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Independent
| 7 months ago
State Street has reported a surge in third-quarter profits after recouping $360m (275m) that had been caught up in the Lehman Brothers bankruptcy since 2008...Its US parent has reported a fall in revenue to $2.35bn (1.8bn) in the third quarter of the...
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The Bellingham Herald
| 7 months ago
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. But one possibility given high odds by financial...
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Turks and Caicos Free Press
| 7 months ago
A regular Citigroup Inc board meeting to talk about quarterly results took an unexpected turn on Monday night, when simmering tensions between Chairman Michael O'Neill and then Chief Executive Vikram Pandit came to a boil. O'Neill criticized Pandit...
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The New York Times
| 7 months ago
Jemal Countess/Getty Images for Time Vikram Pandit did not overhaul Citibank fast enough, or aggressively enough, in many investors' eyes...Corbat takes up the reins at Citigroup , analysts and investors have a message for him: Shrink your bank fast,...
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Washington Post
| 7 months ago
But he lacked the personal and political skills to woo regulators, lawmakers or institutional investors and he left behind little affection in Washington, according to many people who interacted with him. He sometimes canceled meetings with members...
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Asian Wall Street Journal
| 7 months ago
Vikram Pandit, who was named chief executive of Citigroup Inc. on the eve of the financial crisis and led the bank through a bruising five-year stretch that included a $45 billion federal rescue, abruptly stepped down Tuesday. Mr. Pandit, 55 years...
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Boston.com
| 7 months ago
As Michael Corbat prepares to take the helm as chief executive officer of Citigroup, he follows in the footsteps of leaders who have kept the bank afloat for 200 years. Samuel Osgood was the first to oversee the fledgling institution when it was...
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The Globe & Mail
| 7 months ago
In 2007, Lehman Brothers chairman and CEO Richard Fuld earned $34.4-million, mostly in stock and options but also salary and bonus. At the 2008 Congressional hearings investigating the causes of the financial crisis, he was forced to defend the $484-...
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The Economic Times
| 7 months ago
Standard & Poor's Ratings Services today said its ratings on Citigroup Inc. (A-/Negative/A-2) are unchanged following the sudden and immediate departure of Citi's CEO, Vikram Pandit . On Oct. 16, the board of directors elected Michael Corbat as the...
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MarketWatch
| 7 months ago
Any hope that investors were getting new, dynamic leadership atop Citigroup Inc. with the resignation Tuesday of Vikram Pandit didn't have to wait long to be disappointed. In a conference call with chairman Michael O'Neill, new chief executive...
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Turks and Caicos Free Press
| 7 months ago
Vikram Pandit may leave Citigroup Inc without a rich exit package, compensation experts say, although final terms of his departure likely will not be known for several days...Still, as is typical in departures of high-profile CEOs, the company may...
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SF Gate
| 7 months ago
Citigroup directors ousted Chief Executive Officer Vikram Pandit on Tuesday after concluding that his mismanagement of operations caused setbacks with regulators and cost credibility with investors, a source knowledgeable about the discussions said.
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Channel NewsAsia
| 7 months ago
US markets registered their best gains so far this month on good earnings reports from Mattel, Coca-Cola and Johnson & Johnson, as Citigroup rose 1.6 per cent after the shock resignation of its CEO. The Dow Jones Industrial Average finished up 127.55...
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The Motley Fool
| 7 months ago
It was the largest single-day gain in more than a month, when on Sept. 13 the markets cheered the Fed's announced implementation of QE3. The news that it may only be a matter of time before Spain requests a bailout from the EU eased uncertainties...
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The Motley Fool
| 7 months ago
Faithful readers of this column will know I've been racking my head to explain what I perceive to be an unusual level of complacency in the stock market (there is evidence for it in the bond markets, also.) Once in a while, I'll come across clues...
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Asian Wall Street Journal
| 7 months ago
Europe is probably acting more cohesively and in a more coordinated fashion than anyone would have expected a few months ago," said John Manley, chief equity strategist at Wells Fargo Advantage Funds. "We're gradually moving towards a less crisis-...
