Michael Corbat, who became CEO of Citigroup three months ago when Vikram Pandit suddenly resigned, has announced his management team, the bank said in a release. The new co-presidents are Jamie Forese and Manuel Medina-Mora.
By Jim Van Meerten: There are many investors who are looking for the banking sector to pay them back for the beating they have been taking. Gone are the days when the money center banks were solid investments with a nice fat dividend you could count on. Citigroup (C) has been no exception.
NEW YORK/HONG KONG (Reuters) - China's Lenovo Group Ltd has resumed talks to buy International Business Machines Corp's (IBM) low-end server unit, a source familiar with the matter said, a purchase that would bolster its efforts to diversify beyond a shrinking PC market.
First we had JPM confirming what we all knew about the third quarter: it was a disaster for anyone who originates mortgages, whose balance sheet relies on Net Interest Margin, and whose income statement is dependent on trading volumes. Now, it is Citi's turn. Moments ago the bank reported uberadjusted EPS of $1.02 missing expectations of $1.04, unchanged from a year ago, and revenues, ex CVA/DVA, of $18.2 billion, down 5% from Q3 2012, and missing expectations $18.71 billion, by over $500 million.
Global investment bank Nomura has announced the appointment of Peter Meurer as executive chairman for the firm in Australia. Meurer joined Nomura three years ago as as chairman of Investment Banking, Australia, having previously been vice chairman of Citi Australia. He brings more than three decades of experience in investment banking and stock broking to [...]
Citigroup is set to announce its second quarter earnings on Monday, July 16. The banking giant is likely to end up with lower figures compared to Q1 2012 as well as Q2 2011 with increased volatility in the global markets over the last three months driving sales and trading revenues [...]