The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
"My answer is I am that person," Corbat said Thursday on CNBC's "Squawk on the Street. " "I started at our firm in 1983 at $17,000 a year."
The pay gap at Citigroup, led by Corbat since 2012, is the biggest among large U.S. banks. Corbat made $24.2 million last year, 486 times the median employee pay of $49,766. While other bank CEOs had similar paydays, higher median pay at Bank of America and J.P. Morgan Chase meant that Citigroup had the most extreme ratio.
That comparison is unfair to Citigroup because of the employees the bank has in places like Mexico and the Philippines, where compensation is low, he said. Excluding those workers, the "average employee in the U.S. makes right about $100,000 a year," he said.
Income inequality at large U.S. corporations is a hot-button issue ahead of the 2020 U.S. elections. The pay ratio is even more extreme outside of banking, in industries like retail, food and entertainment. For instance, Disney CEO Bob Iger made 1,424 times the median pay of his employees, prompting Abigail Disney to call his compensation "insane."
Corbat, along with other bank CEOs, was grilled last month by U.S. lawmakers over the pay gap at their institutions.
"If you were an employee, and you saw your boss making $486 for every dollar you make, how would you feel about that?" Rep. Nydia Velazquez, D-N.Y., asked Corbat on April 10.
Echoing his answer then, Corbat added Thursday that "through the grace of God, through hard work, I got to where I am. So I am that person that looked up and said maybe if I work hard enough I can get there."
Shares of Citigroup have climbed 35% this year as the stock recovered from a sharp decline in December. The New York-based bank posted mixed first-quarter results last month amid a sharp decline in equities trading.