Citigroup news stories on Newser

Citi Shareholder Revolt Bad News for Other Big Banks

Evann Gastaldo — Thu, 19 Apr 2012 08:16:05 CDT

Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial reform laws,...

Shareholders to Citi CEO: No $15M Payday for You!

Kevin Spak — Wed, 18 Apr 2012 09:36:45 CDT

Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few times shareholders have...

Most Big Banks Pass Stress Test; 4 Fail

John Johnson — Tue, 13 Mar 2012 17:17:50 CDT

The Federal Reserve released the results of its latest round of stress tests at the nation's biggest banks, and they're generally being received as good news. Fifteen of the 19 banks passed, which is what outlets such as the Wall Street Journal and Washington Post are highlighting in the the...

Moody's Slaps Wall Street's Big Banks With Review

Kevin Spak — Thu, 16 Feb 2012 08:31:44 CST

Moody's isn't feeling great about the health of the financial industry right now. The rating agency put a host of banks under review for possible downgrade today, including US giants Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley, the Wall Street Journal reports. It said the banks now...

SEC Letting Big Banks Skirt Fraud Penalties

Kevin Spak — Fri, 03 Feb 2012 07:13:39 CST

The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from sanctions,...

Ex Citigroup CEO Selling Yacht for $69.5M

Rob Quinn — Fri, 23 Dec 2011 04:21:05 CST

After selling his Manhattan penthouse to a 22-year-old Russian heiress for $88 million , former Citigroup chief Sandy Weill is trying to offload his yacht as well. The 200-foot super yacht April Fool , which Weill rarely used in the five years since he bought it new, is being offered for a...

Citi Cutting 4,500 Jobs

Rob Quinn — Wed, 07 Dec 2011 00:43:56 CST

Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes and the...

Massachusetts Sues Big Banks Over Mortgage Fraud

Kevin Spak — Thu, 01 Dec 2011 12:58:15 CST

Massachusetts Attorney General Martha Coakley—best remembered for her failed campaign against Scott Brown —has filed a lawsuit against Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial over alleged mortgage fraud offenses, including the “robo-signing” scandal. The suit also names MERSCORP which produces an electronic mortgage registration...

S&P Downgrades Credit Ratings of Top US Banks

Tue, 29 Nov 2011 16:55:34 CST

Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan Chase, Morgan...