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BUSINESS
October 15, 2008 | From Times Wire Services
Wells Fargo & Co. asked a federal judge to rule that a letter agreement between Wachovia Corp. and Citigroup Inc. was invalid and that it wouldn't be liable for damages in a lawsuit over its acquisition of Wachovia. Wells Fargo, which agreed to buy Wachovia after topping a Citigroup bid this month, filed a request for a declaratory judgment in Manhattan federal court as part of a new lawsuit against Citigroup. Wells Fargo said it was concerned that Citigroup might sue the San Francisco-based company for interfering with an aborted Wachovia-Citigroup merger.
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BUSINESS
July 17, 2008 | From Times Staff and Wire Reports
Citigroup Inc. won approval to issue debit cards in China, giving it more access to the nation's $2.8 trillion of household savings. Through bank cards, foreign lenders can add more automated teller machines and online banking, expanding coverage and brand awareness.
BUSINESS
April 9, 2008 | From Times Staff and Wire Reports
Citigroup Inc. is in talks to sell $12 billion of junk-grade corporate loans to Apollo Management, Blackstone Group and TPG Inc. as part of an effort to shrink the bank's balance sheet, a person familiar with the matter said. The loans are part of $43 billion of leveraged-buyout debt that Citigroup was stuck with last year after credit markets froze. The company, the biggest U.S. bank as measured by assets, could complete the sale by next week, when it is expected to report first-quarter results.
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.
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
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
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
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.
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