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| Article Title | Sentiment | Date | Summary | Stock | Id | Author |
|---|---|---|---|---|---|---|
| Article Title | Sentiment | Date | ||||
| Citigroup Profit Beats Estimates on Fixed-Income Rebound | -10 | 2016-07-15 00:00:00 | Citigroup Inc.’s second-quarter profit fell 17 percent on lower revenue from consumer banking, beating analysts’ estimates as fixed-income trading rebounded and the firm set aside less money for soured loans. Citi Holdings, the portfolio of unwanted assets tagged for sale, was profitable for the eighth consecutive quarter, booking a $93 million profit. Chief Executive Officer Michael Corbat had predicted a roughly $3.5 billion quarterly profit in early June. From a year earlier, investment-banking revenue slipped 6 percent to $1.22 billion, beating analysts’ estimates for $972 million. Another bright spot for Citigroup was fixed-income trading, where revenue climbed 14 percent to $3.47 billion, beating the $3.14 billion estimate of six analysts surveyed by Bloomberg. | C | {"Dakin Campbell"} | 18 |
| Citi Has Four Reasons Why It Hopes Disney Doesn't Buy Twitter | -10 | 2016-09-28 00:00:00 | Yesterday won't be the first decline for Disney's stockCiti ran the numbers on two scenarios: Disney buys Twitter all in cash or it buys Twitter all in stock. "In the last 15 years, we cannot think of a single web-based property that was successfully acquired by a traditional media firm. Disney can't do much to help TwitterLastly, Citi didn't see many ways for Disney to solve Twitter's problems. Citi lists four reasons they believe buying Twitter is not in Disney's best interest. Either way, Citi believes shares of Disney would see declines as a results of the deal, with drops of $5 or $9, respectively. | C | {"Julie Verhage"} | 65 |
| Citigroup fined $30 million after analyst sent report to SAC, others | -19 | 2013-10-03 17:14:05+00 | In 2011, Goldman Sachs agreed to pay a $10 million fine and stop giving clients trading ideas developed at internal gatherings known as "trading huddles. Galvin's office had filed civil charges against Citi for "failing to supervise", and the $30 million fine is the result of a settlement, he said. The hedge fund said it has done nothing wrong and pleaded not guilty to the charges. SAC, hedge fund Citadel and mutual fund firm T. Rowe Price all sold Apple stock after receiving the information from Chang, a complaint filed by Galvin's office alleges. BOSTON Citigroup Inc will pay a $30 million fine after one of its analysts improperly sent confidential research on an Apple supplier to big clients including Steven A. Cohen's hedge fund SAC Capital Advisors, a securities regulator said on Thursday. | C | {"Svea Herbst-bayliss"} | 114 |
| Finra Fines Citigroup Over Acts by Analysts | -18 | 2014-11-24 00:00:00 | Citigroup issued roughly 100 internal warnings concerning communications by its equity research analysts from January 2005 to February 2014, according to Finra. In one example cited by Finra, Citigroup hosted so-called idea dinners for institutional clients at which some of the bank’s equity research analysts discussed stock tips that differed from their published research. Although those activities violated Finra rules, Citigroup at the time did not expressly prohibit equity research analysts from assisting issuers in the preparation of road show presentation materials. On Monday, the Financial Industry Regulatory Authority, or Finra, fined Citigroup $15 million for failing to adequately supervise its research analysts’ interactions with the bank’s clients. Under the court settlement, analysts were barred from communicating with bankers unless accompanied by a compliance officer. | C | {"Michael Corkery"} | 115 |
| Citigroup unit probed by more authorities over money laundering | -13 | 2015-02-25 23:42:09+00 | NEW YORK Citigroup Inc said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit. Banamex USA is an affiliate of Mexico City-based Banamex, which Citigroup bought in 2001 and which operates a few branches in the United States. Citigroup said in January it was recording $2.9 billion in expenses in the fourth quarter to bolster its legal reserves. The filing on Wednesday also showed that Citigroup has reduced its estimate of possible unreserved legal costs to $4 billion from $5 billion at the end of September. Banamex is the second-largest bank in Mexico and was once seen as a model of Citigroup's strategy of capitalizing on growth in emerging markets. | C | {"Reuters Editorial"} | 154 |
