Citigroup Inc. (C) News: Former CEO to Join Indian Firm, Redeem Preferred Stock, Money Laundering & More

Former Citigroup CEO Pandit Joins Firm’s Bid for a New Bank in India (Knowledge Wharton Today)
Even as the July 1 deadline to submit applications for setting up new banks in India approaches, the aspirants are solidifying their plans in case they are granted a license by the Reserve Bank of India. On Thursday, JM Financial Group announced that former Citigroup Inc. (NYSE:C) chief executive Vikram Pandit would join the Mumbai-based financial services firm to steer its banking efforts. Pandit left Citigroup late last year after a disagreement with the board of directors and amid allegations that he had mismanaged the firm’s operations. Pandit and his business partner, Hari Aiyar, are buying a 50% stake in a subsidiary of JM. This entity will be applying for the banking license.

Citigroup Inc (NYSE:C)Citigroup to Redeem Preferred Stock (Zacks.com)
Citigroup Inc. (NYSE:C) announced the redemption of its preferred securities worth about $94.3 million. The redemption includes 8.5% Series F Non-cumulative Preferred Stock and 6.5% Series T Convertible Non-cumulative Preferred Stock. The former will be redeemed on Jun 15, 2013, whereas the latter carries a redemption date of Jun 17, 2013. Holders of Series F shares will receive a quarterly dividend of 53.125 cents on the day of redemption. Further, the holders of Series T shares will receive $50.0, along with $28.8889 cents in accrued and unpaid dividends from the last payment date till Jun 17, 2013. The redemption depicts Citigroup’s efforts to make its funding and capital structure more efficient under the Basel III standards.

Citigroup gets predictive on money laundering (iT News)
Citigroup Inc. (NYSE:C) is embarking on a three-year predictive analytics project to improve its ability to identify and investigate money laundering activities. Senior vice president of the transformation program within Citigroup’s global anti-money laundering division, Brian Norton, told SAP’s annual Sapphire Now conference the institution wants to better harness the time and energy of its anti-money laundering analysts and react to emerging patterns faster. Norton said Citigroup Inc. (NYSE:C) has physical infrastructure in 100 countries and clients in 160 countries worldwide. Suspicious transactional patterns are typically identified using several existing systems.

Citigroup Rising From The Ashes (Seeking Alpha)
Citigroup Inc. (NYSE:C) is making great progress to rise from the 2009 financial meltdown ashes as it continues to shed its bad assets to focus on its main businesses, including international commercial and investment banking. Citigroup has the assets it wants to keep in “Citicorp” while “Citi Holdings” holds the assets Citi wants to sell.

Wells, Citi Halt Most Foreclosure Sales as OCC Ratchets Up Scrutiny (American Banker)
Wells Fargo & Co (NYSE:WFC) and Citigroup Inc. (NYSE:C) have halted the vast majority of their foreclosure sales in multiple states following the release of new guidance by the Office of the Comptroller of the Currency. The abrupt slowdown came in response to the OCC’s April release of minimum standards for foreclosure sales, which are usually the final act in the foreclosure process. Within two weeks of the release of the guidance, Wells Fargo & Co (NYSE:WFC), Citi and JPMorgan Chase & Co. (NYSE:JPM) all but stopped foreclosure sales, which are usually the point of no return in the foreclosure process. JPMorgan has since resumed its normal volume.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

Top 5 Digital Trends for 2014

Top 6 Things You Can Do To Increase Your Productivity

Top 9 Trending Smartphones in 2013

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!