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The Independent
| 7 months ago
Suggested Topics Vikram Pandit abruptly stepped down from the helm of Citigroup yesterday after a boardroom clash at the top of the third-largest US bank. Just 24 hours earlier, the mild-mannered 55-year-old had unveiled a forecast-beating set of...
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Seattle Post Intelligencer
| 7 months ago
Vikram Pandit , who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.
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Times of India
| 7 months ago
Vikram Pandit , the Nagpur-born CEO of Citigroup Inc. , abruptly resigned on Tuesday after nearly five years at the helm of the world's largest financial services network. The resignation, which came just a day after the firm reported stronger-than-...
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Kansas City Star
| 7 months ago
A tepid earnings report sent shares of Commerce Bancshares Inc. down more than 3 percent Tuesday.The Kansas City-based banking company reported a slight increase in its third-quarter profit, citing beneficial loan growth and pressure from low...
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Al Jazeera
| 7 months ago
43 Michael Corbat, the new chief executive, was head of Citigroup's operation for Europe, Middle East and Africa [EPA] Vikram Pandit, Citigroup's chief executive, has announced his immediate resignation, in a move which took many in Wall Street by...
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Turks and Caicos Free Press
| 7 months ago
The chairman and the new chief executive of Citigroup Inc said they will stick with the company's current strategy and business lines following the sudden resignation of Vikram Pandit as CEO on Tuesday. Chairman Michael O'Neill said in a conference...
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MarketWatch
| 7 months ago
round two Medicare, a major battleground in the first debate, could get some play in tonight's town hall...How the election outcome may affect bonds Whether Barack Obama or Mitt Romney wins the November presidential election make several difference...
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Turks and Caicos Free Press
| 7 months ago
Michael Corbat , Citigroup Inc 's new chief executive, is a survivor. In a three-decade career that started at Salomon Brothers, the former offensive lineman for Harvard has endured countless mergers and succeeded in coming out on top. He has run...
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CNN
| 7 months ago
All major bank stocks are trading below the high points reached before the financial crisis, but Citigroup shareholders have felt the worst sting. Shares of Bank of America, the second worst performer, are down 80%. And JPMorgan Chase's stock, even...
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Miami Herald
| 7 months ago
Tuesday, 10.16.12 Citigroup at a glance The Associated Press Citigroup at a glance: Employees - 262,000. Headquarters - New York. 2011 net income - $11.1 billion. 2011 revenue - $78.4 billion Citigroup revenue breakdown in 2011: Consumer banking - $...
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The Idaho Statesman
| 7 months ago
The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Michael Corbat is holding a conference call with financial analysts and reporters. He's praising Pandit for leading the bank through the...
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The Orange County Register
| 7 months ago
Corbat, 53, has spent his entire career at Citigroup and its affiliated businesses. A former All-American offensive lineman on Harvard's football team, Corbat worked his way up the ranks at Salomon Brothers, helped Citi navigate the 2008 financial...
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United Press International
| 7 months ago
Vikram Pandit , the chief executive officer of Citigroup Inc., is stepping down effective immediately, the bank's board said Tuesday. The bank conducted a yearlong search for Pandit's replacement, The New York Times reported. Pandit had said he would...
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Los Angeles Times
| 7 months ago
Vikram Pandit's sudden exit as Citigroup Inc. 's chief executive has Wall Street speculating about the "real story" behind the shake-up at the country's third-largest bank...Did he and Citi's board clash over his pay, his management or the bank's...
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The Hindu
| 7 months ago
October 16, 2012 AP Nagpur-born Columbia University graduate Vikram Pandit had been the CEO of Citigroup since December, 2007. File Photo Vikram Pandit, Indian-American head of global banking behemoth Citigroup, unexpectedly stepped down from the...
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Money Morning
| 7 months ago
Walk away now, before the Franken-bubble sucks your life savings down the drain...As one of the world's most preeminent analysts said: "This is all going to end badly." That's why it's imperative that you look to collect cash instead, anywhere from $...
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Indian Express
| 7 months ago
The Board of Directors has unanimously elected Michael Corbat CEO and a director of the Board, the company said. The development comes a day after the India born CEO-led US banking giant reported 88 per cent plunge in net profit at USD 468 million in...
