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Citigroup ex-VP arrested on fraud charges

A former Citigroup vice president embezzled $19.2 million from the bank in a one-man “inside job” involving a series of secret money transfers, federal prosecutors said Monday. Gary Foster, 35, a New Jersey resident, was arrested Sunday at John F. Kennedy International Airport after arriving on a flight from Bangkok. He was to appear in… Continue Reading Citigroup ex-VP arrested on fraud charges

Citigroup earns $2.15 billion in 3rd quarter

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Citigroup says it has turned a profit for the third straight quarter as losses from failed loans declined. Net income available to common shareholders totaled $2.15 billion, or 7 cents per share. That compares to a loss of $3.24 billion, or 27 cents per share, during the same quarter last year. Analysts had predicted Citigroup… Continue Reading Citigroup earns $2.15 billion in 3rd quarter

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Treasury announces sale of Citigroup shares

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The government said Wednesday it is starting to sell $2.2 billion in trust preferred shares that it holds in Citigroup, another move to recoup the costs incurred in the $700 billion financial bailout. The Treasury Department said the pace of the sales would be determined by market conditions. The $2.2 billion in trust preferred shares… Continue Reading Treasury announces sale of Citigroup shares

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WASHINGTON (AP) – Citigroup Inc. and Bank of America Corp. will need to raise more capital if they can’t convince regulators that “stress test” results were mistaken, according to two people familiar with the matter.The banks are hard at work preparing their appeals, said the people, who spoke on condition of anonymity because everyone involved… Continue Reading BofA, Citigroup need more capital after stress test

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