Citigroup Inc. will pay $1.66 billion and give up an estimated $4.25 billion in claims to settle a lawsuit by Enron Corp. creditors over the former energy trader's bankruptcy case.

It's probably the price of being the largest that in the ongoing slump across global bourses, the market value lost by the world's biggest bank Citigroup, run by India-born Vikram Pandit, so far in 2008 is equal to the loss suffered by all the Indian banks together.

Citigroup Inc. faces serious economic recession that makes the major American financial services company cut another 2,000 trading and investment-banking jobs.

Citygroup's Results Reflect Write-Downs on Sub-Prime Related Direct Exposures in Fixed. Citigroup Reports Income Markets and Increased Credit Costs Related to U.S. Consumer Loans, Record Results in International Consumer, Transaction Services and Global Wealth Management, Strong Business Volumes; Average Deposits Up 21%, Average Loans Up 19%.

Citigroup is focusing on the future with its new plan to make it mortgage practice uniform in nature.

Citi's board of directors today announced that it has appointed Vikram Pandit as the company's new Chief Executive Officer and member of the Board of Directors, effective immediately. Sir Win Bischoff, who has been acting Chief Executive Officer since November 4, 2007, will succeed Chairman Robert E. Rubin, who will return to his previous duties as a member of the Citigroup Board of Directors and Chairman of the Executive Committee of the Board.

A Milan judge has ordered Citigroup, UBS, Morgan Stanley and Deutsche Bank to stand trial for market-rigging in connection with dairy firm Parmalat's collapse, judicial sources said according to Reuters.

Citigroup Global Markets Inc. agreed to pay $15.2 million to settle charges that a team of financial advisers misled more than 200 BellSouth employees, The Wall Street Journal reported Thursday.

U.S. banking giant Citigroup has won control of a leading Japanese brokerage firm, and Japanese carmaker Toyota has become the world's top seller of vehicles. Claudia Blume at our Asia News Center in Hong Kong has more on these and other business stories from the region.

Citigroup Projected Savings of Approximately $2.1 Billion in 2007, Growing to $4.6 Billion in 2009. First Quarter 2007 Pre-Tax Charge of $1.38 Billion.