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The top 25 executives at Citigroup Inc., except Chief Executive Vikram Pandit, are getting multimillion dollar salary raises in stock and potentially much more in bonuses.
Citi released the amounts of the raises in a public filing for its top officers Friday. Get the full story »
Discover Financial Services, fresh from a deal to buy Citigroup’s private student loan assets, is also considering ways to enter the mortgage and checking businesses, Chief Executive David Nelms told Reuters on Monday. Get the full story »
Citigroup says it is selling its student loan business and about $32 billion in related assets to Discover Financial Services and the student lender Sallie Mae.
Tech giant IBM said Tuesday it will set up a website at supplier-connection.net early next year with a single, standard application for small companies to bid on contracts at AT&T Inc., Citigroup Inc., Bank of America Corp., Pfizer Inc. and UPS Inc. That means small businesses won’t have to invest the time and money in preparing multiple bids.
The Chicago City Council gave final approval on Wednesday to $1 billion of revenue bonds to continue expanding O’Hare International Airport.
But the two major carriers at the airport are not saying if they plan on fighting the debt sale.
A spokesman for American Airlines said there was “no comment at this time.” Get the full story »
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
As U.S. companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, according to a Washington, D.C. think tank study.
The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average across the Standard & Poor’s 500, the Institute for Policy Studies study said. Get the full story »
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
General Motors Co. will have four lead underwriters on its IPO, according to a source familiar with the situation.
They will be Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, the source said. JPMorgan and Morgan Stanley helped the automaker prepare the paperwork for the IPO. Get the full story »
Citigroup Inc. expects to issue $3 billion to $6 billion more in long-term debt this year than it previously estimated.
In a regulatory filing, the bank said it now expects to sell approximately $18 billion to $21 billion in long-term debt this year ”to maintain and solidify its structural liquidity” and to extend the length of time it has to pay down debt supporting its businesses. Get the full story »
Goldman Sachs Group Inc. is the bank many Americans love to hate, but one group just plain loves it: its employees.
The firm’s employees are among the most fiercely loyal in the financial services industry, according to a survet by glassdoor.com, a career Web site. And Goldman Chief Executive Lloyd Blankfein had the highest approval rating of any CEO in the financial sector. Get the full story »
Goodbye, Comcast Twitter guy.
Frank Eliason, the social-media apostle who responded to tens of thousands of online Comcast Corp. customer complaints in the last two years, is leaving the cable company to help banking giant Citigroup Inc. connect with customers online. Get the full story »
From the Wall Street Journal | Citigroup is telling mobile banking customers to upload a new iPhone app to avoid a security flaw in the old version.
Bank of America and Citigroup posted better-than-expected quarterly earnings on lower credit losses, but their shares fell as the banks highlighted the challenge of boosting revenue in a stagnant economy.
As with JPMorgan Chase & Co., which reported Thursday, the banks’ investment banking profits were down, a bleak sign for Goldman Sachs Group Inc. and Morgan Stanley, whose results are due next week. Get the full story »
Fewer Americans fell behind on credit card payments in June, with delinquencies at their lowest this year at major U.S. card lenders, but the results did not stem concerns about the economic recovery.
Credit card delinquency rates have declined steadily since the beginning of the year, signaling that banks should have to write off less debt as uncollectible. Get the full story »
