Cerberus Capital Management LP is seeking buyers for auto lender Chrysler Financial, which the private-equity firm acquired as part of its takeover of Chrysler LLC in 2007, said people with knowledge of the matter.
Vikram Pandit hired thousands of employees and invested billions of dollars as he sought to boost Citigroup Inc.’s revenue after fighting to survive the financial crisis. His successor Michael Corbat has another idea: cut.
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.
JPMorgan Chase & Co., the biggest U.S. bank by assets, reclaimed the No. 1 title by market value as the impact of last year’s wrong-way bet on derivatives fades and investors wager on an investment-banking rebound.
SunTrust Banks Inc., the lender that invested in Coca-Cola Co. in 1919, sold most of that stake for a $1.2 billion gain to help cover the costs of bad loans and put other lingering effects of the financial crisis behind the firm.