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Business

Citigroup looks to cut cash holdings to boost earnings

NEW YORK: Citigroup Inc is considering cutting its cash on hand by about $35 billion, which should help the bank buy higher yielding assets or redeem expensive debt to boost earnings.

TECH

Citigroup, with limited options, hopes to lure deposits digitally

Citigroup Inc is facing a unique dilemma among the four largest US banks: it is light on deposits from individuals, an important funding source that costs little and tends to stick around.

Business

Citigroup can't block Abu Dhabi arbitration over $7.5 bln stake

NEW YORK: A U.S. judge has rejected Citigroup Inc's effort to block the Abu Dhabi Investment Authority from seeking a second arbitration over the sovereign wealth fund's $7.5 billion investment in late 2007 to shore up the then-struggling bank.

Business

Citigroup cutting 11,000 jobs, taking $1 billion in charges

NEW YORK: Citigroup Inc said it is cutting 11,000 jobs worldwide, delivering the first of what investors expect to be a new series of steps to shrink the bank down to a more manageable and profitable size.

Business

Citigroup suspended from Japan bond auctions on manipulation

TOKYO: Citigroup Inc. was suspended from the primary group of dealers that participate at certain Japanese government bond auctions after it was found to have manipulated futures prices.

Business

Citigroup to post US$2.7bil in added legal costs in fourth quarter

NEW YORK: Citigroup Inc will record US$2.7 billion in litigation expenses and another $800 million in repositioning charges, leaving the third-largest U.S. bank "marginally profitable" in the fourth quarter, its chief executive officer said on Tuesday.

Business

Citigroup to pay former executives $15.5 million each

NEW YORK: Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy.

Business

Citigroup cuts 200-300 jobs: report

NEW YORK: US bank Citigroup has cut between 200 and 300 additional jobs, most in the global markets business, The Wall Street Journal reported Sunday. Some of the employees were fired, while others left voluntarily.

Business

Citigroup sees US$7bil settlement

NEW YORK: Citigroup Inc is close to paying about US$7bil to resolve a US probe into whether it defrauded investors on billions of dollars worth of mortgage securities in the run-up to the financial crisis, a source familiar with the matter said.

Business

Citigroup cuts 11,000 jobs

NEW YORK: Citigroup Inc said it is cutting 11,000 jobs worldwide, delivering the first of what investors expect to be a new series of steps to shrink the bank down to a more manageable and profitable size.