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. […]
Banking giant cuts 11,000 jobs
Citi had filed a complaint against the other two earlier in the day seeking US$60 million in damages
Citi says it had exclusivity agreement with Wachovia; it has also been providing liquidity to the bank since Monday
“Action was necessary to maintain confidence in the banking industry”
Citigroup Inc. has reached a deal with U.S. regulators to give the purchasers of auction rate securities their money back.The U.S. Securities and Exchange Commission’s Division of Enforcement today announced a preliminary settlement in principle with Citigroup Global Markets, Inc., including proposed charges and a plan that would give individual investors, small businesses, and charities […]
Cost of credit increased by 20%, CEO says
Citigroup Inc. today announced that it is selling its German retail banking unit for US$7.7 billion.The banking giant said it has entered into a definitive agreement to sell Citibank Privatkunden AG & Co. KGaA to Credit Mutuel, the third largest retail banking group in France. Credit Mutuel will pay all-cash consideration of 4.9 billion euros […]
Fund management company Old Land to be restructured