Top Firm May Buy Back Up To $5bn In Auction-Rate Securities
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Citi appears to be in a somewhat weaker position than some of its rivals, who also face probes in connection with the sale of auction-rate securities, because the company has now admitted that it inadvertently destroyed a tape subpoenaed by investigators, and has been on the back-foot ever since.
The Financial Times reports that Citi is considering a plan to move its equity research unit back into its institutional securities business, reversing a decision made 6 years ago in the midst of a high-profile probe undertaken by then New York state Attorney General Eliot Spitzer into conflicts of interest in the stock research industry. According to the newspaper's sources, Citi is thinking of creating one unit for equity, fixed-income and economic research (eliminating support staff to save on costs). Any move would clearly have to satisfy regulators that the stock analysts would remain independent and not be influenced by colleagues working on / chasing deals from companies in their sectors.
Finally, The Wall Street Journal reports that Citi has been hiring and moving staff into its prime brokerage business in Asia. The newspaper quotes Hannah Goodwin, the head of the division in the region, who said: 'We want to position ourselves so that when markets turn around, we can take advantage'.
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