Tag: citi

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  • Citigroup

    Citi reports profit jump thanks to lower legal bills

    Citigroup has reported a big leap in quarterly profit as a sharp drop in legal costs and gains from the disposal of unwanted assets more than made up for weak revenue in its core business. The bank’s legal and repositioning costs fell to $724 million in the fourth quarter, down from $3.55 billion a year earlier. CEO Michael Corbat […]

  • Citigroup Affiliates to pay 180 million dollars

    Citigroup Affiliates Agree To Repay $179.5 Million After Misleading Hedge Fund Investors

    Two Citigroup Inc. affiliates have agreed to pay $179.5 million after being charged by federal regulators for misleading investors in hedge funds that later collapsed. On Monday, the Securities and Exchange Commission (SEC) announced the settlement with Citigroup Alternative Investments, a subsidiary of the bank, and Citigroup Global Markets, an affiliated company. The affiliates will […]

  • Trading Revenue Gives Citi $4.4 billion Q1 Profit

    Citigroup posted a $4.4 billion Q1 profit today, the bank’s biggest profit since the beginning of the financial crisis. Like Bank of America and JP Morgan Chase, Citi raked in profits by borrowing at rock bottom interest rates, then investing that money into higher-yielding bonds, commodities, and other securities. The New York Times has more: […]

  • Government to Sell Citigroup Stake for $8bn Profit

    The US Treasury will sell its 27% stake in Citigroup this year. The Treasury announced this morning that it will sell its 7.7 billion shares, netting an estimated profit of more than $8 billion. BusinessWeek has the story: The sale would bring Citigroup a step closer to exiting the government’s Troubled Asset Relief Program and […]

  • Citigroup Buys $50 Million New Corporate Jet

    Image by Flickr user Shutterrudder Bad PR move, guys. The New York Post reports on Citigroup’s brand-spankin’-new Falcon jet: Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet – only this time, it’s the taxpayers who are getting screwed. Even though the bank’s stock is as cheap as a gallon […]