Citigroup Inc. Chief Executive Officer Michael Corbat spent almost three months talking about his intent to change the bank’s culture after fraud and a regulatory review exposed weak controls. Yesterday he took action.
Jefferies Group Inc. Chief Executive Officer Richard Handler said turmoil around the investment bank’s shares and publicly traded debt will ease as the fallout dissipates from the collapse of MF Global Holdings Ltd.
Greenhill & Co. and Evercore Partners Inc., the New York-based takeover advisers, reported profits that missed analysts’ estimates as transactions weren’t finished in time to yield fees. Conditions for dealmaking are improving, they said.
Bank of America Corp. sold its share of China Construction Bank Corp. ’s $9.2 billion rights offer to Temasek Holdings Pte , Singapore’s state investment company, as the U.S. lender boosts capital to meet a pledge to federal regulators.
Jefferies Group Inc., the investment bank that helped rescue Knight Capital Group Inc., dropped the most in 10 months in New York trading after reporting revenue and earnings that fell short of analysts’ estimates excluding gains from the deal.
Jefferies Group Inc. should raise $1 billion in equity and reduce leverage as MF Global Holdings Ltd.’s bankruptcy increases scrutiny of the investment bank’s balance sheet, Egan-Jones Ratings Co. said.