Citigroup News

Citigroup’s Mexico Unit, Chubb Announce Bancassurance Distribution Agreement

Citibanamex, a subsidiary of Citigroup Inc., and Chubb Seguros México, an affiliate of Chubb Ltd., announced a definitive long-term agreement where Chubb will provide a range of non-life insurance products to Citibanamex’s consumer bank clients in Mexico, subject to regulatory …

WEF Helps Create Fintech Cyber Security Consortium; Members Include Zurich, Citigroup

The World Economic Forum has led the creation of an industry consortium focused on improving the cyber security of financial technology companies, as collaboration between fintechs and financial institutions grows. The consortium’s founding members include Citigroup Inc, online lender Kabbage, …

Citigroup to Seek Bancassurance Distribution Partners in APAC Region: Source

Citigroup Inc. will seek bids from global insurers keen to sell general insurance products across the U.S. bank’s Asia-Pacific markets, in a deal that could be worth at least $500 million, a source with knowledge of the matter told Reuters. …

Allianz, AXA & Sompo to Distribute Products Across Asia via CIMB Bank Branches

Allianz SE, AXA SA and Sompo Japan Nipponkoa Holdings Inc. made final bids for the rights to distribute their general insurance products through CIMB Group Holdings Bhd.’s branches across Asia, people with knowledge of the matter said. CIMB could fetch …

Reuters Special Report: U.S. Banks Book Trades Abroad to Bypass U.S. Regulation

This spring, traders and analysts working deep in the global swaps markets began picking up peculiar readings: Hundreds of billions of dollars of trades by U.S. banks had seemingly vanished. “We saw strange things in the data,” said Chris Barnes, …

JPMorgan Hackers May Have Hit Multiple Financial Firms

The hackers who raided the data banks of JPMorgan Chase & Co. used computers now linked to possible attacks on at least 13 more financial companies, according to a person familiar with the investigation. More than a month after the …

Los Angeles Sues Citi, Wells Fargo Over Discriminatory Lending

The city of Los Angeles has filed a lawsuit against Citigroup and Wells Fargo, seeking damages for a loss in tax revenue due to discriminatory mortgage lending to the city’s minority communities, a court filing showed. In complaints filed in …

Bipartisan Senate Megabank Bill Would Split Banking from Insurance, Other Risks

A small bipartisan group of U.S. senators on Thursday introduced legislation that would break up Wall Street’s megabanks by separating traditional banking activity from riskier financial services. The bill, called the 21st Century Glass-Steagall Act, has an uncertain future, but …

Big Banks Win Dismissal of Most LIBOR Rate Rigging Claims

The world’s biggest banks won a major victory on Friday when a U.S. judge dismissed a “substantial portion” of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions …

Citigroup Settles Securities Lawsuit for $590M

Citigroup Inc. agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims …