Foreign banks shun China's Shanghai free-trade zone amid uncertain rules

The mainland banking regulator sent questionnaires to foreign banks asking them why they were hesitant to open branches in the Shanghai free-trade zone. Photo: EPA

Beijing's move to eliminate bureaucratic approval processes to encourage foreign banks to open branches in the Shanghai free-trade zone has met with a lukewarm response.

Wednesday, 9 October, 2013, 11:28am 4 comments

With Corbat at helm, Citi’s profit, revenue rise

Citigroup has surprised the market with second quarter results that were stronger than expected. Photo: EPA

It’s been nine months since Mike Corbat was handed the reins of Citigroup and tasked with turning around the struggling banking giant. On Monday, the bank announced second-quarter results that beat Wall Street expectations, earning him praise from analysts who said he is steering the bank in the right direction.

16 Jul 2013 - 10:27am

UK prosecutor promises hefty evidence in first Libor fixing case

Tom Hayes, pictured here surrounded by media after a June court appearance, is the first suspect to come to court. Photo: AP

British prosecutors say they have extensive evidence against former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.

5 Jul 2013 - 10:47am

EU charges banks with blocking exchanges from derivatives market

The European Commission’s latest move against 13 top investment banks could result in heavy fines. Photo: AFP

EU watchdogs have charged 13 top investment banks with blocking exchanges’ access to the lucrative credit derivatives market, hitting the sector with the latest in a growing list of regulatory headaches.

2 Jul 2013 - 1:01pm

Citigroup takes on new guru of cost-cutting

Citigroup is hiring a productivity chief to cut costs. Photo: Reuters

Citigroup, the bank that's cutting 11,000 workers and shutting branches, has hired David Chubak from McKinsey to help oversee cost-cutting.

Chubak, 32, will be head of productivity and report to chief executive Michael Corbat, according to an internal memo.

He was previously was a partner in the global bank and securities practice at McKinsey, a New York-based consulting firm.

13 Apr 2013 - 4:51am

Big banks fail to regain trust of the public

Canary Wharf in London is home to HSBC, Citigroup and Barclays, three of the big global banks suffering a slump in trust. Photo: Bloomberg

Leaders of the world's biggest banks, from Citigroup's Vikram Pandit to Barclays' Bob Diamond, have failed to honour promises made in Davos to restore trust in their industry after the financial crisis.

24 Jan 2013 - 4:58am

Earnings of top US lenders bring little joy

Bank of America yesterday said its profit dropped 63 per cent.

Bank of America yesterday said its profit dropped 63 per cent as costs mounted from faulty foreclosures and flawed home loans while Citigroup reported a profit increase that was less than analysts estimated.

18 Jan 2013 - 5:27am

Britain's Serious Fraud Office arrests three in Libor-tampering scandal

Britain is probing claims of Libor-rigging. Photo: Bloomberg

Britain's Serious Fraud Office (SFO) and City of London Police made the first three arrests in global probes into tampering with benchmark interest rates, notably the London interbank offered rate (Libor).

12 Dec 2012 - 4:13am

Briefs, December 8, 2012

Glencore gets China's nod for Viterra deal

8 Dec 2012 - 3:46am

Citigroup to close six Hong Kong branches and lay off staff

Citigroup announced on Wednesday that it would slash 11,000 jobs, or roughly 4 per cent of its current workforce, in an effort to cut costs. Photo: Xinhua

Citigroup is to close six branches and cut jobs in Hong Kong over the next few months as part of efforts to trim its workforce worldwide.

The closures come on the heels of the Japanese investment bank Nomura quietly laying off staff in Hong Kong.

7 Dec 2012 - 3:34am

Citigroup cuts 11,000 jobs as Corbat tackles revenue slump

A Citibank branch in New York. Citigroup reported it employed 262,000 people at the end of this year’s third quarter. Photo: Xinhua

Citigroup’s Michael Corbat, who took over as chief executive less than two months ago, will cut more than 11,000 jobs and pull back from some emerging markets to drive down costs as revenue dries up at global banks.

29 Aug 2013 - 4:13am

Business Digest, December 6, 2012

Citigroup said it would take a pretax charge of about US$1 billion this quarter as part of a plan to cut more than 10,000 jobs in a cost-saving move.

Chinese insurers freer to invest in banks

8 May 2015 - 9:46am

Banking giants find big is no longer beautiful

RBS is cutting its operations.

Global banking, a model promoted for more than 30 years by financial conglomerates cobbled together through cross-border mergers, is colliding with the post-crisis reality of stricter national regulation.

6 Dec 2012 - 3:16am

Stress tests puts focus on Citigroup's Asia assets

The US Federal Reserve changed its annual set of tests for the 30 largest US banks to incorporate the risk of a deeper slump in Asia, where Citigroup has a bigger presence than its competitors.

Recessions in the euro zone, Britain and Japan are features of the Fed's "severely adverse" scenario in the new test.

17 Nov 2012 - 4:13am

Richard Parsons, former Citigroup chairman, eyes profit with wine hobby

Former Citigroup chairman Richard Parsons, whose career in banking and media saw him at the helm of the industries' biggest companies, is betting that he can make money in retirement in the wine-rich Tuscan hills.

Twelve years after buying Il Palazzone, a Montalcino vineyard perched on the ancient trail to Rome, Parsons is getting serious about winemaking.

14 Nov 2012 - 2:58am