Tag: Michael Corbat

• Monday, February 22nd 2016 - 08:35 UTC

  Citibank selling consumer banking in South America's three largest economies

  

  Citibank is planning to sell the consumer banking operations it has run for a century in Argentina, Brazil and Colombia as South America’s three biggest economies suffer a major downturn. The New York-based bank said in a statement that its decision was prompted by a desire to allocate resources where it can generate the best returns.

• Wednesday, October 15th 2014 - 10:17 UTC

  Citigroup exiting retail business in 11 markets including 6 in Latin America

  

  Citigroup said on Tuesday that it will bow out of the retail banking business in 11 markets, part of its ongoing effort since the financial crisis to restructure and slim down. The news came as the bank announced third-quarter earnings.

• Tuesday, July 15th 2014 - 06:49 UTC

  Citigroup agrees to pay 7bn dollars to settle sub-prime mortgages investigation

  

  Banking giant Citigroup will pay 7bn dollars to US authorities to settle an investigation into risky sub-prime mortgages. Citigroup will pay 4bn to the Department of Justice and 2.5bn for “consumer relief”.

• Friday, March 28th 2014 - 06:31 UTC

  US Fed rejects Citigroup plans to boost dividends for shareholders

  

  US Federal Reserve has rejected plans by Citigroup to buy back shares and boost dividends for shareholders. It cited deficiencies in the bank's ability to plan for how stressful situations would hurt its business. The decision is a setback for Citigroup boss Michael Corbat who was brought in to bolster internal controls after the bank failed stress tests two years ago.

• Wednesday, October 17th 2012 - 04:51 UTC

  Citigroup CEO who steered the bank through the crisis resigns immediate effect

  

  Citigroup chief executive Vikram Pandit has surprised Wall Street by resigning with immediate effect. Mr Pandit is being replaced by Michael Corbat, who was previously the bank's chief for Europe, the Middle East and Africa.