| Citigroup consumer banking head Medina-Mora to retire | -26 | 2015-02-20 23:28:04+00 | Medina-Mora, who heads global consumer banking at Citigroup, was expected to retire before his 65th birthday in August, people familiar with the matter said. He was promoted to head its Latin American region in 2004 and to lead Citigroup's global consumer banking business in 2010, remaining as Banamex chairman. During Medina-Mora's tenure as head of global consumer banking, the unit's income from continuing operations rose 49 percent to $6.9 billion from $4.7 billion. In a bank memo to its employees, Citigroup CEO Corbat credited Medina-Mora with turning a scattershot global consumer operation into a unified, cohesive business. Medina-Mora spent most of his decades-long banking career in Mexico, and was known as "Mr. Mexico" in Citigroup. | C | {"Lauren Tara Lacapra","David Henry"} | 156 |
| CORRECTED-UPDATE 4-Citigroup consumer banking head Medina-Mora to retire | -26 | 2015-02-20 23:26:35+00 | Medina-Mora, who heads global consumer banking at Citigroup, was expected to retire before his 65th birthday in August, people familiar with the matter said. He was promoted to head its Latin American region in 2004 and to lead Citigroup's global consumer banking business in 2010, remaining as Banamex chairman. During Medina-Mora's tenure as head of global consumer banking, the unit's income from continuing operations rose 49 percent to $6.9 billion from $4.7 billion. In a bank memo to its employees, Citigroup CEO Corbat credited Medina-Mora with turning a scattershot global consumer operation into a unified, cohesive business. Medina-Mora spent most of his decades-long banking career in Mexico, and was known as "Mr. Mexico" in Citigroup. | C | {"Reuters Editorial"} | 157 |
| Citibank reaches pact with NY AG on ChexSystems data - WSJ | -10 | 2015-01-28 06:52:28+00 | (on.wsj.com/15MD9ys)The new rules, scheduled to begin March 15, will change how Citibank uses information from ChexSystems, a database that provides data on how consumers handle deposit accounts at banks. Last June, Capital One Financial Corp had agreed to fundamentally change the way it uses ChexSystems to restrict only customers who land in the database for fraud. A consumer's ChexSystems report typically contains banking irregularities such as check overdrafts, unsatisfied balances, depositing fraudulent checks, or suspicious account handling. Representatives at Citigroup and the New York Attorney General could not be reached for comment outside regular U.S. business hours. Schneiderman's office said the requirements previously in place often hurt low-income applicants and forced them to turn to high-cost alternative financial services, the newspaper reported. | C | {"Reuters Editorial"} | 220 |
| Citibank reaches pact with NY AG on ChexSystems data: WSJ | -10 | 2015-01-28 07:06:07+00 | (on.wsj.com/15MD9ys)The new rules, scheduled to begin March 15, will change how Citibank uses information from ChexSystems, a database that provides data on how consumers handle deposit accounts at banks. Last June, Capital One Financial Corp had agreed to fundamentally change the way it uses ChexSystems to restrict only customers who land in the database for fraud. Representatives at Citigroup and the New York Attorney General could not be reached for comment outside regular U.S. business hours. A consumer's ChexSystems report typically contains banking irregularities such as check overdrafts, unsatisfied balances, depositing fraudulent checks, or suspicious account handling. The Citibank logo is pictured at its Nicaragua headquarters in Managua October 16, 2014. | C | {"Reuters Editorial"} | 221 |
| UPDATE 1-U.S. judge not ready to rule on Argentine bond payments via Citigroup | -14 | 2015-03-03 22:15:15+00 | Edward Friedman, counsel for holdout bond investors, said the debt in question was offered not just to Argentine investors. "Legal counsel for Citibank, Karen Wagner of Davis, Polk & Wardwell told U.S. District Judge Thomas Griesa that the injunction would put Citibank at risk of breaking Argentine law. U.S. District Judge Thomas Griesa told the lawyers for Citigroup and holdout investors in a hearing in New York that he would not issue a decision on Tuesday afternoon. While the injunction has been in place, Griesa has since last year allowed Citigroup to process three interest payments while holding off on a final determination on whether it can always do so. (Adds comment, background)By Nick BrownNEW YORK, March 3 A U.S. judge on Tuesday said he would not yet rule on whether Citigroup Inc can process interest payments by Argentina on bonds issued under its local laws following the country's 2002 default. | C | {"Reuters Editorial"} | 311 |
| Citigroup sells stake in Turkey's Akbank for $1.2 billion | -10 | 2015-03-05 13:50:49+00 | REUTERS/Brendan McDermid/FilesISTANBUL Citigroup (C.N) has sold its nearly 10 percent stake in Turkey's Akbank (AKBNK.IS) for $1.2 billion, the U.S. lender said on Thursday, its latest disposal of overseas assets to cut costs and boost capital. Citi, which had been the second-largest shareholder in Akbank, said the sale would not have a material impact on its finances. Akbank is Turkey's fourth-largest listed lender by assets. A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Shares of Akbank were down 4 percent at 1320 GMT, making it the fifth-worst performer on Istanbul's BIST 100 index .XU100. | C | {"David Dolan"} | 320 |
