Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam emails!
Advertise Your Business Here
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Financial and Banking News

Trading chief of Citigroup will leave group

Trading chief will leave Citigroup Inc. after almost $6 billion of losses and bad-debt costs.

Thomas Maheras and a top fixed-income executive, Randy Barker, are leaving the New York-based firm, Chief Executive Officer Charles Prince said yesterday in a telephone interview. Pandit, 50, joined the bank as head of alternative investments earlier this year when it bought his hedge fund for $800 million.

Maheras, 44, and Barker 48, are the first casualties at Citigroup following its disclosure last week that profits fell 60 percent in the third quarter because of losses tied to the collapse of the subprime mortgage market. Merrill Lynch & Co., Bear Stearns Cos., and UBS AG have already announced high-level firings after being forced to book losses as a result of three months of credit turmoil.

"The company could have managed the turbulent credit markets better than it did, and obviously they're making personnel changes to address the problem," said Mark Batty, a financial-services analyst at PNC Wealth Management in Philadelphia, which oversees $77 billion, including about 6.9 million Citigroup shares. "They want personnel in place who are going to take risks but not undue risks."

Citigroup shares have fallen 13 percent this year, more than rivals. Bank of America Corp., the second-biggest U.S. bank, has declined 1.8 percent, while JPMorgan Chase & Co., the third largest, is down 3.4 percent.

The performance has ignited Prince's critics. Deutsche Bank AG Analyst Michael Mayo joined a chorus of investors last week in calling for his ouster, four years after he took over from Sanford Weill. The company, which says it has 200 million customers in more than 100 countries, would be worth more to shareholders if broken up, Mayo said.

"Prince's fate may depend on how big the losses eventually get," Yoji Takeda, who helps manage about $900 million at RBC Investment (Asia) Ltd. in Hong Kong, said after the management shakeup was announced.

Pandit, a former professor at New York's Columbia University, joined Morgan Stanley as a banker in 1983. He is credited with helping the firm win more initial stock offerings and creating an electronic-trading system that cut transaction costs by 50 percent from 2002 to 2004.

He ran the firm's biggest and most-profitable division, investment-banking and trading, for five years before quitting in March 2005 during a power struggle under then-CEO Philip Purcell.

Source: Bloomberg
Date: 12.10.2007 [112]

Financial and Banking News
 Banks may need political help to survive Big Tech

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the "real game changer." 09.12.2019 | Source: Bloomberg

 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events

 📰 News Archive

2007-2020 © BanksDaily.com | Rus