May 16 2013 19:53 BST Pandit returns to banking via IndiaVikram Pandit, the former Citigroup chief executive who was ousted last year, has returned to banking by investing in an Indian financial services group that hopes to launch a new lender. Mr Pandit, who left Citigroup in October, and Hari Aiyar, another Indian executive, are acquiring a 3 per centBy Tom Braithwaite in New York |
May 16 2013 15:48 BST Markets Insight: Data dislocations are clue to system fragilityAre the markets going mad? That is a question many investors might have asked in recent weeks, as stocks in the UK, eurozone and US have soared - even as bond spreads decline. But, if you want another sign of how peculiar market patterns now seem, take a look atBy Gillian Tett |
May 16 2013 14:28 BST Citi bans forex traders from using Bloomberg internal chat groupsCitigroup is banning traders in its foreign exchange division from accessing internal chat groups on their Bloomberg terminals, in the latest sign of concern by banks over online security issues. The US bank will move its traders, many of whom are based in London or New York, on to anBy Alice Ross in London |
May 15 2013 21:30 BST Citi sells Brazil units to Itaú-UnibancoCitigroup has sold its Brazilian consumer finance units to local bank Itaú-Unibanco for R$2.77bn, as the US lender looks to withdraw from part of the country's fiercely competitive retail banking market. Itaú, which ranks as Brazil's biggest bank by market value, will take over Citigroup's Credicard unit, an R$8bn-asset businessBy Samantha Pearson in São Paulo |
May 15 2013 18:43 BST RP Martin suspends chief amid Libor probeRP Martin has removed its chief executive and an executive director from their posts amid a probe into the firm's role in the manipulation of Libor that saw two former employees arrested in December. David Caplin, the interdealer broker's chief executive, and Alan Farnan, an executive director, have been suspendedBy Brooke Masters and Caroline Binham in London |
May 15 2013 15:31 BST Dish Network gains edge in battle for Sprint with $9bn financingDish Network has secured financing on its $25.5bn bid for Sprint Nextel, overcoming attempts by its rival suitor SoftBank of Japan to persuade banks to boycott the US group, according to people familiar with the process. Dish has said it needs $9bn of financing to back its bid for Sprint.By Paul J Davies in Hong Kong |
May 15 2013 00:04 BST JC Flowers buys UK debt collector CabotThe private equity group run by Christopher Flowers is to acquire Britain's leading debt collector, marking the former Goldman Sachs banker's biggest ever deal in the country. The deal is expected to value Cabot Credit Management at about £800m ($1.2bn) including debt, according to people familiar with the asset. MrBy Anne-Sylvaine Chassany, Private Equity Correspondent |
May 14 2013 19:36 BST Hedge funds target mutual fund marketThe next source of growth for the hedge fund industry are the widows and orphans of the mutual fund market, according to Citigroup, which predicts that retail assets will more than triple to $940bn during the next four years, from $305bn at the end of 2012. The trend is aBy Dan McCrum in New York |
May 14 2013 19:27 BST Banks lead Wall Street to record highsUS stocks cruised into record territory, reaching new all-time intraday highs as Wall Street's largest banks rallied. The S&P 500 climbed 0.9 per cent to 1,647.76 just after midday in New York, surpassing record levels reached a day earlier. The gains came despite a lack of significant economic data releasesBy Arash Massoudi in New York |
May 13 2013 17:54 BST Inside Business: Emerging markets turn sour for global banksAs growth has stagnated or gone into reverse across much of the western world in recent years, banks have understandably been burnishing their emerging markets credentials. Any lender with a credible plan to tap into the most dynamic markets of the world has been duly rewarded. It is no coincidenceBy Patrick Jenkins |
