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
Michael Corbat's memo to Citi.
Stephen Weiss, Short Hills Capital Partners, explains why he bought Citi on news that Vikram Pandit was stepping down as CEO. Gerard Cassidy, RBC Capital, and Timothy Ghrisky, Solaris Asset Management, also weigh in.
The following is a memo sent to Citigroup employees by departing CEO Vikram Pandit.
Vikram Pandit stepped down Tuesday as CEO of Citigroup. _ April 2007: Old Lane hedge fund, which Pandit formed a year earlier, is acquired by Citi for $800 million. _ September 2008: Citi announces it will buy the struggling bank Wachovia at the height of the financial crisis.
"Changes at the top always involve risk," said David Trone, JMP Securities, weighing in on the impact of Pandit's departure on the company's stock.
Reviewing Citi's stock after the announcement of Pandit's departure, with CNBC's Gary Kaminsky, and a look at Citi's new CEO, Michael Corbat, with CNBC's Michelle Caruso-Cabrera. Also, CNBC's Bob Pisani with an update on Citi's compensation plan.
CNBC's Philj LeBeau reports the bankruptcy filing comes after the company was unable to make a $2.8 million interest payment.
Inflation is low, earnings are high, investors are happy. Results at Mattel, Goldman Sachs, and Johnson& Johnson were all above expectations. Also Tuesday, the Labor Department said consumer prices rose just 0.1 percent last month, not counting food and energy costs.
CNBC's Rick Santelli, talks with Peter Boockvar, Miller Tabak about the sudden departure of Citi's Pandit, and the impact of the high cost of living on the economy.
Bethany McLean, Vanity Fair contributing editor, discusses the quick departure of Vikram Pandit and why it doesn't add up.
Jeffery Harte, Sandler O'Neill principal, discuss the quick departure of Citi's CEO, and why he believe Michael Corbat is a good fit to replace Vikram Pandit.
CNBC's Maria Bartiromo and Gary Kaminsky discuss some of the reasons for the departure of Citi's CEO, Vikram Pandit. "There is a feeling from some shareholders that he did not get a vote of confidence from some investors on his salary," says Bartiromo.
Charles Bobrinskoy, Ariel Investments vice chairman, explains why he sold his Citi holdings, and discusses the potential risks ahead for the financial sectors.
The most dangerous job on Wall Street is looking like the corner office. CEOs and CFOs are getting their jobs whacked faster than the post-Lufthansa heist crew in the movie Goodfellas.
William George, Harvard Business School professor, discusses the "normal" succession strategies of corporate leaders and why he was "surprised" by Vikram Pandit's sudden departure from Citigroup.
CNBC's Bob Pisani, Kayla Tausche & Kate Kelly report the latest details on the departure of Citi's CEO, and whether this departure had something to do with his compensation package.
Sheila Bair, former FDIC chair, discusses the sudden departure of Citigroup CEO, Vikram Pandit, and weighs in on the new CEO, Michael Corbat.
"We don't know exactly what happened; I'm just as surprised as anybody else," said AIG's CEO, Robert Benmosche, to CNBC's Bob Pisani, on the sudden departure of Citi's CEO, Vikram Pandit.
Text of a memo sent Tuesday to Citigroup's 262,000 employees by Vikram Pandit, who resigned as CEO:. After five extraordinary years, I have decided to step down as CEO of Citi. It has been a privilege and an honor to serve Citi since December 7, 2007.
NEW YORK-- Goldman Sachs turned in third-quarter earnings Tuesday that easily beat analysts' estimates, but the bank's mood seemed more cautious than celebratory. Trading for clients in mortgages also propelled Goldman's results higher, echoing what Wells Fargo and JPMorgan Chase reported last week as mortgage refinancing surged.