Citigroup Inc. (NYSE:C) has appointed James Cowles as the chief operating officer for EMEA region.

Citigroup Inc. (NYSE:C) Signs Up EMEA COO

Citigroup Inc. (NYSE:C) has continued on its path of executive changes as part of its latest overhaul in the Europe, Middle East and Africa (EMEA) region.

The bank appointed James Cowles, the head of markets, as the chief operating officer and Peter McCarthy as the chief administrative officer for the region.

Cowley will also take up the role of cluster head for Western Europe.

Citigroup Inc. (NYSE:C)’s chief executive officer for EMEA Michael Corbat said, “As we move from co-CEOs to a single CEO of EMEA, our regional management structure should evolve to remain efficient and effective while recognizing the size and complexity of our region”.

Citigroup Inc. (NYSE:C) shares are currently standing at 31.99.

Price History
Last Price: 31.99
52 Week Low / High: 21.4 / 49.6
50 Day Moving Average: 27.96
6 Month Price Change %: -15.2%
12 Month Price Change %: -35.5%

FINRA has fined Citigroup Inc. (NYSE:C) with $500,000 in an age bias case.

Citigroup Inc. (NYSE:C) Hit With $500k Fine

The Financial Industry Regulatory Authority (FINRA) has ruled that Citigroup Inc. (NYSE:C) has to pay $500,000 in a fine to former Citigroup Global Market division branch manager Edward Bowne in the age bias case.

Bowne filed the case accusing that the bank dismissed him because of his age, which is against Florida law.

FINRA did however say that the bank did not violate federal age discrimination law.

Elizabeth Fogarty, Citigroup Inc. (NYSE:C) spokeswoman, said, “Citigroup Inc. (NYSE:C) complies with all age discrimination laws and is pleased that the arbitrators expressly found that Citigroup Inc. (NYSE:C) did not violate the federal age discrimination law. We disagree with the decision regarding liability under the comparable Florida law and are reviewing our options”.

Citigroup Inc. (NYSE:C) shares were at 30.72 at the end of the last day’s trading. There’s been a -4.3% change in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 4 out of 15 in the industry

Citigroup Inc. (NYSE:C)’s France banking head Eric Coutts has left the company after five years.

Citigroup Inc. (NYSE:C) Losing French Banking Chief

The US based banking giant Citigroup Inc. (NYSE:C) has announced that Eric Coutts, its banking head for France, has left the office by mutual agreement.

Coutts joined the bank as the co-head of restructuring in 2007 and became the head of investment banking for France and Belgium in 2009.

It is rumored that Charles-Henry Filippi will replace Coutts.

A Citigroup Inc. (NYSE:C) spokesman said, “Eric is no longer at Citigroup Inc. (NYSE:C). We will be announcing his successor very soon”.

Citigroup Inc. (NYSE:C) stocks are currently standing at 30.23.

Price History
Last Price: 30.23
52 Week Low / High: 21.4 / 49.6
50 Day Moving Average: 27.72
6 Month Price Change %: -19.5%
12 Month Price Change %: -36.1%

Citigroup Inc. (NYSE:C) chairman Richard Parsons is considering stepping down.

Citigroup Inc. (NYSE:C) Could Lose Chairman

The Wall Street Journal has reported that the US bank Citigroup Inc. (NYSE:C)’s chairman Richard Parsons is considering giving up his present role, and he will make a decision by early March.

He assumed the position in 2009 and helped the bank to come out of the financial crisis it faced in 2008.

A Citigroup Inc. (NYSE:C) spokesman declined to comment on the report.

Parsons had said earlier that he will continue in the role of chairman until the bank was on solid ground.

The bank reported a profit of $11.3 billion in the fourth quarter.

Citigroup Inc. (NYSE:C) shares were at 30.87 at the end of the last day’s trading. There’s been a -9.6% movement in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 4 out of 15 in the industry

Citigroup Inc. (NYSE:C) CEO has said the company hopes to cut its costs by $2.5-3 billion this year.

