Did you know the name of the guy who discovered the logarithm? Someone at Citigroup did, and he or she decided to rename its soon-to-be-given-away hedge fund unit after him. Read more »
For the next three weeks, the bank’s world-wide head of foreign-exchange sales is invoking his alter ego, “Bernieman.” The 53-year-old Mr. Sinniah’s mission: elevate Citigroup to the top of Euromoney magazine’s hallowed annual ranking of foreign-exchange firms…The last time Citigroup captured the top spot was in 2002. The New York bank then languished but has been inching its way back up the list, finishing second in 2012. Triumph this year is a job for Bernieman. Vowing to end Citigroup’s losing streak, Mr. Sinniah put his muscles where his mouth is. Around the world, Citigroup has plastered offices with a cartoon sendup of Mr. Sinniah clad in yellow tights, red briefs and a red cape, with a B on his chest and left index finger pointing toward the sky. “THERE IS NO TRY. DO!” the posters say. “GET TO NUMBER ONE.” “DO!” means persuading clients to support Citigroup in the Euromoney survey. “Every vote counts!” one poster adds. On Citigroup trading floors, traders, salespeople and analysts have been divided into teams to get out the vote. Instead of their typical uniform of button-down shirts and chinos, employees are wearing T-shirts emblazoned with Formula One racing-team names and Bernieman’s motto. [WSJ]
Citigroup’ private bank has decided to pull its $187 million investment from SAC Capital Advisors LP, according to people familiar with the decision, the latest in a string of client defections that have occurred amid scrutiny of the hedge-fund firm. The decision “should not be construed as a statement on the merits of any outstanding legal proceedings or potential regulatory action” related to the scrutiny, a Citi spokeswoman said in a statement to The Wall Street Journal Thursday. Federal law-enforcement officials have sought to build an insider-trading case against SAC for years, but recent developments, including the arrest of Mathew Martoma, a one-time portfolio manager at an SAC unit, and the firm’s acknowledgement that it was notified by securities regulators it may soon face civil charges, have shaken some investors. “In the event these legal and regulatory matters are resolved favorably for Mr. Martoma and SAC, Citi Private Bank expects to reconsider admission of SAC’s funds to its hedge-fund platform,” the spokeswoman said in the statement, adding that the decision to redeem was made following the private bank’s standard procedures. [WSJ]
Things are not good when your new CEO’s priority number one is to “stop destroying our shareholders’ capital.” But The Wall Street Journal isn’t above kicking a bank when it’s down.
The latest weak point to be splashed on the cover of the C Section is Citi’s retail banking operation, which is still in the hands of one of Vikram Pandit’s cronies and which has the highest average deposits per branch of top lenders but which may or may not still keep track of customer accounts longhand. Plus, there’s this compelling anecdote in the lede: Read more »
Genius Mike Corbat. GENIUS. Read more »