| Citigroup Fined $30 Million for Leaking Apple Research to Funds | -7 | 2013-10-03 00:00:00 | Citigroup Inc. was fined $30 million by Massachusetts after an analyst at the bank’s global markets unit gave institutional clients confidential information on an Apple Inc. supplier ahead of other investors. The bank last year paid Massachusetts a $2 million fine to settle a complaint that a junior analyst improperly disclosed confidential information ahead of Facebook Inc.’s 2012 initial public offering. The Associated Press reported today that he was fired by New York-based Citigroup, without saying where it got the information. Chang e-mailed his research describing “significant cuts in Apple iPhone production numbers” to clients on Dec. 13, 2012, a day before it was published, the securities regulator said. Sophia Stewart, a Citigroup spokeswoman, confirmed that Chang is no longer with the company and said the bank is pleased the matter’s resolved. | C | {"Fanni Koszeg"} | 381 |
| Citigroup Fined $1.85 Million by Finra for Trading Lapses | -14 | 2014-08-26 00:00:00 | In July, Citigroup agreed to pay $5 million to settle claims that it failed to protect customers’ confidential trading data, the Securities and Exchange Commission said. ‘Disturbing’ FindingsCitigroup’s systems and procedures were deficient and the bank failed to perform an adequate review of the transactions, according to Finra’s statement. Citigroup’s order execution system, BondsDirect, also failed to locate the best prices in more than 7,200 cases because it only checked the securities’ primary listing exchange, according to Finra. Citigroup also agreed to pay $1.1 million in March to settle Finra claims that the bank improperly bought shares of companies after having bet against the same stock days earlier. It means there continues to be a weak control environment at Citi, which is concerning.”Regulators are investigating accusations of misdeeds at alternative U.S. stock trading platforms, which have won market share from exchanges such as the New York Stock Exchange. | C | {"Dakin Campbell","Elizabeth Dexheimer"} | 382 |
| Citigroup Sued by Salomon, 99, Over Secretary Who Stole | -23 | 2013-05-10 00:00:00 | “There’s no reason to have a personal secretary if you can’t trust her,” Salomon told jurors. She faces as long as 30 years in prison on the bank fraud and wire fraud counts. The case is Salomon v. Citigroup Inc., 651683/2013, New York state Supreme Court, County of New York (Manhattan). They convicted Febles on Jan. 14 of wire fraud, money laundering, and bank fraud. Citigroup Inc. was accused in a lawsuit by William Salomon of supplying the 99-year-old former Wall Street banker and son of the founder of Salomon Brothers with a personal secretary who was later convicted of stealing from him. | C | {"David Voreacos"} | 449 |
| Citigroup, Wells Fargo Profits Decline as Margins Narrow | -7 | 2016-07-15 00:00:00 | Citigroup Inc. and Wells Fargo & Co. are feeling the pinch. “It looks like there’s a lid on U.S. yields for some period of time,” Wells Fargo Chief Financial Officer John Shrewsberry said in an interview on Bloomberg Television. Wells Fargo, the largest U.S. home lender, said net income slid 2.8 percent to $5.6 billion, or $1.01 a share, from a year earlier. Both lenders’ net interest margin narrowed in the quarter. PNC, based in Pittsburgh, reported net income dropped 5.3 percent to $989 million, or $1.82 a share. | C | {"Dakin Campbell Laura J Keller","Dakin Campbell","Laura J Keller"} | 19 |
| Mexico's Securities Commission And Attorney-General Start Investigations Of Citigroup And Banamex's Alleged Fraud | -16 | 2014-03-04 10:47:28+00 | Photo: WikiMediaOceonagrafía had already been investigated by the Mexican Attorney General’s Office and the Comisión Nacional Bancaria y de Valores (Mexico’s Bank and Securities Commission, or CNBV). MEXICO CITY – Citigroup Inc. (NYSE:C) is being investigated by U.S. authorities over an alleged fraud by its Mexican unit, Banco Nacional de Mexico, or Banamex. The revision came after Citigroup investigated its transactions with a Mexican oil services company, Oceonagrafía S.A., and found $400 million in potentially fraudulent loans in one of the accounts. The scandal broke less than a year after the U.S. Federal Reserve demanded Citigroup improve its anti-money laundering procedures and related internal audits. The attorney general also confirmed that Pemex will not stop production while the investigation is in progress. | C | {} | 529 |
| Citigroup to Pay $7 Billion in Mortgage Probe | -7 | None | Citigroup will pay $7 billion to settle the U.S. government's accusations that it misled investors about the quality of mortgage securities it sold in the run-up to the financial crisis. On Monday, the bank agreed to pay $7 billion, including a $4 billion civil penalty to the Justice Department, $500 million to the Federal... "We should start praying," the trader wrote in the email. WASHINGTON—As the seeds of the financial crisis were being sown, a Citigroup Inc. trader sent an internal email warning about the poor quality of mortgages the bank was packaging into securities and selling to investors. Saabira Chaudhuri joins MoneyBeat. | C | {"Andrew Grossman","Christina Rexrode","Christina Rexrode Wsj Com","Andrew Grossman Wsj Com"} | 553 |
