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 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.