Why Citigroup Is Slashing So Many Jobs
The "repositioning action," as they so eloquently put it, comes as the bank isn't doing well overseas and looks to get out of some less profitable emerging markets.
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Citigroup announced a massive round of cuts this morning through a press release that seems to go out of its way to make no sense. One commenter thought she was reading Dilbert for a second.
The "repositioning action," as they so eloquently put it, comes as the bank isn't doing well overseas and looks to get out of some less profitable emerging markets.
The surprise resignation of Citigroup CEO Vikram Pandit last week seemed suspect to many observers, but a new report in The New York Times explains how Pandit was actually given an unsavory choice: Quit or be fired.
CitiGroup CEO Vikram Pandit and his right hand man, COO John Havens, took the financial world by surprise this morning and announced their resignations from the financial giant effectively immediately—an abrupt change from two months ago when Pandit said he was looking forward to spending several years as the bank's CEO.
The shareholders of Citigroup voted to reject the generous pay package of the CEO Vikram Pandit this week, setting up a potential showdown that could ripple throughout the financial world.
The Federal Reserve released results of its "stress test" Tuesday, announcing that four banks, most notably Citigroup, were not keeping sufficient capital on hand.
Cartoonist Nick Anderson explains our trust issues.
Law professors and Wall Street critics alike are applauding Judge Jed Rakoff's decision this week not to allow the Securities Exchange Commission to settle fraud charges against Citigroup.
A New York federal court judge has rejected Citigroup's $285 million settlement with the Securities and Exchange Commission, with which the bank had hoped to dispose of a massive lawsuit claiming it misled investors in mortgage-backed securities to the tune of $1 billion.
Big banks in the U.S. have found a clever way to respond to the hullabaloo over the new debit-card fees some of them proposed and then had to walk back: charge new fees, but call them something else.
J.P. Morgan and other major banks in the U.S. have decided that they're not going to try and pull a Bank of America by adding any new fees to their already cash-strapped debit-card customers.
Citigroup has agreed to pay $285 million to settle civil charges filed by the Securities and Exchange Commission that it deceived investors in a $1 billion deal by selling securities backed by mortgages that Citigroup bet against.
Citigroup's profits are up 74 percent only three years after the government saved them
A report from the TARP regulator finds regulators bent the rules to let the banks get out
The bank fraud charges carry a maximum sentence of 30 years
Fourth-largest music company exploring "alternatives" after being seized by Citigroup
The bank unveils new numbers but refuses to elaborate on the nature of the attack
Unidentified hackers used a simple but clever technique to break into the bank
The bank says 200,000 accounts were accessed, though the number may reach millions
The figure begs the question: Is that nearly enough?
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