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Citigroup Inc

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  • CNBC update: Pres. Obama speaks to VFW Tuesday, 21 Jul 2015 | 12:28 PM ET
    CNBC update: Pres. Obama speaks to VFW

    CNBC's Courtney Reagan reports President Obama spoke to veterans at the VFW national convention; Citigroup is to refund $700 million to consumers; Pope Francis hosts a Vatican meeting on climate change, and 1,000 New York City airport workers are set to strike on Wednesday.

  • Citibank to pay $700M over credit card practices Tuesday, 21 Jul 2015 | 12:18 PM ET
    Pedestrians walk in front of a Citibank branch in New York.

    A US consumer watchdog said about 7 million customer accounts were affected by Citibank's "deceptive marketing" practices.

  • July 21- Citigroup Inc's consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said. Citigroup is not the only big U.S. bank whose credit card practices are under scrutiny. Citigroup shares were up 0.6 percent at $59.19 in late morning trading on the New York Stock...

  • NEW YORK— Nine million credit card customers will receive refund checks from Citigroup after U.S. regulators forced the bank to repay $700 million and fined it $70 million for illegal and deceptive practices. Some of the illegal activity by Citi goes back to as early as 2000, the CFPB said, and ended in 2013, and covers a range of products sold by Citi and...

  • Thomas 'Tom' Hayes, 35, a former trader at banks including UBS Group AG and Citigroup Inc., left, and his wife Sarah, arrive for his trial at Southwark Crown Court in London, U.K., on Friday, July, 24, 2015.

    LONDON, July 21- The prosecution in the trial of Tom Hayes, the first person to face a jury on Libor-rigging charges, said on Tuesday the former trader had only himself to blame for finding himself on trial. In his closing speech for the prosecution, lead counsel Mukul Chawla told the London court that no-one had forced Hayes to rig rates, get others to help manipulate...

  • Banks back rival to Bloomberg messaging system Tuesday, 21 Jul 2015 | 8:36 AM ET
    Wall Street

    A messaging service for business is being launched by some of the world's biggest banks in a bid to challenge Bloomberg's dominance of the market.

  • Is Wall Street pay too high? Tuesday, 21 Jul 2015 | 7:00 AM ET
    Fistfull of money

    Five years after Dodd-Frank, we’re still waiting for Wall Street pay reform, says Sarah Anderson.

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, July 21- What does gold have in common with iron ore and coal? The broad picture for gold is that since the spot price reached its peak of $1,920.30 an ounce in September 2011, demand has dropped as supply has risen.

  • July 20- France's Faurecia SA is set to explore a sale of its bumpers business, which may be worth about $450 million, Bloomberg reported on Monday, citing sources. The company, majority owned by PSA Peugeot Citroen, has also hired Citigroup Inc to work on a potential dispute, Bloomberg reported on its website. Faurecia, which has been considering a sale for about...

  • WASHINGTON, July 20- The Federal Reserve on Monday adopted a rule for the eight largest U.S. banks to hold more equity capital, amid fears on Wall Street that the measure may make it less profitable. The numbers were in line with an estimate by Goldman Sachs analysts in December. JPMorgan Chase& Co faces the highest surcharge at 4.5 percent, followed by Citigroup at...

  • Banks need to hold another $200B cash cushion Monday, 20 Jul 2015 | 1:43 PM ET
    Janet Yellen

    In the latest move from regulators to prevent banks from being too big to fail, eight institutions have been hit with capital surcharges.

  • Fed directs 8 biggest US banks to hold extra capital Monday, 20 Jul 2015 | 1:17 PM ET

    The requirements also are aimed at encouraging the Wall Street mega-banks to shrink so they pose less risk to the financial system. The banks include JPMorgan Chase, Citigroup and Bank of America. JPMorgan is the only one that doesn't already meet the requirements, which will be phased in from 2016 through 2018 and take full effect on Jan. 1, 2019.

  • LONDON, July 20- Copper hit its lowest in nearly two weeks on Monday as a strong dollar and a plunging gold price weighed, but it recovered to end flat as investors digested upbeat data from China and gains in Chinese and U.S. equities. Gold slumped to a more than five-year low as sellers in China offloaded the metal. If it's focusing on the dollar, that suggests prices...

  • WASHINGTON, July 20- The Federal Reserve will meet on Monday to adopt a new rule for the eight largest U.S. banks to hold more equity capital, amid fears on Wall Street that the measure may make it less profitable. JPMorgan Chase& Co faces the highest surcharge at 4.5 percent, followed by Citigroup at 3.5 percent. Only JPMorgan faces a shortfall of $12.5 billion at the...

  • Bove: Time to 'aggressively' buy big banks Monday, 20 Jul 2015 | 12:22 PM ET
    Dick Bove

    The cloud has lifted over banks and Dick Bove says it's time to "aggressively" buy some of the big names.

  • LONDON, July 20- The prosecution in the first trial of a defendant accused of rigging Libor told the jury on Monday that what mattered was the dishonest intent to influence benchmark interest rates for profit, not the outcome of the manipulation. The trial of Tom Hayes, a former yen derivatives trader who denies eight counts of conspiracy to defraud, is entering...

  • LONDON, July 20- Copper hit its lowest in nearly two weeks on Monday, weighed down by a strong dollar, multi-year lows in gold and growing inventories, although upbeat data in China and steadier stock markets there limited losses. The dollar jumped to three-month highs as expectations of a U.S. rate rise gathered pace and gold plunged to a more than five-year low,...

  • Morgan Stanley 2Q profit falls 8.5 percent Monday, 20 Jul 2015 | 7:26 AM ET

    NEW YORK— Morgan Stanley's second-quarter results topped Wall Street's expectations Monday, as the investment bank's trading and wealth management businesses helped lift revenue. While Morgan Stanley's profits fell 8.5 percent, that drop was largely because to a tough comparison to the year before, when the bank had a one-time tax benefit.

  • *Platinum price hits 6 year low, complicating divestment. JOHANNESBURG, July 20- Tumbling metals prices are delaying Anglo American Platinum's plan to divest its labour-intensive Rustenburg and Union operations, with the South African miner yet to decide between a sale or flotation, it said on Monday. Amplats' chief executive Chris Griffith said an initial...

  • *Gold falls as much as 4 pct briefly to $1,088.05. LONDON, July 20- Gold prices plunged as much as 4 percent to their lowest in more than five years on Monday as sellers in top consumer China offloaded the metal. "The Asian market missed the action on Friday when U.S. players were already attempting a break of $1,130, a major support level, and has pushed prices much lower...