April 6, 2007 |
Citigroup Inc., one of the largest mortgage lenders, is telling brokers that starting Monday it will stop making some riskier home loans, documents obtained by Reuters show. The move follows decisions by Countrywide Financial Corp., Wells Fargo & Co. and other major mortgage lenders to tighten their underwriting standards as homeowner delinquencies and defaults increase. The changes at Citigroup Inc.'
April 19, 2002 |
The U.S. trustee in Enron Corp.'s bankruptcy case is reviewing a request to remove Citigroup Inc. and J.P. Morgan Chase & Co. from the committee representing the energy trader's creditors because of an alleged conflict of interest. Exco Resources Inc. told Trustee Carolyn S. Schwartz that the banks should be disqualified because the committee is responsible for returning the most money possible to Enron's creditors.
October 28, 1999 |
City Financial, a mortgage lender based in Orange, filed a trademark infringement suit against banking giant Citigroup Inc., alleging that Citigroup is confusing people with the name of its new CitiFinancial Credit Co. business. City Financial seeks to block Citigroup from using the CitiFinancial name, and City Financial projects it could suffer damages of as much as $125 million from what it calls unfair competition and false advertising.
April 4, 2001 |
Citigroup Inc., the largest U.S. financial services company, said it is firing several hundred employees to trim costs amid the latest stock market slide. The company is reducing staff in technology and operations, as well as in its investment banking, stock and bond sales and trading divisions, a spokeswoman said. The Citigroup cuts started Tuesday, she said. They follow similar actions at Bear Stearns Cos., Charles Schwab Corp.
February 9, 2005 |
A California appeals court reinstated a lawsuit filed by former employees of Citigroup Inc., the largest U.S. financial services company, who claim a Citigroup unit confiscated more than $30 million in workers' pay. An appeals court in Los Angeles ruled a trial judge erred in granting Citigroup's second bid to dismiss the complaint brought by former Salomon Smith Barney brokers over the company's employee discount-stock program.
December 15, 2005 |
Citigroup Inc. has made the highest bid in a four-way battle for a mid-sized Chinese lender, offering about $1.5 billion for a stake of as much as 50%, four sources said. A 50% stake would be an unprecedented share for a single foreign investor. If successful, the purchase would grant the world's top financial services firm unusually large influence over a Chinese lender of that size.
November 17, 2006 |
Citigroup Inc. confirmed that a Citigroup-led consortium has been selected to acquire a majority stake in one of China's biggest regional financial institutions, Guangdong Development Bank. The consortium will acquire an 85.6% stake in the Chinese bank for 24 billion yuan, or $3.06 billion, Citigroup said. New York-based Citigroup will hold a 20% stake -- less than the 25% maximum allowed by the Chinese government. IBM Corp. will have a 4.74% share.
July 16, 2004 |
Citigroup Inc. profit tumbled 73% in the second quarter as a mammoth class-action settlement with WorldCom Inc. investors cut heavily into earnings. The bank said it earned $1.14 billion, or 22 cents a share, down sharply from $4.3 billion, or 83 cents, a year earlier. Revenue increased to $22.3 billion for the quarter, up 15% from a year earlier. Citigroup in May agreed to a $2.
August 7, 2003 |
Marjorie Magner, who is overseeing Citigroup Inc.'s integration of California Federal Bank operations, was promoted to chief executive of global consumer operations for Citigroup, replacing Robert Willumstad, who recently became chief operating officer of the parent company. Magner, 54, had been COO of the consumer operations, which include credit cards and home loans and generate more than half of Citigroup's earnings.
July 18, 2003 |
Citigroup Inc.'s Charles O. Prince and Robert B. Willumstad, named Wednesday to run the world's largest financial services company, each have received more than $14 million in restricted stock, securities filings showed Thursday. Prince, who will succeed Sanford I. Weill as chief executive, and Willumstad, named chief operating officer, each were awarded 318,337 shares Tuesday under Citigroup's stock incentive plan, according to filings with the Securities and Exchange Commission.