• Banks, Citicorp, Regulators, The Entity, Treasury

    Too Big To Be Deregulated?
    As Big Banks Teeter On Edge Of Abyss, Government Regulation May Rise Again

    The Treasury’s Entity is seen as a Citigroup bailout by lot of people for the very simple reason that it is a Citigroup bailout. That might not be the only thing it is, but stupid is as stupid does, and one thing this stupid thing does (or will do, if it ever gets off the […]

    / Nov 5, 2007 at 1:02 PM
  • Banks, Citicorp

    Rise of the Machines – Citi

    Citi is set to buy human replacement toy Automated Trading Desk for $700mm. Automated Trading Desk was born in 1988, fathered by two computer programmers and David Whitcomb, a finance prof at Rutgers. The firm makes money by being quick on the draw, apparently, using these crazy things called computers and algorithms. Even though the […]

    / Jun 27, 2007 at 11:40 AM
  • Banks, Bear Stearns, Citicorp, Hedge Funds, JPMorganChase, Merrill Lynch, Subprime Mortgages

    Big Bank Subprime Pow-Wow
    Ralph Cioffi’s Hedge Fund Fights To Avoid Final Meltdown

    Merrill has postponed the auction of $400mm in assets it seized from the High-Grade Structured Credit Strategies Enhanced Leverage Fund at Bear Stearns, Charlie Gasparino of CNBC is reporting. Merrill and other major lenders to the fund, including Citi and JPMorgan, are in a feel-good asset management “pow-wow” with Bear this afternoon. The fund is […]

    / Jun 18, 2007 at 1:55 PM
  • Banks, CEO, CEOs, Citi, Citicorp, Citigroup, Eddie Lampert, Hedge Funds

    Is Rubin Up For Citigroup’s Top Slot?

    Eddie Lampert may be betting that former US Treasury Secretary Robert Rubin is poised to take over as chief of Citigroup, according to a former colleague of both Lampert and Rubin. Earlier this week, Lampert’s ESL Investments disclosed that it had accumulated a 0.3% stake in Citi, setting off speculation about Lampert’s intentions. Speculation ranged […]

    / May 17, 2007 at 2:31 PM
  • chuck prince, Citi, Citicorp

    Pre-emptive Resignations

    “Were you sacked, or did you quit?” “I’m not sure, actually.” – Lord of the Admiralty to his aide. In the last 18 months, almost half of Citigroup’s senior management for consumer operations (and we use the term loosely) has jumped ship. The latest tri-fecta being Faith Massingale, head of Citi’s international cards operation, Ashok […]

    / May 9, 2007 at 11:59 AM
  • Advertisements, Banks, Citi, Citicorp

    Let’s Get It, and Several Other Things, Done

    Maybe there’s a reason Citi is putting its umbrellas away. Citi announced that it will spend $50bn over the next 10 years on “investments, financings and related activities designed to address global climate change.” Citi claims the sum includes $10bn Citi has already invested in such endeavors. Unfortunately the “Let’s get it done” path to […]

    / May 8, 2007 at 9:58 AM
  • Banks, Citicorp, Citigroup, James Dimon, JPMorganChase

    Why Sandy Fired Jamie: The Reverse Hamlet Theory

    “Firing Jamie Dimon was the worst thing Sandy ever did,” the investment banker said. It was a glorious Friday afternoon. The weather had performed an April summersault, turning over from winter to what felt like summer almost overnight. It was the kind of weather that inspires people—okay, us—to leave work early and starting drinking with […]

    / Apr 23, 2007 at 3:06 PM
  • Banks, Citi, Citicorp, Citigroup

    Cocktails With A Contrarian Investor: Long Citigroup

    Earlier this week we ran into an old friend who has been trading financial stocks for several years. We were in a small bar a few steps down from street level. The wall paper was a deep red, the furniture included antique looking couches, and faux-gas lamps lit the place dimly. It was the sort […]

    / Apr 19, 2007 at 8:48 AM
  • Banks, Citi, Citicorp, Citigroup

    Citigroup Losing Another Executive?

