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BUSINESS
December 5, 2012 | By Jim Puzzanghera
WASHINGTON -- Citigroup Inc. will cut 11,000 jobs and take a $1-billion pre-tax charge to its fourth-quarter earnings as it tries to reduce costs and reposition itself under new corporate leadership. The job cuts -- including closing 44 U.S. consumer banking branches -- will save $900 million in 2013 and produce $1.1 billion in annual savings in 2014 and beyond, the company said in announcing the steps Wednesday. "These actions are logical next steps in Citi's transformation," said Chief Executive Michael Corbat, who took over in October after the surprising departure of Vikram Pandit . "While we are committed to - and our strategy continues to leverage - our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns," Corbat said.
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BUSINESS
April 15, 2013 | By Andrew Tangel
Citigroup Inc.'s first-quarter profit jumped 30% as the giant bank tries to emerge from the shadow of the financial crisis under new Chief Executive Michael Corbat. Citi said Monday it earned $3.8 billion, or $1.23 a share, in the first quarter, up from $2.9 billion, or 95 cents, during the same period a year ago, beating analysts' estimates. The bank's shares gained $1.15, or 2.6%, to $45.93 in early trading on Wall Street. Revenue of $20.5 billion grew 6% from $19.4 billion in the first quarter of last year.
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BUSINESS
April 15, 2013 | By Andrew Tangel
Citigroup Inc.'s first-quarter profit jumped 30% as the giant bank tries to emerge from the shadow of the financial crisis under new Chief Executive Michael Corbat. Citi said Monday it earned $3.8 billion, or $1.23 a share, in the first quarter, up from $2.9 billion, or 95 cents, during the same period a year ago, beating analysts' estimates. The bank's shares gained $1.15, or 2.6%, to $45.93 in early trading on Wall Street. Revenue of $20.5 billion grew 6% from $19.4 billion in the first quarter of last year.
BUSINESS
March 19, 2013 | By Andrew Tangel, This post has been corrected. See below for details.
NEW YORK -- Citigroup's $730-million legal settlement likely won't be the bank's last whopping payout as private and government attorneys force Wall Street to do penance for the financial crisis. At the end of 2012, Citi estimated it could face approximately $5 billion in future legal expenses, up from about $4 billion a year ago. The massive settlement, which a federal judge in Manhattan must still approve, likely won't be  the last huge sum Citi shells out, but much of the worst may be behind the New York-based bank, according to Erik Oja, a banking analyst at S&P Capital IQ. “These things will continue for a while, but we're much more than halfway through,” Oja said.
BUSINESS
March 19, 2013 | By Andrew Tangel, This post has been corrected. See below for details.
NEW YORK -- Citigroup's $730-million legal settlement likely won't be the bank's last whopping payout as private and government attorneys force Wall Street to do penance for the financial crisis. At the end of 2012, Citi estimated it could face approximately $5 billion in future legal expenses, up from about $4 billion a year ago. The massive settlement, which a federal judge in Manhattan must still approve, likely won't be  the last huge sum Citi shells out, but much of the worst may be behind the New York-based bank, according to Erik Oja, a banking analyst at S&P Capital IQ. “These things will continue for a while, but we're much more than halfway through,” Oja said.
BUSINESS
January 17, 2013 | By Andrew Tangel
Citigroup Inc. posted a 25% jump in fourth-quarter profit as its new management struggles to restructure the bank and overcome lingering woes from the mortgage meltdown. Citi said Thursday that it earned $1.2 billion, or 38 cents a share, in the fourth quarter, up from $956 million, or 31 cents, in the same period in 2011. Excluding restructuring and other one-time accounting charges, Citi earned 69 cents a share in the fourth quarter. But the bank's profit fell short of Wall Street expectations, according to analysts polled by Bloomberg News who estimated per-share earnings of 96 cents.
BUSINESS
January 19, 2010 | By Nathaniel Popper
Citigroup had its worst quarter of 2009, losing $7.6 billion in the final quarter of the year, or 33 cents per share, due in large part to the company's swift push to leave the government's Troubled Asset Relief Program. Citigroup announced this morning that it lost $1.6 billion in 2009, with the majority of losses coming during the difficult fourth quarter. The company's local consumer lending division lost $233 million more than in the third quarter, providing further indication of the difficulty consumers are having in paying off mortgages and credit cards.
BUSINESS
October 16, 2012 | By Andrew Tangel
NEW YORK - 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. Among the questions: Was Pandit ousted? Did he and Citi's board clash over his pay, his management or the bank's strategy? Or was Pandit's departure all part of the plan? Some viewed the former hedge-fund manager and financial scholar as a placeholder who would stabilize the lumbering behemoth until its fortunes improved.
BUSINESS
November 19, 2010 | By Rick Rothacker
Two banks that clashed over dueling deals to buy Wachovia Corp. announced a $100-million legal settlement Friday. Wells Fargo & Co. will pay Citigroup Inc. to resolve all claims in the dispute, the banks said in a joint statement. The payment caps a feud that emerged at the peak of the 2008 financial crisis. "We are glad to put this matter behind us, and we look forward to our two institutions working together constructively in the future," the companies said in the statement.
