FIRSTPOST YOUSPEAK
Sunday, May 19th 06:31 AM IST
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Citigroup GALLERY.
Saudi Prince Alwaleed bin Talal speaks during an interview with Reuters at his offices in Kingdom Tower in Riyadh, May 6, 2013. A potential split-up of the operations of U.S. bank Citigroup Inc is now Saudi Prince Alwaleed bin Talal spe
Willem Buiter (L), chief economist at Citigroup, takes part in a panel discussion titled Willem Buiter (L), chief economist
Citigroup CEO Michael Corbat and his wife Donna arrive at a Thomson Reuters reception prior to the White House Correspondents' Association Gala, in Washington, April 27, 2013. Citigroup CEO Michael Corbat and hi
Protesters gather outside the Citigroup Inc. shareholders meeting in New York, April 24, 2013. Citigroup Inc. CEO Mike Corbat, speaking at a company annual meeting in New York, says he sees no 'quick' and 'sensible' resolution of the remaining 'Holdings' portfolio. Protesters gather outside the Citig
NEW YORK, NY - APRIL 11: Daniel Williams and North America Head, Citigroup Alternative Investment Services Roderick A. Hardamon attend the launch party for Hardamon's new book 'Trying To Get There: Navigating Your Success' at Soho House on April 11, 2013 in New York City. NEW YORK, NY - APRIL 11: Daniel Wi
NEW YORK, NY - APRIL 11: (L-R) North America Head, Citigroup Alternative Investment Services Roderick A. Hardamon, Executive Director, Morgan Stanley Shereese Clarke Soares and Karim Ramos attend the launch party for Hardamon's new book 'Trying To Get There: Navigating Your Success' at Soho House on April 11, 2013 in New York City. NEW YORK, NY - APRIL 11: (L-R) Nor
NEW YORK, NY - APRIL 11: Author/director and co-head of mergers and aquisitions for Citigroup Roderick A. Hardamon attends the launch party for his new book 'Trying To Get There: Navigating Your Success' at Soho House on April 11, 2013 in New York City. NEW YORK, NY - APRIL 11: Author/di
IMAGE DISTRIBUTED FOR CITI - Michael Corbat, center, CEO, Citigroup Inc., and Cece Stewart, President, US Consumer and Commercial Banking, cut the ribbon at Citibank's newest branch on Wednesday, April 10, 2013 in Washington. Citibank's branch network spans approximately 4,000 worldwide. IMAGE DISTRIBUTED FOR CITI - Michae
IMAGE DISTRIBUTED FOR CITI - Michael Corbat, CEO, Citigroup Inc., speaks at a Citibank Branch Ribbon Cutting on Wednesday, April 10, 2013 in Washington. Citibank's branch network spans approximately 4,000 worldwide. IMAGE DISTRIBUTED FOR CITI - Michae
Michael L. Corbat, president of the Citigroup, arrives at the Planalto Palace before a meeting with Brazil's President Dilma Rousseff in Brasilia April 9, 2013. Michael L. Corbat, president of the
strongNew York:/strong Citigroup has agreed to pay $730 million to settle a class-action lawsuit that claimed investors were misled by the bank's disclosures when they purchased its debt and preferred stock. The investors' purchases were made from May 11, 2006 through November 28, 2008. Citigroup denied the allegations and said in a statement late Monday that it has agreed to the settlement so it could get rid of further expenses and uncertainties that come along with drawn out litigation. [caption id=attachment_667519 align=alignleft width=380 strongNew York:/strong Citigroup ha
A boy takes the escalators at Comuna 13 neighbourhood, one of the poorest and most violent areas of the northeastern Colombian city of Medellin, Antioquia department, Colombia on March 1, 2013. Medellin, which competed with New York and Tel Aviv, was chosen by popular vote through the internet, as the “Innovative City of the Year” during the City of the Year contest, organized by The Wall Street Journal and Citigroup. The distinction was basically made for its modern transportation system, its public library, escalators built in a shantytown and schools that have allowed the integration of society. A boy takes the escalators at Comun
strongNew Delhi:/strong Citigroup has lowered India's economic growth forecast to 5.7 percent, from 6.2 percent earlier, for the next financial year and said continued action from all policy makers is needed to reverse the decline. Taking into account the 5 percent GDP estimate for FY13 and revisions to past data, we are revising our FY14 GDP estimate down to 5.7 percent from 6.2 percent, Citigroup said in a research note. [caption id=attachment_619933 align=alignleft width=380 strongNew Delhi:/strong Citigroup h
