S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Investing

Citi Goes Cyber

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Citigroup (C) may not be able to control expenses, but its sure can buy companies. The big US financial service company has just bought British online banking outfit Egg from Prudential (PUK). The price was apparently 575 million pounds. For 2006, Egg lost 145 million pounds from operations.

Citi seems to be taking a tack opposite of what most of its investors want. The company’s stock has sharply underperformed US rivals including Bank of America (BAC), JP Morgan Chase (JPM) and Goldman Sachs (GS).

Citi’s CEO, Mr. Prince, has shown little or no adroitness at cutting costs, something the market has been calling for over the past several quarters.

But, he can spend the bank’s money on acquisitions like a real pro.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

What’s Important in the Financial World (1/29/2013)

ThinkstockThe U.K. Falls Back in Recession The United Kingdom is the latest developed nation to be threatened by a credit…
Douglas A. McIntyre |

RBS Settlement Could Reduce Bank’s Bonus Pool

ThinkstockRoyal Bank of Scotland Group PLC (NYSE: RBS) may have to settle criminal charges with the United States based on…
Jon C. Ogg |

Can Citi Unload Its Egg U.K. Internet Bank? (C, PUK)

Citigroup, Inc. (NYSE: C) is still trying to pare itself down to the core-Citi operations.  It is going to take…
The 40 Best Food Banks in America
Steven M. Peters |

The 40 Best Food Banks in America

Not a single person in the United States needs to go hungry — enough food is produced in this country…
Lee Jackson |

Deutsche Bank Upgrades 2 Top Gold Stocks to Buy

A new report from Deutsche Bank takes the road rarely traveled now and becomes more positive on the beaten-down gold…
Can Tilray Stock Make a Comeback?
Paul Ausick |

Can Tilray Stock Make a Comeback?

Marijuana stocks like Tilray were beaten up badly in 2019. Will 2020 get the industry back in the black?
Lee Jackson |

3 Stocks to Benefit From Fast Growing Global Solar Power Demand in 2015

A research note from Deutsche Bank indicates that the global solar demand and supply environment will continue to improve in…
US Banks Feel the Heat as Barclays Sets Ambitious Green Agenda
Trey Thoelcke |

US Banks Feel the Heat as Barclays Sets Ambitious Green Agenda

By David Callaway, Callaway Climate Insights Largest European energy financier commits to being net zero by 2050 and aligning investments…
Countries That Produce the Most Waste
John Harrington |

Countries That Produce the Most Waste

[cnxvideo id=”852729″ placement=”ros”] From the littered beaches of India to the vast waste dumps of the United States to the…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618