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.
The "Squawk on the Street" news crew discusses the sudden departure of Citigroup's CEO, Vikram Pandit and his relationship with the big bank's board of directors.
"This team was built by Pandit," says CNBC's Jim Cramer, talking with David Faber, about the sudden departure of Citgroup's Pandit, despite the company's great quarter.
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. A second top executive resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi's Institutional Client Group.
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.