Deutsche Bank AG, seeking to raise $11.6 billion of capital, braced investors for a deepening trading slump and potential damage to its business from international probes of currency rigging and hiring practices.
Gary Townsend, a founder of Hill-Townsend LLC, talks with Bloomberg's Margaret Brennan about Citigroup's first-quarter earnings report. Townsend discusses how he sees Citigroup earnings as a beat and a good quarter for the bank. He speaks on Bloomberg Television's "InBusiness with Margaret Brennan." (Source: Bloomberg)
Capital One Financial Corp. Chief Executive Officer Richard D. Fairbank, who’s making the largest U.S. banking acquisition since 2008, has built the Virginia- based credit-card lender into one of the nation’s biggest consumer-financial companies.
AT&T Inc. and Verizon Wireless , the biggest U.S. mobile carriers, are planning a venture to displace credit and debit cards with smartphones, posing a new threat to Visa Inc. and MasterCard Inc. , three people with direct knowledge of the plan said.
JPMorgan Chase & Co. said interest- rate swaps and credit are among the biggest sources of revenue in its trading businesses, as it broke with most U.S. rivals by releasing a breakdown typically kept secret.
Eton Park Capital Management LP and Viking Global Investors LP were among at least five hedge funds that exited their Citigroup Inc. stakes in the first quarter as investors shied away from U.S. banks facing revenue declines.
The U.S. Treasury Department sold its remaining stock in Citigroup Inc. for $10.5 billion, bringing the country’s third-biggest bank a step closer to independence from the government following a $45 billion bailout in 2008.
Goldman Sachs Group Inc. is disbanding its principal-strategies business, one of the groups that makes bets with the firm’s own money, to comply with new U.S. rules aimed at curbing risk, two people with knowledge of the decision said.
Citigroup Inc. boosted Chief Executive Officer Vikram Pandit ’s base salary to $1.75 million from $1 after the bank’s first profit for a year under his watch as Wall Street firms announced pay packages for top managers.
Citigroup Inc. said profit more than doubled as the global economic rebound trimmed costs for bad loans, trading revenue surpassed analysts’ estimates and the value of subprime mortgage bonds increased.