Citigroup has moved chief financial officer Sallie Krawcheck to run its wealth management business. Krawcheck becomes chairman and chief executive of Citigroups' global wealth management division, replacing Todd Thomson, whose next move...
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Citigroup has moved chief financial officer Sallie Krawcheck to run its wealth management business. Krawcheck becomes chairman and chief executive of Citigroups' global wealth management division, replacing Todd Thomson, whose next move is unclear.
CHARLOTTE, North Carolina (Reuters) - Bank of America Merrill Lynch <BAC.N> named three executives on Tuesday to run its $450 billion retirement services business, including rehiring a former executive who left earlier this year. The move is the second major leadership change within the retirement division in the last three months. Sallie Krawcheck, head of the bank's global wealth and investment management division, poached Citi colleague Andy Sieg, in September to run the retirement... Read Full Story
Citigroup Inc. filed plans for an initial public offering of its Primerica Inc. life insurance unit late Thursday, and said it will sell the rest of the unit after it goes public. Divesting Primerica is part of Citi's effort to simplify its operations and raise cash. The bank, one of the hardest hit during the credit crisis and recession, has reported huge losses in the past two years as its investments and consumer loans and credit cards soured. Citi will sell all the Primerica shares being... Read Full Story
Investment manager BlackRock Inc. on Friday said Bank of America executives Sallie Krawcheck and Mark D. Linsz joined its board. Under the terms of BlackRock's stockholder agreement with Merrill Lynch, the brokerage may designate two directors to BlackRock's board. Bank of America bought Merrill a year ago amid the market meltdown, and completed the purchase in January. Krawcheck, 44, is president of global wealth and investment management for Bank of America, and former chief financial... Read Full Story
NEW YORK (Reuters) - Bank of America Corp <BAC.N> will spend as much as $20 million in the fourth quarter of 2009 to relaunch Merrill Lynch's name and long-time bull logo. The former Merrill Lynch and & Co's operations will now be known as Merrill Lynch Wealth Management, and be one of two primary units in Bank of America's Global Wealth and Investment Management division, Sallie Krawcheck, the division's president, told a press conference. She called the Merrill Lynch operations and the U.S... Read Full Story
NEW YORK (Reuters) - Lawyers for Bank of America Corp <BAC.N> and former Merrill Lynch & Co brokerage chief Robert McCann were in talks Wednesday to resolve his lawsuit accusing the bank of blocking him from taking a job with a rival. McCann sued the largest U.S. bank last month, seeking to lift a "non-competition" clause in various Merrill agreements and thus freeing him to take a job with a rival. Published reports said the rival was Swiss bank UBS AG <UBSN.VX>. Bank of America is arguing... Read Full Story
PC maker Dell Inc. said Tuesday Sallie L. Krawcheck is resigning from its board to focus more on her work at Bank of America Corp., which she recently joined as president of its global wealth and investment management division. Shantanu Narayen, president and CEO of software company Adobe Systems Inc., has been named to Dell's board effective immediately. Narayen, 46, will stand for election at Dell's next shareholder meeting. He has served as Adobe's CEO since 2007. Bank of America in... Read Full Story
Shares of Bank of America shot up Thursday as a new executive at the bank, as well as a prominent hedge-fund manager, decided to place big bets on the company by buying up blocks of shares. Shares jumped 72 cents, or 4.5 percent, to $16.65 in afternoon trading. Sallie Krawcheck, the former Citigroup Inc. executive hired last week as part of a management shake up at the Charlotte, N.C.-based bank, bought more than $1 million worth of the bank's shares on Wednesday, according to a filing with... Read Full Story
NEW YORK (Reuters) - Sallie Krawcheck has purchased just over $1 million of Bank of America Corp <BAC.N> stock, a little more than a week after becoming head of global wealth and investment management at the largest U.S. bank. Krawcheck on Wednesday bought 63,000 shares at an average $15.97 each, according to a filing Thursday with the U.S. Securities and Exchange Commission. Bank of America announced the hiring on Krawcheck on August 3. Her responsibilities include oversight of brokerage... Read Full Story
We hope Sallie Krawcheck does a good job at Bank of America, where we have literally hundreds in dollars of savings! Busy day at Bank of America. The same day it announced that top exec Liam McGee will be leaving the company, they announced they had hired Sallie Krawcheck to head up it's global wealth and investment management business wing. Oh yeah, they also got hit with a $33 million fine from the SEC. Krawcheck previously held a similar role, controlling global wealth managment at... Read Full Story
Citigroup has surprised Wall Street, reporting a $3 billion second-quarter profit instead of the big loss analysts expected. Citigroup joined four other big banks in reporting strong results for the quarter. After paying preferred dividends, the bank earned $3 billion, or 49 cents per share. It lost $2.86 billion, or 55 cents per share, during the same quarter last year. Analysts forecast a loss of 37 cents per share for the quarter. The New York-based bank recorded an after-tax gain of $6.7... Read Full Story