BUSINESS
December 6, 2012 | By Andrew Tangel, Los Angeles Times
NEW YORK - Citigroup's move to sack more than 11,000 workers may foreshadow bigger cuts as its newly installed chief executive shakes up the lumbering Wall Street behemoth. The New York bank's restructuring - coupled with a $1-billion write-down in the fourth quarter - came as Citi, like other financial giants, suffers through a hangover from the housing meltdown and struggles to adjust to the resulting regulations. "This is simply just the beginning," said Todd Hagerman, an analyst at Sterne Agee.
BUSINESS
January 17, 2013 | By Andrew Tangel
Citigroup Inc. posted a 25% jump in fourth-quarter profit as its new management struggles to restructure the bank and overcome lingering woes from the mortgage meltdown. Citi said Thursday that it earned $1.2 billion, or 38 cents a share, in the fourth quarter, up from $956 million, or 31 cents, in the same period in 2011. Excluding restructuring and other one-time accounting charges, Citi earned 69 cents a share in the fourth quarter. But the bank's profit fell short of Wall Street expectations, according to analysts polled by Bloomberg News who estimated per-share earnings of 96 cents.
BUSINESS
December 6, 2012 | By Andrew Tangel, Los Angeles Times
NEW YORK - Citigroup's move to sack more than 11,000 workers may foreshadow bigger cuts as its newly installed chief executive shakes up the lumbering Wall Street behemoth. The New York bank's restructuring - coupled with a $1-billion write-down in the fourth quarter - came as Citi, like other financial giants, suffers through a hangover from the housing meltdown and struggles to adjust to the resulting regulations. "This is simply just the beginning," said Todd Hagerman, an analyst at Sterne Agee.
BUSINESS
December 5, 2012 | By Jim Puzzanghera
WASHINGTON -- Citigroup Inc. will cut 11,000 jobs and take a $1-billion pre-tax charge to its fourth-quarter earnings as it tries to reduce costs and reposition itself under new corporate leadership. The job cuts -- including closing 44 U.S. consumer banking branches -- will save $900 million in 2013 and produce $1.1 billion in annual savings in 2014 and beyond, the company said in announcing the steps Wednesday. "These actions are logical next steps in Citi's transformation," said Chief Executive Michael Corbat, who took over in October after the surprising departure of Vikram Pandit . "While we are committed to - and our strategy continues to leverage - our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns," Corbat said.
BUSINESS
October 17, 2012 | By Andrew Tangel and Walter Hamilton, Los Angeles Times
NEW YORK - Wall Street suffered another blow as one of its highest-profile leaders abruptly resigned, a reflection of the persistent difficulties plaguing the banking industry as it tries to recover from the financial crisis four years ago. Citigroup Inc. Chief Executive Vikram Pandit stepped down Tuesday from the top job at the No. 3 U.S. bank, along with President and Chief Operating Officer John Havens. The surprise departures were blamed on long-simmering conflicts between the two executives and board members.
BUSINESS
October 16, 2012 | By Andrew Tangel
NEW YORK - 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. Among the questions: Was Pandit ousted? Did he and Citi's board clash over his pay, his management or the bank's strategy? Or was Pandit's departure all part of the plan? Some viewed the former hedge-fund manager and financial scholar as a placeholder who would stabilize the lumbering behemoth until its fortunes improved.
BUSINESS
November 19, 2010 | By Rick Rothacker
Two banks that clashed over dueling deals to buy Wachovia Corp. announced a $100-million legal settlement Friday. Wells Fargo & Co. will pay Citigroup Inc. to resolve all claims in the dispute, the banks said in a joint statement. The payment caps a feud that emerged at the peak of the 2008 financial crisis. "We are glad to put this matter behind us, and we look forward to our two institutions working together constructively in the future," the companies said in the statement.
BUSINESS
October 16, 2012 | By Andrew Tangel
NEW YORK -- Vikram Pandit resigned as Citigroup Inc.'s chief executive Tuesday, in a surprise to Wall Street that comes a day after the country's third-largest bank announced stronger-than-expected earnings. John Havens, Citi's president and chief operating officer, also stepped down Tuesday. The swiftness of the high-level departures fueled speculation about why the executives quit. Citi's board of directors announced that Michael Corbat has replaced Pandit as CEO and would join the board (Pandit also resigned his board post)
BUSINESS
March 5, 2010 | By Jim Puzzanghera
Facing the government's bailout watchdogs for the first time, Citigroup Inc. Chief Executive Vikram Pandit publicly thanked taxpayers Thursday for the $45 billion that helped save the company during the financial crisis and said he was taking steps to ensure future handouts would not be needed. "This is a different company," Pandit told the Congressional Oversight Panel, which monitors the $700-billion Troubled Asset Relief Program. He said he did not anticipate Citigroup would need any additional bailout money, a point echoed by Herbert M. Allison Jr., the assistant Treasury secretary who oversees TARP.
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