Citigroup management failed for years to disclose problems with its internal controls, damaging the bank’s finances and reputation while causing its shares to lose significant value, shareholders alleged in a lawsuit.
U.S. banks including JPMorgan Chase, Citigroup and Bank of America have warned staff that bonuses may fall below typical levels given surprisingly strong profits in certain areas in 2020, according to the Financial Times.
Transgender and nonbinary individuals in the U.S. will now be able to have their preferred first name on their Citi credit card rather than being forced to use their legal name through Mastercard’s “True Name” feature, which the credit card company unveiled a year ago and which Citigroup on Monday became the largest bank to implement.
Ray McGuire, a vice chairman at Citigroup and one of Wall Street’s top-ranking Black executives, has stepped down from his job at the investment bank to run for mayor of New York City ahead of the November 2021 election.
Citigroup dropped its suit against Investcorp Credit Management, one of the dozen creditors of beauty company Revlon that the bank sued in August to take back $900 million it mistakenly sent, after the asset manager returned its portion of the transferred funds.
Citigroup executives faced tough questions from investors on Tuesday about penalties handed down by U.S. regulators last week, despite the bank reporting an otherwise resilient quarter in the face of economic uncertainty.
With the U.S. Federal Reserve pledging to keep interest rates near zero through 2023, the nation’s largest banks are in a tight spot, trying to eke out revenue through trading and mortgage refinancing while cutting costs through layoffs.
Sen. Elizabeth Warren is urging the largest U.S. banks to disclose results of a stress test to measure performance during the pandemic, arguing that their capital has been put at risk by continued paying of dividends.
Citigroup was hit with a $400 million fine and ordered by U.S. regulators to take “broad and comprehensive” steps to correct risk management systems following a series of high-profile record-keeping blunders.
Insurance startup Clover Health signed a deal Tuesday to be acquired by an affiliate of billionaire Chamath Palihapitiya in a deal valuing the tech firm at $3.7 billion and allowing it to be traded in the public equity markets.
Citigroup said Tuesday that it will be providing exchange-traded fund services for Russia’s first ETF issuer, FinEx Group, servicing its 13 ETFs that represent a total of $600 million in assets, as the New York-based bank seeks a bigger role in the ETF market.
Companies are feeling pressure from shareholder campaigns for environmental, sustainability and governance reform measures, even when the efforts don't win a majority vote, an investor advisory firm said.
Citigroup is cutting an unspecified number of jobs in its struggling equities division this week, including by reportedly eliminating the positions of three managing directors, as trading performance falls behind rivals.
In a move aimed at upping its environmental, social and governance research and investing prowess, Citigroup said Wednesday that it had partnered with Truvalue Labs, an artificial intelligence-driven data provider, to analyze ESG behavior at public companies.
Citigroup said Tuesday that it plans to open its largest global wealth advisory hub in Singapore for Citigold and Citigold Private Client customers in December, with a target to grow by double digits in market share and number of clients in the country’s wealth segment over the next few years.
Three Citibank affiliates were fined $4.5 million on Monday by the U.S. Commodity Futures Trading Commission over the deletion of millions of audio recordings that had been subpoenaed by the regulator.
Goldman Sachs, Morgan Stanley and Citigroup are among 34 S&P 100 companies that will publicly disclose the makeup of their workforce by race, ethnicity and gender, New York City Comptroller Scott M. Stringer said Monday.
Citigroup launched a digital portal for exchange-traded funds in the Hong Kong market, allowing dealers including market makers and investment firms to place more orders related to the offerings online.
Citigroup has halted its market making business in retail options, after not being able to compete with the technology in the space to offer one of the most reliable and fastest platforms, a Citi representative said on Wednesday.
Mick Mulvaney, who has held several high-profile Trump administration roles including acting chief of staff, will join the board of advisors for a U.S. blockchain lobbying group which counts several major banks as members.