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Costs are down: Citigroup reports highest quarterly profit in nearly eight years

Apr 17, 2015 at 10:17 | Source: FirstPost

Citigroup reported its highest quarterly profit in nearly eight years as costs plunged, showing that the bank's efforts to streamline its business may be starting to pay off.Citi has been slowly getting its house in order by cutting costs and sheddin...

Goldman's stock trading boom turns up heat on Morgan Stanley| Reuters

Apr 17, 2015 at 05:45 | Source: FirstPost

NEW YORK (Reuters) - Goldman Sachs Group Inc's (GS.N) blockbuster performance in stock trading last quarter has some Wall Street watchers wondering whether it knocked rival Morgan Stanley (MS.N) out of the top spot in equities.Goldman was head-and-sh...

If Big Banks fail again, will Uncle Sam come to the rescue? You bet

Apr 14, 2015 at 22:58 | Source: FirstPost

(The following is an excerpt from Easy MoneyThe Greatest Ponzi Scheme Ever and How It Is Set to Destroy the Global Financial System).A large number of firms like AIG, Citigroup, Fannie Mae, Freddie Mac, etc., were rescued in the aftermath of the fina...

How the worlds largest companies spend their IT money

Apr 08, 2015 at 11:48 | Source: FirstPost

International Data Corporation (IDC) estimates that, including internal spending, the world's largest companies spent $895B on technology in 2014. IT vendors of all flavors long to harness a share of their hefty IT wallets not only for the revenue g...

IPO buzz: IndiGo planning to raise around Rs 2500 cr by May-end

Mar 27, 2015 at 15:50 | Source: FirstPost

India's biggest carrier, IndiGo, is preparing to file documents for a stock listing to raise $300 ( Rs 1,900 crore) to $400 million ( Rs 2500 croree), two sources with knowledge of the plans said, as it looks to cash in on a booming air travel market...

IPO buzz: IndiGo may be planning to raise around Rs 2500 cr by May-end

Mar 27, 2015 at 14:32 | Source: FirstPost

India's biggest carrier, IndiGo, is preparing to file documents for a stock listing to raise $300 ( Rs 1,900 crore) to $400 million ( Rs 2500 croree), two sources with knowledge of the plans said, as it looks to cash in on a booming air travel market...

Decoding Flipkart's international listing: Why the company wants to be on Nasdaq, not Nifty

Mar 16, 2015 at 14:27 | Source: FirstPost

Having raised $2 billion last year, e-commerce giant Flipkart is now reportedly readying for an international listing, and Nasdaq seems to be the preferred choice, considering it isknown for listing technology companies and the fact that investors in...

U.S. seeks billions from global banks in currency investigation - Bloomberg

Mar 14, 2015 at 03:30 | Source: FirstPost

(Reuters) - The U.S. Justice Department is seeking about $1 billion each from global banks being investigated for manipulation of currency markets, Bloomberg reported on Friday, citing people familiar with the talks.The figure is a starting point in ...

Investors to pause forex litigation amid U.S. government probe

Mar 11, 2015 at 03:15 | Source: FirstPost

NEW YORK (Reuters) - Lawyers pursuing an antitrust lawsuit by investors accusing 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market agreed to put most of the litigation on hold amid a related criminal probe by the U.S...

Citigroup sells stake in Turkey's Akbank for $1.2 billion

Mar 05, 2015 at 20:30 | Source: FirstPost

ISTANBUL (Reuters) - Citigroup has sold its nearly 10 percent stake in Turkey's Akbank for $1.2 billion, the U.S. lender said on Thursday, its latest disposal of overseas assets to cut costs and boost capital.New York-based Citi has pared back intern...

Barclays reports 21% fall in pre-tax profits

Mar 03, 2015 at 17:12 | Source: BBC

Barclays has reported a fall in profits as it set aside more funds to cover potential fines for misconduct. Statutory pre-tax profits fell 21% to £2.26bn in 2014. The bank increased its provision to cover any fallout from a probe into currency marke...

Coffee's hot as IPO could value Cafe Coffee Day at $1 billion

Feb 27, 2015 at 22:45 | Source: FirstPost

MUMBAI (Reuters) - The firm behind Cafe Coffee Day, India's biggest homegrown coffee chain, is set for a market debut that could value it at almost $1 billion, even as the country's burgeoning cafe culture draws global giants Starbucks(SBUX.O) and Mc...

Cafe Coffee Day plans IPO by April-end, seeks to collect $1 bn

Feb 27, 2015 at 19:24 | Source: FirstPost

Mumbai: The firm behind Cafe Coffee Day, India's biggest homegrown coffee chain, is set for a market debut that could value it at almost $1 billion, even as the country's burgeoning cafe culture draws global giants Starbucks and McDonald's.Cafe Coffe...

Cafe Coffee Day April IPO by likely to fetch $1 bn

Feb 27, 2015 at 10:46 | Source: FirstPost

Mumbai: The firm behind Cafe Coffee Day, India's biggest homegrown coffee chain, is set for a market debut that could value it at almost $1 billion, even as the country's burgeoning cafe culture draws global giants Starbucks and McDonald's.Cafe Coffe...

Citigroup unit probed by more authorities over money laundering

Feb 26, 2015 at 05:30 | Source: FirstPost

NEW YORK (Reuters) - Citigroup Inc (C.N) said additional government authorities have started probes of possible breaches of anti-money laundering laws at its Banamex USA unit.The Financial Crimes Enforcement Network, a unit of the U.S. Treasury, and ...

Citigroup cut CEO Corbat's pay by 10 pct to $13.1 mln in 2014

Feb 20, 2015 at 23:45 | Source: FirstPost

REUTERS - Citigroup Inc (C.N) cut Chief Executive Michael Corbat's pay by about 10 percent in 2014, a year in which the bank's profit nearly halved due to higher legal costs and a slump in bond trading.Separately, the bank said its consumer banking h...

Citigroup to set aside $100 bln to fund green initiatives

Feb 18, 2015 at 23:30 | Source: FirstPost

REUTERS - Citigroup Inc said it would set aside $100 billion to fund environmental projects over the next decade, doubling the amount it had earmarked for such projects in 2007.Citigroup said it would fund projects related to renewable energy, greenh...

RBI may cut rates by another 50 bps in H1 2015, say experts

Feb 17, 2015 at 17:40 | Source: FirstPost

New Delhi: The ongoing slowdown in inflation momentum has given room for the Reserve Bank to adopt a more accommodative monetary policy and cut policy rates by 50 basis points in the first half of this year, experts believe.According to global broker...

Oil rallies for third day after OPEC sees greater crude demand

Feb 10, 2015 at 01:30 | Source: FirstPost

NEW YORK (Reuters) - Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group.The Organization of the Petroleum Exporting Co...

US President appoints Ajay Banga to a key administration position

Feb 06, 2015 at 13:49 | Source: FirstPost

Washington: US President Barack Obama has announced to appoint top Indian-American CEO Ajay Banga to a key administration position.Banga, chairman of the US India Business Council, has been appointed as member of the Advisory Committee for Trade Poli...

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