BUSINESS BRIEFS.(TO THE POINT)

FINANCE

Citi mutual funds investigated

The world's No. 1 financial services firm said the SEC is probing its mutual fund market timing, fees and sales practices, and investigating how it became transfer agent for its Smith Barney mutual funds. The probes are part of a look at market-timing abuses in the $7 tril mutual fund industry. Citigroup's Asset Management unit, which had previously said it will reimburse $16 mil for questionable trading, is also being probed over payments.

N.Y. targets Grasso, directors

The N.Y. state attorney general may sue the ousted NYSE head Dick Grasso and his former board members over $120 mil in benefits if settlement talks don't pan out. The suit would charge Grasso and the board with violating N.Y.'s nonprofit organization law for unjust compensation. A NYSE report claims Grasso was overpaid by $140 mil.

Household boosts HSBC profit

HSBC Holding, the multinational banking company, which runs the No. 12 U.S. bank, earned $8.8 bil in net profit last year, up 41% from '02, as its acquisition of subprime lender Household ...