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Citigroup Chairman and Chief Executive Charles Prince said Monday he would release details of cost-cutting steps later this week, including the consolidation of some operations and moving others to lower-cost locations.
Citigroup has agreed to buy Taiwan's Bank of Overseas Chinese (BOOC) for $426 million, a BOOC executive said on Monday, amid growing foreign interest in Taiwan's undervalued banking sector.
A group of Japanese banks is arranging a 1.7 trillion yen (US$14.3 billion) line of credit for Citigroup to fund the U.S. lender's acquisition of Nikko Cordial, sources close to the dealsaid on Friday.
Citigroup said on Thursday Damian Kozlowski, chief executive of its private banking unit, is leaving the company, in the latest management change at the largest U.S. bank.
Despite a volatile first quarter, stocks aren't much above where they were at the beginning of the year. But even if the major averages aren't showing big gains, smart investors know where to look for growth opportuntities.
Peter Scaturro, chief executive of U.S. Trust, won't join Bank of America when the second-largest U.S. bank acquires the private banking arm of Charles Schwab for $3.3 billion.
A major shareholder of Japanese brokerage Nikko Cordial said on Tuesday it would join Orbis in tendering Nikko stock for sale at 1,900 yen per share, above Citigroup's takeover offer of 1,700 yen.
Orbis Investment Management , a major shareholder in Nikko Cordial said it will immediately place an order on the Tokyo Stock Exchange to sell all its 56.5 million Nikko shares at 1,900 yen per share, above Citigroup's 1,700 yen offer.
New Century Financial on Monday filed for Chapter 11 bankruptcy protection and said it would cut 3,200 jobs, or 54% of its work force, in the biggest collapse of a mortgage lender in the U.S. housing downturn.
Citigroup has agreed to pay $2 million to help educate college-bound students about student loans as part of a wider settlement of a probe into the college loan industry, New York State Attorney General Andrew Cuomo said.
Stocks closed higher following a late rally in telecom and energy as investors took surging crude-oil prices in stride. "I'm thinking the next move is to the upside again," James Paulsen, chief investment strategist with Wells Capital Management, told CNBC.
Speculation that Bank of America could make a move on Barclays returned this week and several analysts have said Britain's third biggest bank has made itself vulnerable to being taken over if its discussions to buy ABN fail.
Citigroup plans to double its number of outlets in China this year to more than 30, Chairman and Chief Executive Charles Prince said on Thursday.
Britain's Barclays hired Citigroup as an advisor on its bid talks with ABN AMRO, sources familiar with the matter said on Wednesday, effectively ruling the U.S. group out of counterbidding for the Dutch lender.
Charles Crane, managing member of Scotsman Capital Management, told CNBC’s “Squawk on the Street” that investors should look past current market turmoil and go long in solid stocks.“Market turbulence such as we’ve been witnessing for the past several weeks is typically characterized by a lot of anxiety, often born of some fundamental events such as the sub-prime worries that are cascading through the economy,” Crane said Wednesday.
Citigroup executives are putting the finishing touches to a restructuring plan that is likely to involve around 15,000 job cuts and a charge against earnings of more than $1 billion, according to people familiar with the matter, The Wall Street Journal reported.
Facing an increasingly competitive market, online banks are launching checking accounts with attractive rates.
This week's stock rally doesn't mean the market's recent pullback is over, money managers say.
Some executives within Citigroup are pushing for the U.S. banking giant to make a bid for ABN AMRO, which is in discussions about a possible merger with Barclays, the Wall Street Journal reported on Friday.
Stocks are edging higher ahead of the opening. Existing home sales data at 10 am New York time could influence direction but for now investors face a flurry of Friday morning corporate news headlines.