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Posts Tagged ‘Vikram Pandit’

Citi Analyst Fired, Company Fined Over Email Snafus

We didn’t think Citigroup could fall any lower on the public opinion scale. The abrupt departure of CEO/punching bag Vikram Pandit was bad enough: Business Insider columnist Henry Blodget just came very close to labeling his subsequent “I resigned” claim as fraud.

But Citi’s fortunes keep getting worse: The bank recently settled a suit over releasing confidential information about Facebook’s financial status before the company’s IPO, and today brought news of a $2 million fine and the termination of a highly respected financial analyst.

Here’s what happened: Analyst Mark Mahaney, who is widely regarded as the financial industry’s number one expert on big-name tech companies like Google and Facebook, emailed a French journalist with his unpublished thoughts on the financial prospects of YouTube. This kind of move blatantly encourages insider trading. It went against his company’s official non-disclosure policy–and it also happens to be illegal.

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Citi Is Trying to be Consumer-Centric

Citi's chief executive Vikram Pandit using the video chat at the new NYC branch. Photo: Mario Tama/Getty images

For the New Year, Citigroup is introducing a number of new credit cards, eliminating a few old ones, and offering consumers new perks. However, understanding and fully taking advantage of those perks – with a variety of fees and rules tacked on – could prove to be difficult, according to the New York TimesYour Money column.

The bank also made a big show of the grand opening of a new branch in NYC last week, which the Times says is one of many planned for cities nationwide in an effort to “bolster its consumer business.”

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