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Citigroup Inc

BUSINESS
January 30, 2007 | From the Associated Press
Citigroup Inc. said it had agreed to buy British insurer Prudential's Egg Banking, an Internet bank, for 575 million pounds ($1.13 billion) in cash. The combination of Egg and Citigroup's British consumer operations will create a financial services provider with 4 million customers, more than quadrupling Citigroup's 800,000 British credit card base.
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BUSINESS
January 20, 2007 | From the Associated Press
Fourth-quarter profit at Citigroup Inc. came in ahead of Wall Street expectations, but analysts and investors appeared concerned that the nation's largest bank still had not gotten a handle on expenses. Citigroup already has said it will cut spending on projects this year. Chief Executive Charles Prince said Friday while discussing the earnings report that further cuts could include consolidating administrative offices and merging branch operations.
BUSINESS
January 16, 2007 | From the Associated Press
Executives at financial giant Citigroup Inc. are preparing to re-brand the company with a shorter name, "Citi," and a new logo without the signature red umbrella, according to a published report. The new name and look will be presented to Citigroup's board this week after a 14-month review of the bank's brand, the New York Times reported Monday, citing executives close to the process. The plan still could undergo changes before a rollout that could begin as early as next month, the report said.
BUSINESS
January 10, 2007 | From Reuters
Citigroup Inc. will close most of its Japanese consumer finance branches and suffer a $370-million fourth-quarter loss in that unit, hit by law changes that cut the maximum interest rates on loans. The largest U.S. bank will take a $40-million fourth-quarter charge, including costs to close 270 of its 320 branches there and 100 of 800 automated loan machines.
BUSINESS
December 12, 2006 | From the Associated Press
Eight banks have applied to become the first foreign institutions licensed to handle retail business in Chinese currency, the government said as a WTO deadline for opening its banking market passed Monday. Seventy-one foreign banks are represented in China but most were limited until now to handling foreign-currency business. Beijing agreed to open the market as part of its World Trade Organization membership commitments.
BUSINESS
December 12, 2006 | From Bloomberg News and Reuters
Financial services giant Citigroup Inc., under pressure to cut costs and boost revenue, on Monday named investment banking head Robert Druskin to be chief operating officer. Druskin, 59, will help Chief Executive Charles Prince supervise all of Citigroup's businesses, including retail banking and hedge funds, and will focus on paring expenses. He'll remain at the helm of the investment bank. Druskin will be Citigroup's first chief operating officer since Robert Willumstad quit in 2005.
BUSINESS
November 29, 2006 | From Reuters
Bank of America Corp. on Tuesday surpassed Citigroup Inc. to become the world's largest bank by market value. Based on reported shares outstanding, Bank of America's market capitalization totaled $243.71 billion as of Tuesday's close, while Citigroup's totaled $243.52 billion, Reuters data show. Shares of Bank of America closed up 35 cents at $54.27, while Citigroup fell 33 cents to $49.56. New York-based Citigroup remains the largest U.S. bank by assets, with $1.75 trillion as of Sept.
BUSINESS
November 17, 2006 | From the Associated Press
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.
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