    There’s been lots of chatter about Citigroup this week in anticipation of Monday’s first quarter earnings announcement. Market Beat lists five reasons why Citigroup should be broken up. Eddy Elfenbein defends Chuck Prince against the charge that he’s doing a poor job of running Citigroup. Michelle Leder wonders if Citi will disclose the Todd Thompson […]

    / Apr 13, 2007 at 3:38 PM
  • Banks, Citi, Citicorp, Citigroup

    CitiCuts Not Cutting It

    The market responded to Citigroup’s much heralded—and telegraphed—restructuring and cost-cutting plan with a big Bronx cheer yesterday, dropping the stock price nearly 2%.* The paltry savings Citi said it could achieve, the fact that the biggest savings still lie years in the future, and the news that Citi’s overall workforce would keep growing seems only […]

    / Apr 12, 2007 at 10:07 AM
  • Citicorp

    CitiCuts: Cost-Reduction or Morale Destruction

    Morale at Citigroup is “bleak,” according to a source inside the bank. Even before today’s job cuts were officially announced today, the widespread rumor that they were coming was dampening morale at the financial giant. “Morale is right down in the toilet,” the source told DealBreaker. The cuts—which many on Wall Street think may not […]

    / Apr 11, 2007 at 12:57 PM
  • Banks, Citi, Citicorp, Citigroup

    Citigroup Announces Cuts: 17,000 Jobs To Go

    Citigroup announced plans to cut or reassign 26,500 jobs today. The cuts hit the “whisper number” that Wall Street had been talking about all week—surprising some observers who had predicted that chief executive Chuck Prince might try to impress investors with deeper and wider cuts. Apparently Prince does not have this “better than expected” game […]

    / Apr 11, 2007 at 10:19 AM
  • Citi, Citicorp, Citigroup

    How Would You Fix Citigroup?

    Ask most people in finance and they’ll tell you that Citigroup has been one of the worst managed firms on Wall Street for at least a decade. (Maybe even longer but nobody who speaks to DealBreaker can remember back any further than that.) Chuck Prince is said to be under heavy pressure from his investors—especially […]

    / Apr 10, 2007 at 2:07 PM
  • Citi, Citicorp, Citigroup

    Citi Cutting Jobs, Spending Money

    Citigroup’s Chuck Prince was apparently disappointed by the market’s reaction to the announcement that Citi was eliminating 15,000 jobs. Now he’s throwing another 11,000 jobs onto the funeral pyre, according to published reports. When Citigroup went public with the job cuts and other cost cutting measures, it was clear that they hoped the market would […]

    / Apr 10, 2007 at 8:58 AM
  • CEO, CEOs, Citi, Citicorp, Citigroup, Sallie Krawcheck

    Gary Crittenden: The Ten Million Dollar Man or A CEO-In-Waiting

    So now we know how much it costs to buy off the chief executive of American Express—$10 million. That’s the compensation package for incoming Citigroup chief financial officer Gary Crittenden disclosed today in a filing with the Securities and Exchange Commission. That’s about twice what he was making as chief financial officer of American Express. […]

    / Mar 2, 2007 at 3:02 PM
  • Citi, Citicorp, Citigroup, CNBC, Maria Bartiromo

    Please Place Your Afternoon Anchor In Her Upright and Fixed Position

    Yesterday Maria Bartiromo, uhm, scored with a top Citigroup executive. Sorry. Scratch that. Yesterday Maria Bartiromo scored an exclusive interview with former Citigroup CEO Sandy Weill. There was a bit of a double news hook for the interview. Yesterday Citigroup had revealed in its annual report that the Securities and Exchange Commission is investigating the […]

    / Feb 27, 2007 at 9:02 AM
  • Business Hacks, Business Media, Citi, Citicorp, Citigroup, CNBC, Maria Bartiromo

    Maria Bartiromo Is An _____ To Business Journalism

    Is all not well in the house of CNBC? We’ve mentioned again and again the love that CNBC executives, and their bosses at GE, have for Maria Bartiromo. But is their love unrequited? San Antonio Express-News business columnist David Hendricks writes that Maria didn’t even so much as mention the network at a recent speech […]

    / Feb 21, 2007 at 10:29 AM
  • Banks, Business Media, Citi, Citicorp, Citigroup, CNBC, Maria Bartiromo

    Is Chuck Prince Being Protected By A Cabal of CEOs on Citigroup’s Board?