People wait outside the building during a security check at a Citibank branch in Islamabad, Pakistan after a bomb threat in this March 21 2000 file photograph. But the threat by a telephone caller, that a bomb had been planted to explode inside the American bank, proved to be a hoax. Citigroup Inc is looking at scaling back its consumer business from more countries in an effort to lower costs and boost profits, according to people familiar with the matter. In December, the bank said it was withdrawing from consumer banking in five countries - Pakistan, Paraguay, Romania, Turkey and Uruguay - as part of an expense reduction plan that will save $1.1 billion a year and eliminate 11,000 jobs. People wait outside the building du
Customers wait at an ATM at a Citibank branch in New York, in this October 16, 2012 file photo. Citigroup Inc is looking to pull out of consumer banking in more countries in an effort to lower costs and boost profits, according to two people familiar with the matter. Customers wait at an ATM at a Citib
Citigroup's chief executive officer, Michael Corbat is shown in this undated handout photo provided by Citigroup January 17, 2013. Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in the first financial report under Corbat, who cautioned that the bank needs more time to deal with the problems it faces. Citigroup's chief executive officer
strongMumbai:/strong Axis Bank has picked JPMorgan Chase and Citigroup for a share sale to raise up to $1 billion, three sources with direct knowledge of the deal said on Wednesday. Axis Bank's share offering to institutional investors is likely to be launched in two to three weeks depending on market conditions, two of the sources said, declining to be named as the details of the deal are not public yet. [caption id=attachment_590846 align=alignleft width=380 strongMumbai:/strong Axis Bank has
Larsen & Toubro shares were down 1.7 percent after Citigroup and Barclays downgraded the engineering conglomerate on concerns over order cancellations and weak investment cycle. Citi downgraded L&T to 'neutral' from 'buy' and cut its target price to Rs 1,732 from Rs 1,855 , citing cancellations in the second quarter of fiscal 2013, slow-moving orders, as well as weaker domestic economic growth. [caption id=attachment_580849 align=alignleft width=380 Larsen & Toubro shares were dow
strongMumbai:/strong The government shortlisted six banks, including Goldman Sachs, Citigroup and Morgan Stanley, for a selldown of state shares worth $2.3 billion in power producer NTPC Ltd, three sources with direct knowledge of the sale said. Others shortlisted by the government's department of disinvestment for the NTPC offering are Deutsche Bank and India's SBI Capital Markets and Kotak Mahindra Capital, the sources said on Sunday.[caption id=attachment_579228 align=alignleft width=380 strongMumbai:/strong The government
The company logo of Citigroup is displayed outside Citibank Tower in Hong Kong in this February 23, 2009 file photo. To match ASIA-EQUITYMARKETS/BLOCKS. The company logo of Citigroup is di
Thai Beverage's Chairman Charoen Sirivadhanabhakdi speaks during a news conference at the Singapore Exchange in Singapore, in this May 30, 2006 file picture. Thai beer baron Sirivadhanabhakdi tried and failed to acquire an additional stake of 10 percent in Fraser and Neave Ltd (F&N), piling pressure on him to raise his earlier $7.2 billion takeover bid for the Singapore conglomerate. Talks between companies controlled by Charoen and institutional investors in F&N began late on December 14, 2012 with Citigroup Inc trying to broker a deal, and the negotiations have since broken down, sources with direct knowledge of the transaction told Reuters. Thai Beverage's Chairman Charoen Si
Primus Financial Managing Director, Chairman and Co-Chief Executive Officer Robert Morse speaks during a news conference in Taipei in this October 13, 2009 file photo. Three ex-Citigroup bankers who raised $1 billion to invest in pan-Asia financial services have closed the fund after a string of setbacks and the region's failure to deliver hoped-for bargains in the aftermath of the global financial crisis. Robert Morse, Wing-Fai Ng and Guocang Huan - all with long experience in Asia financial M&A - launched Primus Financial Holdings in Hong Kong in 2009, but found investment opportunities were limited, and their highest-profile deal fell foul of regulators. A spokesperson for Primus Financial Holdings confirmed the fund's closure, but declined further comment. Primus Financial Managing Director,
A man walks past a Citibank sign in San Francisco, California in this April 30, 2008 file photo. Citigroup Inc said on December 5, 2012 it is cutting 11,000 jobs worldwide, delivering the first of what investors expect to be a new series of steps to shrink the bank down to a more manageable and profitable size. The cuts, which amount to about 4 percent of the bank's workforce, carry the fingerprints of Citigroup's Chairman Michael O'Neill. A banking industry veteran, O'Neill, 66, has a history of ruthlessly shedding businesses that are not earning enough money. A man walks past a Citibank sign in
