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After Pandit, a smaller Citi could get smaller yet
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 nation’s third-largest bank. Pandit left after a series of embarrassments and missteps that apparently unsettled […]
Vikram Pandit steps down as Citigroup CEO
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 of Citigroup’s Europe, Middle East and Africa division, the bank said. Corbat has worked at […]
Study: Companies paid more to CEOs than in U.S. tax
NEW YORK — Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank. The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 […]
Study: Companies paid more to CEOs than in U.S. tax
NEW YORK — Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank. The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 […]
Citigroup investors give thumbs down to exec pay
NEW YORK — Citigroup shareholders are strongly expressing their displeasure with the pay that the bank’s top executives are taking home. At its annual meeting Tuesday, 55 percent of shareholders voted against the pay packages that have been granted to Citigroup’s top executives. The vote is not binding. Citigroup’s CEO Vikram Pandit received $14.8 million […]
Citigroup earnings rise 74 percent, to $3.8B
NEW YORK — Citigroup Inc.’s earnings rose 74 percent in the third quarter as more of its customers paid their bills on time, leading to lower losses from loans. An accounting gain also boosted income. The profit report came as the Occupy Wall Street movement entered its second month and spread across the country, targeting […]
Citi’s Q1 profit falls 32 percent on lower loans
NEW YORK — Citigroup’s first-quarter income fell 32 percent on lower revenue from investment banking and a decline in consumer loans. The bank was able to set aside fewer reserves for losses as more borrowers were able to keep up with their debt payments. The New York bank said Monday that it earned $3 billion, […]
