Latest news with #CitigroupInc
Bloomberg
11 hours ago
- Business
- Bloomberg
The Man Tasked With Ending Citigroup's Fat-Finger Blunders
Just before Citigroup Inc. 's tech chief faced his first global town hall meeting, he got some pointed advice from his teenager: Make sure the technology works. That hasn't always been a given at Citigroup.
Yahoo
2 days ago
- Business
- Yahoo
Citigroup Announces €1.75 Billion Redemption of 1.250% Fixed Rate/Floating Rate Notes Due 2026
NEW YORK, July 01, 2025--(BUSINESS WIRE)--Citigroup Inc. is announcing the redemption, in whole, constituting €1,750,000,000 of its 1.250% Fixed Rate/Floating Rate Notes due 2026 (the "notes") (ISIN: XS2167003685). The redemption date for the notes is July 6, 2025 (the "redemption date"). The cash redemption price for the notes payable on the redemption date will equal par plus accrued and unpaid interest, to but excluding, the redemption date and will be paid on July 7, 2025, the next succeeding business day after the redemption date. The redemption announced today is consistent with Citigroup's liability management strategy and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, as well as overall market conditions. Beginning on the redemption date, interest will no longer accrue on the notes. Citibank, N.A. is the paying agent for the notes. For further information on the notes, please see the related final terms at the following web address: About Citi Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at | X: @Citi | LinkedIn: | YouTube: | Facebook: View source version on Contacts Media Contact:Danielle Romero Apsilos212 816 Fixed Income Investor Contact:Peter Demoise212 559 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Citi Plans for Ukraine Renewal as Top Government Banker Retires
Citigroup Inc. 's top banker to governments is retiring, but has at least one more appointment to keep. In September, Julie Monaco will travel to Europe for her bank's Ukraine unit's board meeting. It's one sign of Ukraine's importance to Citigroup, which is the only US bank still operating in the country and counts the government among its roughly 500 clients there. Now, it's readying for the nation's reconstruction once Russia's war on Ukraine is ultimately over.
Time of India
3 days ago
- Business
- Time of India
H-1B visas usage now led by banks and telecoms rather than Silicon Valley companies
H-1B visas: The H-1B visa shift is rewriting the rules of America's work‑visa landscape as non‑tech giants like banks and telecom firms now lead sponsorship, overtaking Silicon Valley . New data reveals that nearly half of the 85,000 annual H-1B visas are being granted via staffing and outsourcing agencies, reshaping the program's original intent. While fintech and telecom companies increasingly rely on foreign talent, concerns are mounting over the impact on American workers, potential wage suppression, and lottery loopholes. As the H-1B landscape evolves, the shift raises questions about fairness, program transparency, and whether reforms are needed to protect U.S. labor. Stay tuned as the system adapts to a broader corporate footprint—and intensifying scrutiny. What is H-1B visa? The H-1B visa is a non-immigrant visa issued by the United States that allows U.S. companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. These fields typically include IT, engineering, finance, medicine, and academia. Key points about the H-1B visa: Eligibility: The job must require at least a bachelor's degree or equivalent, and the applicant must have the necessary qualifications. Employer-sponsored: A U.S. employer must petition on behalf of the foreign worker. Validity: Initially granted for three years, and can be extended up to six years (or more under certain conditions). Annual cap: There is an annual limit of 65,000 visas, with an additional 20,000 reserved for individuals with a U.S. master's degree or higher. Path to green card: It can serve as a stepping stone to permanent residency (green card) in the U.S. From Silicon Valley to Wall Street: How outsourcing firms are redefining the H-1B program America's H-1B visa program has long been a key component of Silicon Valley's innovation-driven strategy, drawing in top-tier international talent in science and engineering. However, according to fresh data that Bloomberg News was able to obtain, a broader range of industries, such as banks and telecom firms, are among the biggest users of the program. This is frequently the case through outsourcing and staffing firms that obtain almost half of the 85,000 new H-1B visas that are granted each year. By serving as visa intermediaries, these businesses are changing the goal of the H-1B visa program and, in the process, posing concerns about how it will affect American workers' earnings. Bloomberg's analysis, which included new H-1B employment from May 2020 to May 2024, found that Citigroup Inc. outpaced tech titans like Nvidia, Oracle, and Qualcomm by adding 3,000 H-1B workers. However, around two-thirds of Citi's H-1B employees were IT contractors hired through staffing and outsourcing firms, unlike the highly qualified researchers and engineers in software companies. These employees, sometimes said to be paid much less than direct hiring, are part of an increasing trend in which non-tech enterprises use the visa program to obtain cheaper labor. In an interview with Bloomberg, a senior economist at the W.E. Upjohn Institute for Employment Research, Susan Houseman stated, "This is just the beginning." "The offshoring of service jobs has not received enough attention in the national debate about the United States' reliance on imported goods—not because it doesn't occur or isn't significant, but rather because we don't have good data on it." Frauds in H-1B visas Congress created the H-1B visa in 1990 to increase American competitiveness in developing technology sectors. However, it has now grown so popular that there are yearly lottery draws for the few visas that are still available. This system has been abused by outsourcing and staffing companies acting as intermediaries for visas. These companies let businesses outsource back-office tasks or supply lower-level IT personnel. According to Bloomberg's data, which was acquired through a Freedom of Information Act lawsuit against the Department of Homeland Security, these visa intermediaries are frequently used by large U.S. corporations such as Capital One Financial Corp., Verizon Communications Inc., AT&T Inc., and Walmart Inc. To improve their chances, some intermediaries used a tactic known as "multiple registration" to influence the visa lottery until recently. This involved submitting many applications for the same worker. In a 2023 report, the U.S. Citizenship and Immigration Services (USCIS) declared this technique fraudulent and changed the rules to stop it last year. According to Bloomberg's investigation, USCIS also highlighted thirteen staffing companies that had used such tactics, and at least six of them sent personnel to Capital One. The largest percentage of the top 10 corporations examined, more than half of Capital One's 905 H-1B contract employees across the four years, were associated with multiple registrations. 