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Stock Market & Financial Investment News

News Breaks
January 16, 2013
14:08 EDTCEarnings Preview: Citigroup to report results after naming new CEO
Citigroup (C) is scheduled to report Q4 earnings before the open on Thursday, January 17, with a conference call scheduled for 11:00 am ET. Citigroup is a bank that provides a wide array of financial services. EXPECTATIONS: Analysts are looking for EPS of 96c on revenue of $18.82B, according to First Call. The consensus range for EPS is 84c-$1.09 on revenue of $16.49B-$19.57B. LAST QUARTER: Citigroup reported Q3 EPS of $1.06 -- excluding certain items related to the valuation of derivatives -- against estimates for 96c, on revenue of $19.41B against estimates for $18.35B. Last quarter the bank's fixed income jumped 63% year-over-year, but its global consumer banking revenue increased just 2% and its overall securities and banking revenue fell 29% Citigroup stated that it was managing its risks "very carefully," and predicted that its net interest margin would remain pressured in the fourth quarter, but added that it expected to benefit from strong mortgage refinancing trends in the fourth quarter. In November former Citigroup CEO Vikram Pandit resigned after reportedly clashing with the bank's board over management issues. The board selected Michael Corbal, who was serving as Citigroupís CEO of Europe, Middle East and Africa, to replace Pandit. The bank on December 5 announced that it would cut 11,000 positions and on January 7 named two co-presidents, Jamie Forese and Manuel Medina-Mora. Forese is heading the bank's institutional businesses, while Medina-Mora is overseeing its Global Consumer Banking and its franchise in Mexico. Also on January 7 Citigroup estimated that it would take a pretax charge of $305M to settle charges of mortgage foreclosure improprieties. STREET RESEARCH: Several research firms have issued optimistic notes about Citigroup in recent weeks. On January 7 Wells Fargo added Citigroup to its Priority Stock List. Wells upgraded the stock because of what it sees as the bank's diversified fee revenue streams,ability to realize operating leverage gains, improving capital return, and ability to obtain above average returns from a late stage credit recovery. RBC Capital on January 9 increased its price target on Citigroup to $48 from $44. Although RBC lowered its estimates for the bank to reflect lower expected capital markets revenue from fixed income trading, the firm expects the stock to be supported by cost cutting and the continuing recovery of the U.S. economy. It maintained an Outperform rating on the shares. PRICE ACTION: Over the last three months, Citigroup's stock has risen over 14% to above $42, after reaching a trough of ~$34 in early December.
News For C From The Last 14 Days
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August 3, 2015
09:20 EDTCCitigroup subject to regulatory probe over student-loan servicing practices
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09:08 EDTCCiti to provide accounting services for 27 John Hancock Mutual Funds
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July 31, 2015
06:40 EDTCU.S. banks prepared to take advantage of Euro lenders' cautions, WSJ says
U.S. banks are preparing to advance in the sector after reporting earnings, with executives touting the gloom coming from their European counterparts as a major opportunity to capitalize on their newfound advantage, the Wall Street Journal reports. On Thursday, Deutsche Bank (DB) CEO John Cryan said that the company must "shrink" its balance sheet, while Barclays (BCS) chairman John McFarlane said that Wall Street lenders are "an enormous threat" to Euro investment banks, the report says. On the other hand, Morgan Stanley (MS) chairman James Gorman said after reporting earnings last week that the company is poised to advanced in the debt trading sector, and that "there's a potential for, over a period of time, share gain for our business," the report says. In addition, Goldman Sachs finance chief Harvey Schwartz said that the company is "seeing potential big restructuring on the European side," the report adds. Publicly traded companies in the European space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Publicly traded companies in the U.S. space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
July 28, 2015
09:32 EDTCCaterpillar announces $1.5B accelerated stock repurchase
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July 24, 2015
10:46 EDTCCiti's Mexico unit facing expanding money laundering probe, Bloomberg says
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July 22, 2015
16:26 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
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12:58 EDTCCiti says to wind down banking operations at Banamex USA
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12:53 EDTCFDIC announces $140M civil penalty against Citi's Banamex USA unit
The FDIC announced the assessment of a civil money penalty of $140M against Banamex USA, Century City, California, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. In a concurrent action, the California Department of Business Oversight assessed a civil money penalty of $40M. The FDIC's penalty of $140M will be satisfied in part by the CDBO's penalty. The FDIC's penalty will be paid to the United States Department of the Treasury. In taking this action, the FDIC determined that the bank failed to implement an effective BSA/AML Compliance Program over an extended period of time. The institution failed to retain a qualified and knowledgeable BSA officer and sufficient staff, maintain adequate internal controls reasonably designed to detect and report illicit financial transactions and other suspicious activities, provide sufficient BSA training, and conduct effective independent testing.

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