Business Events Corporate Restructuring

  • Citigroup plans to split its consumer banking unit from its credit-card business as part of a broader reorganization to cut costs and simplify the large financial institution's structure, the company said Monday.

  • EBay said Thursday it is cutting 125 jobs in Europe and North America, including 70 positions at the online auctioneer's headquarters in San Jose, Calif.

  • Pest control to parcel delivery firm Rentokil Initial is parachuting in the management team that turned around chemicals group ICI in a bid to recover from two profit warnings that have hammered its shares. 

  • siemens1.jpg

    Engineering group Siemens issued a profit warning after a review of major projects at three operations, sending its shares down as much as 7 percent in pre-market trading on Monday.

  • The stunning pay packages of executives at financial groups hammered by the U.S. mortgage crisis came in for stinging criticism from Democratic lawmakers and investor advocates at a congressional hearing Friday.

  • Telecom Italia shares slid to a 10-year low on Friday as a grim sales outlook and plans to expand overseas in a much-heralded new strategy stoked fears over its costly debt.

  • Countrywide Financial CEO Angelo Mozilo told a congressional panel Friday that he is "extremely concerned" that recent tightening of mortgage underwriting criteria has gone too far.

  • The heads of three companies implicated in the mortgage crisis have been asked to explain how they collectively received hundreds of millions of dollars in compensation while their companies were losing money.

  • E Trade

    E*Trade plans to give Chairman Donald Layton the additional role of chief executive officer, The Wall Street Journal reported on Sunday.

  • MBIA, the world's biggest bond insurer, is finished raising significant dilutive capital, CEO Jay Brown told CNBC.

  • Siemens will cut 6,800 jobs at its corporate telecoms unit -- two-fifths of the unit's workforce -- to reshape the business into a software provider as it seeks to divest the division, it said on Tuesday.

  • MBIA

    MBIA, the world's largest bond insurer fighting to hang on to its top-notch rating, said Monday it is eliminating its quarterly dividend in a move expected to save the company $174 million a year.

  • A dissident shareholders group of the New York Times raised its stake to 19.03 percent, according to a U.S. regulatory filing, nearing the equity value its controlling family holds.

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    The UK Treasury announced on Friday it bought all the shares in troubled bank Northern Rock, including its preference shares, and that an order setting up compensation for shareholders will be sent to parliament shortly.

  • An investment firm seeking board seats at New York Times disclosed Thursday that it has increased its stake in the company again, to 15.6%. 

  • Investors in subprime-stricken lender IKB took a further blow on Monday as details of government plans to rescue and sell the bank stoked uncertainty and wiped a further quarter off the shares.

  • WestLB's owners stumped up a further 3 billion euros ($4.4 billion) to rescue the state-sector lender which said it would slash up to 1,500 jobs in the next two years as it prepares to be sold.

  • Shares in Alcatel-Lucent dropped in U.S. trading, after the company scrapped its 2007 dividend and predicted a loss for the current quarter.

  • Australian financial services firm MFS said on Monday it will sell a 65 percent stake in its Stella tourism business to private equity firm CVC Asia Pacific, raising enough cash to meet its short-term debt obligations.

  • Motorola's Razr V3 cell phone.

    Shares of Motorola rose 10 percent Friday after the company said it was considering splitting off its mobile phone division, the company's biggest unit.