Citigroup to axe 300 Jobs in Global Markets Division

Citigroup to axe 300 Jobs in Global Markets Division

Global financial giant, Citigroup Inc has announced its decision to cut 200 to 300 jobs in its division handling stock and bond trades in order to cut costs.

The third largest banking firm in the United States is aiming to cut its costs in order to be able to revive its business. The latest cut in jobs will result in about 2 per cent cut in its total workforce of the bank's global markets business, according to the people closer to the matter. The banking giant had a total staff of 251,000 people as of December of the previous year.

South Korea Debt excluded from bond index by Citigroup

South Korea Debt excluded from bond index by Citigroup

As Citigroup Inc. is studying the impact on derivatives investment of curbs, it has decided to exclude South Korea from the World Government Bond Index that helps tracking the performance of those funds that hold more than 1 trillion dollars. The value of government bonds declined thus pushing 3.75 percent notes' yield that mature in June 2013, up by 4 basis points to 3.85%. According to a statement from Citibank, they want to watch the response in South Korea of the proposed government rules that cap the currency forward holdings and also those of options and swaps.

Citigroup plans to raise $3 billion through PE

Citigroup plans to raise $3 billion through PE

The beleaguered Citigroup said that it wants to raise $3 billion. This amount will be done through the route of private equity investment and hedge funds.

Looking at the situation the bank is in, the amount is not very big, but it sure is going to be beneficial. The money is going to be used by the bank for the purpose of revamping its operations and getting ready for the tough road ahead.

Citigroup Bullish on Emerging Markets

Citigroup Bullish on Emerging Markets

Citigroup feel that despite turbulence being experienced in the global markets, they will stabilize in the coming days. It also expects strong corporate earnings and feels that growth factors will lead to attractive returns especially in the emerging markets.

There are still some factors which are keeping the markets volatile across the globe. The main reason is the European debt crisis and the US crisis. The high cost of commodities in the markets is also a cause for concern. It is also felt that the cooing down of the Chinese economy can also have a negative impact.

$200 million fund for small business lending by Citi

Citi chief executive Vikram Pandit

On Wednesday, the Citigroup Inc said it has launched a $200 million fund to help spur small business lending in low income U. S commodities. The move makes Citi the largest among the major lenders to get money to small business borrowers which face a tough credit environment. The group is partnering with the non profits Calvert Foundation and Opportunity Finance Network and these groups will run the fund and determine which CDFIs to invest in, while Citi will handle underwriting and risk management.

Citigroup Predicts Further Hike in Key Rates for India

Citigroup Predicts Further Hike in Key Rates for India

According to a note released by Citigroup, it has been predicted that the Central Bank of India may elevate key rates more by 75 basic points in 2010 as before 27 July, there prevails a possibility of an inter-policy move.

In order to cope up with the nearly the double-digit price rise, India's Central Bank raised key interest rates by 25 basic points, indicating a gradual gripping to continue with the growth and administer record Government borrowing.

Citi India recruits more staff to boost equities sales operations

Citi India recruits more staff to boost equities sales operationsCitigroup Global Markets India has announced that it is hiring new officials to boost its operations in equities sales and execution. The company is looking to expand its operations in equities in the country.

The chief of equities for Citi India, Nikhil Nagle expressed that the move shows the commitment of the company to its clients in the country.

Citi India Hires More for Equity sales

CitigroupCitigroup Global Markets India has proclaimed a lot of important hires across its equities sales and execution business for the last few months, to boost up its existence in Asia's third largest economy. According to Nikhil Nagle, Head of equities for Citi India, these appointments underline Citi's commitment to its clients in India.

Citigroup cuts nearly 30,000 jobs in second quarter

CitigroupCitigroup Inc, a major American financial services company based in New York, has cut down almost 30,000 jobs in the quarter ended June 30, as the banking major recurred to cost cutting steps to tackle the financial turmoil.

The banking giant has recorded a profit of $4.28 billion in the second quarter, on the support of a gain of $6.7 billion through the sales of stake in its Smith Barney brokerage unit.

TCS close to buy Citi`s BPO arm

Tata Consultancy Services (TCS) is planning to take over Citigroup`s captive BPO unit Citigroup Global Services (CGSL) for around US$ 550 million.

According to the source, if deal gets finalized, it would guarantee TCS to get business for CGSL from Citigroup for five fiscals. 

The officials from both companies’ did not comment on the pact. 

The reports revealed that TCS was in talks with Citi to acquire CGSL.

CGSL has its major operations in Mumbai, Chennai and Gurgaon and employs around 12,000 people.