citi

Even before the Dodd-Frank bill was passed, Pandit was closing down some of Citi's proprietary businesses and trying to sell others.

With Citi's share-price growth lagging that of its main rivals, Mr Prince is impatient to turn things round.

Citi declined to comment, but one person familiar with its thinking said it had no plans to help Mr Hands by restructuring the loan.

Citigroup's Gerspach, speaking on a conference call with investors, said: "Citi is not involved in the matter the SEC announced on Friday. "

Citi's China chief executive Andrew Au said the bank's branch and staff expansion had pushed up expenses.

"Citi has a very strong capital and liquidity position, " a spokesman said, adding that the bank was "focused on executing our strategy" .

People familiar with the matter said Mr Kessinger had decided to take Citi to arbitration, a form of out-of-court dispute resolution.

If there was one time for the benefits of Citi's vaunted diversification to show through, this would have been it.

The bank didn't rule out that fraudulent activity might have taken place following the attack but said Citi's debit cards weren't affected.

Wachovia's creditors were spared that fate in the bank's equally rushed sale to Citi group a few days later.

John Gerspach, Citi's chief financial officer, said the company argued that Basel's higher risk weightings constituted such a change.

My bank, First Direct, seems to have cracked it, so I do not see why Citi thinks it is such a big deal.

Citi declined to comment but people close to the bank said the bank had discovered the control failures and reported them to regulators.

Citi also came under fire over a little-noticed decision by the US tax authorities to allow the bank to keep a $38bn tax break.

Citi, with its consumer bias, is particularly exposed to another leg down in the global economy.

Mr Pandit professes not to be concerned by the prospect of going down in history as Citi's last chief executive.

Citi is among the foreign banks that have been working around the constraints on their operations.

However, they added that Citi had not experienced unusual movements in deposits, corporate balances or prime brokerage accounts.

Citi must be able to move fast to maintain its solid share of the fast-growing Asian capital markets, where mega deals are clinched in days.

Citi, one of the biggest banks in the world, has abruptly had to abandon its grandiose ambitions to be a global financial supermarket.

Citi says that the two big cellphone makers 'will significantly increase their handset-component outsourcing to BYD in the next two years. '

Citi declined to comment on the possibility of a deal, which had been speculated on in the Chinese press.

At Citi, frustration had been brewing for many months over Mr Prince's leadership and the bank's languishing stock price.

Citi does break out a balance sheet for its U. S. broker-dealer, which had $466 billion of assets in the second quarter.

Citi's assets, which peaked at $2. 4 trillion a year ago, were down to a little over $2 trillion by the end of September.

Both of them know they might be able to drive up Citi's shares in the short term by spinning off its investment bank.

People familiar with Citi say the US bank was more or less steered to CDB as the proper counterparty for a dialogue with the Chinese.

People familiar with the bank had suggested Citi would resume payments once the political furore over compensation had died down.

A year ago, Citi was reeling and its boss, Vikram Pandit, was seen as Wall Street's most vulnerable leader.

But when Citi is taking bold steps to be the premier, global, blah, blah? One would not be bothered one way or another.

At the time the sovereign wealth funds invested in Citi, two years ago, there was little understanding of how bad the crisis would get.

Sources close to the group said as many as 15% to 20% of Citi's UK employees could face the axe although the bank declined to comment.

You could see that as a reason to be bullish on the Citi story.

Terra Firma acquired EMI in a leveraged buy-out in 2007 and has struggled with a loan it obtained from Citi to fund the deal.

Mr Pandit tapped out his e-mail a fortnight ago and sent it to all holders of Citi credit cards.

Access and Citi have teamed up to offer a financial literacy programme in the state of Madhya Pradesh.

In the last quarter the margin between Citi's funding costs and lending rates fell by much more than those of its main competitors.

"In fact, we have been a bright spot [for Citi], " he adds. "Who would have guessed that? "

Before that move, Citi had suffered billions of dollars in losses on such assets, prompting the US government to spend $45bn to bail it out.

