in a larger entity,' the Citigroup report said.
Foreign institutional investors were the major sellers on the Indian bourses in the last six months, accounting for total outflows of Rs 62,000 crore (Rs 620 billion).
The recent pullout by ICICI Venture and Citigroup Venture from a three-year-old drug discovery partnership with Dr Reddy's Laboratories points to angel investors' growing aversion to risk in pharma and biotech firms, say experts.
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