Tag: Citigroup

Probability of Global Recession Nearing 50 Percent: Citigroup Economists

Citigroup economists have forecast the chance of a global recession nearing 50 percent as central banks hike interest rates and consumer demand for goods drops off. “The experience of history indicates that disinflation often carries meaningful costs for growth and we see the aggregate probability of recession as now approaching 50 percent,” economists led by Nathan…


Citigroup Says Human Error Caused ‘Flash Crash’ Hit to European Shares

Citigroup Inc. said on May 2 that a so-called “flash crash” in European stock markets occurred when one of its traders made an error. The acknowledgment came just hours after the stock market experienced an extremely rapid decline in the price of a number of assets, something that traders often refer to as a “flash crash” and which…


Citigroup Profit Sinks 46 Percent on Loan Loss Provisions, Dealmaking Slump

NEW YORK—Citigroup Inc. could lose as much as $3 billion from its Russia exposures, $2 billion less than previously forecast, the bank said on Thursday while reporting a nearly halving of its first-quarter profit. The bank said it had reduced its total exposure to Russia since December by $2 billion to $7.8 billion and that…


Moody’s Places All Citibanamex Ratings, Assessments on Review for Downgrade

MEXICO CITY—Ratings agency Moody’s Investors Service on Sunday placed all ratings and assessments of the consumer banking arm of Citigroup in Mexico on review for downgrade. In a statement, Moody’s said the review was triggered by Citigroup’s announcement that it would sell its Citibanamex consumer banking operations, which will end a two-decade retail presence in…


Citigroup Maintains Vaccine Mandate Deadline Despite SCOTUS Ruling

Citigroup is standing by its Jan. 14 deadline by which it expects employees to be fully vaccinated or receive an approved exemption, the firm’s head of human resources said in a statement, which came as the Supreme Court overturned the Biden administration’s vaccine-or-test requirement for large businesses. Sara Wechter, Head of Human Resources at Citi,…


Citi to Exit Mexican Consumer Business as Part of Strategy Revamp

NEW YORK—Citigroup Inc will exit its Citibanamex consumer banking business in Mexico, the bank said on Tuesday ending its 20-year retail presence in the country that was the last of its overseas consumer businesses. Citigroup’s decision to sell or spin off Citibanamex, Mexico’s third biggest bank by assets as of June, is part of chief…


Citigroup Expects up to $1.5 Billion Charge From South Korea Retail Banking Exit

Citigroup Inc. said on Monday it expects to take a cash charge of nearly $1.2 billion to $1.5 billion related to the closure of its consumer banking business in South Korea. The bank had announced its plan to exit consumer businesses in 13 markets in Asia and EMEA (Europe, Middle East, and Africa), where it…


Citi Mandating 65,000 US Employees to Get Fully Vaccinated

Citigroup, the nation’s third-largest bank, said Thursday that it will require all U.S. employees to be fully vaccinated against the COVID-19 as a condition of employment. In a post on Linkedin, Sara Wechter, Head of HR, said that the decision was influenced by two key factors. “First, as the U.S. government is a large and…


Citigroup Warns of Hefty Charges From South Korea Consumer Business Closing

Citigroup Inc on Monday warned of significant charges related to the closing of its consumer banking business in South Korea, months after announcing its exit from 13 markets across Asia, Europe, Middle East and Africa. The Wall Street lender’s plan is part of Chief Executive Officer Jane Fraser’s turnaround strategy to bring the bank’s profitability…


Citigroup Executive Levkovich Dies a Month After Being Hit by Car

Citigroup Inc.’s chief U.S. equity strategist, Tobias Levkovich, died on Friday from injuries he suffered after being struck by a car a month ago, the Nassau County Police Department on New York’s Long Island said in a statement. Levkovich, 60, was hit by a car while crossing a street in Woodmere, Long Island, at about…