Vikram pandit

Citigroup will use $36.5 billion to issue mortgages, credit card loans and buy distressed assets in the credit market in the coming months, the Associated Press reports citing a report from the firm.

Prominent executives have stepped away from attendance at the World Economic Forum 2009 in Davos, Switzerland which kicks off Wednesday, citing illness, the need to deal with pressing matters, or just avoiding the spotlight under tough economic circumstances.

Citigroup is planning to sell its Japanese retail brokerage Nikko Cordial Securities, according to a report.

Citigroup Inc lost $8.29 billion in its latest quarter, marking five straight quarters of losses as it unveiled a restructuring plan that divides the company into two major units. Investors were pleased with the news, sending shares up 9.7 percent in pre-market trading on Friday.

Citigroup announced that Robert Rubin has retired as Senior Counselor effective Friday and will finish out his term as a director on the company's board.

Citigroup chief executive Vikram Pandit is set to present his plans and outlook for the largest U.S. bank, when it holds its annual Investor Day meeting on Friday.

Citigroup Inc, the largest U.S. bank by assets, announced a $5.1 billion first quarter loss along with more than $12 billion in writedowns linked the struggling mortgage and credit markets.We'...

Citigroup Inc awarded Chief Executive Vikram Pandit $26.7 million of shares and 3 million stock options, six weeks after he took over the largest U.S. bank, and a week after reporting a record $9.83 billion quarterly loss.

Citigroup Inc., the nation's largest bank by assets, reported the company's biggest quarterly loss and slashed dividends on Tuesday as loan defaults in recent quarters forced it to write down the value of subprime-mortgage investments by $18 billion.

Citigroup will announce at least a $10 billion injection and a write-down of as much as $20 billion in mortgage-related investments when it announces its fourth quarter earnings tomorrow, the Wall Street Journal reported Monday.

Citigroup, Inc. and Merrill Lynch & Co., U.S. banks which have seen heavy losses due to bad bets on the mortgage market, are in discussions to get up to $10 billion and $4 billion in capital respectively primarily from foreign governments, according to a report on Wednesday.

U.S. and European banks including Citigroup Inc and HSBC Holdings PLC are considering selling off

U.S. and European banks including Citigroup Inc and HSBC Holdings PLC are considering selling off parts of their businesses as they prepare for tough times ahead, the Wall Street Journal reported.

The leading internal candidate to fill the vacant CEO position at Citigroup is Vikram Pandit, the head of the bank’s investment banking division, but no final decision has been made according to reports on Monday.

Citigroup Inc, the largest U.S. bank, on Tuesday overhauled the structure of its investment bank, combining equity and debt capital markets activities.

Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc, as the bank said it may write off $11 billion of subprime mortgage losses, on top of a $6.5 billion write-down last quarter. Robert Rubin, the former U.S. Treasury Secretary who had chaired Citigroup's executive committee, was named chairman, while Sir Win Bischoff, who runs Citigroup's European operations, was named acting chief executive.

Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc, as the bank said it may write off $11 billion of subprime mortgage losses, on top of a $6.5 billion write-down last quarter.

Citigroup Inc Chief Executive Charles Prince plans to resign this weekend, the Wall Street Journal said, as the widening subprime mortgage crisis deals a final blow to a reign long under attack. The largest U.S. bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down, the newspaper said on Friday, citing people familiar with the situation.

Citigroup Inc, which last week forecast 60 percent declines in third-quarter earnings amid bad debt losses, said it was promoting Vikram Pandit to head banking, markets, and alternative investments, and that trading head Thomas Maheras was leaving.