Citigroup to take $300 million ‘repositioning charge’ in fourth quarter

Citigroup Inc (C.N) will take a $300 million “repositioning charge” in the fourth quarter to “resize infrastructure and capacity” throughout its businesses, Chief Financial Officer John Gerspach said on Wednesday. Citi will also add $300 million to $400 million in loan reserves from the third quarter for energy loans, based on the expectation that oil prices will remain low, Gerspach ... Read More »

Alys Fowler: ‘Every garden needs a tree or two’

Ispend all summer fascinated by the things beneath my feet, but by autumn my gaze rises. In these darker months, I plan routes and take detours just to look at my favourite trees: a neighbour’s front garden with interesting bark to inspect, a brilliant shock of autumn colour or a car park with an unusual specimen – I hunt them ... Read More »

Goldman reigns supreme in record M&A year

As iconic brands are snapped up and corporations merged and swallowed in a record-breaking whirl of deals, there has been one constant: Goldman Sachs Group Inc (GS.N). The Wall Street firm is once again top dog in the global M&A rankings, having advised on transactions worth close to $1.7 trillion this year, more than the annual economic output of Australia, ... Read More »

Dow CEO rewards former Citi banker Klein with $130 billion deal prize

Michael Klein, the former Citigroup Inc investment banking chief, landed a leading role advising Dow Chemical Co on its $130 billion merger with DuPont as a result of the relationship he carefully developed with Dow CEO Andrew Liveris. Liveris spent six years on Citigroup’s board of directors, a tenure that ended in 2011. There he got to work with Klein, ... Read More »

Exclusive: StanChart axes senior bankers in energy M&A team – sources

Standard Chartered plc (STAN.L) has axed at least half a dozen oil and gas advisory banking roles in recent weeks, ending an eight-year attempt to build a global energy M&A team as new CEO Bill Winters moves to rein in costs, people familiar with the matter said. Asia-focused lender Standard Chartered (2888.HK) expanded its energy M&A advisory team just before ... Read More »

Hong Kong watchdog fines JPMorgan for dark pool, control failures

Hong Kong’s securities watchdog said on Tuesday it had fined JPMorgan HK$30 million ($3.87 million) for a range of control failures, including breaches in its dark pool business. The U.S. bank is the latest institution to fall foul of a broader crackdown by the Securities and Futures Commission (SFC) on electronic trading and dark pools in the financial center. The ... Read More »

SMFG agrees to buy GE’s Japan leasing business for $4.8 billion

Sumitomo Mitsui Financial Group Inc (SMFG) (8316.T) agreed to buy General Electric’s (GE.N) Japanese leasing business for $4.8 billion, the two companies said on Tuesday. The deal is part of GE’s plan to sell off the about $200 billion worth of assets of its finance arm, GE Capital, as the U.S. conglomerate moves away from finance to focus on manufacturing ... Read More »

Alibaba Unlikely to Be Interested in Yahoo’s Core Business

Chinese e-commerce giant Alibaba Group Holding is unlikely to be interested in buying Yahoo’s Internet business, The Wall Street Journal reported. Yahoo’s board, in a three-day meeting that started Wednesday, is weighing a sale of the struggling business, Reuters reported Tuesday, citing a source. The business isn’t attractive, “given the difficulties successive managers have had in turning it around,” the ... Read More »

Market Wrap: S&P 500 Posts Big Drop as ECB Disappoints

The S&P 500 suffered its biggest drop since late September on Thursday as the European Central Bank disappointed market hopes for greater stimulus. The ECB move triggered a spike in the euro that caught investors by surprise, forcing them to shift positions that hit most asset classes. Bond prices dropped after the announcement. At the same time, the CBOE Volatility ... Read More »

8 Things That Are Cheaper at Target

There’s no arguing that Target has a loyal following among many shoppers. While the retail giant may not always have the lowest prices, it certainly attracts consumers happily willing to pay a little extra to avoid the crowded aisles of some other discounters. But there are certain items which are almost always cheaper at Target (TGT) compared to other retailers. ... Read More »