The comparisons with investment banking giants like Goldman and Morgan Stanley are less kind: Goldman is up 115%, Morgan Stanley, 40%. But the transactions were reversed soon after the mistake was identified. Says William B. Smith, senior portfolio manager of New York money management firm SAM Advisors and a Citi investor, who has been calling for Prince's head since last summer: "Thomson was a beautiful scapegoat. During that same period, the Standard & Poor's bank-stock index has risen 43%. The move would haunt Citigroup as Morgan Stanley's focus on wealth management won plaudits from investors. It appears that no mistake of the size or nature of Citibanks had ever happened before . Other observers aren't so sure. Bankers directed it to Artius, a $725 million SPAC founded last year by Charles Drucker, the former Worldpay C.E.O., and Boon Sim, the former global head of M.&A. Over the past few years, it has grappled with problems in its Banamex USA unit, where prosecutors in 2017 said drug smugglers were using the bank to sneak dirty money into the United States from Mexico. The fish tank was nondescript and held goldfisheight red and one black, a symbol of prosperity in Asian cultures and a cheap way to impress clients. Fraser, the first female chief of a major U.S. bank, finds herself in a tricky balancing act: To overhaul a company that has deeply underperformed U.S. rivals for years, she has to improve returns and grow businesses while keeping a lid on expenses and plowing money into appeasing regulators. A Citigroup spokesperson told Insider the company is working to update its loan operations platform. The strategy was to simplify the bank and focus on its strengths in global corporate cash management and U.S. credit cards, and to grow in wealth management. "I asked HR, 'Why does it take so long?'" The principal amount is directed to a "wash account" within the bank, while the payment triggers the interest to be sent out automatically to lenders. Ms. Fraser also plans to continue a collaboration with Google, started by Mr. Corbat, in which the internet giant offers low-cost bank accounts and payment services using Citis plumbing. A Time Warner Company. Finally, the dual role of Crothers has prompted new worries about a revolving door between Whitehall and private companies that then benefit from government contracts. ", "Coming into this year, Citigroup was the most-hated bank stock by a wide margin," said Mayo, who admitted in a phone interview that he'd been "long and wrong" on the company after naming it a buy. Fraser, a former McKinsey partner who took over after predecessor Mike Corbat accelerated his retirement timeline, kicked off her tenure with a bang: In April, she announced that the bank was exiting 13 markets in Asia and Europe. Citi director Anne Mulcahy, the CEO of Xerox, says: "Chuck made the appropriate call.". Just before regulators acted in October, Citi accidentally wired $900 million to the wrong people an embarrassing scandal that landed it in court. But the clock is ticking. DealBook spoke with key executives about what the deal means. Origin Materials was seeking money to expand its production, Mr. Riley said. As a subscriber, you have 10 gift articles to give each month. 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In Mexico, Citi started a system that allows people to transfer money using QR codes scanned by smartphones; anyone sending or receiving less than $400 can use it for free. Arne Sorenson, Marriotts C.E.O., dies at 62. Some creditors promptly returned $400 million of the mistakenly wired money, but 10 others refused to return $500 million. Citigroup has dedicated more than 4,000 workers spread over six projects to the sweeping mandate to fix risk management systems while pouring billions of dollars into technology upgrades.
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