In a marked difference to prior annual meetings, Citigroup shareholders praised management and the board on Wednesday for revitalizing the bank's strategy.» Read More
Dec 5- Citigroup Inc said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses. Citi said it plans to sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. The bank also plans to shed 84 branches in Brazil, Hong Kong, Hungary, Korea and the United States.
And battles will brew over Volcker and derivatives rules.
NEW YORK, Dec 3- Sallie Krawcheck has been quietly raising her profile in Washington. For six months the former executive at Bank of America and Citigroup has been meeting with lawmakers on both sides of the aisle, offering her insights on a variety of issues including "too big to fail banks" and money market fund reform.
Some corporate governance experts argue that Say on Pay has had little if any impact on reining in what public companies decide to pay their leaders.
The combined role of chairman and chief executive officer, a corporate governance structure favored by many Fortune 500 firms, may soon go the way of the pension plan.
Empowered shareholders have helped drive board members from their seats and CEOs from their perch in a string of companies. In response, board members are upping their efforts to please.
The resignation of Citigroup CEO Vikram Pandit last week may not have been as sudden as it seemed, reports CNBC's Kayla Tausche.
Harvey Pitt, Kalorama Partners CEO, weighs in on whether Vikram Pandit's resignation was his decision alone.
Vikram Pandit’s last day at Citigroup swung from celebratory to devastating in a matter of minutes. Having fielded congratulatory e-mails about the earnings report in the morning that suggested the bank was finally on more solid ground, Mr. Pandit strode into the office of the chairman at day’s end on October 15 for what he considered just another of their frequent meetings on his calendar.
*Citi, Yahoo, AIG examples show more aggressive boards. NEW YORK, Oct 24- In the summer of 2011, Yahoo Inc's board decided enough was enough. So, the board held a final meeting in Los Angeles, away from Yahoo's Silicon Valley headquarters, to review the company's progress, a source familiar with the matter said.
Confusion seems to be reigning over at Citigroup where CEO Vikram Pandit resigned unexpectedly earlier this week. CNBC's Kate Kelly reports Securities and Banking Chief James Forese was unofficially offered the President/COO title, but Forese is reluctant to the role.
Wall Street executives are "delusional" if they think their pay will continue to rise significantly, Kenneth Feinberg, the former Obama administration special master on executive pay, told CNBC on Friday.
When Michael E. O’Neill became chairman of Citigroup, he took a detailed look at business lines, a hands-on approach that created friction with CEO Vikram Pandit, and paved the way for Pandit's ouster, the New York Times reports.
William Cohan, author of "Power and Money: How Goldman Sachs Came to Rule the World" and a veteran Wall Street watcher, says the former Citigroup chief executive was most likely pushed out from his the C-suite office.
Former SEC chief Harvey Pitt told CNBC Wednesday that the commission should investigate the surprise departure of CEO Vikram Pandit from Citigroup, since there were no hints given on the bank's earnings call the day before.
CNBC's Gary Kaminsky weighs in on the future of big banks.
Harvey Pitt, former SEC chairman, weighs in on the abrupt departure of Citi's CEO, and how regulations are impacting Wall Street banking.
Sen. David Vitter, (R-LA), discusses the abrupt departure of Citi's CEO, and weighs in on last night's presidential debate.
Steven Rattner, current chairman of Willett Advisors, discusses the government's bailout of the auto industry and whether it saved jobs. Rattner also weighs in on management changes at Citigroup.
CNBC's Kate Kelly reports the latest details on the shakeup at Citigroup.