All Posts Tagged With: "Citigroup"
Citigroup (NYSE: C) High Up on List of Federal Aid Recipients
Citigroup (NYSE:C) was one of the banks posing the highest risk for loss during the government bailout. The bank received a total of $476.2 in cash and guarantees help from the federal government according to a new report issued by the Congressional Oversight Panel which is monitoring the TARP program. The panel had calculated the [...]
Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C) Penalties Likely to End “No Money Down” Programs
As banks face penalties for abuse mortgage practices and sketchy foreclosure practices, lenders begin looking for larger down payments for borrowers looking to buy houses. Penalties faced by the nations largest banks, Bank of America, Wells Fargo and Citigroup are expected to run into billions of dollars as a result of the banks automatically signing [...]
Wells Fargo (NYSE: WFC) is the Most Valuable US Bank
Wells Fargo (NYSE: WFC) is not the biggest bank in the US but of late it has become the most valuable. Its stock market value makes it the largest US valued bank. The purchase of the Wachovia Corporation as part of its assets acquisitions during the credit crisis helped put the bank in such a [...]
No Rewards for Citigroup (NYSE: C) Investors
CEO of Citigroup (NYSE: C), Vikram Pandit stated, “We’ve been very clear we think 2012 is the year to look forward to. It’s important…that we meet all the Basel (capital requirements) and we meet them in full force, and use that as a platform to start returning capital to our shareholders.” He told CNBC that [...]
Citigroup (NYSE: C) Plans China Expansion
Citigroup (NYSE: C) is the third largest US bank due to the size of its assets. It plans to expand into China in 2011 with plans to grow its Chinese based investment banking by more than 50%. This is possible due to Citicorp’s sizable cash flow and the 20 Chinese IPO deals in the pipeline [...]
Citigroup (NYSE: C) Plans to Target Europe’s Wealthy Citizens
Citigroup (NYSE: C) is continuing to plan a different marketing strategy in Europe. As a result of its bail out by the United States Government Citigroup was forced to close its operations in the UK, Spain, Greece and Belgium. Citigroup has a lot to do to regain its position in the market place. A banker [...]
Wells Fargo (NYSE: WFC) Will Pay Citigroup $100M In Lawsuit Concerning Wachovia
It’s been announced that Wells Fargo (NYSE: WFC) & Co. has reached an agreement to pay Citigroup (NYSE: C) Inc. $100 million as part settlement concerning the disputed acquisition of Wachovia Corp. back October 2008, at the apex of the financial meltdown. The case centers on Wells Fargo’s backroom deal to wrest the failing bank [...]
Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) Settle Dispute over Wachovia
Wells Fargo (NYSE: WFC) has agreed to pay $100 million to Citigroup Inc. (NYSE: C)as a result of a court decision in New York. The dispute between Citigroup and Wells Fargo was over Wells Fargo’s acquisition of the 227 year old Wachovia bank in 2008. Wachovia is a North Carolina based bank. Poor real estate [...]
Treasury Plans to Sell Citigroup (NYSE: C) Shares October 2010
The US Treasury is planning to sell its Citigroup (NYSE: C) shares. The folio has 7.7 billion shares and the plan is to sell them over nine months. The current share price is $4.18 per share and this did not increase when the Treasury announcement was made. It is not clear how the Treasury intends [...]
Low Income Areas Receive Access to Citicorp Inc (NYSE:C) Funds
By the close of 2011, Community Development Financial Institutions, or CDFIs, will have $60 million from a Citicorp (NYSE: C) backed fund lending to small business in low income and low wealth areas. Known as, ‘The Communities at Work Fund’ it is a $200 million fund. Citicorp provides $199 million and the Calvert Foundation and [...]
Citigroup’s (NYSE: C) Stocks Drop In Wake Of Projected Financial Declines
In recent days, Citigroup Inc’s (NYSE: C) stock has dropped to $4.18, a 3 cent decline that has many speculating about the future condition of the financial sector. Certain observers have questions about whether there is any hope for measurable recovery. This is especially important given that there are signs that bank revenue is set [...]
Citigroup (NYSE: C) Goes Outside HAMP to Offer Loan Modifications
Citigroup (NYSE: C) is still offering home loan modification to customers but are now adding more options to the pool. The options are outside the options available through the Make Home Affordable program. Citigroup mortgage customers are still facing foreclosures due to the inability to make monthly mortgage payments. This is largely due to the [...]
Citi (NYSE: C) to Launch Updated Credit Card
Citibank (NYSE: C)is a bank in the vanguard with credit card technology. A number of Citi cardholders, will be given access to an updated credit card during November 2010. This is the beginning of a marketing promotion to provide bank credit card holders with a more flexible service. Customer feedback from this selected group will [...]
A Financial Analyst’s View of Citicorp (NYSE: C) Accounting Practices
Outspoken financial analyst Michael Mayo, 47, who works for Crédit Agricole Securities, has finally got the meeting with top Citicorp (NYSE:C) executives he has been seeking. He first came into conflict with Citicorp executives in 2002 after publicly criticizing the group about their risk management policy and aggressive accounting tactics. Mayo says, “Many of Citi’s [...]
