• Citigroup

    It’s Free! Citi Hedge Fund Giveaway Finalized

    It was a teary goodbye today, as Citigroup bade farewell to its internal hedge fund unit, Citi Capital Advisors, redubbed Napier Park Global Capital. And why wouldn’t parting be such sweet sorrow for the men and women who Citi literally gave the business away to, gratis?

    / Mar 1, 2013 at 4:17 PM
  • Citigroup

    Citi’s Co-Head Of Investor Sales Leaves After 20 Years With Bank

    The great reshuffling of deck chairs continues. Yesterday we reported on high level departures at Lehman. This afternoon Reuters is reporting that Antonio Cacorino, Citigroup’s co-head of global investor sales, is leaving the bank to “pursue new opportunities.” Reuters cites an internal memo they obtained (send it our “Cacorino has been at Citi for […]

    / Aug 22, 2008 at 3:39 PM
  • Citigroup

    Hey Vikram Pandit! Put The Brakes On ‘Rules Of The Road’

    Earlier this week Citigroup chief executive Vikram Pandit summoned 60 executives to the megabank’s private country club in Armonk, N.Y. to present his plan to restore Citi’s lost luster. We won’t bore you with the details of the plan. (But Eric Dash of the New York Times will do so, if you insist.) It’s mostly […]

    / Jul 17, 2008 at 3:58 PM
  • Citigroup

    The Breaking Of Citi

    Citigroup is still reeling from the subprime mortgage crisis and the credit crunch. Although newly minted chief executive Vikram Pandit has so far resisted calls to break up the financial behemoth, the bank is breaking-up anyway. It’s just doing it in bits and pieces. Today Citigroup announced it is shuttering 32 branches of its Japanese […]

    / Jun 6, 2008 at 12:49 PM
  • Citigroup, legal

    Why Did This Citigroup Trader Go To Jail?

    The power of federal prosecutors is on gruesome display in the latest issue of Fortune, which chronicles the story of former Citigroup commodities trader Craig Gile who found himself jailed for allegedly cooking the books at his trading desk. The strongest evidence against him is that he seems to have corrected some reports that overstated […]

    / Jun 2, 2008 at 10:48 AM
  • Bear Stearns, Citigroup, James Dimon, JPMorganChase

    Why Was Dimon So Touchy About The Guarantee Details?

    What was it that prompted JP Morgan cheif Jamie Dimon to call Citigroup’s Vikram Pandit a jerk? Apparently Pandit was asking how the deal to buy Bear Stearns would affect the risk to Bear’s trading partners on certain long-term contracts. This was a crucial issue because many of Bear’s counter-parties had been unwinding contracts for […]

    / May 30, 2008 at 10:08 AM
  • Citigroup, James Dimon, JPMorganChase

    Dimon Calls Pandit A Jerk

    Probably our favorite part of yesterday’s final installment of the Wall Street Journal’s three-part series on the destruction of Bear Stearns is an exchange that takes place between JP Morgan Chase CEO Jamie Dimon and Citigroup CEO Vikram Pandit. As you probably know, Dimon was the heir apparent to ascend to the top of Citigroup […]

    / May 30, 2008 at 9:14 AM
  • Citigroup, Credit Derivatives

    Citigroup’s Last Roman: The Short and Ugly Lifespan Of A Sneaky Financial Product

    Bloomberg new has gone especially gloomy lately. On Tuesday it was the really, really long expose on counterparty risk in credit default swaps. Today Mark Pittman follows up on variable interest entities, the ugly step child of the off-balance sheet special purpose vehicles that Enron made infamous. We wrote about these way back in February, […]

    / May 22, 2008 at 3:27 PM
  • banking culture, Citigroup

    The Citi Never Sleeps: Sleep Deprivation Makes You Stupid

    Citigroup might want to rethink its insomniac slogan. Although the “Citi Never Sleeps” slogan is meant to convey a sense of never-ending vigilance, a new study shows that sleep deprivation leads to a loss of attentiveness and interferes with visual processing. The study, which will be published in the Journal of Neuroscience, shows that losing […]

    / May 22, 2008 at 11:42 AM
  • Banks, Citigroup, Goldman Sachs, Hewlett-Packard, JPMorganChase, league tables, Lehman, M&A, Morgan Stanley

