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.
Citigroup announced third quarter earnings on Tuesday morning, and along with a slight earnings beat the bank delivered the news that it would take "strategic actions" to leave markets where it's not making as much money, including Japan and Egypt.
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.
Citigroup (C) said today that its consumer banking division had exited from 11 international markets: Japan, Nicaragua, Panama, Guatemala, Peru, Guam, Costa Rica, El Salvador, the Czech Republic, Egypt, and Hungary. Citi’s retail banking operations will now be limited to 24 markets. The bank further announced that its Korean Consumer Finance segment is performing poorly.
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.