Citigroup (NYSE: C) Sued by Norway’s Central Bank for Alleged Misstatements About Financial Condition
Norway’s central bank, Norges Bank, is looking to recover over $835 million in losses it has from Citi shares and bonds that it purchased from Citigroup (NYSE: C) based on alleged misstatements the company made about their financial condition which lead the Norway bank to buy securities at inflated prices. The complaint was filed with [...]
Citigroup (NYSE: C) to Stand Trial for Misleading Private Equity Firm
A trial date has been set for October 18 over claims that Citigroup (NYSE: C) deceived Terra Firma Capital Partners, Ltd, a private equity firm, into paying too much for EMI Group Ltd. In 2007. Citigroup has asked a US District Judge in Manhattan to dismiss the lawsuit from Terra Firm, which alleges it was [...]
Citigroup (NYSE: C) Bans Analyst Over Accusations of Tax Assets Misuse
Citigroup (NYSE: C), no stranger to controversy, is in the news once again due to its decision to ban banking analyst Michael Mayo. Citigroup froze Mayo out in late Auguest after he essentially pointed the finger at the bank for using deferred tax assets against the rules of accounting. Mayo’s complaint contends that Citigroup is [...]
Citigroup (NYSE: C) Officials Knew About the Subprime Losses Faced in 2007 According to the SEC
A number of Citigroup (NYSE: C) officials were aware of the bank’s rising subprime losses, according to the U.S. Securities and Exchange Commission. When they settled with Citigroup, Inc over charges of misleading their shareholders, both CFO Gary Crittenden and investor relations-head Arthur Tildesley were charged, but other bank executives, according to a brief filed [...]
Troubled Asset Relief Program Funds at Work: 2nd Quarter Lobbying Costs by Citigroup (NYSE: C) Reaches $1.47 Million
According to a disclosure report filed with the House clerk’s office on July 21st, Citigroup Inc (NYSE: C) spent $1.47 million in the second quarter alone, lobbying the federal government regarding the financial regulatory overhaul. Last year for the same quarter, Citigroup spent 12% more, with $1.67 million, dedicated to lobbying the government. Meanwhile, Citigroup [...]
Citigroup (NYSE: C) Still Involved In Restructuring Of U.S. Retail Sector
According to a recent announcement, Citigroup (NYSE: C) has begun streamlining its U.S. retail checking account services. This means a wider selection of options for consumers, but also the possibility of higher fees while the bank struggles to strengthen profit margins in its retail business following the financial reform. The company has stated that it [...]
Citigroup (NYSE: C) Plans To Lower Fees On U.S. Banking Accounts
As part of a campaign to encourage customers to use the bank for their primary accounts, Citigroup Inc. (NYSE: C) has chosen to lower the minimum required balances on those checking accounts with the highest level of service. According to an e-mailed statement from the bank, starting on November 1, holders of Citigold accounts can [...]
July Making Home Affordable Servicer Report Shows 100,413 Bank of America (NYSE: BOA) Homeowner Trial Modification’s Canceled
With so many homeowners in the country struggling to pay their mortgages, many turned to the Making Home Affordable Program. Servicers like Bank of America (NYSE: BOA) agree to modify homeowner mortgages in an effort to make their payments more affordable under a Home Loan Modification program. The home loan modification program has received much [...]
Citigroup (NYSE: C) Cancels Home Loan Trial Modifications
Homeowners still struggling to make mortgage payments are facing even more trouble as more home loan trial modifications are being canceled. According to a report from the Making Home Affordable program show that in July 2010, trial loan modification cancellations among Citigroup’s (NYSE: C) customers are on the increasing. 77,502 homeowners have had their trial [...]
Citigroup (NYSE: C) to Pay $75 Million in Settlement of Subprime Mortgages
Citigroup (NYSE: C) agreed today to pay out a settlement of $75 million to deal with federal claims the company failed to disclose the holdings of subprime mortgage investments which were declining during the rocky financial crisis. The issue at hand is what eventually disabled the bank. In 2007, Citigroup began to suffer losses that led [...]
Citigroup (NYSE: C) Second Company to be Halted By Circuit-Breaker
The two week old circuit breaker designed to prevent market panics on the stock market halted Citigroup (NYSE: C) in a five-minute pause in trading. The circuit-breaker was triggered by a 17% drop in Citigroup Inc stock today. The circuit breakers were created after the May 6th “Flash Crash” during which the Dow Jones Industrial [...]
Citibank (NYSE: C) Helps Small Businesses Use Social Media
“Clearly, many small business owners do not yet see the benefits of social media to improving and growing their business. At Citibank, we’re committed to helping small business owners reach their goals and dreams – and that commitment includes ensuring they are aware of all the resources available to them,” said Raj Seshadri, the head [...]
Citigroup (NYSE: C) Successful in Modification Program
Among the lenders who are offering homeowners a home modification program, Citigroup (NYSE: C) is being cited as one of the more successful lenders. According to the latest report from the Making Home Affordable program, Citigroup has made modifications for half of their eligible customers in the form of a permanent or trial basis. The [...]
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