Citigroup

  • JPMorgan's $5 billion settlement doesn't end its troubles 26-10-2013 09:57 AM

    Washington: The $5.1 billion that JPMorgan Chase has agreed to pay hardly ends its legal troubles over mortgage securities it sold. It's merely a down payment. JPMorgan still faces heavy financial burdens. The bank has set aside $23 billion to cover legal costs - and it may need it all....
  • Chidambaram meets top bankers to shore up fund inflows 24-08-2013 03:47 PM

    Finance Minister P Chidambaram on Saturday held a closed-door meeting here with top bankers to take stock of the situation in the wake of rupee volatility and ways to shore up foreign capital to bridge the widening current account gap. The minister, who will also be meeting foreign institutional investors...
  • New cancer drugs to be a $ 35 billion market 23-05-2013 09:59 AM

    London: A new wave of medicines that tap the power of the immune system to fight cancer could become the biggest drug class in history, with potential sales of $35 billion a year. The sales forecast by analysts at US bank Citigroup highlights the growing excitement surrounding so-called immunotherapy after...
  • Citigroup ex-chief Vikram Pandit buys stake in JM Financial 16-05-2013 09:05 PM

    Mumbai: JM Financial Ltd has said that former Citi Chief Executive Vikram Pandit and his business partner, Hari Aiyer are to buy a 3 per cent equity stake in the financial services company through an issue of warrants. JM Financial also said it would set up a fund jointly with...
  • Citigroup to pay Pandit more than $ 15 million 10-11-2012 08:27 AM

    New York: Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy. The bank said on Friday the payments to Pandit and former Chief Operating Officer John Havens reflect the progress the bank...
  • HTC sues Citigroup in Taiwan 13-12-2011 10:55 AM

    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...
  • 'Citigroup to axe 4,500 jobs in coming months' 07-12-2011 12:35 PM

    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...
  • Reliance Industries to issue $ 1 bn bond: Sources 01-12-2011 05:12 AM

    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...
  • S&P cuts ratings for big global banks 30-11-2011 09:53 AM

    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...
  • NY judge rejects $ 285 mn SEC-Citigroup agreement 29-11-2011 08:16 AM

    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...
  • Inflation to fall to 7.8 pc by March 2012: Citi 20-11-2011 10:51 AM

    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...
  • US-based Citigroup may cut 900 jobs: Report 16-11-2011 04:33 PM

    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...
  • Citigroup paying $ 285 mn to settle SEC charges 20-10-2011 11:04 AM

    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...
  • Vikram Pandit's Citigroup reports $ 3.8 bn profit 18-10-2011 10:38 AM

    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...
  • Google, Citi invest another $204 million in wind project 23-06-2011 12:36 PM

    Los Angeles: Google Inc and Citigroup are investing another $204 million in the Alta Wind Energy Center in Southern California's Tehachapi Mountains, bringing their total combined investment in the project to $314 million. The additional funds will be split evenly between the two companies, according to Terra-Gen Power, which is...
  • RIM is missing targets for new models: Citi 10-06-2011 12:49 PM

    Toronto: Research In Motion is missing crucial targets for introducing new BlackBerry models, squandering an opening provided by Nokia's decision to abandon its own software, an analyst warned on Thursday. Citigroup, in a note downgrading RIM to "hold" from "buy", said new BlackBerry touchscreen models may miss the crucial back-to-school...
  • Citigroup card customers data hacked: report 09-06-2011 01:06 PM

    London: Computer hackers have breached Citigroup's computer network and have accessed data on hundreds of thousands of its card customers, the Financial Times said. Citigroup said the breach, which affected about 1 per cent of its card customers, was discovered in early May through routine monitoring, the newspaper said. According...
  • Citigroup says hackers access bank card data 09-06-2011 11:25 AM

    Bangalore: Citigroup Inc said computer hackers breached the bank's network and accessed data on hundreds of thousands of bank card holders in the latest of a string of cyber attacks on high-profile companies. Citigroup said about 1 percent of its card customers were affected by the breach, which a report...
  • Israel's Fischer interested in IMF job 30-05-2011 09:11 AM

    Jerusalem: Israel's central bank chief, Stanley Fischer, is interested in the top job at the International Monetary Fund and has received a number of phone calls in recent days from around the world encouraging him to apply, a person familiar with the banker's thinking told The Associated Press on Sunday....
  • Citigroup gives $ 16 mn retention award to CEO 19-05-2011 09:49 AM

    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...
  • Google working on mobile payment technology 28-03-2011 05:55 PM

    Bangalore: Google is joining Citigroup and Mastercard to set up a mobile payment system that will turn Android phones into a kind of electronic wallet, the Wall Street Journal said, citing people familiar with the matter. The new technology, which is in its early stages, will allow consumers to wave...
  • Citi's Vikram Pandit applauds the India story 04-03-2011 11:50 PM

    New Delhi: Citigroup CEO Vikram Pandit, on his maiden visit to India since he took over the beleaguered global financial giant in 2007, says the country's institutions are strong enough to deal with any challenge. His visit comes at a time when Citi is pushing forward with its back-to-basics strategy...
  • M&M Finance raises Rs 426 cr via QIP 23-02-2011 03:15 PM

    Mahindra & Mahindra Financial Services said on Tuesday it has raised Rs 426 crore through a qualified institutional placement of 6.1 million shares at Rs 695 each. The firm, which received bids of more than Rs 1,575 crore, said the issue was oversubscribed four times with strong participation from international...
  • Citi CEO Pandit's salary soars to $ 1.75 mn 22-01-2011 08:48 AM

    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...
  • Citi fraud: Hero official's custody extended 08-01-2011 03:49 PM

    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...