The Treasury, which has said the Citi sale would depend on market conditions, declined to comment.

Bank of America and Citi have previously slugged it out for top spot, but now they have fallen to 8th and 11th respectively.

Citi agreed to pay a $95m penalty as part of the deal and did not admit or deny wrongdoing.

That may explain why some Citi units continued to pile into subprime mortgages even as others pulled back.

In May, Jack and I were at Citi Field for a Mets-Yankees game, and both of us had to show our driver's licenses when buying a beer.

In fact, it might still be mum if the Financial Times had not broken the story late last night, prompting Citi to confirm it.

Mr Parsons was once a banker, since he ran the aptly named Dime for a while, but it hardly stacks up against Citi.

But Citi and BoA have flattered these ratios with huge amounts of preference stock, much of it issued by the state.

The Citi portfolio includes loans used to finance acquisitions by Apollo, Blackstone and TPG, as well as debt in their rivals' deals.

The cards portfolios were part of Citi Holdings, a division that includes assets the company is looking to shed or close over time.

At those rates, Citi shareholders might decide lending out their stock isn't such a bad idea after all.

Citi's deal with the IFC comes as the financial crisis has caused banks around the world to cut credit lines to conserve resources.

Robert Rubin announced his immediate retirement as Citi's special counsel. The former treasury secretary joined the bank in 1999.

Citi declined to comment yesterday but Mr Pandit has argued that Citi's model is not broken and its recent problems can be overcome.

Under Mr Prince, Citi is belatedly trying to make the conglomerate model work.

Citi Investment Research says it has a $3. 5 billion outstanding loan from Ford and needs substantial investment over the next five years.

Wednesday's talk was the latest in a string of interviews Pandit has given over the past few weeks as Citi's stock thrashes about.

The bank eventually tapped Vikram Pandit, an investment banker who had joined Citi just five months earlier.

Citi said the allegations were without merit and it intended "to defend against them vigorously" .

The bigger problem for Citi could be the leveraged loans it is unable to sell and will have to mark down.

According to a report from Citi, the rights issue should lift the bank's core capital above 8%.

A Citi spokesman declined to comment, even though Ms. Munnawas willing to sign a waiver giving Citi permission to talk about her loans.

Japanese regulators also are investigating the actions of two former Citi traders who allegedly tried to manipulate a key interest rate.

But despite strength in the international business, there was a growing sense that Citi was firefighting on too many fronts.

It is unclear whether any of the assets languishing in Citi Holdings could be transferred back into the group's core Citicorp business.

But they admit that painful surgery would have been impossible had Citi's livelihood not been threatened by its losses on toxic assets.

But it has not stopped the bleeding at Citi, which remains focused on survival rather than on ramping up credit.

No matter which organisation Citi approached, the fate of the Citi request for cash would come to be decided behind closed doors there.

In early January, the CDB team held at least a dozen conference calls with Citi executives.

But former executives say departures lower down the organisation are more worrying and reflect disillusionment at how Citi is being run.

The cyberintruders were able to access information including holders' names, account numbers and email addresses, Citi said.

If such a forced sale occurs, Citi faces the probability of complete share price collapse.

Citi also may have to consolidate some of the roughly $670 billion in mortgage assets currently held by off-balance-sheet vehicles.

I am told that, after Mr Pandit was appointed, Mr Parsons had lunch with him as Citi's lead non-executive director.

But I'm starting to wonder if it's time to pull back on the old business for Citi.

Citi insiders said Mr Banga was attracted to the possibility of becoming a chief executive of a leading multinational company.

But that does not make a Citi split the next obvious thing to do.

Afscme owns a very small stake in Citi and has not tabled a formal proposal calling for a break-up.

Citi insides said Mr Banga was attracted to the possibility of becoming a chief executive of a leading multinational company.

Hence the fact that, in this tribal culture, nobody reined in the excesses of the structured finance teams at Citi and Merrill.

