Moving with unusual speed, the Democratic-controlled U.S. House of Representatives on Thursday approved legislation to recoup most of the $165 million in bonuses paid to American International Group Inc employees.
Moving with unusual speed, the Democratic-controlled U.S. House of Representatives on Thursday approved legislation to recoup most of the $165 million in bonuses paid to American International Group Inc employees.
Some top employees of American International Group Inc's Financial Products group have agreed to return retention bonuses after mounting public outrage over the $165 million payout, the Wall Street Journal said.
Citigroup Inc awarded Chief Executive Vikram Pandit $10.8 million of compensation in 2008, a year in which the bank required two government rescues totaling more than $45 billion.
Citigroup Inc Chairman Richard Parsons said on Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands.
Base salaries on Wall Street may double as a result of the public backlash over excessive bonuses, according to a report.
Citigroup was profitable in the first two months of 2009 and is confident about its capital strength after tough internal stress tests, according to a memo from Chief Executive Vikram Pandit obtained by Reuters.
Citigroup executives in Mexico have bough millions of shares in the beleaguered U.S. bank as a show of confidence, a spokesman for the bank' Mexican unit told Reuters.
Seoul shares are set to fall on Tuesday after big overnight losses on Wall Street on worseningfears about U.S. financials after insurer AIG posted a record quarterly loss, with eyes also on the sliding won.
U.S. stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system.
U.S. stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system.
American International Group Inc reported a $61.7 billion fourth-quarter loss on Monday, the largest quarterly loss in U.S. corporate history, after a revised rescue plan from the U.S. government.
Citigroup Inc is closing in on an agreement to boost the U.S. government's stake in it to as much as 40 percent, the Wall Street Journal reported on its website, citing people familiar with the situation.
American International Group Inc may scrap a plan to repay a $60 billion U.S. government loan by selling businesses, after failing to find enough promising bidders, Bloomberg said, citing people with knowledge of the matter.
Spy thriller Taken snatched the top box office spot this weekend, raking in $24.6 million and helping fuel the first $1 billion in January ticket sales in Hollywood history.
Bonus payments on Wall St. have become controversial in the midst of an economic crisis with a top level executive today saying that they are reasonable but need changes to ensure the long-term interests of the business.
Eli Lilly and Co. had a net loss of $3.629 billion in the fourth quarter citing charges from the acquisition of ImClone Systems Inc.
From downtown’s Battery Park to uptown’s Harlem, the Big Apple has been dipped in caramel and is more tempting than ever. And visitors are eating it up in record numbers: more than 45 million people were estimated to have visited New York City in 2007 to see what all the buzz is about...
American International Group Inc will give its former chief executive Martin Sullivan a $47 million exit package.
American International Group climbed nearly 2 percent on Friday after Morgan Stanley raised its rating for the company.
U.S. stocks fell on Wednesday as concerns increased that regional banks face more write downs after more bad news in the financial sector did little to ease concerns over the state of the slowing economy, while oil futures headed back toward $130 a barrel.
US media giant News Corporation said Monday it has raised its stake in German pay-television operator Premiere to 25 percent, the second increase since buying into the firm in January.