| Citi, U.S. $7 billion settlement announcement expected Monday | -23 | 2014-07-13 21:41:15+00 | The $13 billion JPMorgan accord was comprised of a $2 billion penalty to the Justice Department, $4 billion in consumer relief, $4 billion to the Federal Housing Finance Agency, and $3 billion to other authorities. Citi then came up with $1 billion in cash and $2 billion in consumer relief, one source said. The Justice Department issued more than a dozen subpoenas to financial institutions in early 2012. The $7 billion has surprised stock analysts and people inside the bank, who expected Citigroup to resolve the investigations for much less. 3 Justice Department official, negotiated for Citi to settle with the states and FDIC for $500 million, rather than $900 million, one source said. | C | {"Aruna Viswanatha","Karen Freifeld"} | 554 |
| Citigroup Earnings Climb 18 Percent in Quarter | -8 | 2015-07-17 00:00:00 | Bank of America, another large bank that had struggled to perform consistently, easily surpassed analysts’ expectations in the second quarter. By comparison, Wells Fargo, a bank known for its expense management, reported an efficiency ratio of 58.5 percent in the second quarter. The better-than-expected earnings were driven partly by cutting expenses and improving credit quality — a formula that has helped buoy the results of other large banks in the second quarter. The second quarter also reflected how Citigroup and other Wall Street firms have finally been able to put most regulatory and litigation challenges from the financial crisis behind them. Across the banking industry, results in the second quarter have been mixed. | C | {"Michael Corkery"} | 582 |
| Ex-Citi Trader Told Career Over Before Winning Suit Against Bank | -30 | 2015-11-18 00:00:00 | While he wasn’t told to share anything confidential, he wasn’t given any guidance on what he could post, Russell said. In a 2009 review, a manager told Stimpson to join chat rooms in order to get better market information. Stimpson was dismissed in 2014 after the bank found evidence he had discussed confidential matters in trader chat rooms. Citigroup Inc. currency trader Perry Stimpson was fired and told his career was over after a “superficial” probe into allegations raised during currency market manipulation investigations, a London judge said. He won his employment lawsuit against the bank even though those conversations were “foolish,” Judge Alison Russell said in a ruling made available Wednesday. | C | {"Kit Chellel"} | 613 |
| Bharara’s Deputy Wall Street Cop Brings CV Pairing Citi, Gotti | -30 | 2015-08-03 00:00:00 | Kim, a graduate of Phillips Exeter Academy, Stanford University and Harvard Law School, joined the prosecutor’s office in 2000. But they show why people who know Kim say he’ll thrive as the top deputy to Manhattan U.S. Attorney Preet Bharara. As a federal prosecutor, he twice failed to win racketeering convictions against the son of the late mob boss John Gotti. Attorneys say Kim’s elevation indicates they plan to push ahead, particularly on issues related to Wall Street. In his earlier stint as a mob prosecutor, he learned how to make difficult cases and to rebound from very public setbacks. | C | {"Patricia Hurtado","Greg Farrell"} | 614 |
| U.S. gave up billions in tax money in deal for Citigroup's bailout repayment | -13 | 2009-12-15 00:00:00 | The Obama administration also is eager to wind down a program that has become one of its largest political liabilities. While the Obama administration has said taxpayers are likely to profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits. The IRS, an arm of the Treasury Department, has changed a number of rules during the financial crisis to reduce the tax burden on financial firms. While the healthiest banks escaped earlier this year, the new round of departures involves banks still facing serious financial problems. President Obama chided bankers at the White House on Monday for not trying hard enough to make small-business loans. | C | {"Binyamin Appelbaum"} | 717 |
| Citigroup to Halt Dividend and Curb Pay | -30 | 2008-11-24 00:00:00 | Under that plan, Citigroup agreed to bear a certain level of Wachovia’s losses, with the federal agency absorbing the rest. It is also similar to an effort orchestrated by Swiss financial regulators for UBS, another big global bank. The preferred shares will pay an 8 percent dividend and will slightly erode the value of shares held by investors. Once the nation’s largest and mightiest financial company, Citigroup lost half its value in the stock market last week. Citigroup executives presented a plan to federal officials on Friday evening after a weeklong plunge in the company’s share price threatened to engulf other big banks. | C | {"Eric Dash"} | 718 |
