WASHINGTON — Profits at U.S. banks jumped almost 37 percent for the October-December period, reaching the highest level for a fourth quarter in six years as banks continued to step up lending. The figures are fresh evidence of the industry’s ...

Tagged with: Bank of America Banks citigroup earnings Federal Deposit Insurance Corp. JPMorgan Chase & Co. profits

Citigroup’s fourth quarter earnings fell short of Wall Street’s expectations as the bank’s legal expenses rose and it released less money from its loan-loss reserves. The bank, based in New York, said a big chunk of the legal expenses came ...

Tagged with: bank Banks citi citigroup earnings mortgages

NEW YORK — The investment bank Morgan Stanley plans to cut about 1,600 jobs, nearly 3 percent of its workforce, a person familiar with the bank said Wednesday. The cuts will focus on senior ranks at the bank. About half ...

Tagged with: Banks citigroup employment jobs morgan stanley

NEW YORK — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000. The bulk of the cuts, about 6,200, ...

Tagged with: Banks Business citigroup jobs new york

NEW YORK — The young Citigroup analyst was researching Facebook before it went public. He dropped an email to two of his buddies at a popular technology blog, leaking them information about Citigroup’s research that was supposed to be private. ...

Tagged with: business news citigroup facebook fine Law legal news regulation Stocks

NEW YORK (AP) — The incredible shrinking bank may have to shrink more. In the hours after Tuesday’s surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the ...

Tagged with: Banks citigroup vikram pandit

Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, shocking Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed. Pandit’s replacement, effective immediately, is Michael Corbat, who had been CEO ...

Tagged with: Banks citigroup vikram pandit

NEW YORK — Citigroup isn’t as enthusiastic as its peers about a comeback in the housing market. On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner. On Monday, Citigroup’s top number-cruncher ...

Tagged with: Banks citigroup jpmorgan mortgage Real Estate wells fargo

NEW YORK — Citigroup said Monday that it beat Wall Street predictions for quarterly earnings after stripping out a big loss on its retail brokerage and other one-time charges. Net income was $3.3 billion, excluding one-time items. That amounts to ...

Tagged with: Banks citigroup Economy

NEW YORK — The Dow Jones industrial average is dumping Cool Whip for copays. The Dow, perhaps the most widely known barometer of the U.S. stock market, announced Friday that it would boot Kraft Foods to make room for UnitedHealth ...

Tagged with: american international group Bank of America cisco citigroup dow dow jones industrial average general electric general motors google hewlett-packard ibm Insurance investors kraft foods merck pfizer san francisco stock market Stocks Stocks