Citigroup

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Top US Banks Hit By Middle East Hackers

Group claiming credit blames anti-Islam video

(Newser) - Customers of Wells Fargo, JPMorgan, Bank of America, and other institutions briefly lost access to their online accounts amid an attack by a Middle East-based hacker group—even after the group warned banks of the impending attack, the Los Angeles Times reports. Account information wasn't compromised, the banks say,...

26 Big Firms Paid More to CEOs Than to US in Taxes
26 Big Firms Paid More to CEOs Than to US in Taxes
study says
Aug 16, 2012 7:54 AM CDT

26 Big Firms Paid More to CEOs Than to US in Taxes

New study blasts corporate tax code

(Newser) - A new study that might set your blood boiling finds that 26 large US companies, each of which generated an average of more than $1 billion in net income last year, paid more to their CEOs than they paid to the federal government in taxes last year. The CEOs received...

Banker Uses Where's Waldo Defense at Trial

Lawyer shows picture from book in court, and it works

(Newser) - Before the jury began its deliberations yesterday in the fraud trial of ex-Citigroup banker Brian Stoker, it heard a decidedly colorful argument from his lawyer. "Most of the trial had nothing to with Brian Stoker," John Keker said in his closing, saying it reminded him of the Where'...

Traders Allegedly Monkeyed With Libor, Too

Arrests may be imminent in vast rigging scandal

(Newser) - Looks like Barclays wasn't the only one gaming the Libor system. Investigators are looking into an alleged conspiracy in which traders around the world worked together to rig Libor to boost their personal profits, the Wall Street Journal reports. Several different groups were allegedly working to rig the rate...

Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment...

Moody's Slams BofA, Citigroup With Downgrades

JPMorgan and Goldman Sachs also walloped by rating agency

(Newser) - Moody's warned that the ax was coming , and today it came. The credit rating agency downgraded 15 major financial firms today in a move that is sure to hurt their bottom lines and rattle markets, the New York Times reports. Moody's knocked Credit Suisse down by three levels,...

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial...

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few...

Most Big Banks Pass Stress Test; 4 Fail

Citigroup, SunTrust among those that failed

(Newser) - The Federal Reserve released the results of its latest round of stress tests at the nation's biggest banks, and they're generally being received as good news. Fifteen of the 19 banks passed, which is what outlets such as the Wall Street Journal and Washington Post are highlighting in...

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

(Newser) - Moody's isn't feeling great about the health of the financial industry right now. The rating agency put a host of banks under review for possible downgrade today, including US giants Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley, the Wall Street Journal reports. It said the...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Ex Citigroup CEO Selling Yacht for $69.5M

The Sandy Weill sell-off continues

(Newser) - After selling his Manhattan penthouse to a 22-year-old Russian heiress for $88 million , former Citigroup chief Sandy Weill is trying to offload his yacht as well. The 200-foot super yacht April Fool, which Weill rarely used in the five years since he bought it new, is being offered for a...

Citi Cutting 4,500 Jobs
 Citi Cutting 4,500 Jobs 
Dec 7, 2011 12:43 AM CST

Citi Cutting 4,500 Jobs

Bank faces 'extremely challenging' conditions, CEO says

(Newser) - Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes...

Massachusetts Sues Big Banks Over Mortgage Fraud

Says it will not sign onto any lenient robosigning settlement

(Newser) - Massachusetts Attorney General Martha Coakley—best remembered for her failed campaign against Scott Brown —has filed a lawsuit against Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial over alleged mortgage fraud offenses, including the “robo-signing” scandal. The suit also names MERSCORP which produces an electronic...

S&P Downgrades Credit Ratings of Top US Banks

Standard & Poor's applies new criteria to banks around the world

(Newser) - Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan...

Judge Bars Citigroup Settlement With Feds

Orders trial over toxic mortgage debt sale

(Newser) - A federal judge has halted Citigroup’s proposed $285 million settlement with regulators, calling it “neither reasonable, nor fair, nor adequate, nor in the public interest.” In New York City, Judge Jed Rakoff has ordered a trial over SEC accusations that Citigroup sold toxic mortgage debt it had...

Citi Goes Wild With Credit Card Offers

Have they sent you one yet?

(Newser) - Citigroup is moving aggressively to expand its credit card business, hoping to capitalize on rivals who are toning down their efforts in the area. The bank sent out a whopping 346 million card offers to North American customers in the third quarter alone—which, the Wall Street Journal observes, is...

Geithner Blew Off Obama's Order to Dissolve Citigroup

New book says Obama's team routinely undermined him

(Newser) - In March 2009, in the throes of the financial crisis, Barack Obama told Tim Geithner to focus on a proposal to dissolve Citigroup—but the Treasury Secretary ignored him and never developed a plan, according to former Wall Street Journal reporter Ron Suskind’s new book Confidence Men. In the...

States Offer Banks Immunity From Mortgage Lawsuits

In exchange for up to $25B payoff

(Newser) - State prosecutors are offering big banks an expensive Get Out of Lawsuits Free card. Prosecutors have offered a variety of banks caught up in the “robosigning” scandal immunity from some litigation in exchange for a total of $10 billion to $25 billion in penalties, the Financial Times reports. Some...

Citigroup Posts Profit for 6th Straight Quarter

Losses from bad loans declines

(Newser) - Citigroup turned a profit for the sixth straight quarter as losses from failed loans declined. Losses from bad loans fell 35% during the quarter to $5.4 billion, which allowed the bank to release $2 billion from its loan loss reserves and count it as income, the New York bank...

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