citigroup

Citi fires Internet analysts, pays $2 million fine

Earlier today, Massachusetts fined Citigroup Global Markets $2 million for illegally disclosing nonpublic information. In the aftermath of the report, Citi was reported to have fired Internet analyst Mark Mahaney. Also, I can confirm that Mahaney is no longer with the firm.

Citigroup also fired an unnamed junior analyst reporting to Mahaney last month. The state's investigation did not implicate Mahaney in the leaks.

The report, issued today by William Galvin, Secretary of Massachusetts, does not mention Mahaney by name. It instead refers to a "senior research analyst at the company who had been covering the technology industry&… Read more

Kodak receives court approval to proceed with bankruptcy filing

Eastman Kodak said today it has received approval to move forward with its Chapter 11 bankruptcy filing.

The agreement grants the company $950 million in debtor-in-possession financing from Citigroup that will allow the company to continue operations as it restructures.

Kodak has struggled to find its footing since the 1990s when digital photography began gaining major consumer momentum. The company, which has been around for more than 130 years, hasn't had a profitable year since 2007. In recent years, the company has turned to licensing its camera technology, or suing companies that haven't agreed to pay up. It'… Read more

Apple feels no need to offer lower cost iPhone, says analyst

Apple seems to have no desire to sell cheaper smartphones, according to a report from Citigroup technology analyst Richard Gardner.

Meeting with Apple CEO Tim Cook and Chief Financial Officer Peter Oppenheimer yesterday, Citigroup analysts discussed a variety of topics with the two executives, notably the smartphone market.

Asked about the sustainability of Apple's average selling prices and margins for the iPhone, Oppenheimer suggested that the company will keep focusing on producing "great products," believing that customers are willing to pay more for them.

"We did not get the impression that Apple feels a burning need … Read more

Citigroup CEO targeted by hackers over protest arrests

Hackers released personal information about the head of Citigroup today in retaliation for the arrest of protesters during the Occupy Wall Street demonstrations this weekend.

The data on Vikram Pandit, Citigroup's chief executive officer, includes phone numbers, address, e-mail address, family information, and some legal and financial information. It was released by CabinCr3w, which is affiliated with the Anonymous online activist group that has been involved in the monthlong protests.

"During Occupy Wall Street, protesters had made way to CitiBank to withdraw their funds and close their accounts," CabinCr3w wrote in a statement. "They were met … Read more

Samsung loses key mobile executive to Citigroup

Omar Khan, the face of many of Samsung's U.S. mobile events, is leaving for Citigroup.

Khan, who was the head of products and technology for Samsung's U.S. mobile division and the main pitchman for its many smartphones and tablets, will help develop Citigroup's global mobile services. He announced his departure in an e-mail on Sunday.

Khan's move marks the second one by a high-profile telecommunications executive to the financial industry. Last year, Dan Schulman, who previously ran Virgin Mobile, moved to run American Express' mobile business.

While J.K. Shin, head of Samsung's mobile division, often unveiled key products at events, Khan was often the executive the company relied on to go into detail about the products. For example, Khan spent a majority of the time on stage at Samsung's Galaxy Tab presentation at CES.

Khan said that Nick Dicarlo, head of portfolio planning and product marketing, and Gavin Kim, who runs content, data services, and enterprise mobility, would be taking over some of his duties.

A Samsung spokeswoman said that Tim Rowden would take over many of his other duties.

"Omar is not leaving to join a competitor to Samsung, and we anticipate having a continued relationship with him once he settles into his new role," according to the spokeswoman.

Updated at 9:21 a.m. PT: Added comment from Samsung. … Read more

Anonymous, LulzSec spawn 'one of worst' quarters

Cyberattacks from Anonymous and LulzSec and breaches against everyone from Sony to Lockheed Martin turned the second quarter into "one of the worst on record," according to a new report from Panda Security.

Released this week, Panda's second-quarter report (PDF) examined the security landscape from April to June and highlighted a string of alarming incidents.

Pointing to the attacks by Anonymous and LulzSec against the likes of Sony, the U.S. Chamber of Commerce, the Spanish police, and several government sites, Panda said that the line between "hacktivism" and criminal behavor has gotten fuzzier.

Panda clearly questioned the methods of the new breed of hackers, saying that Anonymous calls its actions "peaceful protests," even though such actions are illegal. Also mincing no words with LulzSec, Panda said that "if you took the most irresponsible and brainless members of Anonymous and put them all together, they would be considered the most refined gentlemen compared to LulzSec."

Though LulzSec recently announced that it would be ending its attacks, the group urged other hackers to carry on the fight via operation Anti-Security, or AntiSec.… Read more

Citigroup hacking nets $2.7 million from customers

About 3,400 Citigroup credit card customers suffered a loss of $2.7 million during a security breach earlier this year, according to a Wall Street Journal report.

Citi acknowledged earlier this month that a May 10 breach compromised the company's online account system, allowing the attackers to access names, account numbers, and contact information for the affected customers. However, Citi said that Social Security numbers, birth dates, card expiration dates, and card security codes were not compromised.

The banking giant said its customers will not be liable for the losses.

Citi originally said the breach affected about 1 … Read more

Citigroup ups number of accounts breached in attack

A May cyberattack that breached Citigroup's network gave hackers access to 360,083 credit card accounts in the U.S., the company revealed yesterday.

That number is higher than Citi's initial estimate, which claimed that the breach affected one percent of the bank's 21 million U.S. customers, or around 210,000.

The cyberattack, which occurred on May 10, compromised the company's online account system, allowing the attackers to access names, account numbers, and contact information for the affected customers. However, Citi said that Social Security numbers, birth dates, card expiration dates, and card security codes … Read more

Report: Hackers accessed Citigroup customer data

Citigroup said today that hackers breached the bank's network and may have gained access to the personal data of hundreds of thousands of bank card customers.

Customer names, account numbers, and contact information, including e-mail addresses, were accessed during the breach, which was discovered in May during routine monitoring. However, no Social Security numbers, birth dates or security codes were accessed, Citi said.

Citi said the breach affected about 1 percent of its 21 million customers.

"We are contacting customers whose information was impacted," Citi spokesperson Sean Kevelighan said in a statement. "Citi has implemented enhanced … Read more