New York Attorney General Letitia James sued Citibank for allegedly failing to protect and reimburse victims of electronic fraud, according to a Tuesday release.The suit claims that Citi does not have strong protections in place to prevent unauthorized account takeovers, misleads victims of fraud and illegally denies reimbursements. The attorney general's office said the alleged failure on Citi's part has cost New York account holders millions of dollars, and in some cases, their entire life savings."Banks ...

LITTLE ROCK, Ark. & PURCHASE, N.Y. & NEW YORK--(BUSINESS WIRE)--Dillard’s, Inc. (“Dillard’s”) (NYSE: DDS), Citi (NYSE: C) and Mastercard (NYSE: MA) announced today that the companies have entered into new agreements to provide a credit card program for Dillard’s customers. Citi will purchase the existing Dillard’s credit card accounts and Mastercard will serve as the exclusive payment network for co-branded cards offered under the new program. The Dillard’s credit card program offered by Citi will includ ...

VV Shots In many ways, Citigroup (NYSE:C) has long been the ‘sick man’ of the systemically important banks and its share price underperformance has reflected this. But there’s a price for everything, and at the current discount to underlying book, Citi is quickly emerging as a value investor favorite – note Berkshire Hathaway (BRK.B) swapping its long-held Wells Fargo (WFC) position for Citi and, more recently, backing CEO Fraser’s reorganization plan. Despite another miss in Q4, the forward-looking upd ...

Warren Buffett needs little introduction.The Berkshire Hathaway (BRK.A 0.92%) (BRK.B 1.13%) CEO is regarded as the greatest investors of all time, and it's clear why. His conglomerate has doubled the annual return of the S&P 500 index over a nearly 60-year career, averaging 19.8% compared to 9.9% for the broad-market index. Buffett is also admired because thousands of investors have gotten rich with him simply by buying and holding shares of Berkshire Hathaway. Any investor can follow along with Berkshire's ...

Bank stock Citigroup Inc (NYSE:C) is up 4% in 2024, but has cooled off since scraping a nearly two-year high of $54.74 on Jan. 4. Thanks to a 1% post-earnings pop on Jan. 12, C is on the move again and could make another run at multi-year highs, if past is precedent. Citigroup stock's recent highs come amid historically low implied volatility (IV), which has been a bullish combination in the past. Per Schaeffer's Quantitative Analyst Rocky White, there were three other signals over the past five years when ...

NEW YORK--(BUSINESS WIRE)--Citi and LuminArx Capital today announced the launch of Cinergy, a strategic financing vehicle in the rapidly growing private lending market. Launched by LuminArx Capital, Cinergy will offer a broad range of private credit solutions to companies, including Citi’s global client base. It will invest across multiple asset classes, including asset-backed credit (commercial, consumer and residential) and corporate debt across the capital structure. To support Cinergy, LuminArx and ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Citigroup Inc. (C) is planning to eliminate 20,000 job positions, excluding its workforce in Mexico, over the medium term. As the company announced net loss of $1.8 billion for fourth-quarter 2023, the decision will help improve its performance. In fact, these job cuts would result in savings of approximately $2-$2.5 billion over the medium term.For 2024, C expects adjusted expenses to be approximately in the range of $53.5-$53.8 billion, down from $54.3 billion projected previously. The decline is likely t ...

Spencer PlattCitigroup (NYSE:C) reported earnings for the December quarter on 12th January, and surprised investors with quite a few notable insights: On the negative, the U.S. bank reported a worse-than-expected topline and a disappointing $1.8 billion loss. On the positive, the loss was mostly driven by restructuring charges and other non-operating costs. In fact, Citi management shared ambitions to accelerate the multi-year restructuring efforts, announcing a projected 20,000 job cuts. Following the ...

Mario Tama Thesis Citi (C) reported earnings on January 12, 2024, that beat EPS estimates, but trailed revenue expectations. Citi is a mammoth organization spanning the globe, and while it took some impairment charges around its Russia and Argentina businesses, its Tier 1 capital ratio stands at a very healthy 13.3%: Q4 2023 Results (Citi) It seems that Armageddon is priced in the common shares, with the bank's tangible book value per share at $86.19 while its common shares are trading at $52/share. In this ...