    That was the allegation (*cough*) flying around last week. Several large Citigroup investors were quoted in a Financial Times story complaining that Citigroup’s board was dominated by chief executives from other large companies who were sticking up for Citigroup chief executive Chuck Prince because he is one of their own. Some of Citigroup’s biggest shareholders […]

    / Feb 20, 2007 at 11:36 AM
  • Business Hacks, Business Media, Business Week, Citicorp, CNBC, Maria Bartiromo, Todd Thompson

    On Clowns, Elephants, Maria, Todd, the Circus and Citi

    The rather under-whelming reaction in much of the media to the revelations about top dog CNBC reporter and “Closing Bell” anchor Maria Bartiromo‘s relationship with former Citigroup honcho Todd Thompson—today, for instance, the New York Post‘s Keith Kelly reveals that both Business Week and Reader’s Digest are keeping Bartiromo on board as a columnist—brings to […]

    / Feb 16, 2007 at 10:00 AM
  • Banks, Citicorp, Goldman Sachs, league tables

    League Table Porn: Goldman Is King

    DealBook has the official Thomson Financial league table results for Global M&A, with Goldman just edging out Citigroup for total deal volume: After giving us a preview late last year, Thomson Financial this week sent DealBook its official tally of last year’s merger and acquisitions activity. Global M&A topped $3.8 trillion in 2006, a bump […]

    / Jan 3, 2007 at 2:39 PM
  • banking culture, Citicorp, Deustche Bank

    The Death of Citi Culture

    If you are anything like us, the different cultures of different banking operations is more than a minor obsession. So we were all too pleased to discover that the blogger behind Information Arbitrage has set out on a “Wall Street Series” about his personal experiences on the inside. The first post in the series details […]

    / Jan 3, 2007 at 9:26 AM
  • Citicorp, Goldman Sachs, league tables

    M&A League Table Cage Match

    Thompson Financial published the M&A league tables yesterday, just on the heels of the bonus mania for the past couple of weeks. Outsiders may not appreciate just how seriously the investment banks take these rankings. Seriously enough to ignite a vicious fight and engage in all sorts of chicanery in an attempt to get big […]

    / Dec 21, 2006 at 9:03 AM
  • Citicorp

    Citigroup Points To Druskin And Says “COO”

    This just in from Reuters: Citigroup, under pressure to cut costs and boost revenues, said on Monday it had named Robert Druskin as chief operating officer. Druskin, previously president and chief executive officer of Citigroup’s corporate and investment banking unit, will first focus on reviewing the company’s expenses, Citi’s Chief Executive Chuck Prince said in […]

    / Dec 11, 2006 at 5:08 PM
  • Citicorp

    Latest Citigroup Rumor: Druskin For President?

    Bloomberg is reporting today that “people with knowledge the deliberations” Citigroup is considering elevating Robert Druskin to the position of bank President. Druskin is currently the head of Citi’s corporate and investment bank. On Friday Citi’s shares took off amid various somewhat complimentary rumors about a major reshuffle in the corporate structure or senior management. […]

    / Dec 11, 2006 at 10:46 AM
  • Citicorp, rumors

    Citigroup: A DealBreaker Guide to the Rumors

    Citigroup is awash in rumors these days. Someone’s leaving. No she’s not. It’s some one else. No it’s not. They’re hiring so and so. No they’re not. They are planning a major corporate restructuring. No they’re not. They’re all on crack. No they’re not, it was just that one guy. It can be hard to […]

    / Dec 8, 2006 at 2:07 PM
  • Citicorp, drugs

    Citigroup’s Meth Lab Operator

    Our eyes usually skip over items involving drugs like crystal meth. Our people aren’t really smoking meth, are they? Well apparently they are. Michael Knibb, an information-technology vice president at Citigroup, ran the sophisticated drug operation from the living room of his luxury apartment overlooking the United Nations, said Drug Enforcement Administration officials. The 37-year-old […]

    / Dec 1, 2006 at 10:58 AM
  • Citicorp

    The Return of Salomon Brothers?

    Near the end of the New York Post’s big business section article discussing the advice of some analysts that Citigroup break-off its investment banking business and concentrate on lending and retail, CreditSights analyst David Hendler advocates the revival of the storied name: Salomon Brothers. “It’s too big and management needs to realize that they have […]

    / Nov 30, 2006 at 1:05 PM
  • Citicorp, James Dimon, JPMorganChase, The Fed

    The Wound The Financial Press Will Never Let Heal: Jamie & Sandy

    Has there been a news story about JP Morgan CEO Jamie Dimon in the last year that hasn’t mentioned his famous falling out with his mentor Sanford Weill? Dimon gets the CEO slot, and it’s all about getting fired by Weill. Dimon is “expected” to get the chairman of the board seat? Yep, more about […]

    / Nov 7, 2006 at 11:08 AM

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