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

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

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!