Word: citys
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
Citigroup hasn't lost all its muscle. Despite talk of nationalization and speculation that bad loans might soon push the bank into insolvency, Citi's bankers who advise other companies on mergers and acquisitions are having a banner year. Through the first two months of 2009, bankers at Citi were hired to offer guidance on more of the nation's largest deals than any of its rivals, according to Dealogic, which tracks financial activity. Globally, Citi has been a part of four of the six largest deals in 2009. Its biggest score came in January when it was picked...
...success of Citi's dealmakers comes as a surprise because the sprawling bank has generated nothing but frightening headlines in recent months. Like the other big banks, Citi received billions in aid from the government, and has been back to the government's well more often than most. Last month, the Treasury, along with private investors, agreed to convert some of their Citigroup preferred shares into common stock, which will strengthen the company's capital position. All told, the government has injected $45 billion into Citi by buying preferred shares; it has also insured the bank against losses...
Hidden by the big bottom-line losses are a number of Citi businesses that seem to be doing well. Along with mergers and acquisitions, analysts point to Citi's foreign-currency trading divisions and its business of processing payments and moving money around the world as two other bright spots. Earlier this month, Citi CEO Vikram Pandit said his bank was profitable in the first two months of the year. "M&A alone is not a big enough businesses to swing the bank," says analyst Richard Bove, who follows bank stocks at Rochdale Securities. "But put them all together, along...
Boutique firms believe that Citi's troubles will shift the balance in the M&A business again. "We are being approached by more and more clients who are concerned about getting services from entities that are having trouble," says Kenneth Berliner, who is the president of top boutique investment bank Peter J. Solomon. "How much longer are the bankers who work there going to stick around...
Compensation experts say that as the government increases its efforts to curtail executive pay, companies will come up with more and more creative ways to keep their employees happy. "Citi may have bent the rules a bit,' says top compensation consultant Alan Johnson. "But if these firms don't come up with some way to pay their people, they are going to be out of business...