Showing posts with label Citigroup. Show all posts
Showing posts with label Citigroup. Show all posts
April 20, 2018
Citigroup's Mann Sees No Recession, Says Fed Path `Appropriate'
June 22, 2012
LOS ANGELES TIMES: Moody's Investors Service has lowered the ratings of some of the world's largest banks, including Bank of America, JPMorgan Chase, Citigroup and Goldman Sachs.
The ratings agency said late Thursday that the banks were downgraded because their long-term prospects for profitability and growth are shrinking. » | Associated Press | Thursday, June 21, 2012
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January 17, 2010
THE SUNDAY TIMES: FOUR of Wall Street’s biggest banks will this week reveal plans to pay their staff a total of close to $100 billion (£62 billion), reigniting the row over bankers’ bonuses.
Goldman Sachs, Morgan Stanley, Citigroup and Bank of America Merrill Lynch are all expected to announce bumper pay awards for staff alongside full-year results.
Wall Street’s big payouts come as the remuneration committee at Royal Bank of Scotland prepares to meet this week to determine the size of its bonus pot.
RBS — 84%-owned by British taxpayers — has indicated it wants to pay its investment bankers about £1.5 billion in bonuses, even though it will make a loss this year at group level. The figure could creep higher if it attempts to shelter its bankers from the impact of Alistair Darling’s 50% tax on bonuses. >>> Iain Dey | Sunday, January 17, 2010
October 22, 2009
TIMES ONLINE: Top executives at US companies that have not yet repaid billions of dollars of taxpayers' bailout money will be forced to take pay cuts of up to 90 per cent after a ruling by President Obama's pay czar.
The most senior 25 employees at Citigroup, Bank of America, American International Group, General Motors, Chrysler, as well as the financing arms of the two car companies, will see their basic salary fall to just 10 per cent of previous pay, with some earnings replaced with shares in the company that cannot be sold for several years.
The result of the measures will be an average remuneration reduction of 50 per cent.
The move is designed to link the personal self-interest of board members with the long-term health of the company and will be closely watched in the UK, as ministers grapple with how to limit the excesses of bonus culture at British banks. >>> Rebecca O'Connor | Thursday, October 22, 2009
July 31, 2009
NEW YORK TIMES: Thousands of top traders and bankers on Wall Street were awarded huge bonuses and pay packages last year, even as their employers were battered by the financial crisis.
Nine of the financial firms that were among the largest recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008, according to a report released Thursday by Andrew M. Cuomo, the New York attorney general.
At Goldman Sachs, for example, bonuses of more than $1 million went to 953 traders and bankers, and Morgan Stanley awarded seven-figure bonuses to 428 employees. Even at weaker banks like Citigroup and Bank of America, million-dollar awards were distributed to hundreds of workers.
The report is certain to intensify the growing debate over how, and how much, Wall Street bankers should be paid.
In January, President Obama called financial institutions “shameful” for giving themselves nearly $20 billion in bonuses as the economy was faltering and the government was spending billions to bail out financial institutions.
On Friday, the House of Representatives may vote on a bill that would order bank regulators to restrict “inappropriate or imprudently risky” pay packages at larger banks.
Mr. Cuomo, who for months has criticized the companies over pay, said the bonuses were particularly galling because the banks survived the crisis with the government’s support.
“If the bank lost money, where do you get the money to pay the bonus?” he said.
All the banks named in the report declined to comment. >>> Louise Story and Eric Dash | Thursday, July 30, 2009
July 11, 2009
MAIL Online: City banks are preparing to lavish record bonuses on staff less than a year after bringing the world economy to the brink of meltdown.
Many high-flying traders and dealmakers are looking forward to ' mindblowing' payouts on a par with the rewards handed out at the height of the banking boom in 2007.
This is despite many of the banks only being able to turn a profit because they have been bailed out with taxpayers' money.
Wall Street giant Goldman Sachs is expected to confirm next week that it will pay an average of almost £400,000 in pay and bonuses to each of its 5,500 London-based staff - a total of £2.2billion.
Its profits are soaring on the back of the $6.2billion it received from the U.S. taxpayer last year.
Royal Bank of Scotland recently revealed chief executive Stephen Hester was in line for a £9.7million pay package if he brings the bailed-out bank's share price up to 70p.
Another bailed- out financial giant, Citigroup, is raising basic pay for many of its investment bankers and traders by up to 50 per cent, to make up for the loss in bonus pay.
Nationalised U.S. insurance firm AIG is planning to pay millions of dollars more in bonuses to dozens of top bosses across the world.
Last year it paid out more than £100million despite being rescued by the U.S. government after racking up £60billion in losses from reckless bets on toxic debt.
Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley and Barclays are also planning major rewards.
This is despite their actions triggering a recession which is expected to cost a million Britons their jobs.
The return of 'business as usual' to the banking sector makes a mockery of the Government's claim to have stamped out the culture of greed and reckless risk taking in the banking industry. Big City bonuses are back! Less than a year after banks took billions in taxpayer-funded bailouts... >>> Simon Duke | Saturday, July 11, 2009
January 16, 2009
THE NEW YORK TIMES: Citigroup capped a devastating 2008 by announcing Friday that it would split into two entities and that it had posted an $8.29 billion loss for the fourth quarter.
Citigroup’s rival, Bank of America, also posted a loss, just hours after receiving a new infusion of government support.
Underlining the depth of the problems that have emerged from its acquisition of Merrill Lynch, Bank of America said Merrill had a fourth-quarter net loss of $15.31 billion, or $9.62 per diluted share, “driven by severe capital markets dislocations,” before the acquisition was completed.
Even as Bank of America was coping with the challenge of absorbing Merrill, Citigroup was announcing the latest steps in dismantling its own financial supermarket.
Citigroup confirmed that it would divide, for management purposes, into two separate businesses — Citicorp and Citi Holdings. >>> By MATTHEW SALTMARSH and ERIC DASH | Friday, January 16, 2009
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November 17, 2008
BBC: US bank Citigroup has announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made this year.
Citigroup said the 75,000 job cuts represented a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide "in the near term".
The cuts will come from redundancies, the sale of units and natural wastage, the bank said.
Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.
It has posted four straight quarterly losses and some analysts believe the bank will not make a profit again until 2010. >>> | November 17, 2008
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May 06, 2008
HOT FINANCIAL NEWS!: Citigroup steps up its Islamic banking operations. It has appointed the former head of its Middle East debt capital markets group as its chief executive of business.
Samad Sirohey has become the head of Citi Islamic investment bank and the head of global investment banking.
Investment banks are redeploying much of their top talent to the Middle East, hoping to secure revenues from one of the fastest-growing regions in the world at a time when their more established businesses are struggling because of the credit crisis.
The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)
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