Financial information provider SNL Financial in a report said that the five largest lenders in US control 44.2% of the industry's assets. JPMorgan Chase & Co, Bank of America,Citigroup,Wells Fargo & Co, and US Bancorp have a total of $6.46 trillion in assets.
Tags: Citigroup Inc.
Citi profit plunges on legal settlements and fall in bond revenue
Citigroup Inc said its quarterly profit dropped 86 percent, hurt by legal settlements and falling bond trading revenue, sending the bank's shares down more than 4 percent.
Goldman Sachs profit hit by weak fixed-income trading
Goldman Sachs Group Inc (GS.N) reported a 7 percent drop in fourth-quarter profit as sharp market moves in December hit its bond-trading business.
Citigroup makes last-minute cut in year-end bonuses for traders
Citigroup Inc (C.N) this week cut its bonus pool for fixed-income and equity market traders after market revenues plunged during the last two weeks of the year, according to a person familiar with the matter.
Citigroup seeking to sell Diners Club business in Japan with retail unit-sources
Citigroup Inc (C.N) on Friday told bidders for its Japanese retail banking operations that it was looking to sell its profitable Diners Club card business in Japan with the retail unit, sources with knowledge of the matter said.
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Citigroup Inc chose to work with AIA Group in a 15-year agreement allowing the latter to sell life insurance through its branch network in 11 countries, Bloomberg reported.
To follow the requirements of the Volcker Rule, Citigroup Inc sold private equity unit Metalmark Capital, Bloomberg reported. The terms of the deal were not disclosed.
Investors Southeastern Asset Management and NNS Holding have been looking to divest their stakes in Texas Industries Inc. Cement producer Texas Industries is said to be working with Citigroup on a possible sale.
GMR Infrastructure Ltd. has began the process for the $300-$350 million initial public offering it is planing for its airport business. It has reportedly tapped Citigroup, JPMorgan, Axis Capital and Infrastructure Development Finance Company to manage the listing.
Tomkins Ltd. has began the process for an exit deal that could bring in at least USD6 billion to the British manufacturer. It reportedly hired Goldman Sachs Group to advise on its proposed sale or listing.
Despite the discount of costs to run hedge funds in the Asian-Pacific region, Citigroup Inc's recent survey revealed that not all hedge funds in the region are successes in expanding its assets and achieving profitability.
Dubai property firm DAMAC raised USD348 million in its first trading day in the London Stock Exchange. A week ago, DAMAC reduced the deal size to USD400 million and fixed the final price at USD12.25 per global depositary receipt (GDR).
Sources interviewed by Bloomberg said Citigroup Inc is planning to give distribution rights to sell its products in Asia to at least two insurance firms.
Data gathered by the US Federal Reserve showed a decline of over USD80 billion in nanks' holdings in federal agency bonds and Treasuries, marking its first annual decline since 2007.
