Citigroup’s Michael Corbat, who took over as chief executive less than two months ago, will cut more than 11,000 jobs and pull back from some emerging markets to drive down costs as revenue dries up at global banks.Thursday, 29 August, 2013, 4:13am
Jimmy Lai Chee-ying21 Oct 2012 - 1:39am
Citigroup shocked Wall Street Tuesday with news of the immediate resignation of chief executive Vikram Pandit and his top aide a day after the number-three US bank posted quarterly earnings.
Citi’s board unanimously elected Michael Corbat, head of the Europe, Middle East and Africa division, to succeed Pandit as CEO and fill his seat on the board, the bank said.17 Oct 2012 - 3:24am
Citigroup chief executive Vikram Pandit resigned abruptly yesterday, effective immediately, a shock change at the top of the No 3 US bank the day after a surprisingly strong quarterly earnings report.
Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank.17 Oct 2012 - 3:26am