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Perhaps Citi should have slept on Dubai. A year and a half ago, Citigroup became the first U.S. bank to relocate one of its rising stars Alberto Verme, an investment banking executive, to the booming gulf state
Citigroup's move to pay back the emergency money it received from the government is unlikely to stoke confidence in the bank among investors
NEW YORK (Reuters) - Citigroup Inc and Wells Fargo & Co said they were paying back funds to the U.S. government, in transactions that will end taxpayers' capital support of the biggest U.S. banks much sooner than had been expected just weeks ago.
Two more big banks — Citigroup and Wells Fargo — said Monday they have come to terms with the Treasury Department on paying back the money taxpayers invested in them. Is that a sign that the economy is returning to normal? Or, that banks don't want government controlling their executives' pay? David Wessel of The Wall Street Journal talks to Renee Montagne about the banks' decisions.
NEW YORK (Reuters) - Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing about $20 billion of capital, as the bank looks to end the executive pay restrictions that came with the funds.
-- Here are highlights of recent changes at Citigroup Inc. leading up to the bank's announcement Monday that it will repay $20 billion in rescue funds:
Dec. 15 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit , emerging from a U.S. bailout with higher capital levels and loan-loss reserves than any peer, still has a $617 billion reason to worry.
NEW YORK (AP) - Citigroup Inc. and Wells Fargo & Co. said Monday they would repay their government bailout loans, freeing them from close regulatory scrutiny and marking the latest step toward recovery for the U.S. financial system.
Dec. 15 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit , emerging from a U.S. bailout with higher capital levels and loan-loss reserves than any peer, still has a $617 billion reason to worry.
Dec. 15 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit , emerging from a U.S. bailout with higher capital levels and loan-loss reserves than any peer, still has a $617 billion reason to worry.
New York -- Citigroup Inc. and Wells Fargo & Co. said Monday they would repay their government bailout loans, freeing them from close regulatory scrutiny and marking the latest step toward recovery for the U.S. financial system.
Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing $17 billion of stock immediately, as the bank looks to end the executive pay restrictions that came with the funds.
Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government also will sell its one-third stake in the company.
Citigroup will become the last of the big Wall Street banks to exit the bailout program after reaching a deal to repay its remaining $20 billion of federal aid.
The last two major national banks are returning $45 billion in aid to taxpayers, marking the latest step toward recovery for the U.S. financial system.
(AP:NEW YORK) Moody's Investors Service said late Monday that Citigroup Inc.'s plan to repay $20 billion in bailout money has no immediate effect on its credit ratings.
Open slideshowAFP/File
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Open slideshowAFP/File
Open slideshowReuters
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