A Manhattan Citibank personal banker took advantage of an elderly man with dementia, stealing over $150,000 of his hard-earned money. The banker used some of the stolen funds to indulge in a luxury Harley-Davidson motorcycle. Juan Velez, 35, of Hoboken, NJ, could have spent up to 15 years behind bars for his crime. However, prosecutors … Read more
The Indian unit of Korea’s Hyundai Motor is likely to file a draft red herring prospectus (DRHP) with market regulator Sebi over the next two weeks, initiating the process for an initial public offering, said people familiar with the matter.If successful, this would mark the first IPO by an automaker in India in more than … Read more
A Citigroup managing director said the bank failed to protect her from a supervisor’s violent threats and abuse because of its “pervasive” culture of sexual harassment and gender discrimination, according to an amended legal filing on Monday. Ardith Lindsey, who worked as Americas head of electronic sales trading, added details to her November lawsuit outlining … Read more
The African Development Bank (www.AfDB.org) has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertiliser and Chemicals Limited. The loan will enable Indorama to increase its fertiliser production and develop a port terminal for exports, supporting food production and food security across regional and international markets while fostering job creation in Nigeria. The … Read more
Bank executives witnessed an increase in their compensation in 2023, while ordinary employees faced yet another year of modest bonuses. This disparity was notably conspicuous at London-based lender Standard Chartered, where CEO Bill Winters experienced a 22 per cent increase in his pay package, as reported by Bloomberg. The bank’s 2023 earnings report disclosed that … Read more