| Citigroup Leads Bank Stocks Lower as Jobs Report Disappoints | -7 | 2016-06-03 00:00:00 | The 24-company KBW Bank Index declined as much as 3.9 percent. Citigroup Inc. led declines among the largest U.S. banks after a lackluster May employment report prompted concern that the Federal Reserve may delay raising interest rates. Citigroup fell as much as 4.7 percent, the most since February, and Bank of America Corp. slid 4.5 percent. Higher interest rates allow banks to earn larger spreads on the deposits they’ve collected. Fed officials may take into account the hiring data as they consider whether to raise interest rates again during their June 14-15 meeting. | C | {"Jennifer Surane"} | 767 |
| Citigroup Accused of Improperly Avoiding $800 Million in New York State Taxes | -21 | 2015-10-20 00:00:00 | They allowed Citigroup to improperly avoid paying New York State franchise taxes of $800 million, the complaint said, citing securities filings. His claim, originally filed under seal in New York State Supreme Court in 2013, seeks treble damages, or $2.4 billion, under the False Claims Act. The case says that Citigroup used the federal government’s $45 billion taxpayer-funded bailout to improperly reduce its New York State franchise taxes in 2010 and 2011. An economics professor has filed a lawsuit against Citigroup accusing the bank of using an unusual federal tax break during the financial crisis to avoid paying $800 million in New York State taxes. New York levies the annual tax — effectively a general corporate income tax — on businesses registered in or doing business in the state. | C | {"Lynnley Browning"} | 857 |
| Larrain Vial Chairman, Citigroup Accused of Chile Trading Fraud | -17 | 2014-01-31 00:00:00 | Larrain Vial SA, Citigroup Inc. and Banco de Chile, as well as executives including Larrain Vial chairman Leonidas Vial, were accused by Chilean securities regulators of fraudulent trading. Larrain Vial lost its position as Chile’s largest share trader in December, three months after it was cited in documents charging Ponce with breaching trading rules. Quimica y Minera de Chile SA and holding companies controlled by Julio Ponce. He is accused of using investment companies to take part in a fraudulent trading system routed through Larrain Vial’s brokerage unit. Chairman ResignationCristian Araya, another of the accused, today resigned as chairman of Tanner Corredores de Bolsa SA, the brokerage said. | C | {"Sebastian Boyd"} | 858 |
| Citigroup Accused of Gender Discrimination in Suit | -28 | 2010-10-14 09:25:31+00 | Filed on behalf of six women, the lawsuit sought unspecified damages, class-action status and a court order to end discrimination. The lawsuit took aim at what it called "recessionary discrimination," saying Citigroup failed shareholders by terminating thousands of female employees while retaining less-qualified men in most circumstances. In a statement, Citigroup said many of the claims by the women "are either totally inaccurate or selectively incomplete. The lawsuit filed in U.S. District Court in Manhattan accused the company of accepting government bailout money even as it continued a pattern of "pervasive discrimination and retaliation" against female employees during the November 2008 layoffs. "As a result of this companywide discrimination, there is a glass ceiling adversely affecting female employees, especially those female employees who become pregnant, take a maternity leave, or have childcare obligations, at Citigroup in all facets of their employment," the lawsuit said. | C | {"Mark Lennihan"} | 859 |
| Citi, Deutsche Bank, Bank Of America Were Channels For Sending Drug Money To Colombia, Court Filing Shows | -22 | 2014-09-14 16:53:33+00 | Banks have been subjected to record fines in recent years for allegedly laundering drug money and violating trade sanctions. Like banks, these brokerage houses are often used to handle money transfer operations from expats sending money home. The revelation comes as the U.S. Justice Department has been laying down record penalties against some of the world’s largest financial institutions for trade-sanction and money laundering violations. The Treasury Department issued a warning in 2006 that Mexican and Colombian exchange houses were at high-risk of being front organizations for money laundering operations. Cepero had been detailed to a U.S. Drug Enforcement Administration task force that oversaw the operation. | C | {} | 336 |
