REV - REVLON INC ()

REVのニュース

   Citi wages war with hedge funds — Pimco takes on BlackRock's Aladdin — Balyasny's PM training program  2020/09/16 10:20:00 Business Insider
Summary List Placement Happy hump day. Wall Street's attempt at returning to some form of normalcy has already hit its first roadblock. JPMorgan had to send some employees home after someone on its equities trading team tested positive for the coronavirus, as reported by Bloomberg . It was difficult timing for Wall Street's biggest bank, as its chief executive, Jamie Dimon, had just finished speaking at a conference about the importance of returning to work and reopening cities. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco . Citi wages war with hedge funds Back again with another great story out of Dakin Campbell , who has a scoop about Citigroup freezing out the firms it's locked in a legal battle with over the $900 million wire it mistakenly sent. In case you missed it, Citi is currently at odds with about a dozen hedge funds and investment firms that refuse to return money the bank mistakenly sent to them last month on behalf of Revlon.
   Citigroup is freezing out hedge funds who refuse to return Revlon money by ignoring their Bloomberg chats and depriving them access to CLO loans  2020/09/15 21:37:29 Business Insider
Summary List Placement Citigroup is playing hard ball. The bank is locked in a battle with a dozen hedge funds and investment firms who have refused to return the money the bank mistakenly sent on behalf of cosmetics firm Revlon last month. While much of that fighting is playing out in the courts , the bank is also making sure to press its advantage in the rough and tumble world of trading. Managers at the bank have instructed sales and trading staff to essentially freeze out the funds from services they rely on to make investment decisions and bundle new bonds, according to three people with knowledge of the policies. Employees have been told to stop sending pricing information on bonds — known on Wall Street as 'runs' — and remove those clients from any distribution lists they may have been on, according to one of the people. In some cases, salespeople and traders are ignoring Bloomberg chat messages or refusing to return calls from those clients, the person said, describing it as a directive.
   Here's how months of tension between Citigroup and its regulators over the bank's tech and risk systems boiled over into the CEO's early retirement  2020/09/14 22:05:30 Business Insider
Summary List Placement When Citigroup's press release hit the wire at 8:30 am last Thursday, it caught all of Wall Street off guard. Current CEO Mike Corbat, just 60, would be stepping down as head of the third largest US bank in February, and handing the reins to 53-year-old Jane Fraser. The change sets up Fraser to become the first ever female CEO of a major US bank. Fraser's selection wasn't what surprised people – as the bank's president since October 2019, she was the heir apparent – but the announcement's timing did. When Corbat named Fraser as president last October, he said he looked forward to "leading our firm in the coming years." Read more: Wall Street shatters a glass ceiling as Jane Fraser is announced as Citigroup's new CEO, becoming the first woman to lead a major US bank Instead, he chose to retire after it became clear regulators were losing patience with his inability to fix risk, compliance and technology systems, according to those familiar with the matter. Business Insider spoke to seven current and former Citi employees, all of whom requested to speak anonymously to describe private conversations, about the lead up to Corbat's early retirement. "It was always Mike's plan to retire in 2021," according to a company spokeswoman.
   Citi is cutting real estate and moving workers to help fund its investment in its risk and controls after its 'unacceptable' Revlon blunder  2020/09/14 20:45:38 Business Insider
Summary List Placement A Citigroup executive highlighted the erroneous $900 million wire the bank recently sent as a chance to speed up plans to update the bank's risk technology. Speaking on Monday at Barclays Global Financial Services Conference, Mark Mason, the firm's chief financial officer, said that the bank views the incident as a chance to make changes. "We recognize that errors like this are unacceptable. And we also recognize that eliminating these types of manual touch points is a significant opportunity for us," Mason said. The bank is accelerating $1 billion in investments made to infrastructure and controls that Citi had already planned for this year, he added. Read more: Citi has quietly undergone a massive restructuring over the past year. Here are the businesses it overhauled and the executives who departed. In August, the bank erroneously transferred $900 million to lenders for Revlon , the beauty and cosmetics company, one day after it was hit by a lawsuit over restructuring tactics.
   Revlon Announces Expiration of Exchange Offer and Consent Solicitation  2020/09/14 13:25:00 Business Wire
NEW YORK--(BUSINESS WIRE)--Revlon, Inc. (NYSE: REV) announced today the expiration of its previously-announced private exchange offer (the “Exchange Offer”) and consent solicitation (the “Consent Solicitation”) by Revlon Consumer Products Corporation, its direct wholly-owned operating subsidiary (the “Company”) that was made pursuant to a Confidential Offering Memorandum and Consent Solicitation Statement, dated July 27, 2020. The Company had offered to exchange any and all its 5.75% Senior Not
   Citi Files 3rd Lawsuit In Recovering $900 Million Transferred By Mistake  2020/08/22 09:18:58 Goodreturns
In its latest attempt to recover the $900 million it mistakenly sent to lenders of Revlon Inc, Citigroup Inc has filed a third lawsuit on Friday, a Reuters report said. The American bank has sued a dozen firms over an "operational
   Abrir la cuenta y encontrar un ingreso sorpresa de 2.080 millones  2020/08/22 08:44:06 Cinco Dias El Pais
Un cliente de Bank of America recibió una transferencia por este importe, días después de que Citigroup se haya enfrentado a un error similar con los fondos acreedores de Revlon
   CITIGROUP INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Citigroup Inc. - C  2020/08/22 02:50:00 Business Wire
NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Citigroup Inc. (NYSE: C). On August 12, 2020, it was revealed that the Company had inadvertently wired $900 million of its own money to various lenders of Revlon Inc., seemingly intended as an interest payment from Revlon on a loan for which Citibank acts as an administrative agent,
   La transferencia “accidental” de 750 millones que acaba en una batalla legal  2020/08/18 06:40:27 Cinco Dias El Pais
Varios receptores de los fondos, acreedores de Revlon, rechazan devolverlos
   Citigroup moves court after transferring $900 million by mistake  2020/08/18 05:54:40 Livemint
Citigroup says it intended to make interest payments on Revlon’s behalf but accidentally transferred amounts more than 100 times greater to Brigade Capital Management

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