Citigroup Inc. (NYSE:C), which announced Tuesday that it would cut about 4,500 jobs, could get faster regulatory capital than other banks, according to a Wall Street analyst.
Stock index futures pointed to a higher open for equities on Wall Street on Wednesday, with futures for the S&P 500, the Dow Jones and Nasdaq 100 up 0.6-0.8 percent.
Citigroup Inc. (C) Chief Executive Vikram Pandit said the bank will eliminate 4,500 jobs "over the next few quarters" in an effort to reduce costs, The Associated Press reported.
Citigroup Inc is cutting 4,500 jobs worldwide, Chief Executive Vikram Pandit said on Tuesday, becoming the latest large bank to trim staff.
Latest data on new claims for unemployment sent mixed signals to the market, showing that while the week ended Nov. 19 was the third straight week for initial claims to hold below 400,000, a mark that most economists believe is essential for the economy to add more jobs than it is shedding, application for jobless insurance increased 2,000 to 393,000.
Before Indra Nooyi became CEO of PepsiCo Inc. or Vikram Pandit took the reins at Citigroup Inc., there was Rajat Gupta, the original global Indian who was the first to head a major Western business.
Goldman Sachs Group Inc's bonuses are set to drop at least 20 percent this year and experts warn plunging revenue could push pay for the year even lower.
Citigroup Inc reported higher quarterly earnings, helped by an accounting gain, but warned that developed markets could face weak growth for years, and the bank's shares fell.
According to an AFL-CIO report, Immelt made about $15.2 million last year.
Citigroup CEO Vikram Pandit said the current turmoil in the global financial markets will not be a repeat of the 2008 downturn, Singapore newspapers reported on Friday.
Citigroup Inc plans to fine-tune its business as economic growth shows signs of slowing, Chief Executive Vikram Pandit said in an interview with Dow Jones, signaling that the bank is considering cost cuts.
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Bankers are bracing for a Greek default, and their best hope is that Europe can erect firewalls around the banking system strong enough and soon enough to prevent it from spreading to other euro-zone countries.
To protect the international financial system, regulators should rely more on a benchmark portfolio as a tool to guard against excessive risk-taking, rather than the capital standards now in use, Citigroup Chief Executive Vikram Pandit said on Friday.
Lloyd C. Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., lost about $52 million of his personal wealth this month.
Citigroup Inc's second-quarter profit jumped 24 percent as the bank lost less money than expected on bad U.S. loans.
Citigroup Inc's second-quarter profit jumped 24 percent as the bank lost less money than expected on bad U.S. loans.
Citigroup Inc's second-quarter profit jumped 24 percent as the bank lost less money than expected on bad U.S. loans.
When Citigroup Inc reports second-quarter results on Friday, investors will scrutinize its loan book for signs that the bank is on a sustainable path to profit growth.
Citigroup Inc has entered into exclusive talks with a bidding group to sell its OneMain consumer lending unit formerly known as CitiFinancial, the Wall Street Journal reported, citing a person familiar with the matter.
Citigroup Inc
has hired Samuel Di Piazza, Jr, the former chief executive of PricewaterhouseCoopers , to help its faltering investment bank rebuild after the financial crisis.Citigroup Inc has awarded Chief Executive Vikram Pandit a $16.7 million retention bonus, plus stock options -- a far cry from the $1 salary he took during part of the financial crisis.
