Citibank parent Citigroup is understood to be under investigation by the financial regulator of the United States with regard to some potential breaches of securities law.
The issue revolves around the marketing and selling of what are called auction rate securities. These are a type of bond, most commonly used by municipal authorities when looking to generate funds and the question being looked into is whether the actual risks were understated by Citibank.
No comments have been forthcoming from Citibank so far regarding their discussions with the regulators. Instead they have a statement that says they have worked closely with all parties to make everything go smoothly.
It is rumoured that the RBS could be ready to sell its stake in Tesco Finance, with a move expected within a few days.
Tesco Finance has RBS holding a 50 percent share of the business, which could be worth up to GBP950 million. This money would come in very handy for RBS, which has had a torrid time recently with the credit crunch denting its finances. This is just one of several sales that RBS appear to moving ahead with in their quest for GBP4 billion of extra money.
The management at Tesco Finance are unperturbed by the suggested sale since they have a very strong business position that would be attractive to any investor.
According to a Natwest Bank survey the people of Manchester are the biggest spenders in the UK, with the typical household spending GBP26,000 each year.
This spending figure is a full GBP2,000 more than the capital city, London, which will come as a big surprise to many. What may come as an even bigger surprise is that Manchester is also a great city for saving according to the Natwest Bank survey, with a higher than the national average 53 percent of Manchester residents putting money aside.
A spokesman from the Natwest Bank was pleased to see Manchester setting such a good example with their levels of savings, especially considering their spending habits. They should be seen as a shining example to others said the spokesman.