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Citigroup News

Citigroup staffing up for new center to unleash robotics

Citigroup is staffing up for the robotic revolution. The New York-based financial services giant has plastered online jobs boards advertising roles at a new automation center that will deploy new robotic technology throughout the bank.

Costco's switch to Visa from Amex hits unanticipated challenges

Issaquah - If it isn't one thing, it's another complicating discount retailer Costco's switch to Visa-branded credit cards from American Express.

Op-Ed: U.S. biz pays CEOs more than taxes, and no questions asked?

Sydney - Generosity to oneself is pretty normal. When U.S. corporations who refuse to consider raising minimum wage and audit staff toilet time start giving their pet high flyers more money than they pay in taxes, questions need to be asked. Nobody's asking.

Citigroup to pay $7 billion to settle U.S. financial claims

Washington D.c. - U.S. banking giant Citigroup Inc. agreed Monday to pay $7 billion to settle government claims that it lied to investors when it sold them some $30 billion in financial products backed by subprime mortgages, precipitating the 2007-2009 financial crisis.

Citi profits up 3.5% on lower costs, improved credit

New York - Citigroup reported slightly higher quarterly earnings on Monday, as lower expenses and credit losses helped offset revenue declines in mortgage finance and trading.

Citigroup cuts 200-300 jobs: report

New York - US bank Citigroup has cut between 200 and 300 additional jobs, most in the global markets business, The Wall Street Journal reports.Some of the employees were fired, while others left voluntarily.

Citi agrees to pay $1.1 bn in mortgage settlement

New York - Citigroup Monday said it reached an agreement with a group of 18 institutional investors to pay $1.125 billion to settle claims on some mortgage-backed securities sold ahead of the financial crisis.

Mexico detains oil executive in Citibank defraud case

Mexico - A judge has placed the head of a Mexican oil services firm under house arrest under suspicion that his company defrauded US bank Citigroup in a multi-million-dollar case.Amado Yanez, chief executive and majority shareholder of Oceanografia, will be hel...

After Mexico fraud, Citi finds other three sets of suspect loans

Citigroup Inc, which recently discovered it made some $400 million in fraudulent loans to a company in Mexico, found three other sets of smaller loans that may be suspicious, the bank's chief financial officer told a group of inves...

Top Citigroup executives take lead on Banamex probe: WSJ

Top Citigroup Inc executives Manuel Medina-Mora and Brian Leach are taking the lead on an internal probe into alleged fraud at the U.S. bank's Mexican unit Banamex, the Wall Street Journal reported, citing people familiar with the matter.

Financier Hands drops U.S. lawsuit over EMI, pursuing UK case

British financier Guy Hands has ended his long-running U.S. lawsuit accusing Citigroup Inc of defrauding him into buying music company EMI Group Ltd but plans to keep pursuing the case in England.

Troubled past haunts Mexico oil company at center of Citi scandal

The company at the center of an alleged fraud that forced Citigroup Inc to cut its 2013 profit won billions of dollars in contracts from Mexico's state oil ...

Citigroup investigated for bank secrecy compliance

New York - Banking giant Citigroup Monday said it had received subpoenas from a pair of US agencies over its compliance with US bank secrecy and anti-money laundering laws.Citi and its Banamex USA unit received a grand jury subpoena from the US Attorney's Office ...

U.S. probes Citi over compliance with money laundering laws

A federal grand jury is probing Citigroup Inc, including its Banamex USA affiliate, over compliance with the U.S. Bank Secrecy Act and regulations on money laundering, the company said.

SEC investigates Citigroup over fraudulent Mexican loans: source

The U.S. Securities and Exchange Commission is investigating Citigroup for accounting fraud after it disclosed bogus loans in its Mexican Banamex unit, a source familiar with the investigation said.

Citigroup reports fraud in Mexico unit, lowers 2013 results

Citigroup Inc <C.N> said on Friday that it has discovered fraudulent loans in its Mexico subsidiary and that employees may have been in on the crime.

How Citigroup stumbled in the Mexican housing market

Just outside the town of Zumpango, about an hour from Mexico City, packs of stray dogs sniff around abandoned homes in a half-empty neighborhood.

Exclusive: Fortress, others eye Citi's OneMain consumer finance unit

Citigroup Inc <C.N> has been approached by Fortress Investment Group LLC <FIG.N> and some other private equity firms about a potential deal for its consumer finance b...

Citi CEO Corbat gets $14.1 million in 2013

Citigroup Inc <C.N> Chief Executive Michael Corbat received a 23 percent pay rise in 2013, his first full year after replacing Vikram Pandit at the helm, a regulatory filing on Thursday showed.

Target CEO: Banks need to issue chip-based credit cards in U.S.

With the FBI now warning all retailers on similar breach possibilities, Target CEO Gregg Steinhafel is refocusing attention on the need for chip-based credit card technology adoption in the United States.

Citigroup earnings rise, miss expectations

New York - US banking giant Citigroup on Thursday reported that quarterly earnings more than doubled on lower expenses, but results sharply missed expectations due to lower revenues from fixed-income trading and mortgage finance.

Wells Fargo, Citigroup sued by LA over foreclosures

The city attorney of Los Angeles sued Wells Fargo and Citigroup on Thursday, alleging that the two companies engaged in mortgage discrimination, which led to foreclosures in minority communities.

Citigroup lobbyists help write bill to deregulate Wall Street

Washington - Lobbyists for one of Wall Street's biggest financial firms helped draft legislation exempting banks from new regulations and allowing them to engage in riskier trades.

Record bank bonuses of $156 billion expected for 2011

Yet again the banks are expected to announce record bonuses, estimated to be $156 billion for 2011. These bonuses are not confined to the U.S.

Federal Judge rejects Citigroup – SEC settlement

New York - A federal judge rejected a $285 million dollar settlement between Citigroup and the Securites and Exchange Commission Monday after determining that the American financial watchdog had to prove – rather than just claim - the bank committed fraud.

Was a Citigroup banker fired for being too sexy?

Could having a good figure and wearing attractive clothing get you fired? One Citigroup banker in New York is claiming that this is precisely what happened to her.

Op-Ed: Wall Street still profiting at Main Street's expense

Stock market manipulations and subsidies continue profiting Wall Street at our expense -- a week after the stock market lost almost a trillion dollars in a matter of hours, the four largest banks claimed to make money for 63 trading days in a row

U.S. Treasury to sell 7.7 billion shares stake in Citigroup

Washington - The United States Treasury Department has announced that it will sell its 7.7 billion shares stake in Citigroup that it acquired during the banker bailouts, amounting to $33.2 billion.

Citigroup warns it may refuse to withdraw money to customers

As of April 1, Citigroup may not allow its customers to withdraw money from their accounts and could require an advanced notice of seven days for withdrawals.

Abu Dhabi to Sue Citigroup for $4 Billion

The Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund owned by the oil-rich state in the United Arab Emirates (UAE) which shares its name, is suing the U.S. bank Citigroup for what it claims is fraudulent misrepresentation.
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