Executives of Citigroup Inc have warned, the bank faces billions of dollars in losses from its Russian business even as it continues to help some of its 200 staff in Ukraine to leave the country. Towards the end of last year,… Read More ›
Citigroup Inc
Prosus NV sells 2% stake in Tencent Holdings Ltd for $14.7 billion
In a significant development, Tencent Holdings Ltd said, technology investor Prosus NV has sold 2% of its stake for $14.7 billion in what is said to be the world’s largest-ever block trade. In a regulatory filing with the Hong Kong… Read More ›
Regulators preparing to impose costs on Citigroup for failing to improve risk-management systems
In a report the Wall Street Journal said, federal regulators are preparing to impose a fine on Citigroup Inc for failing to improve its risk-management systems, With the news reaching the market, Citi’s shares fell by 3.3%. According to the… Read More ›
Jane Fraser named as Citigroup’s CEO
In a significant development, Citigroup Inc has named Jane Fraser, the head of its consumer banking division, as its next CEO, marking her as the first woman to break the glass ceiling to lead a major Wall Street bank. With… Read More ›
Kaleem Rizvi appointed as Citigroup’s Asia Pacific head of corporate banking
According to an internal memo, Citigroup Inc named veteran banker Kaleem Rizvi as its Asia Pacific head of the corporate banking business. Rizvi, who joined Citi in Pakistan in 1996, will replace Gerald Keefe, who in February was promoted to… Read More ›
Large U.S. banks expresses gratitude towards frontline workers with special pay packages
According to an internal memo from Wells Fargo & Co, the U.S. bank is set to join its peers in paying out a special compensation package to front-line employees. San Francisco-based Wells Fargo said, it would provide all of its… Read More ›
Deutsche, Citi, and ANZ may have violated cartel laws in Australia
On Friday, in a local court a magistrate presiding over a case which is yet to go to trial, was presented with a four-word handwritten note by a JPMorgan Chase & Co banker which was presented by Australian prosecutors as… Read More ›
Citigroup names Peter Babej as its Asia Pacific CEO
Babej joined Citi in 2010 as its co-head having previously worked at investment bank Lazard and Deutsche Bank. On Thursday, in an internal memo Citigroup Inc stated, it has named Peter Babej, who currently is its current global head, as… Read More ›
ValueAct takes $1.2 billion stake in Citigroup
The investment by the activist hedge fund, which prefers to conduct discussions with companies behind closed doors rather than on cable television, revolves around Citigroup’s reliable revenue source and low risk factor. ValueAct Capital Partners has invested $1.2 billion in… Read More ›
Wells Fargo shifts its international business within its wholesale banking division
Before too much is read into this move, Wells Fargo’s spokesman has clarified that it wasn’t in response to its December resolution planning process failure. The third largest U.S. bank by assets, Wells Fargo & Co, has disclosed that it… Read More ›
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