Vikram Pandit, the former Citigroup chief executive who was ousted in 2012, is launching a new consulting firm called TGG, WSJ reported.» Read More
The "Squawk Box" news crew, discuss the sudden departure of Citgroup's CEO, Vikram Pandit and his elected replacement, Michael Corbat.
NEW YORK-- Citigroup Inc. says Vikram Pandit is stepping down as CEO and a board member. The New York bank's new CEO will be Michael Corbat, the CEO of the company's Europe, Middle East and Africa division. Pandit says that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."
"I don't know what the heck is going on here," says Jim Cramer, commenting on the sudden departure of Vikram Pandit, Citigroup's CEO, after the company reported a very good quarter.
CNBC's Becky Quick and Joe Kernen, report Citigroup's Vikram Pandit is stepping down as the company's CEO. Chris Whalen, Tangent Capital Partners, weighs in on the top management change, with CNBC's Jim Cramer, Kayla Tausche, and David Walker, Comeback America Initiative CEO.
Mattel and UnitedHealth posted strong results for the third quarter. Goldman Sachs and Johnson& Johnson both beat Wall Street expectations. The Coca-Cola Co. says its net income rose 3 percent.
LONDON-- Mounting hopes over the U.S. economic recovery bolstered markets for a second day on Tuesday and helped push the euro back above $1.30. Strong earnings figures from the likes of toy maker Mattel, Johnson& Johnson and Goldman Sachs, further buoyed sentiment.
NEW YORK-- Citigroup isn't as enthusiastic as its peers about a comeback in the housing market. On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner.
NEW YORK-- Citigroup said Monday that it beat Wall Street predictions for quarterly earnings after stripping out a big loss on its retail brokerage and other one-time charges. That amounts to $1.06 per share, beating the 96 cents predicted by analysts polled by financial data provider FactSet.
The risk Citigroup has to Europe is "extremely manageable" given the size of the bank, CEO Vikram Pandit told CNBC in an interview.
In his new book the author says the movement is "gambling is that it can broadly and intelligently mobilize enough of the 99 percent to change the momentum of American politics over the long haul."
The bank's shareholders rejected the $15 million pay package for CEO Vikram S. Pandit, marking the first time that stock owners have united in opposition to outsized compensation at a financial giant.
CNBC's Mary Thompson has the latest detail from Citigroup's conference call, reporting the Fed's review of Citi's new capital plan will take up to 75 days.
Greg Smith lobbed a verbal Molotov cocktail in The New York Times against his former firm, Goldman Sachs, and reaction to his resignation might lead you to believe a lot of people inside the firm agree with his negative assessment of CEO Lloyd Blankfein. Mmmmm...not so fast
U.S. economic growth "is likely to be a little bit slower than we might have thought a couple of quarters back" because "the European situation is having an impact," Citigroup CEO Vikram Pandit told CNBC.
"We are completely focused on expenses," says Vikram Pandit, Citigroup CEO. "We are going to be cautious on the market side," he tells CNBC's Maria Bartiromo.
Vikram Pandit has a proposal aimed at shining a light into the black boxes that are the balance sheets of our biggest financial institutions. Writing in Wednesday’s Financial Times, Vikram Pandit says that banks should be required to explain how they would measure risk in a standard portfolio created by regulators. The idea is to allow investors to make “compare apples with apples”.
CNBC.com looked at the top ten colleges and discovered which CEOs spent time there as underclassmen. Check out what we found.
Saudi Prince Alwaleed bin Talal said Citigroup is "definitely on the right track" and praised Chief Executive Vikram Pandit for "rehabilitating that bank and having it go back to where it should have been a long time ago."
While Citi CEO Vikram Pandit sees a big payday, it's not the case for shareholders. Insight with Christopher Whalen, Institutional Risk Analytics.
Citi hosts shareholders following Pandit's first profitable year, while closing arguments continue in the trial of Raj Rajaratnam. But, with the holiday-shortened week, the pupu platter of earnings is the story Thursday. Here's what we're watching…