citigroup
New York (AFP) - Citigroup is on the hook for almost $900 million in mistaken payments it sent out, according to a US judgment Monday that called the debacle "one of the biggest blunders in banking history." The case centers on payments totaling some $500 million Citigroup sent in August 2020 to 10 financial companies who were parties to a term loan to cosmetic company Revlon. Citi, the loan's administrative agent, mistakenly paid back the $900 million principal to the members of the lending consortium, rather than interest payments. Citi quickly realized the error, but was rebuffed the follo...
AFP
New York (AFP) - Racial inequality has cost the US economy $16 trillion in wealth over the last two decades, Citigroup said in a report Thursday.The banking giant -- pointing to the drag from unequal pay, housing discrimination, education disparity and other longstanding ills in the United States -- simultaneously pledged $1 billion in initiatives for Black-oriented business needs."Addressing racism and closing the racial wealth gap is the most critical challenge we face in creating a fair and inclusive society and we know that more of the same won't do," said Citigroup Chief Executive Michael...
AFP
New York (AFP) - Citigroup's Jane Fraser will become the first woman to lead a major Wall Street firm after the banking giant on Thursday picked her as its next chief executive.Fraser is set to take over the top job in February, replacing Michael Corbat who will retire. Her appointment was touted on social media for shattering Wall Street's glass ceiling and comes amid intensifying focus on the need to diversify American corporate leadership in the aftermath of the "Me Too" movement on workplace equity and mass protests in the US for racial justice."Jane Fraser's appointment is an historic mom...
AFP
New York (AFP) - Citigroup named Jane Fraser as its next chief executive on Thursday, tapping a woman to lead a giant Wall Street bank for the first time.She will take over the top job in February, replacing Michael Corbat who will retire. Fraser, who currently serves as president and CEO of global consumer banking, and, will join the board of directors immediately, the bank said. She has held prior roles in Latin America and investment banking"I am honored by the Board's decision and grateful to Mike for his leadership and support," Fraser said in a press release."Our balance sheet is strong...
AFP
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