Citigroup Inc. (NYSE:C) CEO Sets Out Cost Cuts

The US bank Citigroup Inc. (NYSE:C)’s chief executive Vikram Pandit said that the bank will reduce its costs between $2.5 billion and $3 billion this year.

The bank will also invest more money this year as it is trying to come out of the crisis.

Pandit said, “We’re going to take out $2.5 or $3 billion dollars in costs verses what we had in 2011…At the same time we are going to invest. But how we are going to invest is going to be related to how we create savings. Some of our re-engineering savings are going to go into investment. The process of rebuilding Citigroup Inc. (NYSE:C) since the crisis has been a very steady process. We do think our costs are going to be $2.5 to $3 billion dollars lower next year”.

Citigroup Inc. (NYSE:C) stocks were at 30.38 at the end of the last day’s trading. There’s been a -3.8% movement in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 4 out of 15 in the industry

Citigroup Inc. (NYSE:C)’s CEO has talked about the company continuing to practice responsible finance and supporting banking basics.

Citigroup Inc. (NYSE:C) CEO Going Back To Basics

The US bank Citigroup Inc. (NYSE:C)’s chief executive Vikram Pandit said that the bank is focusing on practicing responsible finance, and that it will continue to support the basics of banking.

He said that banks must balance safety and soundness along with creating new jobs and investments.

Pandit said, “It’s important for the financial system to acknowledge there’s a great deal of anger directed at it. The system must balance safety and soundness but also address the need for growth. Trust has been broken. Banks have to serve clients, not serve themselves. The world needs a recommitment to globalization, and you need a banking system that can support that”.

Citigroup Inc. (NYSE:C) shares were at 29.96 at the end of the last day’s trading. There’s been a -3.2% change in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 3 out of 15 in the industry

Citigroup Inc. (NYSE:C) has been named in a fraud suit over $1 billion in collateralized debt obligations.

Citigroup Inc. (NYSE:C) Hit By $1bn Fraud Lawsuit

Loreley Financing has sued the US banking giant Citigroup Inc. (NYSE:C) for fraud over the loss of about $1 billion of a sub-prime collateralized debt obligation investment.

Loreley demanded $965 million from the bank, saying that the bank failed to inform them of the risks of residential mortgage-backed securities.

Loreley said that the bank sold $965 million of notes in CDOs between September 2006 and July 2007 which are worthless now.

Citigroup Inc. (NYSE:C) spokeswoman Danielle Romero-Apsilos said, “We believe the suit is without merit”.

Citigroup Inc. (NYSE:C) stocks were at 29.90 at the end of the last day’s trading. There’s been a -5.5% movement in the stock price over the past 3 months.

Citigroup Inc. (NYSE:C) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: 1.91
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: 1.73
Zack’s Rank: 4 out of 15 in the industry

FINRA has said that Citigroup Inc. (NYSE:C) must pay $24 million to advisors after a breach of contract.

Citigroup Inc. (NYSE:C) Hit With $24m Fine Payment

The Financial Industry Regulatory Authority (FINRA) has ruled that Citigroup Inc. (NYSE:C) has to pay $24 million to financial advisors and their assistants in a breach of contract case filed by James Bryan Minchello and Ryan Minchello in 2009.

They said that the bank failed to pay compensation for certain transactions and demanded $234 million.

FINRA ruled that the bank must pay $15.8 million in compensation, $1 million in sanctions and around $7 million in interest.

Citigroup Inc. (NYSE:C) spokeswoman said, “We are disappointed with this outcome and disagree with the decision”.

Citigroup Inc. (NYSE:C) stocks are currently standing at 29.85.

Price History
Last Price: 29.85
52 Week Low / High: 21.4 / 49.6
50 Day Moving Average: 27.61
6 Month Price Change %: -25.2%
12 Month Price Change %: -39.0%