Citigroup Inc. Announces Offers to Purchase up to EUR600 Million Nominal Amount of Subordinated Notes (WSJ)
Citigroup Inc. (NYSE:C) (the “Company”) announces that it is inviting eligible holders (the “Noteholders”) of its outstanding EUR1,250,000,000 4.25% Fixed Rate / Floating Rate Callable Subordinated Notes due February 2030 (the “2030 Notes”) and EUR800,000,000 3.625% Fixed / Floating Rate Callable Subordinated Notes due November 2017 (the “2017 Notes”, together with the 2030 Notes, the “Notes” and each a “Series”) to tender their Notes for purchase by the Company for cash (each such invitation, an “Offer”, and together, the “Offers”). The Offers are made on the terms and subject to the conditions contained in the tender offer memorandum dated 17 April 2013 (the “Tender Offer Memorandum”, as may be amended from time to time) prepared by the Company in connection with the Offers, and are subject to the offer and distribution restrictions set out below and as more fully described in the Tender Offer Memorandum. Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum.
Citigroup Said to Shake Up Europe Equities Unit as Connolly Goes (BusinessWeek)
Citigroup Inc. (NYSE:C) promoted Imraan Moola and Rory Hill to run equity-derivatives trading in Europe, replacing the region’s equities boss Ronan Connolly, two people familiar with the matter said. Connolly exited Citigroup after his unit underperformed, said the people, who requested anonymity because details of the overhaul aren’t public. Moola and Hill are assuming Connolly’s duties for equity derivatives. The New York-based bank also hired Yonatan Gozdanker earlier this month to take on Connolly’s responsibilities for cash equities.
Citigroup, Inc: Signs Of Turnaround Emerge? (IStockAnalyst)
The latest results of Citigroup Inc. (NYSE:C) showed tangible evidence of a turnaround. The key positives include the sale of mortgages out of Local Consumer Lending (LCL), reserve releases in Citi Holdings, reducing delinquencies and credit losses in LCL, and the outlook for better earnings in the US. Citi sold $1 billion of delinquent mortgages and another $1.8 billion of current mortgages, where a significant portion of the performing loans were previously modified. Therefore, it is safe to say that this portfolio had a bit of hair on it.
Citigroup Hires Former Goldman Sachs Banker Kames for German M&A (SFGate)
Citigroup Inc. (NYSE:C), the third-largest U.S. bank, hired Christian Kames from Goldman Sachs Group, Inc. (NYSE:GS) to head its mergers team in Germany, Austria and Switzerland. Kames, who will start on July 8, spent the last 12 years at Goldman Sachs Group, Inc. (NYSE:GS) as a senior managing director focused on mergers and acquisitions in the automotive industry, the New York-based firm said in a memorandum to employees today obtained by Bloomberg News. The contents of the document were confirmed by a Citigroup spokesman in London. “He will significantly strengthen our coverage effort,” Stefan Wintels, head of corporate and investment banking for Germany and Austria, wrote in the memo.
Bank of America disappoints investors (CNN)
The bank’s first quarter results spooked investors Wednesday morning after it missed profit forecasts. Shares of Bank of America Corp (NYSE:BAC) sank nearly 6% Wednesday, erasing all of the bank’s 2013 gains. The Charlotte, N.C.-based bank generated net income of $2.6 billion, or 20 cents per share, on $23.7 billion of revenue. Analysts expected Bank of America to earn 22 cents per share, on revenue of $23.4 billion. Wall Street has been eager to see how quickly the bank, which many feel has a bloated cost structure, can slash expenses. Bank of America’s expenses in the first quarter were $1 billion a lower than a year ago, on track with what it has forecast. But there are signs that cost cutting is crimping its growth.
Bank of America adding 100 investment jobs in Jacksonville (BizJournals)
Bank of America Corp (NYSE:BAC)’s Merrill Edge unit is hiring more than 100 investment professionals in Jacksonville this year. The available jobs are in investment sales, advisory, service and operations. Merrill Edge has more than 2,000 employees across the U.S., including 419 in Jacksonville. Jacksonville is a target market for growth because of the level of talent in the area, and because of the recruiting possibilities at nearby colleges and universities, a spokeswoman said in an email.
No House Party for Bank of America (WSJ)
There is plenty of good news about housing these days. But Bank of America Corp (NYSE:BAC) -5.13% isn’t basking in it. In first-quarter results Wednesday, BofA disclosed a falloff in mortgage-production revenue despite a nearly 60% increase in originations from a year earlier. Margins fell as capacity increased and the mortgage-refinance wave crested. BofA also said it would pay $500 million to settle three class-action lawsuits related to boom-era mortgages. The good news is that, according to BofA, the settlement covered about 70% of disputed loans with an unpaid principal balance of $350 billion. The drawback? It is another reminder about BofA’s seemingly never-ending litigation risk.
