Citigroup Inc. reported an unexpected profit increase and beat analysts’ estimates as the company recouped funds previously set aside for bad loans and cut losses at a division holding unwanted assets.
The executive suite at Citigroup Inc.’s headquarters in New York where Michael Corbat has his office hasn’t been renovated since its previous occupant, Vikram Pandit, vacated the premises in October 2012.
Citigroup Inc., the biggest U.S. bank to have regulators reject its capital plan this year, dismantled a board committee created during the credit crisis to police the disposal of toxic and unwanted assets.
Citigroup Inc.’s newly appointed Chief Executive Officer Michael Corbat has one big advantage over his predecessor Vikram Pandit -- a housing rebound that’s accelerating enough to help the lender deal with its most troubled investments.
Citigroup Inc.’s $4.7 billion pretax writedown of its Morgan Stanley Smith Barney stake probably won’t reduce a profit-sharing plan’s award for Chief Executive Officer Vikram Pandit that could total $24 million.
Shares in Citigroup Inc., the third-biggest U.S. bank, could increase by about 33 percent in 12 months as the lender reduces unwanted assets and management cuts costs, according to Brennan Hawken, an analyst at UBS AG.