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Article: Citigroup dumps Phibro, avoids US showdown.(Main Business)
- Article from:
- Manila Bulletin
- Article date:
- October 11, 2009
CopyrightCOPYRIGHT 2009 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK (AP) – Citigroup Inc. is removing one of the irritants in its relationship with the government, its Phibro commodities trading division that is paying one trader an estimated $100 million this year.The deal announced Friday carries a tradeoff for Citigroup: While the $250 million sale to Occidental Petroleum Corp. means a bit less government scrutiny, it also means the bank is losing hundreds of millions of dollars in annual income that could help repay $49 billion in bailout money.Phibro, which makes most of its money through oil and natural gas trades, earned an average $371 million annually during the past five years. Citigroup sold it for about $250 ...
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Article: Citigroup to sell oil trading firm.(Phibro ...
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...Citigroup has agreed to sell its Phibro commodities business ... 250 million. Phibro, primarily a trader ... The sale spares Citigroup, which received ... bailouts. Still, Citigroup is shedding a money-making unit. Phibro has been profitable ...
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