Mumbai: Global banking major Citigroup has struck the biggest property deal in recent years in the country by paying a hefty Rs 985 crore for six floors in the upcoming First International Financial Centre (FIFC) Tower at the coveted Bandra-Kurla Complex to house its headquarters. Two Citigroup entities - Citibank NA and Citigroup Global Markets - signed the deal to acquire 2,97,000 sq ft space which is six floors of...
07:37 AM, Apr 26, 2012
Washington: Citigroup's Indian American CEO Vikram Pandit and its directors have been sued by a bank shareholder over a compensation package that was contested by investors in a rare failed "say-on-pay" vote. A lawsuit filed in Manhattan on Friday by shareholder Stanley Moskal says Pandit and directors breached their fiduciary duties by awarding more than $54 million of compensation in 2011 to the executives. That pay included $15 million to...
10:20 AM, Apr 21, 2012
Washington: All but four of 19 major US banks got a green light on Tuesday from the Federal Reserve to boost their dividends and take other steps that will make their stocks more attractive to investors. The Fed declared them strong enough to survive a downturn worse than the Great Recession. The Fed's findings signaled its confidence that the financial system, which nearly collapsed 3 years ago, is healthy again....
08:26 AM, Mar 14, 2012
New York: Citigroup Chief Executive Vikram Pandit finally got his payday. The third biggest US bank company paid Pandit $14.86 million in 2011, compared with a salary of $1 and no bonus in 2010, according to a filing with the Securities and Exchange Committee. The 2011 payout included salary of $1.7 million and cash supplemented by a cash bonus of $5.3 million and options valued at $7.8 million. In 2009,...
09:16 AM, Mar 09, 2012
Mumbai: Global banking major Citigroup is learned to have decided to offload its entire 9.8 per cent stake in Indian mortgage major HDFC, valued at over $2 billion at current market prices. A senior official at Citigroup said the US' banking giant has decided to sell its stake in one of the best performing housing loan companies in the country as part of its ongoing capital planning efforts across geographies....
08:27 PM, Feb 23, 2012
Mumbai: International banking major Citigroup on Tuesday said it will lay off 100 employees in India as part of its global restructuring exercise. None of the company's operations or verticals will be affected because of the lay-offs which will be carried out in the next few days, a spokesperson of Citigroup said. "Citigroup continuously reviews its internal processes and organisational structure to right size the organisation for efficient growth. As...
10:16 PM, Jan 24, 2012
Taipei: HTC Corp, the world's No.4 smartphone maker, has filed a criminal complaint against Citigroup Inc's Taiwan unit, alleging the bank published false information that led to a fall in HTC's share price, a Taiwan prosecutor said on Tuesday. HTC, whose rapid rise in the cut-throat handset industry had made it an investor darling until early this year, has lost much of its luster in recent weeks as its models...
10:55 AM, Dec 13, 2011
New York: Citigroup Chief Executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months as the US financial major seeks to trim costs in a bleak global economic environment. 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. The layoffs equal about 2 per cent of Citi's...
12:35 PM, Dec 07, 2011
Mumbai: Reliance Industries (RELI.NS) plans to issue a $1 billion 10-year overseas bond, probably early next year, to fund capital spending and possible acquisitions, three sources with direct knowledge said on Wednesday. Reliance, the largest listed Indian conglomerate, has hired Citigroup (C.N), Bank of America-Merrill Lynch (BAC.N) and UBS AG (UBSN.VX) for the issue, according to the sources who declined to be named as the information is not public yet....
05:12 AM, Dec 01, 2011
New York: Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria. JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, were...
09:53 AM, Nov 30, 2011
New York: A judge on Monday used unusually harsh language to strike down a $285 million settlement between Citigroup and the Securities and Exchange Commission over toxic mortgage securities, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from details of the firm's wrongdoing. US District Judge Jed Rakoff said the public has a right to know what happens in cases that touch...
08:16 AM, Nov 29, 2011
New Delhi: Global financial services giant Citigroup has forecast that headline inflation in India is likely remain above the 9 per cent-mark till December, before moderating to around 7.8 per cent by March, 2012. "We expect inflation to remain over 9 per cent for the November-December reading. Post that, primarily due to the base effect, Wholesale Price Index (WPI) is expected to come off to sub-9 per cent levels during...
10:51 AM, Nov 20, 2011
New York: US-based banking major Citigroup is likely to slash 900 jobs in its securities and banking division amid financial market turmoil, says a report. Quoting people familiar with the situation, the Wall Street Journal said job cuts are planned since turmoil in the equity and debt markets is eroding revenues. "The cuts are part of a broader move by Citigroup to curtail expenses. The bank is considering eliminating 3,000...
04:33 PM, Nov 16, 2011
Washington: Citigroup has agreed to pay $ 285 million to settle civil fraud charges that it misled buyers of a complex mortgage investment just as the housing market was starting to collapse. The Securities and Exchange Commission said on Wednesday that the big Wall Street bank bet against the investment in 2007 and made $ 160 million in fees and profits. Investors lost millions. Citigroup neither admitted nor denied the...
11:04 AM, Oct 20, 2011
Washington: As Citigroup announced a better-than-expected third-quarter profit of $ 3.8 billion, its Indian-American chief Executive Vikram Pandit emphasised the banking giant's position in emerging markets as a big growth driver. Though the gains largely came from credit value adjustment (CVA) that allows the bank to book gains from increases in credit spreads, the 74 per cent rise in revenue from a year ago gave it a return of $...
10:38 AM, Oct 18, 2011
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