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...Street and the rest of the financial sector are finally seeing some sun, the storm clouds around Citigroup just don't seem to be breaking. The company said on July 17 that it earned $3.4 billion in its second quarter. It was the second quarter in a row that Citi had announced a profit, after many critics said the company was done for. In a press release, Citigroup CEO Vikram Pandit triumphantly said, "Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing our plan...

Author: /time Magazine | Title: Can Citi Ever Turn It Around? | 7/23/2009 | See Source »

...problem, it appears, is that few people think Citigroup's earnings rebound is sustainable. Following the bank's strong earnings announcement, analyst John McDonald, who covers Citi for Sanford C. Bernstein, cut his estimates of what the bank could make next year. Instead of his earlier projection that Citi would turn a profit in 2010, McDonald thinks the bank will be solidly in the red next year, losing $3 billion. In his report, McDonald said investors should worry about "the earnings power and strategic direction of the franchise amid all the change and increased government ownership now under...

Author: /time Magazine | Title: Can Citi Ever Turn It Around? | 7/23/2009 | See Source »

...adequate, has been pushing for management changes at some of the banks. Last week, Bank of America was forced to replace its chief risk officer and four of its board members. Reportedly, the FDIC would like Citigroup to dump its chief executive Vikram Pandit. So far, members of the Citi board of directors have said they have no plans to replace Pandit. (Read "Has Wells Fargo Stock...

Author: /time Magazine | Title: Banks Hand in Their Stress-Test Plans Today | 6/8/2009 | See Source »

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...

Author: /time Magazine | Title: Help Wanted: Bank Boards Seeking Competent Directors | 5/20/2009 | See Source »

...Citi's exam also included a $58 billion credit titled "Other Capital Actions." The credit is for the conversion of preferred stock that Citi says it plans to do but has not yet completed. Among the other 18 banks that were examined, only one other, Bank of America, was allowed to include a similar credit in the results of its stress test. And at $1.8 billion, BofA's credit was far less a factor in the outcome of its test than Citi's was. Since the stress tests, other banks have announced plans or have been able to quickly complete...

Author: /time Magazine | Title: Inside Citi's Stress Test: More like an F than a B+ | 5/14/2009 | See Source »

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