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BUSINESS
November 19, 2010 | By Rick Rothacker
Two banks that clashed over dueling deals to buy Wachovia Corp. announced a $100-million legal settlement Friday. Wells Fargo & Co. will pay Citigroup Inc. to resolve all claims in the dispute, the banks said in a joint statement. The payment caps a feud that emerged at the peak of the 2008 financial crisis. "We are glad to put this matter behind us, and we look forward to our two institutions working together constructively in the future," the companies said in the statement.
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BUSINESS
August 5, 2011 | By Alejandro Lazo, Los Angeles Times
California Atty. Gen. Kamala D. Harris has subpoenaed Citigroup Inc. and its banking subsidiary, Citibank, ordering the two entities to answer questions regarding the selling and marketing of mortgage-backed securities in the Golden State, a person familiar with the investigation said. The person, who was not authorized to speak publicly about the matter and spoke on condition of anonymity, would not further characterize the nature of the investigation. Spokespeople for the attorney general's office and Citi declined to comment.
BUSINESS
April 20, 2010 | Times Wire Reports
EARNINGS Citigroup profit surges as loan costs fall Citigroup Inc. said profit more than doubled as the global economic rebound trimmed costs for bad loans, trading revenue surpassed analysts' estimates and the value of subprime mortgage bonds increased. First-quarter net income of $4.43 billion followed a loss of $7.58 billion in the fourth quarter and a profit of $1.59 billion in the first quarter of 2009, New York-based Citigroup said. Adjusted earnings were 14 cents a share.
BUSINESS
April 30, 2008 | From Reuters
Citigroup Inc. said Tuesday that it planned to sell $3 billion of common stock to bolster its capital levels, sending its shares down in after-hours trading. The largest U.S. bank is raising capital after suffering a $15-billion net loss over the last two quarters and reporting more than $45 billion in write-downs and credit losses since June 30. Chief Financial Officer Gary Crittenden said Citigroup had received "strong" interest in the public offering. The company said the issue might grow in size.
BUSINESS
June 3, 2011 | Bloomberg News
Former Federal Reserve Chairman Paul Volcker and former Citigroup Inc. co-Chairman John Reed have been named to a Federal Deposit Insurance Corp. panel that will help the agency map strategy for unwinding too-big-to-fail financial firms when they collapse. Volcker, who advised President Obama during negotiations over what became the Dodd-Frank Act, was named to the FDIC's 18-member Advisory Committee on Systemic Resolutions along with Reed and current executives including BlackRock Inc. fixed-income chief Peter Fisher.
BUSINESS
March 14, 2012 | By Jim Puzzanghera, E. Scott Reckard and Nathaniel Popper, Los Angeles Times
More than three years after getting lifesaving injections of federal cash, the nation's major banks are generally healthy enough to withstand another economic shock. That's the assessment from the latest round of stress tests on the 19 biggest banks by the Federal Reserve. But there are still some signs the industry hasn't fully healed from Wall Street's huge meltdown. Four banking firms, including giant Citigroup Inc., failed one or more tests on whether they would survive a worst-case scenario.
BUSINESS
October 20, 2011 | By Nathaniel Popper, Los Angeles Times
Citigroup Inc. is paying nearly $300 million to settle a civil fraud complaint that the banking giant promoted an investment tied to the housing market, yet failed to tell investors it was betting those securities would fail. The Securities and Exchange Commission alleges that Citigroup packed the $1-billion investment with assets that eventually buckled during the mortgage meltdown. Citigroup traders bet against the security, or shorted it, making money at the expense of its clients, the complaint says.
BUSINESS
March 21, 2011 | Reuters
Citigroup Inc. will resume paying a nominal dividend after it uses a reverse stock split to shrink the number of shares outstanding, taking a small step in its recovery from the financial crisis. Citigroup will pay a quarterly dividend of a penny a share, its first payout since 2009. But the bank's shares dropped Monday, in part because it remains behind rivals like JPMorgan Chase & Co., and Wells Fargo & Co. Those banks Friday received regulatory authorization to increase their dividends as much as 20 cents a share and buy back stock.
BUSINESS
November 29, 2011 | By Nathaniel Popper, Los Angeles Times
A federal judge in New York issued a stern challenge to the government's recent history of imposing "relatively modest" punishments on big Wall Street banks for wrongdoing during the financial crisis. Jed Rakoff, a federal judge in Manhattan, issued a sharply worded order Monday rejecting a proposed $285-million settlement between the Securities and Exchange Commission and Citigroup Inc. that would have allowed the bank to avoid admitting it defrauded investors over toxic mortgage securities.
BUSINESS
April 20, 2010
Citigroup Inc. said Monday that profit more than doubled as the global economic rebound trimmed costs for bad loans, trading revenue surpassed analysts' estimates and the value of subprime mortgage bonds increased. First-quarter net income of $4.43 billion followed a loss of $7.58 billion in the fourth quarter and a profit of $1.59 billion in the first quarter of 2009, New York-based Citigroup said. Adjusted per-share earnings were 14 cents. Analysts in a Bloomberg survey had estimated the company would break even.
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