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The New York Times
| 7 months ago
In the wake of the financial crisis, the big banks have been forced to reconstitute their boards, with Citigroup and Bank of America at the top of the list. But others like Goldman Sachs have also been pushed to bring in more competent people. The...
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Truthdig
| 7 months ago
Oct 16, 2012 In a development that may please Truthdigger of the Week Sheila Bair , Vikram Pandit, the man who was in charge of the megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday. As chair...
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New Zealand Herald
| 7 months ago
Shares of Johnson & Johnson rose, last up 1.2 per cent, after the company posted better-than-expected third-quarter profit and upgraded its 2012 earnings forecast. Shares in State Street also were higher as its results beat expectations. In other...
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Telegraph India
| 7 months ago
35 AM Sunset : 5:11 PM Today Mainly clear sky...Oct 16 (Reuters): Citigroup Inc Chief Executive Vikram Pandit has resigned effectively immediately, the company said on Tuesday in a statement from Chairman Michael O'Neill.
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India Abroad
| 7 months ago
16 IST Share this Ask Users Write a Comment Print this article "W e respect Vikram's decision. Since his appointment at the start of the financial crisis until the present time, Vikram has restructured and recapitalized the company, strengthened our...
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Turks and Caicos Free Press
| 7 months ago
U.S. stocks rose on Tuesday after earnings from Johnson & Johnson and other bellwether companies beat expectations, raising hopes for the rest of the U.S. reporting season. Dow components Johnson & Johnson and UnitedHealth Group both increased their...
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CNN
| 7 months ago
On Monday, it had rallied more than 4% after the bank announced third quarter results. Its shares are up 39% this year. "Mike is the right person to tackle the difficult challenges ahead," Pandit said in a statement. "Citigroup is well-positioned for...
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BNET
| 7 months ago
In a move that took Wall Street insiders by surprise, Citigroup CEO Vikram Pandit is stepping down as the company's Chief Executive Officer and as a member of the Board, effective immediately. Replacing him will be Michael Corbat , who previously...
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The New York Observer
| 7 months ago
Citigroup announced that chief executive office Vikram Pandit was stepping down today. So the king is dead, or you know, getting ready for a little vacation. That doesn't mean the rest of us shouldn't speculate to what did him in...We can buy what Mr.
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Sydney Morning Herald
| 7 months ago
It is not clear precisely what led Pandit to quit, but the decision to swiftly name Corbat as CEO is a clear sign that O'Neill is now fully in control of the bank, according to one person familiar with Citigroup. In the 1980s, Corbat and O'Neill...
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MarketWatch
| 7 months ago
Chief Executive Vikram Pandit said in an interview with The Wall Street Journal that it was his own decision to depart from the bank. "It was my decision," Mr. Pandit said, not the board's. "I have a profound sense of responsibility and I wouldn't do...
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Merced Sun-Star
| 7 months ago
Old Lane hedge fund, which Pandit formed a year earlier, is acquired by Citi for $800 million. December 2007: Pandit is named Citi's CEO, a month after Charles Prince is forced out following massive losses from bad bets on subprime mortgages. -...
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Miami Herald
| 7 months ago
In 1973, Pandit began study at Columbia University at age 16. Three years later, he received a bachelor's degree in electrical engineering, and the year after that a master's...Seven years later, was named head of Morgan Stanley's U.S. stock business.
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BBC
| 7 months ago
The announcement of Corbat is a big plus for the company, he has great leadership capabilities End Quote Anthony Polini Analyst at Raymond James Citigroup's president and chief operating officer, John Havens, has also resigned. The bank said that Mr...
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Arizona Daily Sun
| 7 months ago
The Associated Press The Associated Press 1 hour ago Associated Press Inflation is low, earnings are high, investors are happy. Stocks shot higher Tuesday, giving the market its biggest gain in a month. Results at Mattell, Goldman Sachs, and...
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International Herald Tribune
| 7 months ago
Pandit comes after long-simmering tensions with the bank's board...Havens, the bank's president and a longtime associate of Mr. Pandit, has also resigned...Corbat, 52, was an all-conference lineman on the Harvard football team and has been a...
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Reuters
| 7 months ago
Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday after months of simmering tensions with the board of directors, a shocking change at the top of the No...A statement from Chairman Michael O'Neill said Michael Corbat,...
