Citigroup Inc. revealed that the global head of foreign exchange unit of the bank – Mr. Jeff Feig is departing from the company after working there for more than 25 years.
As reported by Reuters, one of the Citigroup Inc.s spokesmen explained: “Given his tenure in his role, his departure was well-anticipated, and part of the natural cycle of the business. We have a strong, talented bench that continues to support this core business.”
This is considered the second major change of the banks top executives team, after in February this year Citigroup announced that the global head of its FX unit Anil Prasad is leaving. The official representative of Mr. Feig refused to make any comments on the announcement.
However, Mr. Feig himself said for the Wall Street Journal: “There is no question its harder now to figure out how to operate in a much more regulated environment than it was a decade ago. Its a time of massive change.”
Some of the largest investors of Citigroup Inc. commented on Tuesday that they prefer the bank to go to court rather than pay about 10 billion dollars as part of an eventual settlement with the Department of Justice that would follow the investigation over the mortgage-backed securities sale.
As reported by the Financial Times, one of the top 10 investors of the bank commented: “Were all in agreement that theres a line of responsibility that is acceptable – but, past that, it becomes questionable.”
The announcement made by some of the shareholders of Citigroup is unexpected and comes after a series of unprecedented penalties imposed by the U.S. authorities to several U.S. banks.
However, at a time when the Department of Justice is preparing to file a lawsuit against Citigroup Inc., the bank made an official statement, revealing that it paid a record 5.4 billion Hong Kong dollars ($697 million) to a unit of Wheelock & Co. for a property of 512 000 square foot located in the Kowloon East district. The deals goal was to gather most of the companys 5000 employees at one place. The property is to be complete until the end of 2015.
Citigroup Inc. was 0.31% up to close at 47.79 dollars per share yesterday, marking a one-year change of -3.18%. According to the information published on CNN Money, the 30 analysts offering 12-month price forecasts for Citigroup Inc. have a median target of 57.50, with a high estimate of 67.00 and a low estimate of 46.00. The median estimate represents a +20.32% increase from the last price of 47.79.
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