citigroup

At Last, Citigroup Starts to Pull Through

It took a while -- three years, really -- but Citigroup, by far the weakest of the big banks coming out of the recession, is starting to pull through. After this morning's second-quarter earnings report of $3.3 billion, or $1.09 per share, investors have several things to rejoice over.

The Financial Landscape: OPEC Quotas and 'Too Big to Fail'

The theme for Thursday is big players adjusting to a changing world: Citigroup is shutting down a major hedge fund it used for soon-to-be-banned proprietary trading, Goldman has been subpoenaed over its role in the subprime mortgage crisis, and OPEC is thinking that it might need to pump more oil.

Will Google Turn Android Phones into Credit Cards?

Many major companies are hoping that consumers will use their smartphones as a credit or debit card, and Google may be preparing to join in with its Android phones. But is the trend, which has grown popular in Japan, finally ready to take off in the U.S.?

Paulson and Co. Clears $1 Billion on Citigroup Shares

Hedge fund manager John Paulson told Paulson & Co. clients that the company made more than $1 billion during the past 18 months on its investment in Citigroup, Bloomberg News reported, citing Paulson's letter to clients this month.

Citigroup Promotes John Havens to President and COO

Citigroup on Wednesday announced the promotion of John Havens, the head of its Institutional Clients Group, to president and chief operating officer. The move is designed to make the financial behemoth nimbler by cutting the number of executives who report directly to CEO Vikram Pandit.

Citi May Have to Refile Thousands of Forelcosure Affidavits

Citigroup Inc (C) said it may have to refile thousands of foreclosure affidavits. The bank is reviewing 10,000 affidavits executed before the company overhauled its foreclosure operation in February, Harold Lewis, a managing director with CitiMortgage said in written testimony for a congressional hearing. Bloomberg News reported his comments.

Glencore International Considering $10 Billion IPO

Glencore International AG, the world%u2019s largest commodity trader, is considering a $10 billion IPO. The IPO would be done in London and potentially Hong Kong in the second quarter of 2011, Bloomberg News reported without naming its sources.

Fed Sets 'Stress Test' Deadline for Biggest Banks

The Federal Reserve has set a Jan. 7 deadline for the largest banks to prove they have the capital to withstand another financial crisis. Bank of America, JPMorgan Chase, Citibank and 16 others will have to file so-called "stress test" documentation by then.

Bank of America May Pay Employee Bonuses in Stock

As Bank of America continues to cope with fallout from the housing and mortgage crisis, the financial institution may have to pay some year-end employee bonuses in the form of stock because of a possible cash shortfall related to its buy-back of stock from the federal government.

SEC Probes Citigroup Bond Funds

The SEC subpoenaed several former in-house brokers as part of an investigation of Citigroup (C) debt funds. The funds in question borrowed heavily and invested in mortgage bonds and municipal bonds, The Wall Street Journal said without naming its sources. The funds%u2019 value slumped by as much as 77% during the financial crisis, leading Citigroup to offer share buybacks that would reduce investor loss to about 61%.

Morgan Stanley Earnings Come Up Short

Morgan Stanley posted a third-quarter net loss, hurt by special charges and declines in sales and trading activity in a market that's been low on volume for months. On an adjusted basis, the world's biggest brokerage missed Wall Street's forecast.

Morgan Stanley Earnings Preview: Profits Will Fall

Morgan Stanley is expected to report sharp declines in third-quarter earnings and revenue ahead of Wednesday's opening bell, hurt by months of weak trading activity. The financial giant is forecast to post earnings of 15 cents a share, less than half the 38 cents a share booked a year ago.

How to Tell If It's Time to Switch Banks

The consumer advocates at the Center for Responsible Lending have released a checklist of tough questions people should ask their banks to make sure their needs are being met -- and and to ensure they aren't paying unnecessary fees.

Who's the Best Stock Picker? Goldman Sachs

Everybody's favorite firm to hate -- Goldman Sachs -- really is the smartest money on Wall Street. The investment bank's analysts have landed at No. 1 on Bloomberg Markets' ranking of the "World's Best Financial Stock Pickers."

Dallas's JR Lassos $11.5 Million in Damages from Citigroup

Citigroup is on the hook for $11.5 million in damages after losing an arbitration case against actor Larry Hagman, best known for his role as J.R. Ewing in the television series "Dallas," who had accused the bank of fraud and misconduct.

GE Capital Buys Citigroup's Retail Loans

General Electric unit GE Capital announced Tuesday that it had acquired the retail finance portfolios from Citigroup's Retail Partner Cards to add $1.6 billion in managed assets. Financial terms of the deal were not disclosed, but GE Capital expects it will immediately add to earnings.

New Citigroup Hire Lands $30 Million Pay Deal

Citigroup%u2019s (C) newest energy banker Stephen Trauber could take home as much as $30 million over three years as part of his juicy new pay package with the bank. Trauber, whom Citigroup poached from Swiss bank UBS (UBS), landed himself the deal just months after pay czar Kenneth Feinberg ended his oversight of Citigroup%u2019s pay practices, The Wall Street Journal said. The U.S. taxpayer still owned 17.5% of Citigroup as of July.

Citigroup to Pay Executives $33 Million in Stock

Citigroup Inc. (C) will pay five of its top executives almost $33 million in stock compensation this year and plans to increase its CEO's salary above his $1 a year figure in 2011, marking the financial institution's effort to reward executives for turning a profit so far this year after two years of losses.

Citigroup May Sell Student Loan Corp. to Sallie Mae Consortium

Citigroup (C) plans to sell its student-lending unit Student Loan Corp. to a consortium including Sallie Mae as early as today, The New York Post reported. Citigroup owns 80% of the company, with another 20% being publicly traded. It is the country%u2019s second-largest student lender, after Sallie Mae.