Results for "citigroup inc"

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Private equity eyes long-term care insurance

November 16, 2018

Private equity investors are eyeing insurers' long-term-care business with increasing fervor, according to insurance executives and analysts, which could present problems for financial advisers whose clients hold affected policies. "A lot of...

Jackson National to settle 401(k) self-dealing lawsuit for $4.5 million

November 5, 2018

Jackson National Life Insurance Co. has reached a $4.5 million settlement in a self-dealing lawsuit that alleged the company profited at the expense of its employees by adding high-cost proprietary investment funds to its 401(k) plan. The settlement...

Largest financials ETF sees outflows

October 15, 2018

Bank bears are back. Investors yanked more than $1 billion from the $29 billion Financial Select Sector SPDR Fund (XLF) Friday, the largest outflow in more than a decade. In addition, trading in the fund hit $3.6 billion, more than double its...

Fidelity sued again for 401(k) plan mismanagement

October 11, 2018

Fidelity Investments Inc. has been sued by participants in its company 401(k) plan for alleged self-dealing that caused the firm to profit at the expense of its employees saving for retirement. The lawsuit filed against Fidelity — Moitoso...

Finra fines Citigroup $100,000 for overcharging clients

September 10, 2018

Citigroup Global Markets Inc. has been fined $100,000 by the Financial Industry Regulatory Authority Inc. for failing to properly supervise the sale of mutual funds to certain retirement plan and charitable organization customers. According...

Star broker, now at Morgan Stanley, alleges sexual discrimination at UBS

September 7, 2018

Christine Carona was a star broker at UBS Group AG. In the Boston office, she managed more than $300 million and was a member of the President's Council, an elite club for top producers. So it was headline news in the trade press when Morgan...

JPMorgan Chase reaches settlement in race case

September 4, 2018

As racial diversity tumbles on Wall Street, JPMorgan Chase & Co. has reached a settlement with financial advisers who say they were treated poorly because they're black. Six current and former employees at the largest U.S. bank filed what they...

U.S. banks continue to slash exposure to muni-bonds made less valuable by tax cuts

August 27, 2018

Some of the biggest U.S. banks have continued to slash their exposure to state and city debt since the federal government cut corporate tax rates, leaving the securities less attractive to the companies. JPMorgan Chase & Co., State Street Corp.,...

Citigroup unveils plan to reverse its declining diversity

August 22, 2018

After years of scant progress on diversity measures, Citigroup Inc. has created hard targets for raising the percentages of women and African Americans in management positions by 2021, according to an internal memo from chief executive Michael...

Deutsche Bank settles 401(k) self-dealing lawsuit for $21.9 million

August 15, 2018

Deutsche Bank has reached a $21.9 million settlement in a lawsuit alleging the investment bank enriched itself at the expense of its employees by loading its company 401(k) plan with proprietary funds. Deutsche's settlement, which still needs...

Citigroup reaches $6.9 million settlement in 401(k) lawsuit

August 6, 2018

Citigroup Inc. has reached a $6.9 million settlement with plaintiffs in a more than decade old lawsuit alleging the financial services firm stuffed its retirement plan with expensive in-house investments, thereby enriching the company at the...

SoFi said to report loss of $200 million in second quarter

August 6, 2018

Writedowns of underperforming loans drove Social Finance Inc. to a second-quarter adjusted loss of about $200 million, according to people familiar with the matter. The student-loan refinancer, which has been trying to transform itself into...

Diversity trend plays out across Wall Street

August 3, 2018

Wall Street is looking a lot more diverse — at least for the summer. This year's crop of interns is Bank of America Corp.'s "most diverse group ever," the lender told investors on its second-quarter earnings call. Women comprise 45% of the...

Stocks rally as trade war nerves settle

July 12, 2018

Stocks advanced, while Treasuries fell as the prospect of more trade talks between the U.S. and China helped settle investors' nerves. The S&P 500 Index rebounded from its biggest decline in two weeks, following shares in Europe and Asia, as...

Muni closed-end funds may be ripe for tax-loss sales

July 5, 2018

It's only July, but it's not too early to discuss selling municipal-bond closed-end funds to offset a capital gains tax liability, according to Greg Neer of Relative Value Partners. Almost 90% of closed-end funds monitored by Bloomberg posted...

State court ruling on broker protocol could greatly affect job seekers

July 3, 2018

Financial advisers counting on an industry pact to switch jobs safely with clients in tow could run into obstacles after a ruling by a Georgia state court last week. The decision, involving advisers who jumped to Morgan Stanley from Aprio Wealth...

Senate Democrats call for investigation of SEC's Piwowar

June 14, 2018

Six Democrat senators asked the SEC's inspector general Wednesday to investigate whether outgoing Commissioner Michael Piwowar might have abused his position "in an attempt to unduly influence Citigroup" over its decision to limit business with...

Biggest U.S. banks cut municipal-bond holdings

May 31, 2018

More than a half dozen of the biggest U.S. banks reduced their holdings of state and local government bonds by billions of dollars after the federal government slashed corporate tax rates, making the securities less valuable to one of the market's...

JPMorgan Chase sued for charging 'sky-high' fees for crypto purchases

April 12, 2018

JPMorgan Chase & Co. has been sued for charging "sky-high" interest rates and fees to customers who used their credit cards to buy cryptocurrencies such as bitcoin. Brady Tucker, a Chase credit card customer in Idaho, claims the bank in January...

Earnings season only pouring 'fuel on fire' for stocks

April 11, 2018

Don't pin your hopes for stock markets in the U.S. and Europe on first-quarter profit updates. That's the message from London & Capital's Roger Jones, who argues that now is not the time to load up on risk assets. As investors prepare to shift...

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