News

Two of the world's largest banks suspended, or put on leave, traders in London and New York yesterday as part of an investigation into alleged manipulation of the trillion-dollar currency market.

Citigroup posts $2.1bn earnings

US banking giant Citigroup posted earnings of 2.15 billion US dollars (£1.4 billion) today as the sector's third quarter reporting season continues to beat expectations.

Terra Firma and Citi attempt deal ahead of EMI showdown

Terra Firma and Citigroup were locked in talks last night in a last-ditch bid to avert the start of a trial in New York, which will decide if the US bank misled Guy Hands' private equity firm over the buyout of EMI Music.

Barclays lines up tilt at Citigroup's Egg

Barclays is one of the companies through to the second round of bidding for Egg, the online savings bank and credit-card provider.

The business on...Larry Hagman, Actor, aka JR Ewing

What's JR Ewing doing in the business section?

Come, come. JR was just about the greatest independent oil man in Texas (at least when Dallas was a top-rated soap). But it's not the character we're interested in. It's the actor who played him: Larry Hagman has just won a cool $11.5m (£7.2m) from Citigroup.

Citi critic Mayo sticks to his guns despite meeting

An extraordinary feud between the banking sector analyst Mike Mayo and Citigroup shows no sign of ending, despite the fact that the US banking giant's chief executive, Vikram Pandit, agreed to meet Mr Mayo for the first time in almost two years.

A bad buy - with a little help from his friends?

Guy Hands claims his advisers made him pay too much for EMI, the Beatles' label – and is taking them to court

Energy banker nets $30m Citigroup pay deal

Citigroup's new investment banking deal maker in the energy sector will be paid around $30m over the next three years, signalling that elite bankers are once again able to make big-money pay demands, even at companies which have not paid back US taxpayer bailout funds.

Citigroup gives pay hikes to top executives

Citigroup, still partly owned by the US government after a rescue during the financial meltdown, is giving raises to top executives that could amount to millions of dollars.

PotashCorp goes to court in bid to block BHP buyout

PotashCorp of Saskatchewan, the world's biggest fertiliser company, went to the courts in the US yesterday to fend off BHP Billiton's $38.5bn (£24.6bn) takeover bid, accusing the Anglo-Australian miner of giving "false and conflicting information about BHP's offer and PotashCorp's prospects and true value".

Terra Firma to get trial over EMI deal

Guy Hands' Terra Firma can proceed to trial against Citigroup in their dispute over Terra's 2007 acquisition of the music group EMI, a US federal judge ruled late on Tuesday night.

EMI cuts losses but warns of debt pressure

Music group EMI today slashed annual losses by two-thirds but said it needs millions more in the years ahead to stay out of the hands of lenders.

US judge concerned about Barclays deal

A judge voiced concern about a $298m (£190m) settlement between Barclays and the US Justice Department, labelling it "a sweetheart deal".

US banks beat Wall Street forecasts

Citigroup and Bank of America continued the bounce back of US banks yesterday, both following JP Morgan in beating Wall Street's earnings expectations.

Banks set to gain from Osborne's tax regime

Britain's banks have emerged as major beneficiaries of the Budget, with the City warning that the coalition Government's proposed levy will fail to reach its target of generating £2bn revenues a year.

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