Word: citigroup
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...that old feeling of nervousness may have returned in the past months as Rubin’s financial firm, Citigroup, posted billions of dollars in losses and had its CEO resign amid the Wall Street financial crisis...
...Rumors that Rubin would resign from the Corporation emerged again this fall when he was named as chairman of Citigroup, but the 69-year-old continues to emphasize his commitment to Harvard...
...joined Citigroup as a member of the board of directors and as chairman of the executive committee...
...This year, investors filed nearly three dozen proposals for independent chairmen, at companies like Pfizer, Citigroup, Verizon, General Electric, Coca-Cola and Time Warner (parent company of TIME). So far those votes have only garnered an average 32% support, though some annual meetings remain. "Many of the problems surrounding poor governance stem from management accruing too much power," says Paul Hodgson, senior research associate at The Corporate Library, a governance and compensation research firm. "If you split the roles of CEO and chairman, you get this balance of power in the boardroom. A strong chairman can stand...
Turkish banks have been particularly attractive to outside investors. Citigroup last year bought a 20% stake in Akbank (for $3 billion). "The foreign appetite for Turkish companies and stocks is high," said Hakan Avci, director of asset management at the Istanbul office of Raymond James Securities, a U.S. company, before the recent political blowup. In the past 18 months, Lehman Bros., Morgan Stanley and Credit Suisse bought local brokerages in the country. Avci has since lowered his projections because of the political turmoil but says he is "optimistic that this crisis will be overcome and a solution found." The Turkish...