361 of the 429 staffing companies that Capital One used had multiple registrations. A Capital One representative responded to Bloomberg by saying that the business would "take appropriate action" if there were any government charges of visa fraud by its contractors but that it was unaware of such complaints. AT&T, Walmart, and USAA declined to comment, although Verizon and Capital One stressed that they demand suppliers to do the same. The impact on salaries of the change in H-1B visas There are also notable income gaps, according to the data. Even for comparable responsibilities, H-1B contractors are frequently paid far less than direct hiring. Even after adjusting for age and education, more than 75% of the approximately 5,300 H-1B "software developers" employed between 2020 and 2024 were contractors, earning about $48,000 less on average than direct recruits, according to Bloomberg's research of the top 10 end clients. The Department of Labor's minimum wage was paid to one out of every three contractors. Information Services Group Inc. Chief AI Officer Steve Hall told Bloomberg that contractors doing less technical tasks, such as communicating with overseas teams and U.S. clients, account for a portion of the salary disparity. Critics counter that using visa intermediaries distorts the original aim of the H-1B program. Labor proponents argue that it undercuts American workers, tilts the labor market in favor of employers, and leaves a vulnerable workforce with fewer protections. The absence of thorough statistics on offshored employment and pre-existing H-1B contractors makes evaluating the program's overall impact more difficult. Houseman pointed out that although outsourcing service jobs is poorly understood, it has important ramifications for the American labor market. The H-1B program's influence on the workforce is still up for question, as businesses from various industries increasingly use visa middlemen.
Mint
6 days ago
- Business
- Mint
Citigroup Sees Bigger IPOs as Private Deals Bulk Up Valuations
(Bloomberg) -- A wave of big initial public offerings is building as emerging growth companies stay private for longer and bulk up their valuations through secondary stock sales. 'I don't know if it's here forever, but I think you are winding up a coil,' said John Collmer, global head of private placements at Citigroup Inc. 'You are creating this massive backlog of quality companies that will go public.' The shift is being bolstered by institutional investors who are increasingly eager to invest in late-stage companies that could go public in the next three years, Collmer said in an interview on the sidelines of the bank's Private Company Growth Conference in New York this week. This explains why private placements are on the rise in 2025 following a slump that began in 2022 when the Federal Reserve raised interest rates. As developing technologies become increasingly prominent, investors are scurrying for exposure to those sectors that aren't well represented in public markets — yet. 'Fifteen years ago, people wanted to invest in Uber because you couldn't get it in the public market,' Collmer said. 'Today they are looking for the artificial intelligence, robotics and defense technologies companies that they can't get in the public market. They tend to be big industries that are being disrupted and the disruptors are in the private market.' Take for instance Elon Musk's SpaceX, along with OpenAI, Stripe and Databricks Inc., all of which have turned to private secondary sales to provide liquidity to investors, including employees. That market has expanded to around $60 billion, up from $50 billion last year, according to a report released by research firm Pitchbook last month. New York-based Ramp Business Corp. recently revealed that new and existing investors had purchased $150 million of shares from employees and early investors at a price valuing the fintech startup at $13 billion. Despite the growth in private secondary sales, companies will eventually see the benefit of going public, according to Cully Davis, Citigroup's head of growth equity. Davis said there's at least one sign that there could be an uptick in the number of growth IPOs: A flurry of publicly traded tech companies, including some new ones, are selling zero-coupon convertible bonds to raise money. 'When that market starts to open up, and it has opened up dramatically in the last month and a half, those are really positive signals,' he added. From an M&A perspective, an IPO also has its advantages. 'It's quite helpful for a company to have a legitimate publicly traded security that is liquid and that is independently valued and allows them to pursue acquisitions with confidence and with a currency that has real value,' he said. which is a Citigroup client, is focused on growth for now while keeping its options open. The AI software firm was valued at nearly $800 million in 2023 after a capital infusion of $150 million from a group of investors that include Nvidia Corp. 'We are figuring out what's the right path of growth, whether it's through an incremental acquisition or, at the right point, looking at an IPO,' said DK Sharma, chief operating officer. 'But right now, we're focused on getting the appropriate muscles for growing big time on top of our momentum today. More stories like this are available on
