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: 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
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
Kochi: Indian Institute of Management (IIM) Kozhikode on Tuesday said that over 100 firms, including Global Power house brands like Deutche bank, Citibank, softdrinks majors, MNCs and even a top tier IPL team, have made summer internship offers to 343 students of its flagship PGP programme. In the two year programme, after the first year, every student has to undertake 8-week internship in an organisation. This is the first time...
08:53 PM, Nov 08, 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
Sydney: The President of Standard & Poor's, Deven Sharma, is stepping down, just a few weeks after the ratings firm issued a controversial downgrade of US government debt, the Financial Times reported. Citing people familiar with the matter, the FT said Sharma would be replaced by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup. The report said sources said Sharma's departure was unrelated to the downgrade...
08:28 AM, Aug 23, 2011
New Delhi: Enforcement Directorate will now interrogate Shivraj Puri, the mastermind of Rs 461 crore-fraud case at the Citibank branch in Gurgaon under the provisions of anti-money laundering laws. The Directorate will question the Citibank's Global Wealth Manager Puri, who was working at the branch of the bank and is said to have engineered the scam. Sources at the agency said the statements of Puri and few others associated with...
06:42 PM, Aug 02, 2011
Boston: Citigroup on Thursday said it has rewarded CEO Vikram Pandit with an over 16 million dollar 'retention award' for his 'outstanding job' of steering the financial giant to profitability and executing a strategy for sustainable growth. Pandit has been taking home a token one dollar salary from Citigroup since 2009. The three-part multi-year retention award will accrue to Pandit if the company meets certain performance goals, New York-based Citigroup...
09:49 AM, May 19, 2011
Gurgaon: Citibank has terminated services of 7 employees at its Gurgaon branch, where Rs 460 crore fraud was detected last year. "Following disciplinary procedures, services of a few employees of our Gurgaon branch have been terminated," a Citibank spokesperson said on Tuesday. These employees were reportedly under suspension ever since the fraud came to light. Police Commissioner (Gurgaon) S S Deswal said that seven Citibank employees have been terminated but...
10:53 PM, Mar 08, 2011
New York: Citigroup Inc Chief Executive Vikram Pandit got a $1,749,999 raise on Friday. Pandit pledged in 2009 to receive an annual salary of $1 until the struggling Citigroup returned to sustained profitability. On Friday afternoon, three days after the bank reported its first full year-profit since 2007, the board raised his salary to an annual base of $1.75 million. That amount pales in comparison to some of the compensation...
08:48 AM, Jan 22, 2011
Gurgaon: Shivraj Puri, the main accused in the estimated Rs 400 crore fraud at Citibank's Gurgaon branch, was remanded in 14 days' judicial custody by a local court on Friday. Chief Judicial Magistrate D N Bhardwaj ordered Puri to be taken into judicial remand for 14 days till January 28 at a hearing on Friday. Puri has been in police custody for the past 14 days in connection with the...
07:21 PM, Jan 14, 2011
Gurgaon: Shivraj Puri, the mastermind of the Rs 300 crore Citibank fraud, has implicated his father Raghuraj Puri in the case. Puri reportedly told the court that Rs 50 crore of the scam money was invested in his father's company. Police also told the Gurgaon court of Chief Judicial Magistrate DN Bhardwaj that Puri has said his father was an equal accomplice. Raghuraj Puri is a director in Norman Martin...
05:07 PM, Jan 12, 2011
Gurgaon: A local court on Wednesday extended police remand of Shivraj Puri, the main accused in the alleged Rs 400 crore Citibank fraud, by 2 more days till January 14 as police is yet to recover iPad considered to be vital evidence. The Chief Judicial Magistrate DN Bhardwaj remanded Puri in police custody for two more days after public prosecutor said that police needed more time to gather evidence and...
03:07 PM, Jan 12, 2011
Gurgaon: A local court on Saturday extended police remand of Hero Group's senior official Sanjay Gupta by seven days to January 15 in connection with the Rs 300 crore Citibank fraud case. Gupta, an Assistant Vice-President with Hero Group, allegedly invested about Rs 250 crore belonging to promoters of the Group and other companies through Shivraj Puri, the alleged master mind of the scam. Police had earlier arrested Gupta under...
03:49 PM, Jan 08, 2011
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