Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000.
Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, surprising Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed.
City officials said Monday that the program will be the nation’s biggest, featuring 10,000 rent-a-bikes and 600 bike docking stations.
A federal judge in New York has struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets.
The Dow Jones industrial average fell 170.89 points, or 1.5 percent, to close at 11,149.82. It had been up 85 points shortly after the opening bell.
Executives from the country’s biggest banks met with U.S. Treasury officials Friday to discuss how debt auctions will be handled if Congress fails to raise the borrowing limit before Tuesday’s deadline.
The Treasury invited 20 of the largest banks to a meeting to discuss an upcoming quarterly auction of government debt.
A warning from Standard & Poor’s that the agency might lower its rating on U.S. government debt sent stocks on their worst slide in a month Monday.
Sale of the warrants gives the holder the right to buy Citigroup common stock at a fixed price.
Havens will be responsible for Citigroup’s daily operations and will report to CEO Vikram Pandit.
A jury deliberated only a few hours before concluding Thursday that Citigroup did not fool a British private equity firm into buying music company EMI in 2007 at an inflated price, ending a three-week trial that had pitted two former friends and powerbrokers in the British banking world against each other.