Citi
CDS spreads push out as bailout drags on
The cost of protection on some of the world’s largest dealers surged on Friday as uncertainty grew over the US government’s $700 billion plan to purchase devalued assets from financial institutions.
CDS spreads continue to tighten
Credit default swap (CDS) spreads on financial institutions had tightened further by close of play on September 19, as market confidence continued to rise after large injections of cash from central banks
Citi continues equity derivatives reshuffle
Following the departure of Citi's global head of equity derivatives, Joe Elmlinger, two of the bank's regional heads have also left their posts.
Bank monoline exposures creep up in second quarter
Second-quarter results yielded further markdowns at major dealers due to the increasing counterparty risk posed by monoline insurers.
Elmlinger exits Citi
Joe Elmlinger, New York-based head of global equity derivatives at Citi and a director of the International Swaps and Derivatives Association, has left the firm.
Citi creates retail structured products group
Citi has formed a global retail structured products group and appointed Richard Burns, previously head of equities structured products, to lead it.
Ambac clears deck of $1.4 billion CDO-squared
New York-based bond insurer Ambac has rid its books of exposure to a $1.4 billion collateralised debt obligation-squared (CDO-squared) transaction, by commuting a guarantee written on it for arranger Citi.
ICG chairman Klein quits Citi
Michael Klein, New York-based chairman of Citi’s institutional clients group (ICG), is leaving to pursue other opportunities, according to a statement released by the bank on July 21.
Citi’s trading risk head relocates to Dubai
Farhang Mehregani, currently Citi's London-based head of trading risk for the global equities business, will relocate to Dubai to lead the bank's equities business for central and eastern Europe, the Middle East and Africa.
Merrill’s equities trading head joins Citi
Mike Pringle, Merrill Lynch’s former head of equities trading for Europe, the Middle East and Africa, has joined Citi in the same role.
Citi suspends new accounts amid AML review
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Former Citi CDO head joins Babson Capital Europe
Andrew Godson, who ran the syndicate desk for collateralised debt obligations and structured credit in Europe at Citi, has left the bank.
Corporates shy away from FX e-trading
Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange (FX) trades, with most showing a preference for traditional voice trading.
Evans joins Citi as subprime losses mount
Citi yesterday announced that it had hired Richard Evans as chief risk officer for its institutional clients group.
Five banks file counterclaim over Clear Channel LBO
A legal spat over the proposed leveraged buyout of Texas-based media company Clear Channel intensified on April 4, as five banks filed a counterclaim in New York against the company and its private equity suitors.
Citi appoints Dial to head consumer banking
As part of its ongoing corporate restructuring, Citi has appointed Teresa Dial as the chief executive officer of consumer banking in North America. Reporting directly to Vikram Pandit, the group’s chief executive officer, she will also assume the title…
Huey Evans joins Barclays
Gay Huey Evans has been appointed Barclays’ new vice-chairman of investment banking and investment management (IBIM). She takes up this newly created role in mid-April, and will focus on developing and managing relationships with sovereign funds.
Havens and Klein named institutional client heads at Citi
Michael Klein and John Havens jointly replaced Citi chief executive Vikram Pandit as chairman and chief executive of the bank's institutional clients group in New York on March 17.
Citigroup replaces chief risk officer after just three months
Citigroup has announced the appointment of Brian Leach as the firm's new chief risk officer (CRO), just three months after the bank appointed Citi veteran Jorge Bermudez to the same position.
CDOs of ABSs "in deep trouble"
Ninety-eight collateralised debt obligations of asset-backed securities (CDOs of ABSs) rated by New York-based Standard and Poor’s (S&P) have reached so-called events of default (EODs).
Société Générale gets a cash infusion
Société Générale (SG) is the latest of several banks to raise money through the capital markets after suffering multibillion-dollar losses. Unlike several Wall Street banks issuing mandatory convertibles, the French bank will sell stock and give current…
Citigroup downgraded after monumental losses
Citigroup saw its credit ratings docked today after announcing fourth-quarter losses of $9.83 billion, driven by subprime writedowns totalling $17.4 billion.