Citibank Under Investigation: CFPB Probes Student Loan Services

Citibank admitted on Monday that it is under investigation by the Consumer Financial Protection Bureau (CFPB) over its student loan services.

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CFPB fines Citibank for illegal credit card practices

Citigroup's consumer bank has been fined to pay $700milion for its illegal credit card practices. The US Consumer Financial Protection Bureau (CFPB) has observed that Citibank's seven million customer accounts have been charged with misrepresenting costs fees. The consumer finance watchdog has also said that customers were charged for services not rendered to them. CFPB further notes that customers were affected by Citibank's deceptive marketing practices.

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Citibank Is Working On Its Own Digital Currency, Citicoin Proposing U.K. Government To Run Its Own Digital Cash

Citibank is testing on a new digital currency Citicoin at this point, handling a run-through platform and evaluating key measures. In line with this, the premier bank is also suggesting the U.K. government to provide its own digital cash.

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Hopes high for Thiam turnaround at Credit Suisse

Tidjane Thiam starts work as CEO of Credit Suisse (CSGN.VX) next month with investors optimistic he can bring about a major change of strategy at the bank, even if he has to raise cash to do it.

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Investors stick to bets even as dollar and bonds slip

The dollar's four-week decline and a slump in bond prices has upset some assumptions about where global financial markets are heading, but haven't deterred most investors from staying faithful to their bets.

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Argentine central bank to send regulators to local Citibank HQ: media

Argentina's central bank will send regulators to the headquarters of Citibank Argentina on Monday, the head of the monetary authority has said, the latest move between the bank and the state over defaulted debt.

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Iraq says discussing $6 billion bond issue with banks

Iraq is discussing a possible bond issue worth nearly $6 billion with Deutsche Bank and Citibank as part of its efforts to cover a huge projected budget deficit this year, Finance Minister Hoshiyar Zebari said.

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Capital hike, asset sales to fill gap at Monte Paschi: chairman

Italian lender Monte dei Paschi di Siena expects to complete its planned capital increase by July and can use divestments to help plug a hole in its balance sheet, Chairman Alessandro Profumo told an Austrian newspaper.

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U.S. Bank to replace customers' debit cards after data theft at US retailer Target

The data theft at American retailer Target that happened between November to December last year prompted a bank to replace all customer debit cards involved in the breach, with the new cards to be sent out soon.

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Blackstone Group, Panchshil realty jointly bid INR186 crore for Citibank's India property

Private equity firm Blackstone Group and property developer Panchshil Realty have emerged frontrunners for buying Citibank's old headquarters in Mumbai, India. The Blackstone-Panchshil combine have jointly bid INR186 crore for Citigroup Center.

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Washington's Opscode raises $32M in Series D, changes name to Chef

Washington-based tech firm Opscode has raised USD32 million in a Series D funding round and changed its name to Chef after its configuration management and IT automation "cookbook" has become popular in the enterprise market.

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Bank of America Merrill Lynch leads in deals in India

Bank of America Merrill Lynch or BofAML has topped Citibank and Morgan Stanley in executing deals in India for the past 11 months, completing transactions worth USD 7.96 billion.

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Hongkongers' property purchase intentions drop -survey

An annual Citibank survey found that Hongkongers' interest in purchasing property dropped more than 10% year-on-year and that the average quarterly property transactions fell by 40%.

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Vornado sells 866 UN Plaza for USD200 million

Vornado Realty Trust announced its intention to sell its Manhattan office building for USD200 million.

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Popularity of mobile money rises- report

According to a Forbes report, the use of mobile phones as mobile money platforms has grown.

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