Page 2 - Citi Bank

Job cuts at Citi, Deutsche Bank show the future has arrived on Wall Street

Both executives were speaking in 2017, and while they may have been early, their predictions are beginning to pan out

Citigroup swings to $1.8 billion loss in 4th quarter on slew of charges

Shares in the bank climbed 3% in premarket trading on Friday after CEO Jane Fraser described 2024 as a "turning point year" for the lender

Citi Bank CEO weighs shutting municipal-bond trading business: Report

A Citi spokesperson at that time had said the company did not discriminate against the sector and that it believed it was complying with Texas' law

Citi India sees $22 billion in equity capital deals in 2023, says CEO

"Initial public offerings have come back and you have seen a flurry of block deal activity given where markets are. Now we are starting to see institutional share sales as well," said Ashu Khullar

Citi India sees $22 billion in equity capital deals in 2023, says CEO

"Given the interest in India as a market, at some point people will look at both organic and inorganic way to come into the market," Khullar said

Citi India FY23 profit jumps threefold Rs 13,614 crore on retail arm sale

Citi's total assets stood at Rs 2,17,302 crore as at March 31, 2023. Citi concluded the deal with Axis Bank in March this year

Ravi Kapoor to retire as Citi banking, advisory head for South Asia

Citigroup on Tuesday said Ravi Kapoor will retire as Banking, Capital Markets and Advisory (BCMA) Head for South Asia and India after working with the group for 18 years. K Balasubramanian will take over the role of BCMA Head for South Asia and India, in addition to his current Corporate Bank Head role. Rahul Saraf will continue to head Investment Banking for India, Citi said in a statement. "Ravi Kapoor, who headed BCMA for Citi India and South Asia, has decided to retire from the Bank after 18 illustrious years at Citi and a career spanning 35 years. Ravi attained the superannuation age last year and stayed back at the firm's request," it said. Over the last 13 years in his role as BCMA Head, Kapoor has been instrumental in developing deep client relationships with large Indian conglomerates, mid-market companies and market participants at the senior-most level and built a leading investment bank in India, the statement said. This move recognises Balasubramanian's stature, both .

Citi MD Ravi Kapoor to retire next month; K Balasubramanian to take over

Post retirement, Kapoor will pursue entrepreneurial opportunities

Citi signals consequences for not complying with return to office norms

While the vast majority of staffers are following the firm's rules for hybrid work, the moves are focused on those employees with persistent, unexplained absences

Citi India, ISDM launch CIFSI to enhance research on innovative financing

Citi India and Indian School of Development Management (ISDM) on Thursday announced the launch of the Centre for Innovative Finance and Social Impact (CIFSI) to enhance research on innovative financing. The centre in the national capital will help in raising dialogue among public and private stakeholders to tackle developmental challenges, a joint statement said. The centre and its objectives resonate with Citi's commitment to seed innovation in financing tools that aid and accelerate social impact in crucial areas such as climate and poverty, Citi India CEO Ashu Khullar said. The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programmes that are aimed at solving global challenges, such as alleviating poverty, improving living standards, and conserving the environment, it said. CIFSI will serve as a platform for social purpose organisations, academia, research, and practitioners to identify and

Axis Bank reports Rs 5,361 cr loss in Q4 on Citi acquisition payout

Axis Bank reported a Rs 5,361 crore loss on a consolidated basis for the January-March period against a net profit of Rs 4,417 crore a year ago, impacted by the Rs 12,490 crore payout towards the Citi acquisition. On a standalone basis, the third largest private sector lender reported a Rs 5,728 crore loss against a net profit of Rs 4,117 crore in the year-ago period, and Rs 5,853 crore in the preceding December quarter. Its managing director and chief executive Amitabh Chaudhry told reporters that the impact of acquiring Citi's retail businesses is a one-time one, and if one were to exclude the same, the net profit would have grown by over 61 per cent on a year-on-year basis. The bank's core net interest income grew 33 per cent to Rs 11,742 crore driven by a 0.73 per cent expansion in the net interest margin at 4.22 per cent and an over 20 per cent growth in advances. The other income grew 16 per cent to Rs 4,895 crore during the quarter. Its chief financial officer Puneet Sharma

Citi, JICA announce co-finance loan to IndusInd Bank for agriculture sector

This includes a $30 million loan by Citi and JPY 13 billion loan by JICA

Citi launches its branch in GIFT IFSC; to offer financing solutions

The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions

After UBS merger, Credit Suisse planning layoffs in India back offices

Credit Suisse's equity strategists Neelkanth Mishra and Ashish Gupta recently quit and joined the Axis Bank group. These positions are likely to be filled by USB analysts

SVB fallout: Present imperfect, future tense for Indian start-ups

Though many of them expect limited near-term impact, lack of SVB-like support system may pinch them later

Balance sheet comfort may allow RBI to let rupee appreciate: Citi

Citi estimates the RBI's gross forex sales in the first nine months of fiscal 2023 at $189 billion against $96 billion in the whole of fiscal 2022

Axis Bank-Citi deal: Synergies seen FY25 onwards on deposit, AUM attrition

The higher deposit run-down, coupled with optically higher loss in Q4, could weigh on the stock performance in the near-term

What Axis Bank's acquisition of its consumer biz means for Citi's customers

Product such as home loans and credot/debit will undergo no change; but in case there are changes, the customer will be duly informed

Axis Bank-Citibank deal likely to be completed by March 1

This means by March 1, all the customers, employees and assets of the Citi will be transferred to Axis

Hindenburg fallout: Adani Group decreasing exposure to Indian banks

Of all the debt the Adani Group has, over half is foreign debt in the form of overseas bonds and loans taken from foreign banks, and a fourth is from domestic banks