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Citigroup says to close one third of Korea branches as costs, competition rise

HONG KONG (Reuters) - Citigroup Inc <C.N> said it will close almost one third of its branches in Korea, becoming the third global bank to trim its presence in the country in the last year amid rising costs and intense competition. Citi will shut 56 out of 190 branches as it concentrates on six major cities and moves to boost its online presence, the U.S. bank said in a statement on Tuesday.

Citi agrees to pay $1.1 bn in mortgage settlement

Citigroup Monday said it reached an agreement with a group of 18 institutional investors to pay $1.125 billion to settle claims on some mortgage-backed securities sold ahead of the financial crisis. Citi said the agreement releases it from an obligation to repurchase mortgages sold into 68 mortgage trusts. The 68 trusts issued $59.4 billion in residential mortgage securities during 2005-2008.

Citi to settle legacy securities claims, incur $100 million charge

(Reuters) - Citigroup Inc said it would pay $1.12 billion to settle legacy securities and other claims and incur a related charge of $100 million in the first quarter. The bank reached the agreement with 18 institutional investors and said the settlement had resolved a significant legacy issue left over from the financial crisis. (Reporting by Avik Das in Bangalore)

UBS unit must pay $5.4 million to ex-broker who sold Lehman notes: panel

By Suzanne Barlyn (Reuters) - A unit of UBS AG must pay $5.4 million to a former broker who said the firm misled its advisers about the financial health of Lehman Brothers Holdings Inc while recommending they sell its structured notes to clients, a securities arbitration panel ruled.

Cash trickles back to emerging markets, faces growth challenge

By Sujata Rao LONDON (Reuters) - Investors are starting to move back in to emerging stocks and bonds after a long hiatus, data from fund tracker EPFR shows, but the economic slowdown gripping the developing world is likely to constrain market rallies. Emerging stock and bond funds saw their first weekly inflows after more than $50 billion fled in the first three months of 2014, with equities snapping a 22-week losing streak, Boston-based EPFR Global said.

Citigroup names McQuade to lead new Fed application: memo

NEW YORK (Reuters) - Citigroup Inc <C.N> said on Thursday that Gene McQuade, a senior executive who had planned to retire, is instead remaining to lead the bank's efforts to win permission from regulators to boost dividends and buy back stock. Last week, the Federal Reserve rejected the bank's request to spend $6.4 billion buying back shares and boosting its dividend. Bank executives are still reeling from that move, which Chief Executive Officer Michael Corbat wrote in a memo to employees "is a call to action for our firm."

Bank of America in settlement talks over credit card practices: WSJ

(Reuters) - Bank of America Corp is in talks to may pay more than $800 million to settle allegations by the Consumer Financial Protection Bureau that it forced customers to sign up for extra credit-card products, the Wall Street Journal reported, citing people familiar with the matter. The settlement could be announced in the coming days, the Journal said. (http://link.reuters.com/muz28v) (Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)

Citigroup faces criminal probe for fraud at Mexico unit: source

(Reuters) - Federal authorities have opened a criminal investigation into a $400 million fraud involving Citigroup's Mexican unit, according to a person familiar with the matter. Citigroup disclosed in February it had discovered at least $400 million in fraudulent loans in its Mexico subsidiary, Banco Nacional de Mexico, known as Banamex, and said employees may have been in on the crime. The bad loans were made to Mexican oil services company Oceanografia, a contractor for Mexican state-owned oil company Pemex.

Citigroup faces criminal inquiry for fraud at Mexico unit: NYT

(Reuters) - Federal authorities have opened an investigation into a $400 million fraud involving Citigroup's Mexican unit, the New York Times reported, citing people briefed on the matter. Citigroup disclosed in February it had discovered at least $400 million in fraudulent loans in its Mexico subsidiary, Banco Nacional de Mexico, known as Banamex, and said employees may have been in on the crime. The bad loans were made to Mexican oil services company Oceanografia, a contractor for Mexican state-owned oil company Pemex.

Brazil watchdog lifts suspension of Oi offer, paves way for merger

By Joan Magee and Guillermo Parra-Bernal NEW YORK/SAO PAULO (Reuters) - Brazil's securities industry watchdog CVM on Tuesday lifted a suspension on Grupo Oi SA's 6 billion real ($2.7 billion) share offering, paving the way for the Brazilian telecommunications company's merger with Portugal Telecom SGPS SA.
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