Wall Street reporter for Bloomberg News, covering Citigroup and Wells Fargo. Tips welcome at dcampbell27[at]bloomberg[dot]net

Citigroup Closes Foreign-Exchange Program for Select Clients

bloomberg.com — Citigroup Inc., the world's largest currency dealer, closed a program that provided leverage to some foreign-exchange clients without putting them through an extensive credit check. The alternative credit program, started in 2007, allowed clients to get financing quickly that they then used to take positions in the spot foreign-exchange markets, usually for no longer than overnight, according to a person with knowledge of the program.

Wells Fargo Says Executive Gilani Among Dead in Amtrak Crash

bloomberg.com — Abid Gilani, a senior vice president in Wells Fargo & Co.'s commercial real estate division, was among passengers who died when an Amtrak train derailed in Philadelphia, according to the bank. "Our hearts go out to all those impacted by this tragedy," the company said Wednesday in an e-mailed statement.

U.S. to Seek Guilty Pleas From Parent Companies of Banks

bloomberg.com — The U.S. Justice Department is seeking criminal guilty pleas from the parent companies of several of the banks that plan to admit to roles in rigging foreign-exchange markets, said people briefed on the negotiations.

Citigroup Says DOJ Declined to Prosecute on Libor Rigging

bloomberg.com — Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

UBS Said Set for Currency Plea as U.S. Wants Deals on Wednesday

bloomberg.com — The U.S. Justice Department is pressing to reach currency-rigging settlements on Wednesday that will include guilty pleas from five banks -- one more than previously reported -- according to two people with knowledge of the situation. The fifth bank is Zurich-based UBS Group AG, one of the people said, asking not to be identified because the matter hasn't been made public.

UBS Names Hull to Run U.S. Client Advisory as Mulholland Leaves

Energy Loans to Deteriorate Further, Bankers Say in Fed Survey

bloomberg.com — The condition of oil and gas loans held by U.S. banks is poised to worsen if commodity prices fall in line with futures prices, according to a Federal Reserve survey of bankers. About 59 percent of senior loan officers in the U.S.

Citigroup’s McLaughlin to Head Investor Sales in North America

bloomberg.com — Citigroup Inc.'s Ish McLaughlin, head of flow credit sales for North America, has been named to run investor sales in the region. McLaughlin assumes the role immediately, according to a memo Wednesday from Suni Harford, credit-markets chief Carey Lathrop and Jim O'Donnell, and confirmed by Danielle Romero-Apsilos, a spokeswoman for the New York-based company.

Citigroup Cut Corbat’s Pay Over Currency Rigging, Chairman Says

bloomberg.com — Citigroup Inc. cut Chief Executive Officer Michael Corbat's 2014 compensation in part because he failed to stop traders from rigging the foreign-exchange markets, Chairman Michael O'Neill said. While the currency matter started prior to Corbat's tenure as CEO, it continued on his watch, O'Neill said Tuesday at the annual shareholders' meeting in New York.

GE Said in Talks With Blackstone, Mitsubishi on Financial Assets

bloomberg.com — General Electric Co. is discussing the sale of parts of its finance business, including the $74 billion U.S. commercial-lending unit, with potential buyers including Blackstone Group LP, Mitsubishi UFJ Financial Group Inc. and Wells Fargo & Co., people with knowledge of the matter said.
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May 20, 2015

RT @evans_edward: FLASHBACK: The Bloomberg News investigation from June 2013 that first uncovered the currency-rigging scandal bloom.bg/1GFkQte

May 19, 2015

RT @Yalman_Onaran: Banks thank prosecutors, regulators for letting them continue business as usual after pleading guilty to crime bloomberg.com/news/articles/…

May 15, 2015

Oil Tycoon Harold Hamm Wanted Scientists Dismissed, Dean's E-Mail Says bloom.bg/1bV44LG via @business

May 15, 2015

The fact that p2p loans are unsecured does make them different than subprime. May keep it from overheating to same degree



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