    Hewlett-Packard & EDS Deal Puts Lehman and JP Morgan At The Head Of The Tech M&A League Tables

    The $13.25 billion acquisition of Electronic Data Systems by Hewlett-Packard—the ninth largest tech deal ever, according to DealLogic—has moved the M&A league table standings, DealJournal Heidi Moore reports. Before the deal was announced, Goldman Sachs and Morgan Stanley led this year’s ranking from advising technology companies on mergers. But neither bank has a role in […]

    / May 13, 2008 at 3:43 PM
  • Citigroup

    This Seems About Right

    Today at Citigroup, in accordance with Vikram’s promise to shareholders that the company will begin taking steps toward realizing the enormous potential of the C, a member of the fixed income group was paid 3 grand to execute “the reverse bowl cut,” according to sources. To claim the money, he must sport the haircut proudly […]

    / May 9, 2008 at 5:19 PM
  • Banks, Citigroup

    Revolving Confidence

    To hear the heads of Wall Street’s largest financial institutions speak, the worst of times are behind us. But a new wave of pressure seems mounting as corporate borrowers get squeezed by tightening credit and a slowing economy. High yield bond defaults are up and going higher as companies find lenders unwilling to refinance risky […]

    / May 8, 2008 at 3:56 PM
  • Citigroup, video

    Citi Never Sleeps: The Ad Campaign

    When we learned this morning that Citi CEO Vikram Pandit had announced at 5:03 this morning that the financial giant was adopting “Citi Never Sleeps” as its new company motto, we immediately began anticipating the new advertising campaign that Citi will doubtlessly unveil. And then we decided we couldn’t wait for Citi. Pandit’s got a […]

    / May 7, 2008 at 3:15 PM
  • Citigroup

    Citi Makes Insomnia Its Motto

    Just yesterday we were learning that Vikram Pandit was concentrated on the small things rather than vision. But in the wee hours of the morning he sent out an email showing that he’s totally changed his mind. Now he’s on to real big things—like company slogans! At Citi, insomnia isn’t just a chronic problem for […]

    / May 7, 2008 at 11:36 AM
  • Citigroup

    Is Citi’s CEO Playing Blind Man’s Bluff?

    Our eyes tend to start reading when we hear a business leader start talking about “vision.” It’s a term that has been over-used to the point where it is all-but meaningless. The little wall-hanging plaque describing your corporate vision belongs in the circular file with your mission statement. So it was a bit of relief […]

    / May 6, 2008 at 12:25 PM
  • Citigroup

    Citi Finding Innovative Ways To Further Demoralize Employees

    Citigroup, fighting to keep its title as one of Wall Street’s most innovative investment banks when it comes to demoralizing employees, has begun charging lower-level employees to use the investment bank’s box seats at sporting events, the Wall Street Journal’s David Enrich is reporting. Top executives, of course, still get to enjoy the perk gratis. […]

    / May 6, 2008 at 10:55 AM
  • Citigroup

    Citi’s Italian Black Hole

    Citigroup goes to trial in New Jersey today to defend itself against a law suit claiming it helped Parmalat in the accounting fraud that eventually led to the Italian dairy company’s collapse. We’ve never managed to get our heads around exactly what Citi is alleged to have done. The plaintiffs lawyers claim Citi knew the […]

    / May 5, 2008 at 9:30 AM
  • Citigroup, The How to Think About Series, whoops

    How to Think About I-Bank CEOs, Dumb-Money Arabs and Their Sitcom Counterparts

    As keepers and dispensers of business wisdom, people often ask us to explain certain mysterious aspects of the world of finance to them that they cannot explain to themselves. Since we think on a higher plane about this stuff than most, it’s generally helpful to use a pop culture analogy to elucidate. Don’t think of […]

    / Mar 6, 2008 at 4:16 PM
  • Citigroup, Merrill Lynch

    Merrill’s John Thain Says Citigroup Needs A Lot More Cash

    It’s not just the heads of giant Persian Gulf funds who are trash-talking each other’s favorite banks, the chief executives of rival institutions are getting into the mix too. In a meeting with a group of Wall Street analysts recently, Merrill Lynch chief executive John Thain said that he believes that Citigroup will need another […]

