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.
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.
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.
Citigroup Reports Fourth Quarter 2011 Net Income of $1.2 Billion or $0.38 Per Share(1), Compared to $1.3 Billion or $0.43 in Fourth Quarter 2010 Fourth Quarter Revenues of $17.2 Billion Down 7% from the Prior Year Period Fourth Quarter Net Credit Losses Declined 40% from the Prior Year Period to $4.1 Billion Full Year 2011 Net Income of $11.3 Billion up 6% from $10.6 Billion in 2010 Full Year 2011 Revenues of $78.4 Billion Compared to $86.6 Billion in 2010 Driven by $6.4 Billion Decline in Citi Holdings Revenues Citicorp Loans of $465.4 Billion Grew 14% versus Prior Year Citi Holdings Loans of $181.8 Billion Declined 25% versus Prior Year Full Year 2011 Net Credit Losses of $20.0 Billion Compared to $30.9 Billion in 2010 Loan Loss Reserve Release of $1.5 Billion in Fourth Quarter, Down 35% from the Prior Year Period
Citigroup Inc., the third-largest U.S. lender, said Manuel Medina-Mora will add responsibility for global consumer and commercial banking and Mike Corbat will become the sole chief executive officer for Europe, the Middle East and Africa as part of a management shakeup.