But Citi now seems to have lost its way.

It is the biggest voluntary overhaul of any big American financial firm since 2008 (Citi was forced by regulators to restructure).

Citi had already lowered the total compensation of Chief Executive Vikram Pandit to $1.

Mr Pandit, a former quant, is returning Citi to its roots in corporate services and international retail banking.

Citi's cost discipline should be applauded, but will banks go on a spending binge again if the good times keep rolling?

The government is a major shareholder of Citi [but] I do not think any of the other 19 banks have to worry about that.

Citi said on Tuesday that it "continuously evaluates capital markets opportunities to achieve its strategic financing objectives" .

Asked what year Citi mailed its first S. Larson letter, Mr. Nachtigal said, 'I don't think I can tell you that.

Citi insiders said no decision over the chairman role had been made and it was possible Sir Win could stay on.

Even so, with the cost of protecting Citi's debt against default approaching all-time highs, debt investors face vast uncertainty.

Citi said Li Ning may have pressed on with the factory-outlet expansion as a way getting rid of unwanted inventory.

Citi did not say whether Mr Klein, 44, would move to another financial group.

"Asian corporates have come of age, " said Robert Morse, Asia-Pacific chief executive of Citi's institutional clients group.

Mr Banga pledged that Citi would keep its stake in HDFC, which he described as among India's "best run financial institutions" .

Mr Gerspach, Citi's chief accounting officer, is the bank's fifth finance chief in five years.

Most of the departures have been from Citi's international consumer arm, widely regarded as the jewel in its crown.

I took money out with my ATM card when I needed it, oblivious of the 3% charge Citi would tack on.

So far, Citi's strategic needs have played to his strengths.

Among leading banks Citi and Morgan Stanley forecast for a modest rise as global economic activities may boost oil product demand.

How can it have taken so long for Pandit and his board to acknowledge Citi's straits and act on it?

But a funny thing happened on the way back to a sound banking system: last week both Citi and BofA announced losses in the third quarter.

Combining them in its Fusion software package is a huge task, says Brent Thill, an analyst at Citi Investment Research.

Not all crisis-driven change is as eye-catching as the metamorphosis of a GE or Citi.

As part of its shake-up Citi named Richard Parsons , Time Warner's former boss, as its new chairman, replacing Sir Win Bischoff.

In doing so, he hopes to convince Citi's many critics that it is now opening its stride, not hunching its shoulders.

Citi has suffered more than $50bn in writedowns and credit provisions since the outset of the crisis.

One Web comment reports putting the question to a Citi rep. The reply: 'President of Customer Service. '

But there is no escaping the rough embrace of the US government, which is now Citi's biggest investor and lender of last resort.

Citi's shareholders must hope he will not be swept away by the waves of selling that have rocked a once-dominant financial group.

But Washington's primary concern was to shore up Citi, a global institution that defines the term "too big to fail" .

Citi will continue to work with the authorities on this investigation, ' Citigroup said.

But since then Mr Pandit has moved several former Morgan Stanley colleagues to key roles in an effort to restore Citi's fortunes.

However, they added that Friday's announcement that Robert Rubin had resigned as a Citi director might prompt the board to take action.

The following day, Citi announced that it had raised $6. 88bn, largely from GIC, though with KIA providing $3bn.

Citi and the IFC are launching the partnership as part of a $50bn global trade finance initiative announced by the World Bank in April.

After two years of heavy losses, Citi made a net profit of $7. 1 billion in the first six months of 2010.

But what was Citi thinking, handing over $40, 000to an undergraduate who had already amassed debt well into the five figures?

In May 2007, Citi was the biggest bank in the U. S. by market capitalization, and traded north of $55.

The new-look Citi would be similar to the old-style Citicorp: a global commercial and retail bank.

Citi led the big banks into a new era of growth and diversification.

Sir Win, a former head of the UK investment firm Schroders and chairman of Citi in Europe, is a respected banker.

