Citigroup

  • 18 Dec 2014 at 9:30 AM

Bonus Watch ’14: Citigroup

Citigroup Everyone at the House of Corbat is being asked to make sacrifices for the team this year, though some more than others. Read more »

  • 16 Dec 2014 at 10:00 AM
  • Banks

Layoffs Watch ’14: Citi Mailroom

Lost in the mail.Given all of the shit that Mike Corbat’s had to deal with this year from all corners—Mexico, Argentina, subprime lending, Jed Rakoff, paying lawyers—he really doesn’t need to be cutting $3 million checks because someone forgot to throw a few hundred thousand prospectus in the mail. Read more »

toysrusThe investment banks promised favorable research to Toys “R” Us Inc. and its private-equity owners to win roles in its initial public offering, the Financial Industry Regulatory Authority said today in a statement. The regulator fined the firms a total of $43.5 million, faulting them for “implicitly or explicitly” making promises that their analysts would give positive coverage. Six of the 10 firms didn’t have adequate supervisory procedures to prevent the practice…In May 2010, Citigroup’s investment bankers hosted a chaperoned call with the firm’s research analyst, who then e-mailed a supervisor. “I so want the bank to get this deal!” the analyst said in the e-mail, according to Finra. Days later, bankers told the retailer that they could “count on Citi’s firm-wide support and advocacy for the Toys story and valuation.” Other firms contacted Toys “R” Us after making their pitches, expressing enthusiasm about the firm’s prospects and providing assurances that the views of bankers and analysts were aligned, Finra said. Toys “R” Us and investors, including KKR & Co., withdrew the IPO filing last year. [Bloomberg]

Nothing is fucked, Dude.Mike Corbat is going to go ahead and just send every one of the 54 billion nickels Citi’s going to make this quarter to the bank’s lawyers, the latest last big legal charge it will have to take, he swears. Read more »

  • 10 Dec 2014 at 8:45 AM

Pay Hike Watch ’14: Citigroup

citi07x-large-260x195At long last, the littlest members of Team Citi have gotten word they’ll be receiving raises to base pay, just like their fellow junior mistmakers across Wall Street. Read more »

The design intends for no one to have an assigned desk and there are only 150 spaces for 200 people. For those who were initially resistant to losing their assigned space, Catalano says, “it was hard to argue with real data that the old space was underutilized.” Employees have a locker where they put their personal belongings, and then they set up in the morning where they want to work. There are sanitized wipes on every desk so that the shared workstations are left clean [HBR via Matt Levine]

citi07x-largeDespite “considering a pay increase for analysts and associates” back in August and despite its peers at Bank of America, Credit Suisse, Jefferies, Goldman Sachs, JP Morgan, and Morgan Stanley already going ahead and doing so, Citigroup is apparently still not sure about this one. Read more »

Some might say that a bank shouldn’t suggest that some of its regulators would be better out on the street than in a comfy office nit-picking what some other regulator has already nit-picked. Indeed, Citi Chairman Michael O’Neill said so himself. But he just can’t help it, so he’s going to come out and say it: When his bank inevitably does something wrong again, he’d really prefer to take only one irate phone call, rather than three. Read more »