Citigroup News

16 Wall Street Firms Fined $1.8B for Talking Deals, Trades on Personal Apps

U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. The sweeping …

Citigroup Wins Appeal Over Mistaken Revlon Wire Transfer

Citigroup Inc. is entitled to recoup about $500 million of its own money that it accidentally wired Revlon Inc. lenders three years early, a U.S. appeals court said on Thursday. Reversing a lower court ruling, the 2nd U.S. Circuit Court …

Citi Sues Revlon Over Lender Status After $900 Million Mistake

Citigroup Inc. has sued Revlon Inc. in a bid to resolve a nagging legal question that emerged after the bank mistakenly wired $900 million to the cosmetics giant’s lenders and intensified after Revlon filed for bankruptcy. When Citi accidentally sent …

Citigroup Asks Appeals Court to Let It Recoup $504M Lost in Revlon Loan Pre-Pay Error

Citigroup Inc. on Wednesday pressed a federal appeals court to let it recoup about $504 million of its own money that it accidentally wired Revlon Inc. lenders, saying its mistake did not entitle them to a huge windfall. The bank’s …

Court Revives Bernie Madoff Customers’ $343M Clawback Suit Against Citigroup

A U.S. appeals court said the trustee liquidating Bernard Madoff’s firm can pursue a $343.1 million clawback lawsuit against Citigroup Inc., a decision that could help the late swindler’s customers recover close to the estimated $17.5 billion they lost in …

Banks Seeking New Protections in Wake of Citigroup’s $900M Mistake

Wall Street banks are seeking new legal protections to help avoid a repeat of Citigroup Inc.’s accidental $900 million payment to Revlon Inc. lenders. After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the …

Judge Denies Citibank Bid to Recoup Some of Mistaken $893M Payments to Revlon Lenders

A federal judge on Tuesday said Citigroup Inc. is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc., in what he called “a banking error of perhaps unprecedented nature …

Financial Services CEOs in Davos Complain They Can’t Save Planet Without Clients’ Help

As the financial industry comes under pressure to avoid funding dirty energy, the heads of Citigroup Inc. and Zurich Insurance Group AG said they need their clients to do more work too. “I say to our clients, ‘I don’t want …

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, …