A Citi spokesman said it was his understanding that Mr Rubin was in Abu Dhabi at the time.

Citi's Alternative Workplace Strategy allows employees to rotate the days in which they come to the office.

By virtue of its size, China is the "holy grail" of banking, says Jonathan Larsen, who runs Citi's consumer business in Asia.

Mr Banga's resignation is also a blow to Citi at a time when it is striving to retain and motivate its top bankers.

I'm just working as an accountant in an international bank, named Citi Bank.

Concerned at the magnitude of the challenge and their own ignorance, the team at CDB appealed to Goldman Sachs to advise it on valuing Citi.

This does not look like a good outcome for Citi's part-owner, the taxpayer.

It is unclear whether Citi plans to resume payments to Mr Kessinger or whether the two sides might reach a settlement during arbitration.

If you look at Citi over the years, you find people at a very young age take on a high degree of responsibility.

On the face of it, HSBC still looks the obvious choice, even though it is present in "only" 87 countries compared with Citi's 100-plus.

That meant banks like Merrill and Citi were forced to hold billions of dollars of the AAA paper on their books.

The assets, a product of the accounting principles applied by US tax authorities to companies, are crucial to Citi's financial health.

Nevertheless, Citi has been under close regulatory scrutiny and is operating under tighter controls than most other banks.

But investors are certainly owed a compelling argument for why Citi can achieve far more than it has done.

Citi is much less exposed to its home market than is its arch-rival, Bank of America (BofA).

Citi's argument was accepted by the US Securities and Exchange Commission, potentially paving the way for other banks to follow suit.

But outsiders get limited segment balance-sheet data for Citi's Securities and Banking segment, which includes investment-bank activities.

Citi denies the claim, and questions why it has taken so long for Mr Hands to bring his case.

Citi had hoped to keep its prize assets as it whittled down its separately housed "legacy" businesses.

Citi's problem is not that it exists but that it does not work well enough.

"Asian managers are going to take on the world, " said David Russell, Citi's head of Securities and Fund Services in Asia Pacific.

But why would Citi (C) agree to such a payment and reforms if they didn't violate regulations?

Citi is looking to revive its barely profitable domestic network by focusing on the wealthy in a dozen or so big cities.

And Citi calls it "unusual" in a general up market for emerging markets to underperform developed markets.

Forthcoming changes to credit card rules could cost Citi up to $600m this year, Mr Gerspach said.

Nevertheless, the Treasury is not expected to move quickly to offload big chunks of Citi shares.

Citi fell $1. 83, or 4. 9 percent, to $35. 90 and was the steepest decliner among the 30 stocks that make up the Dow industrials.

Citi's usage of these programs was appropriate at the time.

Overall, Citi predicts that about 75 million tablets will ship in 2013, and that Microsoft will have "meaningful share" of those.

Citi reported net income of $3. 8bn for the three months to the end of September, 74 per cent higher than the same period a year ago.

However, contrary to the Wall Street Journal report today, there has been no breach of Citi's systems.

MUFG also cancelled its plan to acquire Nikko-Citi Trust & Banking after failing in its bid for Nikko Cordial.

That would significantly increase Citi's share count, diluting the value of its shares.

Both the price and the terms of the deals at Citi and Merrill are still being negotiated.

about the bold steps we are taking at Citi to be the premier, global, fully integrated financial services firm.

With more software developers than Microsoft, Citi has plenty of cost-cutting scope in technology, too.

Citi and other big banks wisely chose not to follow the lead of Bank of America (BAC) in imposing fees for using debit cards.

The Magnetar controversy centres on how it financed its bet against the triple-A tranches of CDOs that Citi trusted.

Citi's shares are about a tenth of that price.

Citi plans to use the gains to repair its battered balance sheet and boost results in the first quarter of this year.

"We fully intend to defend our position vigorously, " said Citi of the suit filed in Singapore's high court last week.

A deal would have been structured as a Citi takeover of Goldman.

Tellingly, BofA is now seen as being more at risk of default than Citi (see chart).

Boehringer Ingelheim, a drug company, and Citi, a bank, have introduced short-term job placements to encourage women to travel.

Adia is among several sovereign-wealth funds that helped rescue Citi after it turned to outside investors to replenish capital.

According to the marketing, Citi maybe will be forced to follow some of western bank, financing by selling stakes in Chinese banks.

The big question is whether Citi, which has already raised $75 billion in equity, a third of it from the government, will need more.

Citi has strong links with China's state-owned enterprises and has secured a number of mandates to advise on big IPOs.

In a statement, the prince said Citi's shares were "dramatically undervalued" .

With operations in more than 100 ries around the world, Citi is one of the most global foreign banks in China.

Conglomerates' net debt to market capitalization is at an all-time average low of 11%, according to Citi Investment Research.

Citi and its clients have teamed up with Temasek on a Chinese property deal.

As a result, they pressed for the right to change the terms of their investments if Citi later raised more capital on better terms.

Citigroup Inc. (branded Citi), is a major American financial services company based in New York, NY.

Mr Prince wants to make Citi one cohesive company, rather than a jumbled group amassed under a single canopy.

"Citi is America, " the head of one sovereign fund in the region said at the time. "We must learn to move as quickly as Adia. "

Citi's credit default swaps have a market implied rating of "Baa2, " or seven notches below the bank's current "Aa1" rating.

With hundreds of millions of dollars in Citi shares, even after this year's slump in the stock price, Mr Weill has more at stake than most.

With extreme condition for any capital raising, I believe Citi faces liquidity challenges near term.

Above all, Citi's collapse showed the dangers of leaving huge quantities of toxic assets to fester on banks' balance-sheets.

Mr Haven's package, revealed in a regulatory filing, was mostly comprised of Citi's shares.

In November, Vikram Pandit, Citi's chief executive, declared his "love" for Smith Barney, Citi's stockbroking arm.

Both the KIA and the Government Investment Corporation of Singapore put money into Citi in January 2008, and were able to make profits.

Malinda Dee, a customer relations manager, was arrested last week after Citi uncovered alleged illegal transactions of about $2m.

According to Citi Investment Research, 'many were surprised by the existence and size of the quota. '

Copper strength further driven by dollar weakness . DXY, as Citi news triggered risk trade - traders.

The Treasury has yet to offer an opinion on the plan, which would boost Citi's capital cushion but hit common shareholders.

A draft of the rule was leaked last week and Pandit said Citi's army of legal minds was still parsing it.

Citi will begin a conversion of preferred shares into common stock held by the US government and other shareholders this week.

As for the retail bank, which includes Citi's cards business, this "looks better the further you go from New York, " says a board member.

The US government also guaranteed $306bn of Citi's domestic assets, including commercial and residential mortgages.

Citi revealed the hacker attack, which it detected a month ago, to the Financial Times after the paper made inquiries.

Even so, Citi's shift in direction may signal that policymakers are looking again at the idea of bad banks.

Clandestine Marriage is a transcription and variations on the tune of the Irish folk song Citi na gcumann (Kitty My Dear).

Despite Pandit's efforts to remake Citi's culture, the firm remains heavily involved in trading of various kinds.

As of June 7, China funds have had a net inflow of $1. 6 billion since April, according to Citi Investment Research & Analysis.

Citi had virtually no asset growth to speak of and average loans and deposits declined.

In light of this, Citi's top team looks thin.

The market has been on hold since the rescue package for Citi in November.

Citi needed to raise capital before it announced results in mid- January or its share price would collapse.

Wells is in better shape than Citi or BofA, but it isn't repaying TARP yet.

"Money creation remains quite sluggish, " said Citi economist Shuang Ding.

Asked about Citigroup's stock price dipping below $1 a share, a senior executive glibly responded: 'Maybe the Citi finally sleeps.

