Combined firm boasts over 18,500 financial advisors
U.S. Citigroup Inc. is selling its Japanese securities business, Nikko Cordial Securities Inc., to Sumitomo Mitsui Banking Corp. in a deal worth US$7.9 billion.Citi announced Friday that it has reached a definitive agreement to sell Nikko Cordial to SMBC in a transaction valued at ¥774.5 billio, comprised of ¥545 billion for the purchase of the […]
Corbat named CEO of Citi Holdings unit
Citi to exchange preferred securities for common shares
Banking giant to separate into two separate businesses
Morgan Stanley Smith Barney joint venture combines 20,000 financial advisors
Former U.S. Treasury Secretary Robert Rubin is stepping down from his role at Citigroup Inc.Citigroup announced Friday that Rubin has retired as senior counselor effective immediately and has decided not to stand for re-election as a director at Citigroup’s annual meeting. He will continue to serve as a director until his current term expires at […]
Treasury will invest US$20 billion from TARP in exchange for preferred stock
Citigroup Inc. announced that it is winding down its structured investment vehicles by buying back their remaining assets at fair value.The bank said Wednesday that, in a nearly cashless transaction, it has committed to acquire the remaining assets of the SIVs at their current fair value, estimated to be approximately US$17.4 billion, net of cash, […]
The second-largest bank in the United States, Citigroup, will cut 52,000 jobs in the coming months, the company’s chief executive said on Monday.Citigroup CEO Vikram Pandit told the company’s employees of the cuts during a morning town-hall meeting.The cuts will take Citigroup’s workforce down from 375,000 employees at the end of 2007 to roughly 300,000. […]