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Citigroup Inc

BUSINESS
September 1, 2007 | E. Scott Reckard, Times Staff Writer
Ameriquest Mortgage Co., once the "Proud Sponsor of the American Dream," is closing. Citigroup Inc. said Friday that it would buy the remnants of the Ameriquest empire from ACC Capital Holdings in Orange, and ACC said it was "preparing for an orderly wind-down of its retail mortgage business." Ameriquest shuttered its 229 retail offices months ago. As recently as 2005, Ameriquest and its sister company, Argent Mortgage, were together the No. 1 sub-prime mortgage lender in the world.
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BUSINESS
August 15, 2007 | From Times Wire Services
Citigroup Inc. and three of the largest U.S. brokerage firms plan to create a trading system for unregistered securities as more companies seek to avoid regulation by raising money privately. Lehman Bros. Holdings Inc., Merrill Lynch & Co., Morgan Stanley and Citigroup expect to begin operating the Open Platform for Unregistered Securities, or OPUS-5, in September, the companies said in a statement Tuesday.
BUSINESS
July 21, 2007 | From the Associated Press
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.
BUSINESS
May 9, 2007 | From Times Staff and Wire Reports
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.
BUSINESS
May 3, 2007 | From Bloomberg News
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.
BUSINESS
April 12, 2007 | From Reuters
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.
BUSINESS
April 6, 2007 | From Reuters
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.'
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.
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.
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