By Jay Sekulow
The left's outrage over the IRS turns to a plea to 'move on'
Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.
How much drama can take place in boardrooms and on intra-agency phone conferences? Sheila Bair aims to find out in her financial-crisis memoir, "Bull by the Horns: Fighting to Save Main Street From Wall Street and Wall Street From Itself."
The incredible shrinking bank may have to shrink more. In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank.
Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, surprising Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed.
Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank.
Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in taxes, according to a study being released Thursday by a liberal think tank.
Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was starting to collapse.
Citigroup has agreed to pay $285 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was starting to collapse.
Citigroup, still partly owned by the government after a rescue during the financial meltdown, is giving raises to top executives that could amount to millions of dollars.
Citigroup said Friday its second-quarter net income dropped 10 percent to $2.7 billion even as its losses from failed loans fell. The drop in income reflects the bank's sale a year ago of the Smith Barney brokerage, which inflated its earnings at the time.
"There is nothing better than our third quarter earnings announcement to demonstrate definitively that we have turned this company around," he wrote.
She said the bank would benefit from a CEO with commercial banking experience, as opposed to Pandit's background in investment banking, and that the move would be beneficial for shareholders.
