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Citigroup may be earning $20bn a year by end of 2012

March 11th, 2010

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Citigroup may be earning as much as $20 billion a year from its core business by the end of 2012, according to a prediction from the bank’s chief executive officer Vikram Pandit.

Mr Pandit is set to use an upcoming speech to investors to predict that Citigroup can earn a yearly return of 1.25 per cent on its assets, reports the Financial Times.

Citigroup’s asset level stood at more than $1,300 billion at the end of 2009, with the bank estimating this will grow by around five per cent a year.

Based on these figures, Citigroup may surpass the $20 billion mark in 2012 as it seeks to increase its global presence.

“Clients look to us as being the financial conduit to the world,” Mr Pandit has said. “We want to be a global bank for institutions and individuals.”

Earlier this year, Citigroup reported losses of $7.6 billion for the final quarter of 2009 – with $6.2 billion of the deficit attributed to the bank’s repayment of its bailout funding.

Posted in Finance Fraud

Tags: Assets, Bailout, Chief Executive Officer, Citigroup, Core Business, Financial Times, Global Bank, Global Presence, Institutions, Investors, Losses, Pandit

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UBS to launch new electronic trading facility in Europe

March 10th, 2010

Before You Invest

Financial services provider UBS is to launch a “dark pool” Multilateral Trading Facility (MTF) to allow cross trading in Europe.

According to the firm, UBS MTF will work alongside the existing UBS Price Improvement Network (UBS PIN) by offering a wider array of liquidity to its members.

The MTF is still awaiting regulatory approval and will be based on a Central Counterparty (CCP) model, which will allow investors to mitigate certain amounts of risk.

Dr Robert Barnes, head of Market Structures at UBS Investment Bank, said: “As we developed the architecture and interactivity model for UBS MTF, we were committed to greater simplicity, lower transaction costs and reduced market impact.

“As a global bank and one of the top equities trading firms, we aim to leverage our broad and deep market experience to help us to bring innovation, quality liquidity and a unique value proposition to our clients.”

All completed transactions will be reported in real-time to Markit Boat following the trade.

Previously, global investment bank Nomura announced the launch of NX MTF in December 2009, the first broker-owned dark pool MTF of its kind.

Posted in Finance Fraud

Tags: Central Counterparty, Cross Trading, Dark Pool, Dr Robert Barnes, Electronic Trading, Financial Services Provider, Global Bank, Global Investment Bank, Improvement Network, Launch, Market Experience, Market Impact, Market Structures, Multilateral Trading, Nomura, Price Improvement, Regulatory Approval, Ubs Bank, Ubs Investment Bank, Unique Value Proposition

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International Monetary Fund now estimates global bank losses at $3.4 trillion

November 8th, 2009

Before You Invest

The International Monetary Fund (IMF) has reduced its estimate of global bank losses by $600 billion – but warned the new figure of $3.4 trillion could rise further due to high unemployment rates across the world pushing up loan losses.

Rising security values combined with a new way of calculating losses are to thank for the improvement on the original $4 trillion deficit calculated in April.

But the IMF says that around another $1.5 trillion worth of loan writedowns will hit banks by the end of 2010.

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