VIKRAM PANDIT

Citigroup Inc will eliminate 11,000 jobs worldwide, about 4 percent of its total staff, in a move to save as much as $1.1 billion a year in expenses.

Talking heads were scrambling to explain the sudden departure of Citigroup, Inc. (NYSE: C) Chief Executive Vikram Pandit Tuesday.

Vikram Pandit has resigned as CEO of Citigroup, the third-largest U.S. bank. He was replaced by Michael Corbat.

Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis.

The chief executive of New York-based Citigroup Inc. (NYSE:C) had a surprisingly confident outlook for his bank's future business prospects during a conference call with analysts Monday.

Citigroup Inc.'s second-quarter profit fell 12 percent but its adjusted earnings-per-share beat estimates, the New York-based bank said Monday.

The Federal Reserve is charting a course for more stringent capital reserve requirements for the largest banking institutions in the U.S., in line with new international rules representing the Basel III accord.

Police in riot gear arrested two dozen people on Tuesday as protesters with a huge inflated rat sought to disrupt a Wells Fargo & Co annual shareholder meeting to express anger over foreclosures, executive compensation and corporate taxes.

Richard Parsons, who chaired the Citigroup Inc board that lost a shareholder vote this week on executive compensation, said on Thursday that directors had failed to adequately explain to investors the methods they used to determine pay packages.

Citigroup Inc shareholders gave a vote of no confidence to the bank's executive compensation plan on Tuesday, dealing a surprise embarrassment to Chief Executive Vikram Pandit.

Citigroup Inc posted stronger-than-expected first-quarter results as bond trading and underwriting revenue jumped compared with the 2011 fourth quarter.

While some athletes want to be paid to play in the Olympics, others are simply appreciative of being able to compete.

Citigroup Inc's quarterly profit beat Wall Street estimates as the third-largest bank cut expenses and benefited from an improved economy and more active capital markets after a dismal end to 2011.

Citigroup Inc. (NYSE: C) kicked off Monday morning by announcing underwhelming first-quarter earnings that narrowly missed analyst expectations on both profit and revenue. The New York-based banking giant reported earnings of $2.93 billion, or 95 cents per share on revenues of $19.41 billion. Earnings a year ago had been reported as $3 billion, or $1 a share, on revenues of $19.73 billion. Analysts had expected earnings to be flat from year-ago results.

Citigroup's first-quarter earnings beat Wall Street estimates as expenses fell 7 percent from the 2011 fourth quarter.