| Citigroup fined $15M over analyst disclosures | -11 | 2014-11-24 00:00:00 | For example, at June 2011 idea dinner, a Citigroup analyst identified a stock as a “short” pick, signaling anticipation that it would drop in value. According to FINRA, Citigroup from January 2005 to February 2014 issued roughly 100 internal warnings about communications by the bank’s equity researchers. Separately, a Citigroup research analyst in mid-2011 assisted two companies in the preparation of material to be presented to potential investors during so-called road shows before the firms’ initial public stock offerings. Announced Monday, the penalty imposed by the Financial Industry Regulatory Authority also cited Citigroup for allowing one analyst to participate indirectly in promoting initial public stock offerings to investors. Additionally, an equity research analyst working for a Citigroup affiliate in Taiwan gave information about Apple iPhone order cuts to approximately 40 bank clients on Dec. 13, 2012, before including that information in his published research, FINRA said. | C | {"Jane Onyanga-omara","Kevin Mccoy"} | 383 |
| Citigroup Sued in Abu Dhabi By Investor Over Fund Losses | -18 | 2014-12-09 00:00:00 | Citigroup Inc. is being sued in Abu Dhabi by an investor who alleges the New York-based bank defrauded investors and covered up losses in a real estate fund. Last year, a Manhattan federal judge rejected a bid by ADIA to overturn an arbitration panel’s ruling favoring Citigroup in the dispute. The lawsuit also alleges that Citigroup acquired two shopping centers in the U.K. at “questionable values,” one of which was owned by the fund’s manager. ADIA, which doesn’t give the value of its assets, filed a complaint against Citigroup in 2009, saying it made “fraudulent misrepresentations” about the deal. The fund, known as ADIA, agreed to buy the equivalent of 4.9 percent of Citigroup in 2007, before share issuances during the financial crisis eroded the value of its holdings. | C | {"Stefania Bianchi","Mahmoud Habboush"} | 448 |
| Treasury nominee Lew’s history with Citigroup raises questions | -20 | 2013-01-24 00:00:00 | “The Treasury secretary can’t owe anyone on Wall Street any favors,” Grassley said in a statement. As Treasury secretary, Lew would head up a council of regulators surveying the financial system for excessive risk. Lew, President Obama’s choice to be the next Treasury secretary, is set to face questions about his work at Citigroup at his upcoming Senate confirmation hearing. President Obama joked about Jack Lew’s illegible signature after he announced his nomination of the current White House chief of staff for Treasury secretary. “But through all the changes, my recollection is that at both wealth management and alternative investments, Lew was a very smart, talented manager.” | C | {"Jia Lynn Yang Is The Deputy National Security Editor At The Washington Post"} | 719 |
| Citigroup Beats Estimates as Cost Cuts Cushion Trading Slump | -16 | 2015-04-16 00:00:00 | They typically account for more than 50 percent of the firm’s fixed-income trading revenue, according to a November presentation. Total revenue excluding accounting adjustments fell 1.9 percent to $19.8 billion, in line with analysts’ estimates. Citigroup Inc. posted its biggest quarterly profit since the financial crisis after a cost-cutting push helped the third-largest U.S. bank weather a slump in trading. At JPMorgan Chase & Co., the nation’s largest bank, revenue from that business rose 4.5 percent to $4.07 billion. FICC TradingFixed-income, currencies and commodities trading revenue, excluding some accounting adjustments, slumped 11 percent from a year earlier to $3.48 billion, missing the $3.64 billion estimate of five analysts surveyed by Bloomberg. | C | {"Dakin Campbell"} | 768 |
| Citigroup fails to halt AT&T use of 'thanks' | -13 | 2016-08-11 22:54:15+00 | She also said AT&T provided solid evidence that forcing it to start saying something other than "AT&T thanks" would cause an "expensive and significant disruption. "U.S. District Judge Katherine Forrest in Manhattan said Citigroup has not shown that customers would likely be confused, or that it would suffer irreparable harm, if AT&T kept saying "AT&T thanks" while the bank's lawsuit continued. The case is Citigroup Inc v. AT&T Inc et al, U.S. District Court, Southern District of New York, No. '"The fourth-largest U.S. bank by assets sued AT&T on June 9, one week after the Dallas-based phone company launched "AT&T thanks" in a dispute that threatened to damage a co-branding relationship dating to 1998. She said this counteracts the slogans' "obvious similarities, at least when considered in the abstract: 'AT&T THANKS' and 'THANK YOU' share five central letters, are partially pronounced similarly, and both convey a message of gratitude. | C | {"Jonathan Stempel"} | 818 |
