CorpRaider Posted June 18, 2014 Share Posted June 18, 2014 Seems like JPM had one of the best cases at least from a PR perspective. Seems all bank execs who start to think they are smarter than Jamie Dimon would be well served to pause and reconsider. Link to comment Share on other sites More sharing options...
alertmeipp Posted June 18, 2014 Share Posted June 18, 2014 Well, JPM has been in much better position than BAC and C to start with. Both BAC and C are still at the mercy of the gov to return any capital. Link to comment Share on other sites More sharing options...
CorpRaider Posted June 18, 2014 Share Posted June 18, 2014 Yeah, and they settled. Link to comment Share on other sites More sharing options...
peter1234 Posted June 18, 2014 Share Posted June 18, 2014 Citi investors want bank to fight any large DoJ fine http://www.ft.com/intl/cms/s/0/f662ba32-f629-11e3-83d3-00144feabdc0.html Are there any precedents of companies fighting? Or likely just posturing since both sides need a deal? Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 20, 2014 Share Posted June 20, 2014 Citigroup Fights to Recover From 'Stress Test' Failure CEO Michael Corbat Revamps Approach to Risk Assessment After Failing Grade From Federal Reserve http://online.wsj.com/articles/citigroup-fights-to-recover-from-stress-test-failure-1403291332?mod=WSJ_hp_LEFTTopStories Link to comment Share on other sites More sharing options...
alertmeipp Posted June 21, 2014 Share Posted June 21, 2014 Citigroup Fights to Recover From 'Stress Test' Failure CEO Michael Corbat Revamps Approach to Risk Assessment After Failing Grade From Federal Reserve http://online.wsj.com/articles/citigroup-fights-to-recover-from-stress-test-failure-1403291332?mod=WSJ_hp_LEFTTopStories So many things to fix, trouble but also potential. Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 21, 2014 Share Posted June 21, 2014 Citigroup Fights to Recover From 'Stress Test' Failure CEO Michael Corbat Revamps Approach to Risk Assessment After Failing Grade From Federal Reserve http://online.wsj.com/articles/citigroup-fights-to-recover-from-stress-test-failure-1403291332?mod=WSJ_hp_LEFTTopStories So many things to fix, trouble but also potential. He has a printout of Must-Win Battles in his office. On his iPad he keeps the Fed's 25-page explanation of why Citigroup failed the stress test. Failure isn't an option on the next year's test, he said. If Citigroup passes the all-important Fed hurdle, Mr. Corbat would gain the latitude to carry out his restructuring plan and return capital to investors who have hung on to the bank's shares through the tough times. But he has told Citigroup Chairman Michael O'Neill that if his efforts fall short and the bank does flunk again, "I'll put on my jacket and walk out the door." Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 23, 2014 Share Posted June 23, 2014 Citigroup to Sell Spanish Consumer Bank to Banco Popular http://www.bloomberg.com/news/2014-06-23/citigroup-agrees-to-sell-spanish-consumer-bank-to-banco-popular.html Link to comment Share on other sites More sharing options...
fareastwarriors Posted June 25, 2014 Share Posted June 25, 2014 Citigroup’s Asian Wealth Assets Climb to $251 Billion http://www.bloomberg.com/news/2014-06-24/citigroup-s-asian-wealth-management-assets-climb-to-251-billion.html Link to comment Share on other sites More sharing options...
dcollon Posted June 25, 2014 Share Posted June 25, 2014 Stress Testing After Five Years Remarks by Daniel K. Tarullo Member Board of Governors of the Federal Reserve System http://www.federalreserve.gov/newsevents/speech/tarullo20140625a.pdf Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 7, 2014 Share Posted July 7, 2014 Citigroup Bids Where Goldman Won’t Go to Win Big Trades http://www.bloomberg.com/news/2014-07-07/citigroup-bids-where-goldman-won-t-go-to-win-big-trades.html Link to comment Share on other sites More sharing options...
Spekulatius Posted July 7, 2014 Share Posted July 7, 2014 ^ If you go where GS don't want to go, you better watch your step. Sounds a little bit like Prince saying that you need to dance as long as the music is playing. Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 8, 2014 Share Posted July 8, 2014 U.S., Citi Near Multi-Billion Dollar Deal to Resolve Mortgage Probe Bank Is Expected to Pay More Than $4 Billion http://online.wsj.com/articles/u-s-citi-near-multi-billion-dollar-deal-to-resolve-mortgage-probe-1404851868?mod=WSJ_hp_LEFTWhatsNewsCollection Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 9, 2014 Share Posted July 9, 2014 Citigroup and the Justice Department are nearing a deal that could cost the bank roughly $7 billion to settle a civil investigation into the sale of mortgage investments, people briefed on the matter said on Tuesday. http://dealbook.nytimes.com/2014/07/08/citi-is-said-to-be-close-to-settling-inquiry-into-mortgage-securities/?_php=true&_type=blogs&module=BlogPost-Title&version=Blog%20Main&contentCollection=Legal/Regulatory&action=Click&pgtype=Blogs®ion=Body&_r=0 Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 10, 2014 Share Posted July 10, 2014 Legal Cloud Dims Citi Lights http://online.wsj.com/articles/legal-cloud-dims-citi-lights-heard-on-the-street-1404928406 Link to comment Share on other sites More sharing options...
