Citigroup Inc. named former Morgan Stanley President Vikram Pandit as chief executive officer to help the largest US bank recover from serious financial problems.
NEW YORK (Reuters) - Citigroup Inc <C.N> posted a quarterly loss to shareholders as it suffered $8 billion of credit losses, raising further questions about the future of the bank that is one-third owned by the U.S. government. Citigroup, which has posted more than $100 billion of writedowns and consumer credit losses since the credit crisis began, posted a third-quarter net loss to shareholders of $3.2 billion, or 27 cents a share, compared with a loss of $2.9 billion, or 61 cents a share... Read Full Story
Citigroup Inc. reports results for its third quarter on Thursday. The following is a summary of key developments and analyst opinion related to the period. OVERVIEW: Citigroup has been among the banks hardest hit by the credit crisis and recession. It has received $45 billion in loans from the U.S. government — a portion of which was converted to a 34 percent ownership stake — and guarantees to protect against losses on more than $300 billion in risky assets. The New York-based bank is also... Read Full Story
VIKRAM PANDIT ON THE RECORD
Citigroup, which has been at the epicenter of the financial crisis, is one of the best-performing U.S. stocks since March. But CEO Vikram Pandit's fix-it job is far from complete. Citi's shares remain 90% off their high in 2006. Its books are still loaded with risky assets. And the economy faces headwinds. Pandit sat down to talk with BusinessWeek Editor-in-Chief Stephen J. Adler on Sept. 17 as part of the Captains of Industry series at the 92nd Street Y in... Read Full Story
An independent consulting firm has given Citigroup Inc.'s management team a good review, but the embattled bank could see more changes among its top ranks, The Wall Street Journal reported Wednesday. Requested by the U.S. government following its stress tests on banks earlier this year, the outside review by Egon Zehnder International found that Citigroup's CEO Vikram Pandit and his executive team are in overall good shape, the Journal said on its Web site. However, Vice Chairman Lewis Kaden... Read Full Story
BOSTON/NEW YORK (Reuters) - A review of Citigroup Inc's <C.N> management team, demanded by U.S. regulators in the aftermath of the financial crisis, gave it satisfactory marks, according to a person familiar with the matter. However, the reviewers from outside consultant Egon Zehnder International were less favorable about two key members of Chief Executive Vikram Pandit's team -- Vice Chairman Lewis Kaden and Chief Administrative Officer Don Callahan, the source said. The reviewers said... Read Full Story
Struggling banking giant Citigroup topped expectations Thursday, posting a third-quarter profit of 101 million dollars. Because of special dividends required from a massive government bailout, the results amounted to a loss for shareholders of 27 cents per share. But that was better than the expected loss of 38 cents per share. Citigroup has received some 45 billion dollars in capital from the US Treasury to shore up its finances, some of which has been converted to common stock. That has... Read Full Story
What’s next for the bank?
Hot Headline: Citigroup can’t maintain its two-quarter gaining streak.
Hotter Headline: Vikram Pandit is immediately restructuring the bank.
Citigroup’s third quarter results are a disappointing report from the bank that still struggles to recover from the crisis and pay off its dues to the federal government. The New York Times writes, “The bank’s headline number — net income of $101 million — came before it accounted for $288 million in preferred dividends... Read Full Story
Citigroup Inc. said Monday it is switching to a fee-based model in its retail investment business, eliminating commissions for its 600 in-house financial advisers by the end of next year. The shift is an effort to provide clients with more transparency, Deborah McWhinney, head of Citi Personal Banking and Wealth Management, said in an interview. "Investors are getting very engaged in what they're doing," McWhinney said. In addition to switching to a fee-based model, Citigroup plans to... Read Full Story
Citigroup Inc. CEO Vikram Pandit confirmed Wednesday that the bank plans to eventually sell the remaining stake in its Smith Barney brokerage venture to Morgan Stanley, which owns the other half. Citigroup was widely expected to exit the joint venture, which was created in June, but Pandit's comments marked the first time the bank has publicly asserted its plans. Pandit's comments came at a conference sponsored by Barclays Capital and were confirmed by Citigroup spokesman Alex Samuelson... Read Full Story
Posted By: Charlie Gasparino Tom Maheras, Citigroup's former president and the man at the heart of the firm's push into what eventually became tens of billions of dollars in toxic debt, is running a hedge fund that is up 84 percent so far this year thanks at least in part to some unusual investing. Read More
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