A debt sale by an agency responsible for illuminating the streets of bankrupt Detroit will put a spotlight on bondholders and their willingness to lend after investors took an unprecedented cut on city general obligations.
Citigroup Inc., the third-biggest U.S. lender, named Anthony Santomero chairman of the board that oversees Citibank NA, the lender’s main banking subsidiary that holds almost 70 percent of its $1.94 trillion of assets.
Citigroup Inc. reported an unexpected profit increase and beat analysts’ estimates as the company recouped funds previously set aside for bad loans and cut losses at a division holding unwanted assets.
A U.S. grand jury is investigating possible money laundering and other violations by Clearstream Banking SA and Iran’s central bank for the benefit of Iran, a federal prosecutor said in court papers filed in a New York suit involving victims of terrorist attacks.
The trustee liquidating Bernard L. Madoff Investment Securities Inc. filed lawsuits seeking $1.421 billion against affiliates of seven financial institutions, including Citigroup Inc. and Natixis, a Paris-based commercial bank.