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Citigroup Bans Zoom for Workers, but Only on Fridays

For one day a week, employees won't have to take part in Zoom meetings

(Newser) - Does the thought of yet another videoconference with colleagues make you want to stick a Post-it over your laptop camera? One global company hears that and is taking measures. "After listening to colleagues around the world, it became apparent we need to combat the 'Zoom fatigue' that many...

Citibank Can't Recover $500M Sent in Error

Judge rules against financial giant

(Newser) - Citibank says it will appeal a federal judge’s Tuesday ruling that it is not entitled to recover about $500 million that it mistakenly wired to creditors on behalf of Revlon, CNN reports. Citibank, acting as Revlon’s loan agent, intended to send interest payments totaling about $8 million to...

Here Are the 10 Most Powerful Women in Business

Accenture CEO Julie Sweet tops 'Fortune' list

(Newser) - For nearly a quarter of a century, Fortune has published a list of the most powerful women in the business world, but this year the magazine notes it hasn't been "business as usual." Obviously, that's because of the pandemic and the effects it's had upon...

For First Time, a Woman Will Lead Major US Bank

Jane Fraser is taking over at Citigroup

(Newser) - Citigroup's Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael Corbat in February. The New York bank announced the succession Thursday, per the AP and the Wall Street Journal . Fraser, 53, is currently head of Citi's global consumer...

5 Banks Fined $3.4B for Market Manipulation

Foreign exchange probe involves Citibank, JPMorgan Chase, HSBC

(Newser) - US, British, and Swiss regulators have fined five global banks for attempting to manipulate foreign exchange markets—the latest penalties for an industry previously criticized for rigging interest rates and for its role in triggering the global financial crisis. Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank, and...

'Tour de Fraud' Earns Bank Record Fine

BNP Paribas fined almost $9B for bypassing sanctions

(Newser) - Federal prosecutors at last made good on their promise to get a guilty plea out of a major bank yesterday, as BNP Paribas agreed to a record fine of almost $9 billion for violating US sanctions. The bank, the biggest in France, "perpetrated what was truly a Tour de...

Really? A Failed Citibanker for Treasury Secretary?

The Wall Street Journal isn't impressed by Jack Lew

(Newser) - Few Wall Street denizens were laughing during the 2008 financial crisis, but if someone had said the head of Citigroup's Alternative Investments unit would be Treasury Secretary in five years "the line would have brought the house down," a Wall Street Journal editorial quips today. Jack Lew'...

Citigroup: We're Cutting 11K Jobs

Bank says move will save $900M in 2013

(Newser) - Citigroup says it will eliminate more than 11,000 jobs in an effort to cut expenses and improve efficiency. The cuts will result in about $1 billion in charges in the fourth quarter and about $100 million in charges during the first half of next year, the company said today....

Sandy Already Costing Billions: Everything's Closed

Plus: banks, newspapers temporarily waive fees

(Newser) - Hurricane Sandy is already making a serious dent in the US economy: All kinds of businesses in its path have closed. "Business interruption is the biggest impact, at least until we see what happens in terms of property damage," which could cost some $15 billion, says an analyst....

Cops: Suspects Get $1M From Casino Kiosks in Scam

Withdrew bank accounts over and over, in 60 seconds

(Newser) - The scheme wasn't exactly Oceans 11-like in complexity, but authorities say 14 people robbed a total of $1 million from casino kiosks thanks to a bank loophole, reports NBC News . Authorities say the suspects would open accounts at Citibank, then go to casinos in California and Nevada and withdraw...

Report: Pandit Clashed With Citi Board

Employees reportedly shocked over his departure

(Newser) - Vikram Pandit's sudden Citigroup exit this morning came following "a clash" with the bank's board over "strategy and operating performance," the Wall Street Journal reports, based on an anonymous source. The departure blindsided Citi employees, many of whom found out via media reports. "There'...

Citi Cutting 4,500 Jobs
 Citi Cutting 4,500 Jobs 

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...

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...

Ex-Citigroup VP Charged With Embezzling $19.2M

He allegedly stole more than $19M

(Newser) - Former Citigroup vice president Gary Foster has been charged with embezzling more than $19 million from the company. Foster, 35, was nabbed yesterday at JFK airport in New York, after arriving on a flight from Bangkok, Reuters reports. Prosecutors say that between May 2009 and December 2010, Foster funneled the...

Hackers Grabbed Data on 360K Citibank Customers

Citi originally said 1% of 21M customers were affected

(Newser) - Citibank has finally 'fessed up that hackers managed to grab account data on a whopping 360,083 US credit card customers. That's nearly double what the company initially revealed when it said 1% were affected, which equals about 210,000 customers based on its 2010 annual report, reports...

Hackers Had Little Trouble in Citigroup Breach

And things are probably only going to get worse

(Newser) - News that hackers busted through Citigroup's online defenses and stole information on 200,000 customers is bad enough. The New York Times makes it worse with two additional points: The hack itself was relatively easy, and we should expect a lot more similar attacks in the near future. “...

Big Citi Hack Reveals Ugly Truth About Banks

Firms not investing enough on protecting customers, analysts say

(Newser) - The massive data breach at Citigroup has alarmed customers, angered lawmakers, and sparked debate on whether big banks are spending enough money on protecting their customers' information, the New York Times finds. Credit card companies have devoted their resources to preventing fraud from occurring when data is stolen and not...

Citibank Reveals Massive Data Breach

Info on hundreds of thousands of customers breached

(Newser) - Hackers breached Citibank's systems early last month and may have made off with the personal data of hundreds of thousands of customers, the bank has revealed. The data breach—which Citi admitted after being questioned by the Financial Times —exposed customers' names, account numbers, and contact information. But...

Google, Citibank Throwing $110M Into Wind

Marks a major corporate investment into green energy

(Newser) - Google and Citibank are each throwing $55 million to the wind in California. The Mountain-View-based search giant is partnering with Citibank to help finance the Alta Wind Energy Center wind farm in the Tehachapi Mountains. The Kern County wind farm will generate 1.5 gigawatts of electricity, enough to power...

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