By the time the Chinese were talking to Citi, the Blackstone investment had nearly halved in value.

Before the crisis, Citi wooed its premium clients with invitation-only concerts and parties at Moscow's hottest nightspots .

As it is customary, Citi is expected neither to admit nor deny Finra's allegations.

Already in second-quarter results, Citi beat expectations with a 24 per cent rise in profits, compared with 3 per cent at HSBC.

Citi has become a lightning rod for market fears about the US banking sector as a whole.

Late Tuesday, Citi said it would 'vigorously' defend itself.

However, Citi's situation is further complicated by the US government stake.

Sir Win Bischoff, Citi chairman, who has also come under internal fire, says those fears are unfounded.

Suddenly Citi dropped universal default and JPMorgan Chase ended two-cycle billing.

The shareholders at Lehman, Citi, Merrill Lynch and UBS, who've just ponied up rescue capital will demand it.

Citi is the latest Wall Street bank to rethink its bonus system in the wake of the credit crunch.

'Expect political pressure on Citi, ' said Mr. Kopp, a former Citigroup executive.

"The CDS market is very dysfunctional, " said Mark Schofield, global head of interest rate strategy at Citi.

But Feinberg left a potential restricted stock compensation element of $2. 9 million to Citi's discretion and his stipulations.

The Citi hackers are apparently pure criminals, motivated by financial gain.

"It is hard for single country providers to invest like that, " says David Russell, Asia head of Citi's securities and fund services.

At Citi, securities and banking revenues were up by a half versus last quarter, but were down 19 per cent year-on-year.

"Citi is not spending to improve its infrastructure as much as in the past, " concludes Mayo.

A large prime broker said Tuesday that a client borrowed five million Citi shares at an annualized interest rate of 120% to go short.

The foreign ministry was highly supportive and offered to move its accounts to Citi.

Using Citi's current share price, the government is thought to be sitting on a paper profit of around $10 billion.

The practice has long been criticised by rivals and Citi bankers for confusing clients.

"Monetary policy usually has six to nine months of lag, " says Ding Shuang, an economist at Citi.

A change to Citi's compensation structure could face internal resistance .

"We clearly would be as aggressive as Citi. "

It's building banks in emerging markets, where Citi earns more than half its bottom line.

And it sat snugly with Citi's universal-bank model, endorsed by Mr Pandit just weeks ago, of offering a full array of services to customers.

"We find Citi shares could reach $10, " Mr. O'Connor wrote in a recent report to investors.

A Citi spokeswoman said Mr. Pandit's measure of profits was net income, according to generally accepted accounting principles.

The jury ruled in favour of Citi, leaving Mr Hands to renegotiate debt payments or lose the label.

Representatives from Wells, Bank of America and Citi declined to comment.

Granted, job cuts will reduce Citi's cost base, eventually boosting earnings.

Citi's official filings don't mention S. Larson at all.

The launch of Citi's offer will come as a relief to several hedge funds.

This would give Citi a stake in Nikko's branch network and well run asset-management business.

Travelers in 2004 merged with Minnesota-based insurer St Paul, which Mr Fishman had left Citi to run in October 2001.

For Citi, at least, this is a mathematical game.

Controlling Nikko might mark a new start for a new Citi.

Michael Zink, Citi's Singapore head, keeps a copy of thead near his desk as he oversees 9, 400 workers and counting.

Another 110 are proposed and expected to be completed in 15 years, according to a Citi report.

Citi has added eight new directors and replaced its finance chief in recent months.

Adia's holding in Citi is in "equity units" currently paying 11 per cent annual income.

Michael Klein is chairman and co-chief executive of Citi Markets & Banking.

In Citi's case, much will depend on the mechanics of the intervention.

Citi's shares have lost nearly three-quarters of their value over the past year.

It was closed down by Citi earlier this year after poor results.

The specter of Citi's problem asset levels . . . could continue to hinder investor confidence in the story, ' Mr. Trone wrote to clients.