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.
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.
The market is still floundering from last week’s selloff. The Dow, for instance, is down over 500 points since last Tuesday.
Commentators blame a weak Chinese manufacturing survey, but I think it has more to do with the imminent test of China’s shadow banking sector…
Former Wall Street banker Robert P. Kelly has been appointed chair of the Canada Mortgage and Housing Corporation (CMHC) board of directors. Kelly, who is also a former executive of Toronto Dominion Bank, assumes his role at the helm of the 10-member board immediately for a five-year term.
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 [...]
Paul Krugman says that Simon’s idea that he should be chair of the Fed is “crazy.” Krugman’s point is either that he wouldn’t be confirmed or that he wouldn’t be able to bring the Open Market Committee along. Maybe he’s right about the former; a Republican filibuster does seem reasonably likely.