| CFTC fines Citi for Libor, Isdafix rate fixing | -23 | 2016-05-26 00:00:00 | The bank is also "charged with attempting to manipulate Yen LIBOR and Euroyen TIBOR, and CJL [Citigroup Japan Ltd] with false reporting of Euroyen TIBOR, to benefit derivatives trading positions that were priced based on Yen LIBOR or Euroyen TIBOR. " The CFTC has fined 17 banks and brokers a collective $5.08 billion for fixing Libor and Isdafix and manipulating FX rates. "CJL's Euroyen TIBOR submitters, on a few occasions, took the Senior Yen Manager's requests into account when making Euroyen TIBOR submissions," the CFTC says. The CFTC says Citi "on multiple occasions attempted to manipulate, and made false reports" about the Isdafix. Hayes "attempted to manipulate the benchmark fixings by using his contacts at other Yen LIBOR panel banks and at interdealer brokers to influence the Yen LIBOR submissions of other Yen panel banks," according to the CFTC. | C | {"Oscar Williams-grut"} | 1086 |
| Citigroup to pay $425m in latest action against global banks | -16 | 2016-05-25 00:00:00 | Citigroup has agreed to pay $425m to resolve civil charges by the Commodities Futures Trading Commission that it tried to manipulate foreign exchange and interest rate benchmarks, the latest settlement in ongoing international investigations of global banks. Banks use the London Interbank Offered Rate (Libor) and Tokyo Interbank Offered Rate (Tibor) to set the cost of borrowing from each other. Earlier this month, seven of the world’s biggest banks agreed to pay $324m to settle a private US lawsuit accusing them of rigging an interest rate benchmark used in the $553tn derivatives market. “These settlements represent a significant step for Citi in resolving its legacy benchmark rate investigations,” a Citi spokeswoman, Danielle Romero-Apsilos, said in a statement. In May 2015, Barclays was fined $115m by the CFTC to settle an investigation into the setting of the ISDAFIX benchmark. | C | {} | 1087 |
| TCF, Citigroup, Wells Fargo Feature In Top 5 Banks In US That Receive Most Complaints | -26 | 2016-12-15 11:12:10+00 | Wells Fargo confirmed it had fired as many as 5,300 employees in the last few years in relation to these practices. The analysis found that TCF Bank had 12.3 complaints per billion, the most of any bank for 2016. The analysis found that most complaints with Wells Fargo — the country’s largest mortgage lender in 2015 — were mortgage-related followed by bank accounts or service. Wells Fargo – 8 complaints4. The San Francisco-based bank made it to the top five worst banks, receiving eight complaints per $1 billion in deposits. | C | {} | 1088 |
| Citi to pay $7 million over incomplete brokerage data to SEC | -9 | 2016-07-12 16:25:54+00 | Citigroup, as a result, omitted 26,810 securities transactions from responses to more than 2,300 blue sheet requests by the SEC. After Citigroup discovered the error, it failed to report it to the SEC and waited nine months to produce the omitted data, the SEC said. REUTERS/Brendan McDermidWASHINGTON Citigroup (C.N) agreed on Tuesday to pay $7 million and admit to wrongdoing, after the U.S. Securities and Exchange Commission accused its brokerage arm of providing incomplete trading data to regulators for 15 years. Traders work in the Citigroup booth on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25, 2016. A Citigroup representative said ““We are pleased to have resolved this matter.”The coding error occurred in software Citigroup used from 1999 to 2014 to process the SEC's requests for blue sheet data, the SEC's settlement order said. | C | {"Lynch Suzanne Barlyn","Sarah N"} | 1089 |
| Citigroup Fined in Rate-Rigging Inquiry but Avoids Criminal Charges | -54 | 2016-05-26 00:00:00 | But the trading commission, which has a lower burden of proof, is expected to announce additional cases in the coming months. But rather than submit an honest bid, Citigroup “made false reports” that skewed its submissions, the trading commission said. Still, the trading commission’s civil cases against Citigroup join a long list of actions against banks suspected of manipulating benchmark interest rates and currencies. The Commodity Futures Trading Commission, a federal regulator that oversees Wall Street, announced $425 million in penalties against Citigroup, covering two overlapping cases. Last year, the trading commission and the Justice Department announced civil and criminal charges against four of the world’s biggest banks, Citigroup included, for a scheme to manipulate the value of the world’s currencies. | C | {"Matthew Goldstein","Ben Protess"} | 113 |
| UPDATE 1-Citigroup unit probed by more authorities over money laundering | -13 | 2015-02-25 23:19:40+00 | (Adds background on Banamex and legal costs)NEW YORK Feb 25 Citigroup Inc said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit. Banamex USA is an affiliate of Mexico City-based Banamex, which Citigroup bought in 2001 and which operates a few branches in the United States. Citigroup said in January it was recording $2.9 billion in expenses in the fourth quarter to bolster its legal reserves. Banamex is the second-largest bank in Mexico and was once seen as a model of Citigroup's strategy of capitalizing on growth in emerging markets. The filing on Wednesday also showed that Citigroup has reduced its estimate of possible unreserved legal costs to $4 billion from $5 billion at the end of September. | C | {"Reuters Editorial"} | 155 |
