Citi Group | Business Upturn

Goldman Sachs likely to exit from Russia: Report

Himanshu Mishra — Thu, 10 Mar 2022 15:27:29 +0000

According to a report by Reuters, Goldman Sachs Group Inc. is planning to shut down its business in Russia, the first major Wall Street bank to leave in response to Russia’s invasion of Ukraine.

The company said “Goldman Sachs is shutting down its business in Russia in compliance with regulatory and licensing requirements. We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”

The Firm has retained an existence in Russia in current years, but the nation doesn’t amount to a significant fraction of its global banking business. At the end of 2021, the company’s total credit exposure to Russia was $650 million, the maximum of which was linked to non-sovereign counterparties or borrowers.

Earlier this month company started moving some of its staff to Dubai, responding to requests by some of its Russian staff to work from a different location.

Since Goldman is the first Wall Street firm to announce a departure, Citigroup Inc. said that it’s evaluating operations in the country. The US-based company has the largest presence in Russia than other US banks. It earlier declared steps to exit its customer service there, and is now functioning it “on a more limited basis given present circumstances and obligations,” Edward Skyler, executive vice president of global public affairs, said in a statement.

Cipla Q1 shares surpass its earning, beating the estimate; Citi upgrades to buy, Morgan Stanley remains overweight

News Desk — Mon, 10 Aug 2020 07:12:30 +0000

Cipla surpassed it’s estimates, price jumping over 6 per cent at open on August 10. The company reported its June quarter earnings post market hour on August 7.

With a consolidated profit of Rs 566 crore, the company reported a 26.6 per cent year-on-year growth in its Q1 FY21. The company backed by strong performance in India, emerging markets, Europe geographies and robust operating margin. Revenue from operations grew 9 per cent to Rs 4,346.2 crore.

The business in India shows 10 per cent growth at Rs 1,608 crore. South Africa, Sub-Sharan Africa and Cipla Global Access(SAGA) business grew 10 per cent to Rs 763 crore. 64 per cent jump in business at Rs 457 crore was shown by emerging markets whereas European market showed a 19 per cent rise to Rs 240 crore.

Profit was estimated at Rs 338 crore and revenue at Rs 4,184 crore, surpassing the analysts expectations on all fronts. The stock price jumped over 74 per cent in the last 6 months and was trading at Rs 773.95, up Rs 45.35, or 6.22 per cent. It has touched a 52- week high of Rs 777.

Morgan Stanley, a Global research firm are of view that the company will continue to strengthen its base business with respiratory monetization in US gaining momentum. According to CNBC- TV18 report, it remains overweight on the stock with target at Rs 847 per share.

Citi has upgraded the stock to buy with a target of Rs 860 per share. It is of the view that the company beat forecast on strong momentum in revenues across markets stands out. The firm has raised FY21/22 revenue, EBITDA & ES by 4/5 per cent, 17/19 percent and 31/34 per cent respectively.

However the CLSA has lowered the rating of Cipla with a target of Rs 800 per share. The company has shown a strong all- round performance and current captures earnings outlook. It has raised its estimates by 6-17 per cent.

Citi Bank sued over former employee’s sexual harassment complaints

Chittesh Dalmia — Tue, 04 Aug 2020 13:43:31 +0000

Citigroup Inc. is being sued by an employee in a unit that serves hedge funds who says he was demoted for reporting harassment complaints about a new hire and discriminated against based on his sexual orientation.

Thomas Krauss, who until recently led the firm’s capital introduction group for the Americas, accuses Citigroup of retaliating against him after he raised questions about the past behavior of the hire in its prime-brokerage unit. He filed a complaint against the bank on Monday in New York State Supreme Court in Manhattan.

Krauss, who is gay and joined Citigroup in 2010, also alleges that he was denied a promotion to managing director because of his sexual orientation and for extra work he did on behalf of the company’s LGBTQ initiatives.

“We take issues of this nature very seriously,” Citigroup spokeswoman Danielle Romero-Apsilos said in an emailed statement. “When Mr. Krauss’ concerns were first raised earlier this year, they were independently and thoroughly reviewed and not substantiated.”

In the suit, Krauss says he was retaliated against because of action he took regarding Joseph Genovese, a Deutsche Bank veteran who had been offered a job at Citigroup as head of sales for the Americas at its prime-brokerage unit.

Shortly after the hiring was announced, the suit says Krauss learned about alleged sexual harassment complaints previously made against Genovese. Concerned that Genovese’s hiring could put Citigroup at risk of creating a “hostile and offensive work environment,” the suit says Krauss disclosed what he learned to senior Citigroup managers. Citigroup later withdrew the offer made to Genovese.

The suit says that despite Krauss’s disclosure being made in confidence, several executives pushed to find out who “‘blew the whistle” on Genovese. Once they became convinced it was Krauss, they began a campaign to punish him.

Source: Bloomberg