Chairman and CEO of financial giant Citigroup Charles Prince plans to resign at a board meeting on Sunday in face of fresh losses from distressed mortgage assets leading to a $5-billion write-down and sharp drop in profits, media reports said on Saturday. The move would end the four-year tenure of Prince, a longtime lawyer and loyal lieutenant of former Citigroup head Sanford Weill, who assembled the financial giant that stands as America's largest bank by assets, the Wall
Citigroup Venture is planning to buy an equity stake in PINC for Rs.400 cr.
Of the group's net profit, about Rs 900 crore was contributed by the bank's operations, which grew 33 per cent from Rs 700 crore a year earlier.
The Financial Industry Regulatory Authority has fined Citigroup $650,000 for violation of disclosure and supervisory norms involving a stock borrow programme.
Cashing in on the opportunities galore courtesy the spurt in Indian equities, foreign fund house Citigroup Global Markets has raised about Rs 400 crore (Rs 4 billion) by selling shares of 24 blue chip firms in just nine trading sessions.
When Pandit was in Japan last week, meeting International Monetary Fund and World Bank officials, Michael E O'Neill, the new chairman of Citigroup since April, was applying the final touches of his masterplan to remove Pandit.
The $6,00,000 fine by Financial Industry Regulatory Authority, which oversees broker dealers, comes after the US authorities hardened their stance on offshore tax operations with a series of actions in the past few months.
Attributing to people familiar with the situation, The Wall Street Journal said executives at the New York company plan to narrow the focus of Citigroup's US branch network to six major metropolitan areas.
Private fund house Citigroup Global Markets (Mauritius) has hiked its stake in India Infoline, a stock brokerage firm, to 8.42 per cent after buying shares totaling Rs 1,424.17 crore through an open market transaction.
Financial services provider Citigroup is under pressure from federal banking regulators for shuffling its board, including the replacement of its chairman, amid concerns whether chief executive Vikram Pandit will retain his job, a media report says.
Another media report stated that the controversial change, known as cramdown, would let courts wipe out some mortgage debts. The report said that the Mortgage Bankers Association was evaluating Citigroup's announcement, but added its opposition to the cramdown legislation had not softened.
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 Global Markets on Thursday said that foreign inflows into India will be negatively impacted in the next 3-6 months if Sebi's proposals on curbing Participatory Notes are implemented in the current form. Users of PNs are largely hedge funds, a fast-growing asset class globally in recent years and lack of any new issuance of Offshore Derivative Instrument with underlying derivatives would take away hedging options for exposures in the cash market.
A strong investment recovery is essential for India to sustain high GDP growth rates in the medium term
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.
Citigroup Global Markets (M) Ltd has acquired 5.67 per cent stake in the Nishar group's Hexaware Technologies Ltd.\n\n\n\n
The SEC has charged Citigroup's principal US broker-dealer subsidiary with misleading investors about the $1 billion derivatives deal tied to the US housing market.
US banking behemoth Citigroup is still looking out for new employees and has posted more than 100 job vacancies over last week
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."
Interestingly, the shares sold by Citigroup Global Mauritius in the open market through the block deal counter of the Bombay Stock Exchange have been bought by another private fund house Credit Suisse (Singapore) at the same price.
The list of contenders for this job include Vikram S Pandit, currently Citigroup's investment banking head and a former Morgan Stanley investment banker, and Shaukat Aziz, formerly the bank's global private banking business head and most recently the prime minister of Pakistan, according to various media reports.
Citigroup has said that Asia is likely to boost the profits of the group's consumer business.
The cuts, which amount to about 4 per cent of the bank's workforce, carry the fingerprints of Citigroup's Chairman Michael O'Neill.
Citigroup is likely to reduce its stake in Housing Development Finance Corporation (HDFC) to below 10 per cent, according to three people familiar with the development.
Vikram Pandit pledged to simplify Citigroup's organisation and reshape its businesses according to "economic realities" after being named chief executive of the bank.
Citigroup may sell its Australian retail broking unit as it consolidates its wealth management business in Hong Kong and Singapore to compete for customers against bigger private bank rivals. The US financial group is understood to be in talks over the possible sale of Citi Smith Barney Australia to National Australia Bank. It also plans to close its CSB branch in Taiwan and merge others in Singapore and Hong Kong with Citi Private Bank.
Just ahead of its mega FPO opening to public investors, Vodafone Idea (VIL) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the telco. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC). One 97 Communications and LIC had raised Rs 8,235 crore and Rs 5,627 crore in the anchor round, respectively.
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 job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference in New York.
Inflation is estimated to be around 8 per cent in FY15 and is likely to decline further towards 6.5 per cent in FY16, Citigroup said.
According to the global financial services major, following two years of sub 5 per cent growth, India's GDP is expected to be around 5.6 per cent in 2014-15 and around 6.5 per cent in 2015-16.
Citigroup is rolling out its wealth management services for India, providing broking and research services for retail investors.
Bharat Petroleum Company Ltd has entered into a swap transaction worth Rs 100 crore (Rs 1 billion), making it the first interest rate derivative deal among the public sector entities in India.
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