Citigroup has reaffirmed its commitment to its Hong Kong hub by agreeing to pay $700 million for new headquarters in a deal that sets a record for the cost of a single-block office building in the city-state. The new office tower, when completed, will be 21 stories and 512,000 square feet.
Citigroup plans to sell its OneMain consumer lending business by the end of this year or early next year, according to Citigroup's CEO Michael Corbat. Citigroup has been interested in selling the unit since after the financial crisis but was not willing to let it go for the prices offered, Corbat said, but now the timing seems right.
The investigation federal officials reportedly opened into the alleged fraud that took place at Citigroup's Mexican subsidiary may have raised the stakes for the bank, as well as questions about its financial controls.
With Microsoft scheduled to withdraw support for its XP operating system April 8, banks around the world are negotiating support extensions as they scramble to upgrade automated teller machines to Windows 7. Several banks are reportedly using the forced migration to modernize their ATMs, adding new capabilities such as reading chips instead of magnetic stripes.
After a banner 2013 for FCPA enforcement, 2014 looks as if it will offer more of the same
A unit of Citigroup Inc. in Poland took the unusual step of partnering with the International Compliance Association (ICA) to develop an undergrad anti-money laundering course focused on challenges...
UBS will outsource most of its fixed income trading platform to two vendors, according to a Financial Times exclusive. The move to revamp its trading platform infrastructure with more standardized vendor solutions continues the radical restructuring of fixed income operations first announced by the bank in 2012.
Currency trading was once considered a lonely outpost. But it has grown into an unruly Wild West of trading, one in which the sheriffs have been slow to act. Bloomberg has been out front in covering...
Banks are back to securitizing trade finance arrangements through CDOs, but they are likely to be more expensive than they were before the financial crisis called such off-balance-sheet entities into question.
Since the financial crisis, the top banks have each taken a turn as the hot stock. Bank of America Corp. was perhaps the big winner over the last two years. Is it time for Citigroup Inc.'s time...