Citigroup

'Timely support, will offer relief': Citi on VIL dues to equity conversion

The government's decision to convert Rs 36,950 crore dues of Vodafone Idea (VIL) into equity is a "major" and "timely" display of support that will offer significant cash flow relief to the telco in the next three years and help it complete long-delayed bank debt raise, Citi said on Monday. The move also lifts concerns on tower companies like Indus Towers. "Overall, we view this as a major display of support by the government in a very timely manner, which should provide significant cash flow relief to VIL in the next 3 years and help it complete its bank debt raise," the brokerage said in its latest report. Throwing a lifeline to the troubled telecom operator, the government has decided to convert Rs 36,950 crore of VIL's outstanding spectrum auction dues into equity, under the provisions of the September 2021 telecom reforms package. The government shareholding in VIL will correspondingly increase to 48.99 per cent from 22.6 per cent. VIL promoters will, however, continue to have

Citigroup mistakenly credits customer account $81 trn in 'near miss'

A third employee caught the error one-and-a-half hours after the payment was processed and the transaction was ultimately reversed several hours later, FT said

Citigroup upgrades Indian stocks from neutral to overweight, sours on Asean

There is "meaningful upside" in Indian equities amid "less demanding" valuations, Citi said in a note

Citi raises CEO Jane Fraser's 2024 compensation 33% to $34.5 million

The compensation includes $1.5 million of base salary, $4.95 million in cash incentive and the rest in deferred incentives, the bank said

Citi beats estimates for Q4 profit, cuts return targets after 'critical' yr

Shares of the third-largest U.S. lender were last up 5 per cent in premarket trading on Wednesday after Citigroup said its board has authorized a new share repurchase program

Citigroup, BofA join US lenders in exiting Net-Zero Banking Alliance

They follow Wells Fargo and Goldman Sachs, which both left the alliance earlier this month

Richard Parsons, prominent Black executive who led Citigroup, dies at 76

Richard Parsons, one of corporate America's most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76. Parsons, who died at his Manhattan home, was diagnosed with multiple myeloma in 2015 and cited unanticipated complications from the disease for cutting back on work a few years later. The financial services company Lazard, where Parsons was a longtime board member, confirmed his death. The NBA, where Parsons was interim CEO of the Los Angeles Clippers in 2014, was among organizations offering condolences. Dick Parsons was a brilliant and transformational leader and a giant of the media industry who led with integrity and never shied away from a challenge, NBA Commissioner Adam Silver said. Parsons' friend Ronald Lauder told The New York Times that the cause of death was cancer. Parsons stepped down Dec 3 from the boards of Lazard and Lauder's company, Este Lauder, citing health reasons. He had been on Este Lauder's board for 25 ...

Trump's easing of regulations to trigger Japan outbound M&A: Citi executive

Trump presidency will also spark business reorganisations, which would swell the number of acquisition targets for Japanese firms, Citi Japan Vice Chairman Masuo Fukuda said

Thailand aims to legalise casinos next year in win for global players

The government is working to get a so-called "entertainment complex" bill, which will allow casinos to be housed within large venues

Citigroup sells HDFC Bank's shares worth Rs 275 crore via block deal

American multinational Citigroup on Monday offloaded private sector lender HDFC Bank's shares worth Rs 275 crore through an open market transaction. Citigroup, through its arm Citigroup Global Markets Mauritius, sold 15,79,953 shares of HDFC Bank, as per the block deal data available on the BSE. The shares were disposed of at an average price of Rs 1,742.6 apiece, taking the transaction value to Rs 275.32 crore. Ghisallo Master Fund LP acquired the shares of Mumbai-headquartered HDFC Bank at the same price. Shares of HDFC Bank fell 0.48 per cent to close at Rs 1,734.30 per piece on the BSE. On October 19, HDFC Bank reported a 6 per cent increase in the September quarter net profit to Rs 17,825.91 crore on a consolidated basis. On a standalone basis, the largest private sector lender's post-tax net profit grew to Rs 16,820.97 crore during the reporting period against Rs 15,976.11 crore in the year-ago period. The company's core net interest income grew 10 per cent to Rs 30,010 cr