| Citigroup, Goldman, UBS in $235 mln U.S. mortgage settlement | -13 | 2015-02-13 23:46:04+00 | The banks denied wrongdoing, but agreed to settle to eliminate the burden and cost of litigation, court papers show. The preliminary settlement with investors who bought the securities was made public on Friday in filings with the U.S. District Court in Manhattan, and requires court approval. The case is New Jersey Carpenters Health Fund et al v. Residential Capital LLC et al, U.S. District Court, Southern District of New York, No. NEW YORK Citigroup Inc, Goldman Sachs Group Inc and UBS AG agreed to pay $235 million in cash to settle U.S. litigation accusing them of concealing the risks of mortgage securities sold by the former Residential Capital LLC before the global financial crisis. It is separate from a $100 million accord that investors reached in 2013 with ResCap entities and individuals. | C | {"Reuters Editorial"} | 196 |
| Three top Citi execs could be ousted if bank fails 'stress test'-FT | -9 | 2015-03-01 21:52:07+00 | (goo.gl/Woj6Oc)Citi's board would also have little sympathy for the three top executives if the bank was to fail another stress test, the Financial Times reported, citing analysts. The Fed rejected Citi's plans for dividends and stock buybacks last year after the bank failed an annual "stress test," a health check that measures how banks would hold up in a hypothetical crisis. March 1 Three top Citigroup executives including Chief Executive Officer Mike Corbat will face "strong pressure" from investors to step down if the bank fails a critical "stress test" by the U.S. Federal Reserve, the Financial Times reported on Sunday, citing two senior sources at the company. If the bank were to fail again, Corbat would face pressure from investors to leave, along with Chief Financial Officer John Gerspach and Brian Leach, head of franchise risk and strategy, the Financial Times reported, citing two executives who spoke separately and anonymously. A Citi spokesman could not be immediately reached by Reuters. | C | {"Reuters Editorial"} | 304 |
| U.S. judge not ready to rule on Argentine bond payments via Citigroup | -14 | 2015-03-03 22:18:49+00 | REUTERS/Brendan McDermidNEW YORK A U.S. judge on Tuesday said he would not yet rule on whether Citigroup Inc can process interest payments by Argentina on bonds issued under its local laws following the country's 2002 default. U.S. District Judge Thomas Griesa told the lawyers for Citigroup and holdout investors in a hearing in New York that he would not issue a decision on Tuesday afternoon. A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. Edward Friedman, counsel for holdout bond investors, said the debt in question was offered not just to Argentine investors. "Legal counsel for Citibank, Karen Wagner of Davis, Polk & Wardwell told U.S. District Judge Thomas Griesa that the injunction would put Citibank at risk of breaking Argentine law. | C | {"Nick Brown"} | 310 |
| Citigroup Sued by Failed Hedge Fund Over 2008 Crisis Trades | -25 | 2015-12-09 00:00:00 | The case is Millennium Global Emerging Credit Master Fund Ltd. v. Citigroup Global Markets Ltd., High Court of Justice, Queen’s Bench Division, Commercial Court: CL-2015-000014 Investors in the Global Emerging Credit Fund sued Millennium and others in a 2012 New York lawsuit. A failed hedge fund, whose manager was jailed for fraud, sued Citigroup Inc. over allegations the bank undervalued assets when it closed out trades at the height of the 2008 financial crisis. Millennium Global Investments Ltd., the London-based money manager founded by former Goldman Sachs Group Inc. executive Michael Huttman, liquidated the Global Emerging Credit Fund in October 2008 when lenders withdrew credit. 51 TransactionsCitigroup “failed to use commercially reasonable procedures” when it terminated positions after the default in October 2008, Millennium said in the suit. | C | {"Kit Chellel"} | 446 |
| McDonald’s sales drop; Citigroup subsidiaries fined $28.8 million | -8 | 2017-01-23 00:00:00 | CitiFinancial Services will refund about $4.4 million to consumers, and pay a civil penalty of $4.4 million. Sales at U.S. McDonald’s restaurants open at least 13 months fell 1.3 percent in the fourth quarter, squeaking by analysts’ estimates of a 1.4 percent drop, according to research firm Consensus Metrix. RESTAURANTSMcDonald’s sales drop is first in six quartersMcDonald’s sales at established U.S. restaurants fell for the first time in six quarters as the novelty of all-day breakfast failed to overcome competition from supermarkets and other food sellers. McDonald’s and other U.S. restaurant operators are battling competition from convenience stores, supermarkets and meal-kit delivery services such as Blue Apron. CitiMortgage will pay an estimated $17 million to compensate wronged consumers, as well as a civil penalty of $3 million, the Consumer Financial Protection Bureau said. | C | {} | 1208 |