Covering Citigroup, Wells Fargo and the largest U.S. banks for Bloomberg. My views are my own.

Citigroup Fined by Finra for Failing to Deliver ETF Prospectuses — Citigroup Inc. (C), the third-biggest U.S. bank, agreed to pay a $3 million fine after discovering that it failed to deliver paperwork on more than 250,000 customer purchases of exchange-traded funds. The bank didn't send prospectuses on 160 ETFs bought by clients in late 2010, the Financial Industry Regulatory Authority said today in a document on its website.

Finra Fines 10 Wall Street Firms Over Analysts’ IPO Pitches — Citigroup Inc. (C) and Goldman Sachs Group Inc. were among 10 banks fined today for failing to shield analysts from pressure to promote stocks a decade after a U.S. crackdown sought to end Wall Street conflicts of interest. The investment banks promised favorable research to Toys "R" Us Inc.

BofA, Citigroup Signal Another Down Year for Trading Revenue — Bank of America Corp. and Citigroup Inc. (C) said trading revenue will probably fall this quarter, providing fresh evidence Wall Street is headed for its fourth annual decline in the past five years. Citigroup expects trading revenue to slide about 5 percent from the fourth quarter of 2013, Chief Executive Officer Michael Corbat said today at a conference hosted by Goldman Sachs Group Inc.

Citigroup Sees $3.5 Billion of Costs at Year-End, CEO Says — Citigroup Inc. (C) will report $2.7 billion of legal costs in the fourth quarter and $800 million in expenses tied to headcount and real estate, Chief Executive Officer Michael Corbat said. The bank will remain "marginally profitable" in the period, Corbat said today during an investor presentation in New York.

Lone Star Said to Bid for Citigroup’s OneMain Joining Springleaf — John Grayken, the billionaire who made his fortune betting on troubled borrowers, has joined the bidding for Citigroup Inc. (C) 's subprime-lending arm, OneMain Financial Holdings Inc., people familiar with the matter said. Grayken's Lone Star Funds made an offer for OneMain last month, said the people, who asked not to be identified because the matter isn't public.

Bank Branches Disappear From Poor Neighborhoods Like Longwood, Bronx — After opening more than 15,000 branches across the U.S. in the decade leading to the financial crisis, banks are retreating from lower-income neighborhoods, even as the industry posted its second most profitable year on record.

Wells Fargo Breaks Citigroup’s 2001 Record for Bank Value — Wells Fargo & Co. (WFC) finished trading today as the most valuable U.S. bank ever, surpassing Citigroup Inc. (C) 's 2001 record. Wells Fargo closed with a market capitalization of $285.5 billion, based on 5.19 billion shares outstanding on Oct. 31, according to data compiled by Bloomberg.

Morgan Stanley Said to Bring In Tutunikov as Trading Consultant — Morgan Stanley enlisted Eugene Tutunikov, Citigroup Inc.'s former head of algorithmic credit trading, to bolster the firm's business of trading bonds electronically, according to a person briefed on the move. Tutunikov, 31, is working as a consultant to Morgan Stanley's credit-trading unit, said the person, who asked not to be identified discussing personnel matters.

Citigroup Lets Employees Hail Rides With Uber for Business Trips — Citigroup Inc. employees can now hail a ride using Uber Technologies Inc.'s mobile-phone application as the lender joins other banks in allowing workers to use the service on business trips. "As a global company, it is critical that our employees have access to the most reliable and efficient travel options wherever we operate," Kamran Mumtaz, a spokesman for the New York-based bank, said today in an e-mailed statement.

Citigroup Names Cohen for Credit-Trading Post Vacated by Gately — Citigroup Inc. (C), the second-largest bond trader by revenue, named David Cohen to run credit trading in Europe, the Middle East and Africa. Cohen will move to London and begin on Feb. 1, according to a memo from Brian Archer, head of global credit trading, and Leonardo Arduini, who leads markets and investor services for the region.
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Dec 17, 2014

Citi traders get early holiday present: revenues down ~10%, bonuses to stay roughly flat. Bankers get 2-3% bump

Dec 17, 2014

RT @simone_meier: Citigroup bonus pool for traders said unchanged from 2013, via @business, @DakinCampbell

Dec 15, 2014

Elizabeth Warren throws down the hammer. See comments on breaking up Citigroup at 6:10 timestamp h/t @mathbabedotorg

Dec 11, 2014

there is a standoff between Corporate America and America’s workers

Dec 11, 2014

“I so want the bank to get this deal!” - Citi research analyst exclaims after IPO briefing w/ investment bankers

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