    / Mar 4, 2008 at 9:54 AM
  • Banks, Bear Stearns, Citigroup, Goldman Sachs, legal, Merrill Lynch, Morgan Stanley

    The Mysterious Fourteen

    So who is on this list of 14 companies under investigation by the FBI for their involvement in the subprime mortgage crisis? The FBI apparently intends to keep us in suspense because they won’t give details. All we know is that they are looking into “allegations of fraud at various stages of the mortgage process, […]

    / Jan 31, 2008 at 10:05 AM
  • Citigroup

    The Sick And Twisted Mind Of Vikram Pandit

    High ranking sources at Citigroup tell belated-birthday boy Charlie Gasparino that CEO Vikram Pandit is in favor of keeping the comically overweight bank large and in charge (the exact phrasing was “Jiminy Glick-esque”). This is crazy and maybe worthy of a siren because no one at Citigroup has ever expressed resistance regarding breaking up the […]

    / Jan 29, 2008 at 11:22 AM
  • Citigroup

    The Kitchen Sink Does Not Include $37.3 Billion In Subprime Exposure

    So this is the much vaunted kitchen sink? Citigroup took a $18.1 billion write-down in sub-prime related assets. But as they just discussed on the conference call, Citi still had $37.3 billion in direct and indirect subprime exposure at the end of the quarter. That’s still a lot of risk on in asset classes that […]

    / Jan 15, 2008 at 9:24 AM
  • Citigroup

    Business As Usual At Citi

    So much exciting stuff going down at Citi this week. Charlie “No Sleeves” Gasparino reports that on Tuesday, the bank will unveil its genius plan to write-off $24 billion and lay off 20,000 employees. Some might even be canned as early as this afternoon. Do you sense you might be in that enviable position of […]

    / Jan 14, 2008 at 10:45 AM
  • Citigroup, i don't want to pull a muscle

    How Many Billions Will Citigroup Writedown Next? The Only Consensus Is That It’s In The Billions (And Coming In At The 11th Hour To Screw Us Over Is A Newly Reformed Twerp At Deutsche Bank—Mike Mayo—,Saying Millions, So Scratch That)

    For now, however, I’m going to ignore what is obviously the result of Vikram Pandit paying a house call to the Mayo residence over the holiday and focus on the billions. Last week Goldman Sachs analyst William Tanona said $18.7 billion, the other day Sanford Bernstein’s Howard Mason wrote $12 billion. Meredith Whitney is rumored […]

    / Jan 2, 2008 at 1:06 PM
  • Citigroup, i don't want to pull a muscle

    Citi’s ’08 Resolution: Shitcan Lots of Staff (Kind of Like ’07)

    CNBC reports that Citigroup will begin its layoffs next week, ultimately cutting 5 to 10 percent of its 320,000 employees (and then 5 to 10 percent of what remains, and then another 5 to 10 percent after that). This is sort of sad because when you look at that jolly, elfin face of Vikram Pandit’s, […]

    / Jan 2, 2008 at 11:04 AM
  • Citigroup, Layoffs

    Layoffs Watch ’08 Update: Citi CDO In ’07

    Specifically today, and apparently “almost everyone” in New York, which we’re told means more than forty. At this time I would like to offer our condolences to the recent unemployed, but move that we use this opportunity to recall that yesterday, I said we needed to get more creative with how people are getting fired. […]

    / Dec 18, 2007 at 2:52 PM
  • Citigroup

    Callahan Gets The Citigroup CAO Job

    Don Callahan, best bud with new Citigroup head honcho Vikram Pandit from their days at Morgan Stanley, has been appointed to replace the Citi’s departing chief administrative officer. According to Bloomberg, the Morgan Stanley boys are spreading all over Citi. Callahan is one of at least three of Pandit’s former associates from Morgan Stanley to […]

    / Dec 17, 2007 at 5:06 PM
  • Citigroup, Layoffs

    Layoffs Watch ’08: Citigroup

    That’s right, I said ’08. The Land o’ Vikram is said to be postponing its axings until the second week of January, just before bonuses are announced, though decisions regarding who will soon be signing up for Chuck Prince’s “Fired By Citi? You Are Not Alone: A Daily E-mail” have apparently already been made (if […]

    / Dec 17, 2007 at 10:46 AM

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