Citigroup

  • JPMorgan's $5 billion settlement doesn't end its troubles October 26, 2013

    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. In a statement...
  • Chidambaram meets top bankers to shore up fund inflows August 24, 2013

    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 whose...
  • New cancer drugs to be a $ 35 billion market May 23, 2013

    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 socalled immunotherapy after positive...
  • Citigroup exchief Vikram Pandit buys stake in JM Financial May 16, 2013

    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 agrees to pay $730 million to settle with investors March 19, 2013

    New York: Citigroup Inc has agreed to pay $730 million to settle a class action lawsuit on behalf of investors who said they were misled by the company's disclosures. Purchasers of the bank's debt and preferred stock between 2006 and 2008 claimed there were misstatements and omissions in the disclosures, Citigroup...
  • Nielsen boosts TCS contract to $2.5 billion February 12, 2013

    Mumbai: Nielsen Holdings NV, best known for its TV ratings, increased the size of its contract with India's top software services exporter, Tata Consultancy Services Ltd (TCS.NS), to $2.5 billion from $1 billion. The expanded contract, among TCS's largest, comes at a time when there are expectations that India's $100...
  • Emerging markets unlikely to match 2012 gains: Citigroup January 10, 2013

    Mumbai: Citigroup cut its regional stock ratings for Asia and for Central Eastern Europe, Middle East and Africa (CEEMEA), but raised Latin America to "overweight", adding that emerging market equities are unlikely to match their 2012 performance this year due to less attractive valuations. Citigroup said it remains moderately bullish...
  • Citigroup to pay Pandit more than $ 15 million November 10, 2012

    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...
  • After Vikram Pandit, Citigroup is 'going to get a lot smaller' October 17, 2012

    New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's thirdlargest bank. Pandit left after a series of embarrassments and missteps that apparently...
  • Vikram Pandit steps down as CEO of Citigroup October 16, 2012

    New York: Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No 3 US bank just one day after a surprisingly strong quarterly earnings report. Analysts and investors quickly raised red flags about the timing, saying it did not appear...
  • Iranian hackers target Bank of America, JPMorgan, Citi September 22, 2012

    Washington: Iranian hackers have repeatedly attacked Bank of America, JPMorgan Chase & Co and Citigroup over the past year as part of a broad cyber campaign targeting the United States, according to people familiar with the situation. The attacks, which began in late 2011 and escalated this year, have primarily been...
  • Deutsche Bank raises Dec target for Sensex to 20,000 September 17, 2012

    Mumbai: Deutsche Bank and Citigroup raised their targets for the BSE stock index after the government announced reforms last week, including opening up the country's multibrand retail sector to foreign direct investment (FDI). Deutsche Bank raised its December 2012 target for the BSE Sensex to 20,000. Citigroup raised its BSE target to...
  • Citigroup settles shareholder lawsuit for $ 590 mn August 30, 2012

    New York: Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims that shareholders ended up with massive losses after the...
  • Citigroup buys Mumbai property for Rs 985 crore April 26, 2012

    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 BandraKurla Complex to house its headquarters. Two Citigroup entities Citibank NA...
  • Citigroup's Vikram Pandit sued over excessive pay April 21, 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 "sayonpay" vote. A lawsuit filed in Manhattan on Friday by shareholder Stanley Moskal says Pandit and directors breached their fiduciary duties...
  • Citi, 3 other major US banks fail stress tests March 14, 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...
  • Citi CEO Vikram Pandit's pay soars to $14.9 mn March 9, 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...
  • Citigroup to exit HDFC; to take home over $ 2 bn February 23, 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...
  • Citigroup to lay off 100 employees in India January 24, 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 layoffs which will be carried out in the next few days, a spokesperson of...
  • HTC sues Citigroup in Taiwan December 13, 2011

    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 cutthroat handset industry had made it...
  • 'Citigroup to axe 4,500 jobs in coming months' December 7, 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...
  • Reliance Industries to issue $ 1 bn bond: Sources December 1, 2011

    Mumbai: Reliance Industries (RELI.NS) plans to issue a $1 billion 10year 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 AmericaMerrill Lynch (BAC.N) and UBS AG (UBSN.VX)...
  • S&P cuts ratings for big global banks November 30, 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...
  • NY judge rejects $ 285 mn SECCitigroup agreement November 29, 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...
  • Inflation to fall to 7.8 pc by March 2012: Citi November 20, 2011

    New Delhi: Global financial services giant Citigroup has forecast that headline inflation in India is likely remain above the 9 per centmark till December, before moderating to around 7.8 per cent by March, 2012. "We expect inflation to remain over 9 per cent for the NovemberDecember reading. Post that, primarily due...
  • USbased Citigroup may cut 900 jobs: Report November 16, 2011

    New York: USbased 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...
  • Citigroup paying $ 285 mn to settle SEC charges October 20, 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...
  • Vikram Pandit's Citigroup reports $ 3.8 bn profit October 18, 2011

    Washington: As Citigroup announced a betterthanexpected thirdquarter profit of $ 3.8 billion, its IndianAmerican 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...
  • Google, Citi invest another $204 million in wind project June 23, 2011

    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 TerraGen Power, which is building...
  • RIM is missing targets for new models: Citi June 10, 2011

    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 backtoschool buying...