Citigroup

Morgan Stanley Smith Barney, a joint venture between Morgan Stanley and Citigroup, unveiled that the personal data of 34,000 investment clients stored on two CDs was lost in transit to a government office last month, says the Wall Street Journal report.

The Journal says that the CDs were password protected but not encrypted. They went gone after the brokerage company mailed them to the New York State Department of Taxation and Finance.

The FBI arrested a former Citi executive over charges with stealing $19 million from the bank in a swindle described by the bureau as the 'ultimate inside job'.

Former vice president of Citigroup’s treasury finance department Gary Foster was arrested in New York after returning from a flight out of Bangkok.

Citi Ventures, a unit of Citigroup, has invested in Billing Revolution, a mobile payments provider. Last year Citi Ventures sponsored Billing Revolution’s Single-Click Checkout, a cross-platform, low-friction mobile billing service.

This week Citigroup Inc reported new figures of how may users had been affected by the May data breach. The company said that it affected over 360,000 of its customers, or almost twice the initial number.

Citi has been pressed by regulators to disclose the details of data breach. On Wednesday the company provided more information.

The breach, which Citigroup first made public on June 8, was initially detected on May 10.

A total of 360,083 North American Citigroup credit card accounts were affected by the breach, the bank said.

As Nokia has freed the niche in the market with the abandoning to develop its own software Research In Motion is missing crucial targets to introduce its new BlackBerry models, thus disregarding the still free space.

Citigroup downgraded RIM to “hold” from “buy” and explained in a note that new BlackBerry touchscreen models may miss the crucial back-to-school buying period due to production delays, while giants Apple and Google zoom ahead.

First quarter profit of Citigroup Inc dropped by 32% under pressure of decreasing loans and poor trading results.

While the third largest US bank has managed to avoid collapse in the financial crisis and stabilized it is still struggling to stay afloat.

The results were better than expected, which supported Citigroup's stock on a day when the U.S. equity market was falling. But like other big banks, the company's profit came mainly from dipping into money previously set aside to cover bad loans.

In association with Citigroup and MasterCard the search giant Google is developing a mobile payment system to allow Android phone owners to use their mobile phones as a kind of electronic wallet, reports the Wall Street Journal, citing people with the knowledge of the case.

With the new technology which is still at its early stage of development customers will be able to wave their Android phones in front of a small reader at the checkout counter to make payments, the Journal reported.

US regulators serviced Bank of America, Citigroup and Barclays with subpoenas over the investigation into the setting of the London interbank offered rate, or Libor, for U.S. dollars between 2006 and 2008, the Financial Times said.

UBS was among other banks who received subpoenas from US and Japanese regulators over whether it made "improper attempts" to manipulate LIBOR rates, the benchmark price for interbank borrowing costs.

Keynote Competitive Research, the industry analysis group of Keynote Systems, released its Q4 2010 Scorecards for Financial Services, Banking Edition (“Scorecard”). The research evaluates 25 large and regional banks against more than 300 of the most relevant criteria remaining the most authoritative study of customer experience best practices in online banking and sales.

Citigroup Inc has announced its partnership with the New York City Department of Small Business Services (SBS) to enable New York City's small businesses and entrepreneurs to obtain the technical assistance and financing more easily. 

According to the statement of Roy Gori, CEO of Citi Australia, they have minimized online fraud to zero level. Such exciting results were achieved owing to two-factor security system. To enter their accounts clients have to enter a password first and then to answer a predetermined security question such as their favourite colour or street address.

Bank of America Corp. continues recruiting employees of its largest competitors. This time the US giant has hired Eiichi Katayama from Nomura Holdings Inc. 44-year old Katayama has a great experience in his field. He came to Nomura 11 years ago immediately after graduating Keio University.

In Bank of America Eiichi Katayama will have a number of responsibilities however his main duty will be to carrying out researches on Japanese consumer electronics. Also he will manage coverage of telecommunications, media and technology as well as basic material industries. 

A lawsuit was launched against Citigroup on allegations of biased and discriminatory attitude towards female employees. The filing accuses the financial giant of contracting women staff to save the jobs of less-qualified men.

Citi achieved the settlement with the US Securities and Exchange Commission under which Citigroup Inc will pay $75 million. The settlement comes after the SEC’s probe into the Citi’s failure to disclose subprime exposure to investors in 2007.

Apart from this SEC also charged Citi executive and a former chief financial officer of misrepresenting the bank's exposure, although not with intentional misconduct.

As it became known, Moody's, that revised its outlook on a number of major banks Tuesday, changed its forecast over Bank of America, Citigroup and Wells Fargo from stable to negative.

The credit ratings agency cut the positive outlook due to weakening government support for the institutions under new US regulations.