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Citigroup Inc.

6/19/2013, 4:52 AM ET

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Tuesday, June 18, 3:31 AM While the likes of Apple and Amazon go all out to keep their taxable income overseas, for the past few years Citigroup (C) has been trying to shift more of this type of profit back home. It's not because the bank wants to pay more tax, it's just that it has $55B of tax credits and deductions that it wants to use up. Hence the acquisition of $7B in credit-card loans to Best Buy customers. 1 Comment [Financials]
Friday, June 14, 3:19 AM The U.K. Financial Conduct Authority (FCA) has reportedly sent requests for information to Deutsche Bank (DB), Citigroup (C) and two other banks as part of an investigation into the possible manipulation of the $4.7T-a-day forex market, which is the biggest and one of the least regulated in the financial system. The FCA and other regulators are also looking to increase oversight of the market. (See WM/Reuters probe) Comment! [Financials, Global & FX, Top Stories]
Wednesday, June 12, 8:52 AM Ciitgroup (C) gets some sell-side support after getting dinged for nearly 4% yesterday following a loud bearish call from Charles Peabody. Scotiabank calls the retreat a buying opportunity and reiterates the bank as a focus stock with $60 price target. Shares +0.7% premarket. Comment! [Financials]
Tuesday, June 11, 9:33 AM Bank (C, BAC, JPM, WFC) overdraft protection raises the eyebrows of the CFPB, which questions how lenders are selling this product and whether fees can really be anticipated and thus avoided. The bureau notes consumers who opt in to such programs end up paying more in costs. "What is ofter marketed as overdraft protection may actually be putting consumers at greater risk." As of yet, no action or fines have been announced. 7 Comments [Financials]
Tuesday, June 11, 6:52 AM A rare analyst with a Sell rating on Citigroup (C), Charles Peabody estimates the bank could lose $5B-$7B this year thanks to the dollar's strength. The bank's global reach is a good bet, says Peabody, when growth is good, but slumping growth means the risks from currency swings are of more import. We're appropriately hedged, says a bank spokesman. Shares -1.4% premarket. 2 Comments [Financials]
Saturday, June 8, 9:05 AM Boring stocks can bring exciting returns, Mark Hulbert discovers, as his research reveals stocks exhibiting the least historical volatility on average comfortably outperform the most "exciting" (i.e., volatile) issues. One believer in the boring-is-beautiful school, Guggenheim Partners' Nardin Baker, likes these stocks: SO. D, KMB, CL, COST. Too volatile are AAPL, GS, C, MS, HPQ. MET. 6 Comments [Quick Ideas]
Friday, June 7, 7:05 AM Macquarie initiates coverage on a few big-cap financials, labeling Morgan Stanley (MS) and Citigroup (C) Outperform with $30 and $62 price targets, respectively, and Bank of America (BAC) Underperform with $12 price target. Comment! [Financials]
Wednesday, June 5, 7:56 AM More on Mortgage applications: The refinance index dove 15% to its lowest level since November 2011 as the average 30-year fixed-rate mortgage jumped 17 bps to 4.07%, the highest in more than a year. The index is now off about 40% in a month. Mortgage REITs (MORT,, REM) certainly face a few issues at the moment, but prepayment risk is no longer one of them. Struggling enough finding growth, the refinancing cash cow benefitting the big banks (WFC, BAC, JPM, C isn't producing at the moment. 11 Comments [U.S. Economy, Financials]
Friday, May 31, 3:21 PM Large-cap banks are poised for multiple expansion, says Sterne Agee, as discussions with managements along with data points from recent investor presentations suggest business in Q2 is doing better than expectations. The team is recommending a basket of C, JPM, MS, and GS. In a similar vein, they like a basket of "discounted regionals" - PNC, MTB, RF, USB, and STI. Comment! [Financials]
Friday, May 31, 12:22 PM Citigroup's (C) victory over Guy Hands related to the EMI buyout has been overturned in federal court and the case looks set for a new trial. Hands' Terra Firma Capital claimed Citi duped it into paying $4.9B for EMI by falsely convincing the P-E firm there were multiple bidders when, in fact, Terra Firma was alone. Citi seized EMI back from Terra Firma in early 2011 just months after winning the original verdict. Comment! [Financials]
Friday, May 31, 11:01 AM More liability management from Citigroup (C) which ups the amount of its tenders for a combination of senior and subordinated debt to $650M from $400M. Since the start of 2012, the bank has retired about $22.7B of debt, and preferred and trust preferred securities. (PR) Comment! [Financials]
Wednesday, May 29, 1:18 PM Citigroup (C) gets out of another MBS-related suit (this time apparently on the cheap) after Allstate (ALL) drops its claim alleging fraud over more than $200M of securities issued by the bank. Allstate had originally sued Citigroup over the matter in 2011. Last night: Citi settles with the FHFA. Comment! [Financials]
Wednesday, May 29, 10:40 AM There will be no negative equity in the U.S. housing market within 18-24 months, predicts Ed Yardeni, extrapolating today's news - Case-Shiller up 10.9%, Bill Ackman and Ken Griffin buying up fancy properties, the return of CA's flippers, bidding wars in NYC - into the future. If he's right, it could explain the resilience of Citigroup (C +1.1%) (still with heavy exposure to maybe not-so-toxic assets through Citi Holdings), and Bank of America (BAC +1%) amid today's big decline. 5 Comments [Financials, U.S. Economy]
Wednesday, May 29, 6:05 AM Federal prosecutors have indicted the operators of a Costa Rica-based digital currency exchange called Liberty Reserve (LR) for facilitating the laundering of over $6B in illicit cash. LR users were able to transfer money using Western Union (WU), MoneyGram (MGI), Visa (V), MasterCard (MA), American Express (AXP), and CitiBank (C). Given the crackdown on compliance policies at banks such as HSBC, questions now might be asked whether those companies have any culpability. 5 Comments [Financials, Top Stories]
Tuesday, May 28, 6:50 PM Citigroup (C) reaches a settlement in an FHFA lawsuit which accused it of misleading Fannie Mae and Freddie Mac into buying $3.5B of mortgage-backed securities, according to a court filing which did not disclose the terms of the deal. It's the second settlement so far out of 18 securities fraud cases the FHFA filed against banks in 2011 over $200B-plus in MBS sold to Fannie and Freddie. 3 Comments [Financials]
Tuesday, May 28, 2:59 PM "The tank doesn't look empty yet," says Bernstein's John McDonald, speaking about the trend of bank profits benefitting from releases of loss reserves. It is fading though, he allows, and likely to account for about 10% of profit at large and mid-cap banks this year and 1% next year vs. 22% in 2012. At the top of the list of those benefitting sits Bank of America (BAC). Also: Synovus Financial (SNV), Citigroup (C), and PNC. Comment! [Financials]

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