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NEWS ABOUT: Citigroup

Most Respected Companies

Apple heads the list, and Citigroup is dead last

(Newser) - Barron's has released its annual list on an admittedly squishy subject—how the world's largest 100 companies rank in terms of "respect." Two American firms showed up in the bottom 10: Bank of America at 93 and Citigroup dead last at 100. Here are the top 10... More »

Banks Get Creative to Dodge Bonus Limits

Favorable loans, options aid bonus-bereft execs

(Newser) - Banks chafing under pay and bonus restrictions are helping execs make ends meet with low-interest loans, no-collateral loans, and even loans that don't need to be paid back unless the employee leaves the firm. Favorable and forgivable loans are nothing new in the industry, but experts say in-house loans have... More »

FBI Probes Massive Hacker Theft at Citi

Bank denies being victim of Russian cyberattack

(Newser) - The FBI is investigating a cyberattack on Citigroup that cost the bank tens of millions of dollars, according to government officials. The theft—which Citi denies ever happened—was aimed at Citigroup's Citibank subsidiary and was carried out by hackers linked to a Russian gang, officials tell the Wall Street ... More »

To Spur Bank Execs to Act, Mess With Their Pay

Compensation limits have prompted swift TARP repayment

(Newser) - A common complaint about the TARP bailouts was that by injecting capital and making the financial environment more friendly, the government wasn't doing enough to push the banks into real reform. Why wouldn't the banks simply live off TARP cash as long as they could? Yet those concerns were unfounded,... More »

House to Probe 'Outrageous' Citi Tax Break

Kucinich calls IRS ruling 'a farce'

(Newser) - Citigroup is receiving an "outrageous" $38 billion tax exemption because the government hasn't got a clue how to juggle its dual roles of shareholder and tax collector, Democratic Rep. Dennis Kucinich charged yesterday. He vowed that his domestic policy subcommittee of the House oversight committee will demand answers from... More »

Treasury Backs Off Plan to Sell Citi Stock

Prices were so low taxpayers would have lost $770M

(Newser) - The Treasury has done an about-face on its plan to unload part of its 34% stake in Citigroup. The reversal comes as investors responded tepidly to the offering of as much as $5 billion in stock, forcing Citigroup to sell at a discounted price of $3.15 a share—10... More »

Citi Wins Massive Tax Break

Firm will use dodged fed taxes to repay fed bailout bucks

(Newser) - The government will be collecting billions of dollars less in taxes from Citigroup as part of Citigroup's deal to pay back federal bailout money. The IRS has granted an exemption from tax rules relating to Citigroup and other companies partially owned by the government. The future taxes being forfeited will... More »

Citigroup to Repay $20B in TARP Loans

Will issue $17B in common stock to meet capital requirements

(Newser) - Citigroup and the US government have reached a deal that will allow the bank to repay $20 billion in TARP loans, after weeks of wrangling over the bank's health. Citi will raise $20.5 billion, $17 billion of it in common stock, the company said in a statement, a sign... More »

Obama Sold Us Out to Wall Street

He pulled a bait-and-switch on America

(Newser) - President Obama's change from man of the people to friend of Wall Street is one of the biggest political turnarounds in history, writes Matt Taibbi. As soon as he was elected, Obama ditched his moderate economic advisers and built an economic team of Wall Street insiders with ties to "... More »

Crooked Giants Dodge SEC Penalties

Agency routinely grants waivers for harshest punishments

(Newser) - Financial giants accused of swindling investors have been successfully dodging the SEC's harshest penalties by arguing that the law shouldn't apply to them. Firms including Citigroup, Bank of America, and AIG have recently sought and received waivers from regulations requiring lawbreakers to close their mutual fund businesses. Waivers have been... More »

Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing... More »

Pay Czar Cuts Bonuses, But Boosts Salaries

Feinberg beefs up base base to help firms retain talent

(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136... More »

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the... More »

Dow Down 41; Tech Rises, Banks Fall

September rally sees slight pullback

(Newser) - Stock indices finished mixed today after the markets reached what most traders saw as a slight pause in a very strong September, the Wall Street Journal reports. Financials led declines: AmEx fell 2.9%, while Bank of America lost 1.8%. Google rose 1.1% after Citigroup analysts boosted their... More »

Dow Up 36 Points; Consumer Stocks Gain

Indices all post solid gains for the week

(Newser) - Stocks posted gains today, closing out a strong week as consumer stocks saw advances, the Wall Street Journal reports. Procter & Gamble gained 3.21% after Citigroup upgraded the firm’s shares to “buy.” Optimism about a recovery in consumer spending drove Starbucks up 3.64%, with PepsiCo... More »

Citigroup Wants to Repay Bailout, Cut Treasury Stake

(Newser) - Citigroup is drawing up a plan to get out from under the government’s thumb, the Wall Street Journal reports. The bank called the Treasury over the weekend to say it was looking for ways to scale back the government’s investment, outlining a plan in which it would raise... More »

Post-Lehman, 'Washington Is the New Wall Street'

Nation's political and financial capitals

(Newser) - For decades, more than just 228 miles separated Wall Street from Washington, as financiers cast a casual eye at government regulators. But a year after Lehman Brothers’ dramatic implosion, the nation’s financial and political capitals are forging a new, closer relationship that has some concerned, David Cho, Steven Mufson,... More »

Dow Climbs 64 as Investors Await Jobs Report

Fear of Sept. stock pullback drives gold to 6-month high

(Newser) - Stocks jumped today on the strength of blue-chip financials after mostly idling. Volume was low as investors waited for the government’s monthly employment report, due tomorrow, the Wall Street Journal reports. AIG and Citigroup rose, while safe-haven buying pushed gold to almost to $1,000 an ounce, a level... More »

Don't Spend Bonus Bucks Yet, Warns 'Clawback' Czar

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money.... More »

US Banks Hiring Again After Layoffs, Bailouts

But headhunting 'selective,' notes banker

(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec.... More »

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