stylized_fact Posted July 11, 2014 Share Posted July 11, 2014 Makes me wonder just what exactly Orszag does for Citi to earn $4M/year. Hopefully a little more than writing Bloomberg View editorials. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted July 11, 2014 Share Posted July 11, 2014 Makes me wonder just what exactly Orszag does for Citi to earn $4M/year. Hopefully a little more than writing Bloomberg View editorials. He probably actually earns only $2.4m or less. There are people at home doing absolutely nothing getting a slice of the $1.6m he gives up to the government. Meanwhile, you get stuck in the customs line for a long time because they don't have enough money to fully staff it -- they're blowing it all on people getting paid to do nothing. Link to comment Share on other sites More sharing options...
valueyoda Posted July 11, 2014 Share Posted July 11, 2014 Citigroup is one of the last no-brainers left in the market, even though it is less loved than AIG and BAC by most investors. Tangible book continues to grow at the rate of $1 per quarter, while the stock continues to drift downwards. Aggressive investors should sell $45 puts expiring in Jan 2016 and receive $4.30 per share and at the same time buy 2 LEAP calls with a strike price of $57.5 also expiring at Jan 2016 for $1.90, receiving a net investment of about $0.50 upfront. The probability of losing money on the shorted put leg is so minimal, as the stock should be trading below $40.70 to loss money. Tangible book value unadjusted for share buybacks should be around $64.5 by the end of 2015, so assuming that Citigroup's p/tbv ratio converges to 1 by the end of 2015, the stock should be trading in the low to mid 60s. Let's say the stock trades at $65 in Jan 2016, you would have made ($7.5-$1.9)*2 =$ 11.2 on the calls, plus another $4.30 on the worthless puts. It is a very nice trade to just gradually put over the next few months, starting at these prices. I would recommend to ignore the mark-to-market losses on either side of the trade, and stick with the 18 month end goal. I think investors are giving Bank of America too much and Citigroup too little credit for their respective turnarounds. There could be additional upside if ROE expands faster than expected, Citi Holdings wind down quicker than expected and if Citigroup is allowed to add to its share buyback program by the Fed. Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 14, 2014 Share Posted July 14, 2014 Citigroup Beats Estimates as Bank Reaches Mortgage Accord http://www.bloomberg.com/news/2014-07-14/citigroup-profit-falls-96-on-costs-to-end-mortgage-probe.html Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 14, 2014 Share Posted July 14, 2014 Behind the Scenes of Citigroup's $7 Billion Settlement Pact Is Expected to Be Announced on Monday http://online.wsj.com/articles/behind-the-scenes-of-citigroups-7-billion-settlement-1405274009 Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 15, 2014 Share Posted July 15, 2014 For Proof Wall Street Is Changing, Look at Citigroup's Numbers http://www.nytimes.com/2014/07/16/upshot/for-proof-wall-street-is-changing-look-at-citigroups-numbers.html Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 15, 2014 Share Posted July 15, 2014 The Citigroup ATM Jack Lew and Tim Geithner escape mention in the bank settlement http://online.wsj.com/articles/the-citigroup-atm-1405379378?mod=WSJ_hps_sections_opinion Link to comment Share on other sites More sharing options...
fareastwarriors Posted July 18, 2014 Share Posted July 18, 2014 Citigroup’s Settlement, Pro and Con http://www.nytimes.com/2014/07/18/business/what-the-citigroup-settlement-gets-right-and-wrong.html?ref=business&_r=0 Link to comment Share on other sites More sharing options...
fareastwarriors Posted August 5, 2014 Share Posted August 5, 2014 U.S. Judge Reluctantly Approves SEC-Citigroup $285 Million Deal http://www.nytimes.com/reuters/2014/08/05/business/05reuters-citigroup-sec.html?src=busln&_r=0 Link to comment Share on other sites More sharing options...
ASTA Posted August 12, 2014 Share Posted August 12, 2014 I just bought a 7% starter position in C. I asked in the apple forum why apple one month ago was better then C and well I think C is better buy then apple so bought it instead :D Reason why I bought it is Steven Romick, Irving Kahn, Dave Sather. As its one off the most bought stocks of all the gurus and I don't own any banks after I sold BAC at 17.40. Link to comment Share on other sites More sharing options...
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