Raindrops are pictured on a signboard of Citibank at its branch in Tokyo in this February 23, 2009 file photo. Citigroup Inc said on December 5, 2012 it is cutting 11,000 jobs worldwide, delivering the first of what investors expect to be a new series of steps to shrink the bank down to a more manageable and profitable size. The cuts, which amount to about 4 percent of the bank's workforce, carry the fingerprints of Citigroup's Chairman Michael O'Neill. A banking industry veteran, O'Neill, 66, has a history of ruthlessly shedding businesses that are not earning enough money. Raindrops are pictured on a signboa
NEW YORK, NY - DECEMBER 05: People walk past a 'Citi' sign outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City. Citigroup Inc. today announced it was laying off 11,000 workers, about 4 percent of its workforce, in a move to slash costs. NEW YORK, NY - DECEMBER 05: People
Traders work at the trading post that handles Citigroup stock on the floor of the New York Stock Exchange in this file photo taken October 16, 2012. Citigroup Inc, which has lagged behind its peers in recovering from the financial crisis, said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses. Traders work at the trading post th
This Wednesday, Dec. 5, 2012 photo, shows a Citi Bank sign in Chicago. Citigroup turned in a strong first quarter, but the sentiment from the bank was more cautious than celebratory. This Wednesday, Dec. 5, 2012 photo,
Citi Bank sign is seen, Wednesday, Dec. 5, 2012 in Chicago. Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi's workforce of 262,000. Citi Bank sign is seen, Wednesday,
Sallie Krawcheck, president of Global Wealth & Investment Management for Bank of America, poses for a portrait in New York in this February 25, 2010, file photograph. Krawcheck has been quietly raising her profile in Washington. For six months the former executive at Bank of America and Citigroup has been meeting with lawmakers on both sides of the aisle, offering her insights on a variety of issues including Sallie Krawcheck, president of Glob
When Citigroup's board of directors was looking for a chief executive in 2007, it called Michael O'Neill, who had turned around Bank of Hawaii Corp a few years before. O'Neill spoke to a Citigroup board member on the telephone, but the board was reluctant to consider O'Neill seriously because he had never run a bank of Citigroup's size or complexity, according to a person familiar with the situation. Five years later, O'Neill, 66, is effectively running Citigroup, which is more than 130 times bigger than Bank of Hawaii was last decade, as measured by assets. He joined the Citigroup board in 2009, became chairman this year and has played an increasingly powerful role, as most vividly shown by his ousting of Vikram Pandit as chief executive in October, after months of tension. O'Neill, who hand-picked new CEO Michael Corbat, has an uphill task ahead of him. Citigroup is groaning under $171 billion of assets it wants to shed, has high expenses, and its profitability lags behind that of such competitors as JPMorgan Chase & Co. And O'Neill faces the same question that kept him from being a contender for the Citigroup CEO spot: while he can fix a smaller bank, can he revamp a behemoth as complicated as Citigroup? It is an awfully complex situation, said current Bank of Hawaii CEO Peter Ho, who worked for O'Neill. He relishes simplicity. O'Neill, who declined to comment for this story through a spokesman, has provided some clues about his plan to turn the bank around. On a conference call with investors the day that Pandit stepped down, he said that he will follow his typical playbook. A dozen people who have worked with O'Neill over the years say that plan usually involves the ruthless pruning of underperforming operations and deciding which ones are worth additional investment. As he evaluates a bank, he delves deeply into details to look for value or risk that others may have missed. His decisions may differ from those of competitors, but he has a strong track record of being right, these people said. For example, when he was at BankAmerica in 1998, he exited a type of mortgage lending that brought heartburn to competitors a few years later. Given Corbat spent three years after the financial crisis helping to dispose of Citigroup's bad assets, he may be a perfect chif executive - and ally - for O'Neill. [caption id=attachment_538660 align=alignleft width=380 When Citigroup's board of directors