Speculation that China’s 56.3 trillion yuan bond market is about to go more global is spurring investment funds to hire in the nation. A central bank official said at the end of last year that China will create conditions for the inclusion of yuan debt in global indexes.
Category: Citigroup
Oil Slips as U.S. Stockpiles Set Record Despite OPEC Cuts
Oil slid for a third day as record U.S. crude stockpiles were seen jeopardizing OPEC’s efforts to drain a global surplus. Futures declined 1.2 percent in New York.
This $1 Trillion Manager Is Paring NYC, London Property Bets
David Hunt, chief executive officer of Prudential Financial Inc.’s PGIM, said the $1 trillion asset manager is scaling back commercial real estate bets in some major markets where competition drove up property prices. “Whenever you see that kind of heating-up of demand, you have to scratch your head and say, ‘At what point does this become a little bit overblown?’ ” Hunt said Wednesday at a conference held by Citigroup Inc. “We have been selectively selling some of the big cities, so we’ve been a net seller of New York, of London, and of San Francisco.”
Citigroup Sets Up D.C. Team as Trump’s Regulatory Overhaul Looms
Citigroup Inc. is establishing a global regulatory affairs team in Washington as Wall Street firms prepare for the possibility of widespread changes to financial rules under the Trump administration. The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, a former longtime official at the Office of the Comptroller of the Currency.
Citigroup Sets Up D.C. Team as Trump’s Regulatory Overhaul Looms
Citigroup Inc. is establishing a global regulatory affairs team in Washington as Wall Street firms prepare for the possibility of widespread changes to financial rules under the Trump administration. The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, a former longtime official at the Office of the Comptroller of the Currency.
Citigroup Pays $5.4 Million in Rand-Rigging Probe Settlement
Citigroup Inc. agreed to pay a penalty of almost 70 million rand to settle a South African antitrust investigation that said the U.S. bank participated in an alleged cartel to manipulate the value of the rand. “There could well be other settlements now that it seems the parties are prepared to come forward,” Patrice Rassou, head of equities at Sanlam Investment Management in Cape Town, said in an e-mailed response to questions on Monday.
Kenya Said to Be Near $800 Million Loan With Citibank, StanChart
Kenya is close to signing an $800 million syndicated loan with four banks to help fund infrastructure projects and support the shilling, according to a person familiar with the matter. East Africa’s biggest economy is expected to sign the three-year facility with Citigroup Inc., Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank by tomorrow, the person said, declining to be identified because he isn’t authorized to speak on the matter.
Citigroup Cuts CEO Corbat’s Compensation 6.1% to $15.5 Million
Citigroup Inc. cut Chief Executive Officer Mike Corbat’s compensation 6.1 percent for 2016 to $15.5 million after the firm’s profit declined. Corbat, 56, got a $4.2 million cash award and $9.8 million in shares that vest and pay out over a number of years depending on the bank’s performance, according to a regulatory filing Friday.
BofA Boosts CEO Moynihan’s Pay 25% as Citigroup Pares Corbat’s
Bank of America Corp. awarded Chief Executive Officer Brian T. Moynihan $20 million for his work last year, raising his compensation 25 percent, while Citigroup Inc. cut CEO Mike Corbat’s by 6.1 percent to $15.5 million. Moynihan received $18.5 million in stock grants for 2016, according to a regulatory filing Friday, up from the $14.5 million he received for 2015.
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A street sign is seen in front of the New York Stock Exchange October 16, 2007. U.S. stocks fell on Tuesday after disappointing earnings and outlooks from financial services companies suggested problems from the credit squeeze will be prolonged.
Citadel Trader Who Built CDS Business Exiting After a Year
Tian Zeng is leaving Citadel Securities LLC a year after leading the company’s foray into the credit-default swaps trading business, people familiar with the matter said. The hiring of Zeng from Citigroup Inc. in December 2015 was a key step in Citadel Securities’ push to make markets in credit derivatives after an eight-year campaign to loosen Wall Street dealers’ stranglehold.
Citadel Trader Who Built CDS Business Exiting After a Year
Tian Zeng is leaving Citadel Securities LLC a year after leading the company’s foray into the credit-default swaps trading business, people familiar with the matter said. The hiring of Zeng from Citigroup Inc. in December 2015 was a key step in Citadel Securities’ push to make markets in credit derivatives after an eight-year campaign to loosen Wall Street dealers’ stranglehold.
Shale Specter Haunts OPEC as Oil Seen Rallying Into 2017
After pulling off the biggest oil-market deal in a decade, OPEC faces a new balancing act in 2017: boosting prices without igniting shale. The first shale boom spurred a global supply glut that started prices sliding in mid-2014, and was amplified that November by a pump-at-will OPEC strategy aimed at market dominance.
Oil Extends Gain as Industry Report Said to Show Supply Drop
Oil extended a gain in New York as an industry report was said to show U.S. crude stockpiles fell last week. February-delivery futures rose 30 cents after the American Petroleum Institute said late Tuesday that nationwide crude inventories sank 4.15 million barrels last week, according to a person familiar with the data.
Smaller U.S. Banks Dodge Fed Crackdown on Short-Term Debt Funding
The Fed’s new rule requiring banks to issue more long-term debt is in line with recent decisions to alleviate the burden on mid-size lenders. As the Federal Reserve races to tighten financial industry regulations prior to the U.S. presidential handover, smaller banks are catching a break.
Citi Revives Popular Leveraged Oil ETNs Credit Suisse Killed
Citigroup Inc. rolled out a couple of risky triple-leveraged exchange-traded notes tied to oil on Friday after Credit Suisse Group AG delisted two eerily similar ETNs. The notes had gained attention earlier in the year as oil prices plummeted and investors, particularly millennials, starting pouring cash into them.