Morici: Citigroup Doesn't Know How to Bank
Citigroup announced its earnings this morning, ending a three-quarter profit streak with a $7.6 billion loss during the final three months of 2009. This as consumers still struggled to repay loans and...
View ArticleCiti Settles with SEC for $75 Million
Citigroup has reached a $75 million settlement with the U.S. Securities and Exchange Commission for misleading investors about the extent of its holdings in sub-prime mortgage investments. This follows...
View ArticleGoldman Sachs and Bank of America to Report Earnings
Bank of America and Goldman Sachs are scheduled to release their earnings reports for the third quarter today. Yesterday, Citigroup reported a 74 percent rise in their earnings and Wells Fargo reported...
View ArticleExecutive's $15 Million Pay Package Denied by Citigroup Shareholders
Citigroup shareholders have voted down the bank's $15 million pay package for its chief executive, Vikram Pandit. It's the first time that stock owners have united in opposition to outsized...
View ArticleWhistleblower Exposes Dishonest Practices at Citigroup
Sherry Hunt grew up in the Midwest, wears plaid flannel shirts, and likes to ride horses. She is also the whistleblower who cost Citigroup $158.3 million and exposed deep deceptions at the massive...
View ArticleFormer Obama Budget Director Orszag Joins Citigroup
Citigroup announced Thursday that former budget director Peter Orszag has joined the bank as a vice chairman in its global banking business. "I am pleased to be joining Citi, with its unmatched global...
View ArticleBanker to the World
William Rhodes, former senior vice chairman of, and currently senior advisor to, Citigroup and Citibank, talks about his career, including working abroad with such figures as Fidel Castro, and his new...
View ArticleCiti Pays $285 Million to Settle Charges It Deceived Investors
Citigroup has settled charges by the Securities and Exchange Commission that one of its subsidiaries deceived investors in a mortgage-related product right before the collapse of the housing...
View ArticleCity Judge Rejects $285M SEC-Citigroup Agreement
A federal judge in New York has struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets.U.S....
View ArticleCitigroup CEO Says Job Cuts Coming
Citigroup Inc. is eliminating 4,500 jobs in its latest effort to cut costs. The bank will take a $400 million charge in the fourth quarter as a result.Citigroup's CEO, Vikram Pandit, disclosed the job...
View ArticleMore Financial Job Cuts Could Impact Wall Street
Investment bank Morgan Stanley announced it will cut nearly 1,600 people after seeing business fall in its investment banking and trading divisions.The cuts are expected to occur during the first three...
View ArticleNYC Judge Stands Behind SEC-Citigroup Ruling
A New York City judge says his decision blocking a $285 million settlement over toxic mortgage securities should stand.A ruling Tuesday by Federal Judge Jed Rakoff denied a request by the Securities...
View ArticleCitigroup to Pay $158.3 Million to Settle Mortgage Fraud Charges
Citigroup’s mortgage unit has agreed to pay $158.3 million to settle charges that it defrauded a U.S. government home loan insurance program.In the civil suit and settlement filed simultaneously on...
View ArticleNY Appeals Court Gives SEC-Citigroup Deal New Life
A federal appeals court says a judge may have overstepped his authority when he blocked a $285 million settlement over toxic mortgage securities.The 2nd U.S. Circuit Court of Appeals in Manhattan...
View ArticleMoney Talking: Murdoch, Banks and a New Era of Corporate Accountability
A British parliamentary committee calls News Corporation's Rupert Murdoch "not a fit person to exercise the stewardship of a major international company.” Shareholders upset with Chesapeake Energy’s...
View ArticleCitigroup Agrees to Pay $590M in Shareholder Suit
Citigroup has agreed to pay $590 million to settle legal claims by shareholders that its executives misled them about the bank's growing problems before the financial crisis.The bank denied the...
View ArticleCitigroup's Performance Foreshadowed CEO's Departure
Citigroup's CEO Vikram Pandit abruptly resigned Monday, surprising nearly everyone from bank employees to Wall Street. The news comes just a day after the bank reported solid earnings during the last...
View ArticleWhat Vikram Pandit's Exit at Citigroup Says About the Future of Big Banks
The sudden departure of Citigroup CEO Vikram Pandit has sparked a conversation about where the bank is headed under new leadership and what it says about the so-called "too big to fail" banking...
View ArticleCitigroup to Cut 11,000 Jobs, a Familiar Story
Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.The cuts amount to about 4 percent of Citi's workforce. The bulk of them, about 6,200 jobs, will come...
View ArticleWhy Big Banks Like Citigroup Are Downsizing
The nation's biggest banks are facing job losses, falling revenue, big spending cuts, not to mention core questions about their very size and scope.The latest bank to show strain is Citigroup, which...
View ArticleJames Surowiecki on the Citigroup settlement and Jelani Cobb on race and...
James Surowiecki on the Citigroup settlement and Jelani Cobb on race and partisanship.
View ArticleAfter Bankruptcy, Banks Still Go After Some Debts
For many people bankruptcy is a path to a fresh start.But, the New York Times reports this morning that tens of thousands of Americans who have been through bankruptcy are still haunted by their debts....
View ArticleThe first word in mangled meanings
Bosses have been rampant in the world of bull, says the FT's Lucy Kellaway Bosses have been rampant in the world of bull, says the FT's Lucy Kellaway
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