Word: citigroup
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...forth from this time that we are a class that is ready to serve.” Dimon also began his remarks with a touch of humor, joking “I just want to make it absolutely clear that I was at Citigroup 10 years ago,” referencing the financial services company that had to be bailed out by the federal government last year. His speech included a mix of practical career advice and reflections upon what it means to be a responsible and ethical business leader. He encouraged the graduating students to be true to themselves...
...calculating the stress tests, government bank examiners applied different loan-loss rates for different banks. For instance, bank examiners were relatively tough on Wells' primary mortgage-loan portfolio, predicting that nearly 12% of the loans would default over the next two years. This compares to an estimated loss for Citigroup of just 8% for its primary mortgage loans. That makes sense. More of Wells' mortgage loans are concentrated in California than Citigroup. And California has had more foreclosures than any other state. (Read "Can Marijuana Help Rescue California's Economy...
...long term whether the government likes it or not. The restructuring of those sectors may take years. Selling federal ownership in companies already weakened by the economy or a series of poor management decisions would undermine the public's tenuous trust in institutions such as GM (GM) and Citigroup (C). The American taxpayer may be faced with a decade in which there is no return for the government's assistance which was meant to keep critical portions of the economy from collapsing. (See pictures of TIME's Wall Street covers...
...Already, Citigroup has named four new directors to its board this year, and each has financial experience. Two, Jerry Grundhofer and Michael O'Neill, are former chief executives of other banks, U.S. Bancorp and Bank of Hawaii, respectively. And a number of Citi's shareholders are pushing for the bank to make further changes to its board...
...Bank of America and Citigroup are not alone in needing to make changes. At Wells Fargo, only four of that bank's 17 independent board members have a background in the financial-services industry. And even among that group, only two have been executives at a bank. Fifth Third Bancorp, which was deemed to need an additional $1.1 billion in capital in the government's recent stress test, has no independent directors on its board with prior experience working at a bank. Two of its board members do have financial-services experience, but with insurance companies. At JPMorgan Chase, none...