March 13, 2014 |
WASHINGTON -- Stanley Fischer, the former Bank of Israel president nominated for the Federal Reserve's No. 2 job, defended his work on Wall Street and told senators at his confirmation hearing Thursday that he understood the effect of economic problems on average Americans. Pressed more by Democrats than Republicans on his background, Fischer said his tenure as vice chairman of Citigroup Inc. from 2002 to 2005 was key to his ability to oversee financial institutions as a central banker.
January 16, 2014 |
NEW YORK -- Citigroup Inc.'s profit jumped in the fourth quarter but fell short of Wall Street hopes for a stronger turnaround for the New York-based financial giant. Citi said it earned $2.7 billion, or 85 cents a share, in the last quarter, up from $1.2 billion, or 38 cents, from the same period the prior year. Wall Street analysts had expected Citi to earn 95 cents a share in the fourth quarter, according to Thomson Reuters. PHOTOS: Federal Reserve chairs through the years Citi's stock slumped in early trading on Thursday.
December 5, 2013 |
The city of Los Angeles accused banking giants Wells Fargo & Co. and Citigroup Inc. of a “continuous pattern and practice” of mortgage discrimination that led to a wave of foreclosures, reduced property tax revenue and increased costs for city services. In twin lawsuits filed in U.S. District Court, the city alleged that both banks engaged in predatory lending practices and redlining that saddled minorities with loans they couldn't afford and resulted in a disproportionately high number of foreclosures in their neighborhoods compared with white neighborhoods.
October 15, 2013 |
NEW YORK -- Citigroup Inc.'s third-quarter earnings disappointed Wall Street analysts as the bank reported a sharp slowdown in mortgage and bond-trading revenue. Citi said it earned $3.2 billion, or $1 a share, in net income in the quarter, up from $468 million, or 15 cents a share, during the same period a year ago. But last year's third-quarter results included a $4.7-billion pre-tax loss related to Citi's stake in the Morgan Stanley Smith Barney joint venture. Excluding that item as well as debt-related accounting adjustments and tax benefits in both quarters, the bank made $1.02 per share -- a decline of 4% and below the $1.04 expected by analysts surveyed by Thomson Reuters.
October 3, 2013 |
Citigroup Inc. will pay $30 million to Massachusetts to settle charges that one of its analysts in Taiwan improperly leaked research to four major clients a day before making the information public. Secretary of State William Galvin said the U.S. hedge fund and institutional clients used the advance word of the research to profit from weaker sales of Apple iPhones. PHOTOS: The costliest bank failures Galvin says Citigroup Global Markets Inc., a subsidiary of the banking giant, violated its own policies and procedures as well as federal and state securities laws.
July 15, 2013 |
NEW YORK -- Citigroup Inc.'s profit jumped 42% in the second quarter as the bank worked to regain its footing following the financial crisis. The New York-based bank reported $4.2 billion, or $1.34 a share, of net income in the quarter, boosted by surges from investment banking and stock trading. That's up from $2.9 billion, or 95 cents a share, in the same period a year ago. Citi's results beat analysts' estimates of $1.17 per share, according to data compiled by Thomson Reuters.