Buy Bank of America for the long-term, if you can stomach volatility, said Jeffery Harte, Sandler O'Neill principal, breaking down the big bank's third quarter's earnings and weighing in on what the numbers indicate about the state of the financial sector. Also, a look at the future of Citibank.
It would be a huge mistake to let the economy go over the fiscal cliff, said Lawrence Summers, Harvard University, discussing why it's important to rise above political rhetoric and address the nation's debt problems.
Bethany McLean, contributing editor at Vanity Fair and columnist at Reuters, tells CNBC there definitely was a coup going on regarding the resignation of Citigroup CEO Vikram Pandit one day after the release of earnings results.
Len Blum, managing director at Westwood Capital and David Enrich, European banking editor of the Wall Street Journal, tell CNBC that a series of mishaps and poor strategic direction led to former Citigroup CEO Pandit's recent resignation.
Stuart Kirk, head of LEX column at The Financial Times, tells CNBC, whether you pay a dividend or not does not change the valuation of a company and in the context of Citi is an irrelevant sideshow.
James Caan founder and CEO of Hamilton Bradshaw, tells CNBC, that the resignation of Vikram Pandit from Citi would have been well preplanned and organized at least four to six weeks ago.
In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. It trails JPMorgan Chase, with $2.3 trillion, and Bank of America, with $2.1 trillion.
Matt Koppenheffer, Senior Banking Analyst, Motley Fool says Pandit's abrupt departure from Citi raises questions about what went on behind closed doors. He also discusses what Michael Corbat will bring to the table for Citi.
CNBC's Bob Pisani reports today is the second day the markets closed around highs; and Kenneth Heebner, Capital Growth Management, offers his take on Citigroup CEO Vikram Pandit's decision to quit today, and housing prices.
Mad Money host Jim Cramer shares his final thoughts of the day.
In between its founding and its near-death, the company now called Citigroup has played a central role in U.S. financial history. On Tuesday, Corbat was named Citi's new CEO after the abrupt departure of Vikram Pandit, who had led the company through the financial crisis and its aftermath.
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. The move shocked Wall Street, and Citigroup offered no explanation.
NEW YORK-- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank _ a sharp contrast to Vikram Pandit, his suddenly departed predecessor. Corbat, 52, has spent his entire career at Citigroup and its affiliated businesses.
NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."
Dan Greenhaus, BTIG, and Enis Taner, RiskReversal.com, discuss whether you should buy financials.
Bill Gross, PIMCO, explains what the shakeup at Citi means for the overall financial sector and the market. "The financial industry is under threat here simply because the yield on their assets is moving down, and the cost of their borrowing can't move much lower," he explains.
In this "Closing Bell" excerpt, Pimco's Bill Gross explains why he thinks stock and bond prices have both "plateaued."
Vikram Pandit denied that he was forced out as Citigroup's CEO, telling CNBC Tuesday that it was his decision to step down after five years at the bank and that he had been thinking about it for awhile.
CAREER: Pandit joined Morgan Stanley as an associate in 1983. Seven years later, he was named head of Morgan Stanley's U.S. stock business. In 2005 he left Morgan Stanley and a year later helped found a hedge fund, Old Lane. Citigroup bought the fund in April 2007 and fast-tracked him to replace Charles Prince as CEO in December of that year.
Jim Cramer shares his view on Vikram Pandit's sudden departure from Citigroup.