Word: citigroup
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...governor Antonio Fazio on the defensive. The attraction for foreigners: Italy's banking sector is highly fragmented and not very competitive, according to Credit Suisse First Boston, meaning that greater efficiencies - and profits - can be wrung out of them. Lucky Break? Frankfurt prosecutors called off a probe into six Citigroup traders accused of manipulating the European government bond market last August, although a change to Germany's law made since could now make such trades illegal. Financial watchdogs elsewhere in Europe are still investigating...
...from bankruptcy under the less tainted name of MCI, now a takeover target likely to fetch upwards of $8 billion from Qwest or Verizon.) WorldCom bond investors had a second reason to cheer when J.P. Morgan Chase agreed last week to pay $2 billion to settle investor claims, joining Citigroup and other Wall Street firms that had underwritten a WorldCom bond issue only about a year before the telecom went bust. With some $6 billion now pledged--the largest securities class-action settlement in U.S. history--bondholders may get back up to half the value of their lost investments. Meanwhile...
...point is simple: this is just one of the things people are worrying about while the broad economic picture could hardly be better. General Electric just reported strong earnings and is confident of double-digit growth. IBM did the same. Citigroup chief financial officer Sallie Krawchek said recently on CNBC that it was "credit nirvana," the best environment they had seen in almost 15 years, and Citigroup raised its dividend another...
...would park their money in cash at 2% and pay taxes when they could get 3.7% in tax-advantaged dividends in Citigroup stock and own a piece of the world's largest financial-services firm, one that is perfectly well-positioned to be the banker to the developing world's burgeoning consumers...
Bond Villains? No one ever said bond traders were gentlemen. But even by the bruising standards of this market, the rapid-fire sale of 12 billion euros' worth of European government bonds by a group of mainly London-based Citigroup traders last August was a shocker. Prices tumbled, and Citigroup promptly bought back 4 billion euros' worth of bonds for a tidy profit. Citigroup, the world's largest financial...