July 21, 2007 |
Citigroup Inc. said Friday that its second-quarter profit rose 18% on strong overseas operations that led to record revenue for the biggest U.S. bank. Rival Wachovia Corp. also posted a double-digit profit jump for the quarter, but both banks saw their shares decline as they padded their provisions for loans that go sour -- a move many other banks have made as they gird themselves for a shakier credit environment. New York-based Citigroup's net income rose to $6.23 billion, or $1.
May 9, 2007 |
Citigroup Inc. said it would commit $50 billion to environmental projects over the next decade, the biggest commitment from Wall Street to address climate change. The amount includes nearly $10 billion in activities that the bank already has undertaken. New York-based Citigroup plans to increase to $10 billion from about $1 billion its commitment to reduce greenhouse gas emissions at its 14,500 locations worldwide.
May 3, 2007 |
Citigroup Inc. said Wednesday that it had agreed to pay $1.47 billion for Bisys Group Inc., which provides accounting and administrative services to hedge funds and private equity firms. The acquisition of Roseland, N.J.-based Bisys could help Citigroup, the biggest U.S. bank, compete against rivals such as JPMorgan Chase & Co. in serving alternative-asset managers, including hedge funds, the fastest-growing part of the investment industry.
April 12, 2007 |
Citigroup Inc. on Wednesday said it would eliminate 17,000 jobs, or about 5% of its workforce, in a broad restructuring designed to cut costs, boost profit and bolster a lagging stock price. An additional 9,500 jobs will move to lower-cost locations worldwide. That means the restructuring will affect 8% of the bank's 327,000-person workforce. Consumer banking, Citigroup's largest unit, will be hardest hit, followed by corporate and investment banking.
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.'
January 30, 2007 |
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.
January 20, 2007 |
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.
January 16, 2007 |
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.
January 10, 2007 |
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.