Citigroup profit beats estimates in Q3 on surge in investment banking

The third-largest US lender's dealmakers joined rivals at JPMorgan Chase and Wells Fargo in benefiting from a rebound in capital markets as corporate clients issued more debt and equity

Key to Citi Group's regulatory woes: Staff need skills 'enhancement'

In one place, for example, the analysis cites "insufficient compliance risk management skills” among staff directly dealing with such issues. The sections of the analysis seen by Reuters did not add

Citigroup, Mastercard team up on cross-border debit card payments

Citigroup, too, has recognized this shift, similarly enabling cross-border payments to digital wallets and other endpoints

Citi pushes back on NY's online fraud lawsuit, says we're not 'bad guys'

New York's lawsuit comes as consumers are losing billions to financial fraud to scammers using more advanced tools

Morgan Stanley, Citigroup buy Rs 755 cr worth shares in HDFC Bank

Morgan Stanley and Citigroup on Thursday bought shares of private sector lender HDFC Bank for over Rs 755 crore through open market transactions. According to the block deal data available on the BSE, New York-headquartered financial services companies Morgan Stanley and Citigroup through their affiliates purchased 43.75 lakh shares of the Mumbai-based bank. The shares were picked up at an average price of Rs 1,726.2 apiece, taking the combined transaction value to Rs 755.29 crore. These shares were sold by BNP Paribas' arm BNP Paribas Financial Markets through two separate block deals at the same price on the BSE. BNP Paribas is an investment bank and financial services company. Last week, Paris-based BNP Paribas offloaded shares of HDFC Bank for Rs 543.27 crore. Shares of HDFC Bank fell 2.55 per cent to close at Rs 1,682.15 apiece on the BSE.

Citigroup's China expansion plans face delays over pending US Fed clearance

Citigroup was told to address its data management issues in the US after being fined $136 million in July which has added complications in meeting China's licensing requirements

Wall Street T+1 switch is causing more pain than we thought: Citigroup

The T+1 shift was a global event for the financial industry because it affected every institution and investor with cash in the US capital markets

Six firms including Citigroup Global buy stake in Netweb Tech for Rs 458 cr

Six entities, including Citigroup Global Markets Mauritius, ICICI Prudential MF and Societe Generale, on Friday acquired stakes in Netweb Technologies India for Rs 458 crore through open market transactions. As per the data available on NSE, Citigroup Global Markets Mauritius, Discovery Global Opportunity Mauritius, ICICI Prudential Mutual Fund, Invesco MF, Societe Generale and Union MF bought a total of 20,54,795 shares or 3.64 per cent stake in Netweb Technologies India. Shares were picked up at an average price of Rs 2,232.10 apiece, taking the combined deal value to Rs 458.65 crore. Meanwhile, four promoters -- Navin Lodha, Sanjay Lodha, Niraj Lodha and Vivek Lodha -- offloaded the same amount of shares at the same price on the National Stock Exchange (NSE). After the share sale by these promoters, the combined shareholding of promoters and promoter group entities in Netweb Technologies India will decline to 71.4 per cent from 75.04 per cent. Shares of Netweb Technologies Ind

Citi breaks banks safety rules, makes liquidity reporting errors: Report

Firm's subsequent reaction to breaches resulted in liquidity reporting inaccuracies, according to the document, which provides a 2023 year-end snapshot of some of Citi's work on regulatory issues

Budget 2024 is an economists' Budget, says Citigroup MD Samiran Chakraborty

Focus of Budget 2024 is not restricted to railways, defence and infra, but expands to manufacturing and employment to aid human capital growth, said Citigroup MD at 'Budget with BS: The Fine Print'