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BUSINESS
August 30, 2012 | Bloomberg News
Knight Capital Group Inc. supports Nasdaq's proposal to pay $62 million to companies that suffered losses in Facebook Inc.'s public debut, it said in a letter to the Securities and Exchange Commission. The market maker backed the plan to reimburse members for losses resulting from technology errors May 18, the first day of trading in Facebook shares. Citigroup Inc. asked the SEC last week to reject Nasdaq's proposal, and UBS, which said it lost more than $350 million in trading related to Facebook, urged the agency to work with the exchange company to revise the plan to increase the amount paid.
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BUSINESS
August 23, 2012 | By Andrew Tangel
Citigroup has lined up against Nasdaq's plan to compensate brokerages that lost money in the Facebook IPO. In a letter filed with the U.S. Securities and Exchange Commission opposing Nasdaq's plan to pay $62 million to brokerages that lost money in the botched initial public offering, Citi criticized Nasdaq's "grossly negligent conduct. " Facebook's May 18 IPO was fraught with technical problems that saddled brokerages with millions in losses. Nasdaq delayed the highly hyped offering, but decided to go through with it despite technical difficulties in its systems.
BUSINESS
August 8, 2012 | By E. Scott Reckard
Citigroup Inc. is testing a program that would allow distressed homeowners to sign over title to their property and stay on as renters paying less than they did on their mortgages. The effort is similar to a larger ongoing Bank of America pilot offering up to 2,500 customers the option of avoiding foreclosure by trading their mortgages for leases. Citigroup's offer is to be extended to about 500 borrowers who owe more than their homes are worth and who are 120 days or more past due on their home loans.
BUSINESS
July 26, 2012 | Jim Puzzanghera and E. Scott Reckard
The crowd that wants to break up the biggest banks in the wake of the financial crisis has a new member: a former big banker. Sanford "Sandy" Weill, who helped build Citigroup Inc. into one of the nation's largest financial institutions, shocked many people when he said that investment banking should be separated from traditional banking. "I think what we should probably do is go and split up investment banking from banking," Weill said on CNBC's "Squawk Box" on Wednesday. "Have banks be deposit takers.
BUSINESS
July 25, 2012 | By Jim Puzzanghera
The crowd that wants to break up the biggest banks in the wake of the financial crisis has a new member - a former big banker. Sanford "Sandy" Weill, who helped build Citigroup Inc. into one of the nation's largest financial institutions, shocked many people Wednesday when he said that investment banking should be separated from traditional banking. "I think what we should probably do is go and split up investment banking from banking. Have banks be deposit takers. Have banks make commercial loans and real estate loans.
BUSINESS
June 29, 2012 | Bloomberg News
Former Citigroup Inc. Vice President Gary Foster was sentenced to 97 months in prison for embezzling almost $23 million from the bank, according to federal prosecutors in Brooklyn, New York. Foster pleaded guilty to bank fraud in September, admitting that he transferred money from various Citigroup accounts to his own at JPMorgan Chase & Co. He concealed his activities by making false accounting entries, according to the government. He used the money to buy real estate and luxury sports cars, including a Ferrari and a Maserati, prosecutors said.
BUSINESS
June 22, 2012 | By E. Scott Reckard, Los Angeles Times
Moody's Investors Service slashed the credit ratings of more than a dozen giant global banks amid worries that Europe's economic turmoil could slow both profit and growth. The downgrades, announced after the close of U.S. financial markets Thursday, included Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, Citigroup Inc. and Bank of America Corp. The move came as the 15 banks singled out by Moody's try to navigate through the European debt crisis, which could have a major effect on their trading businesses.
BUSINESS
May 3, 2012 | By E. Scott Reckard, Los Angeles Times
Wells Fargo & Co. has become so dominant in the mortgage business that major investors and federal regulators are worried that a financial hiccup at the giant bank could roil the already beleaguered real estate market. Wells originates 34% of all home loans - more than the combined total of the next seven biggest mortgage lenders. That's why regulators are closely watching the San Francisco bank, Paul J. Miller, a former Federal Reserve bank examiner, said Thursday. "The problem is there's a lot of systemic risk when one company has that much of the market," said Miller, an analyst specializing in mortgages at FBR Capital Markets & Co. Wells Fargo's balance sheet is viewed by analysts as being among the strongest of the nation's banks, and a major distress in its mortgage business is seen as unlikely.
BUSINESS
April 18, 2012 | By E. Scott Reckard, Los Angeles Times
The shareholder rejection of Citigroup Inc. Chief Executive Vikram Pandit's $15-million pay package has some on Wall Street wondering if the same fate might be in store for the heads of other big U.S. banks. Both Wells Fargo & Co. and Bank of America Corp. will ask shareholders in the coming weeks to vote on a "say on pay" proposal. Corporate governance experts and activist shareholders expect that these votes will capture even more attention now that Citi's shareholders have said they want Pandit's compensation to be dialed back.
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.
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