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Citigroup Inc.

Citi's Prince: 'I'm sorry'

Fri, 09/04/2010 - 10:09 by Rakhi

Washington -- Two former executives of Citigroup Inc. expressed regret Thursday for failures at the U.S. financial giant that resulted in huge losses and government bailouts.

Former Chief Executive Charles Prince and former Chairman Robert Rubin testified before the Financial Crisis Inquiry Commission in Washington, where they were at times grilled by commission members looking into the financial meltdown that brought the U.S. economy to the brink of depression in 2008.

Obama criticizes Wall Street, calls for stringent regulations

Sun, 13/12/2009 - 12:16 by Ishita Sood

New York, December 13 -- President Barack Obama in his weekly radio address Saturday expressed an appeal to tighten the financial rules and regulations which caused the credit crunch in the first place.

Western firms shutting shop in India: WSJ

Mon, 08/06/2009 - 09:50 by Salinder Kumar

Washington, June 8: Many Western companies have recently sold or closed back-office facilities in India, reversing a decade-long trend as companies look to slash costs and eliminate headaches during the recession, according to the Wall Street Journal.

Citigroup Inc. and insurance firms AXA SA and Aviva PLC, among others, have sold offshore computer-programming shops and other operations to companies in India over the past year, the leading US financial daily said in a report published Friday.

Some have received hundreds of millions of dollars for their centres, while others have sold their sites for the cost of the equipment inside.

U.S., Citigroup in 3rd bailout deal

Fri, 27/02/2009 - 13:40 by Rakhi Kaptiyal

New York -- U.S. officials and Citigroup Inc. have agreed on a plan for the government to take a 30 percent to 40 percent stake in the company, The New York Times said.

Citing sources close to the deal, the newspaper reported Friday that the deal -- part of a third U.S. bailout of the troubled financial giant -- calls for Chief Executive Officer Vikram S. Pandit to remain but requires significant changes in the Citigroup board.

The agreement calls for the Department of the Treasury to convert some of its preferred stock investment in the company into common stock, the Times said, but only if Citigroup can get private investors to take similar steps.

The size of the U.S. stake in Citigroup appeared unclear because it depends on a Treasury Department dollar-for-dollar match of private investor conversions up to $25 billion, the Times reported.