John Gerspach News
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Bank of America Corp.’s first- quarter revenue from fixed-income trading slumped more than most of its peers, eroding the biggest source of profit at the firm’s Merrill Lynch investment bank amid a push to curtail risk.
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Debevoise & Plimpton LLP named Mary Beth Hogan co-chairwoman of the firm’s litigation department, replacing Mary Jo White, who was confirmed by the U.S. Senate last month to lead the Securities and Exchange Commission.
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Citigroup Inc., the third-biggest U.S. bank, rose in New York trading after first-quarter profit and revenue from fixed-income trading and investment banking exceeded analysts’ estimates.
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Citigroup Inc., the third-biggest U.S. bank, said expenses at a unit holding some of its most toxic assets surged as legal costs mounted.
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Citigroup Inc. said a profit- sharing plan, among pay practices shareholders rejected last year, helped return the bank to profitability by retaining leaders including Chief Executive Officer Michael Corbat.
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Citigroup Inc. executives stand to collect $579 million under profit-sharing plans that include the one shareholders voted against last year.
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Citigroup Inc. Chief Financial Officer John Gerspach said the lender’s securities unit did well in January and that activity in trading and banking businesses looks similar to how last year began.
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Citigroup Inc., the third-largest U.S. bank by assets, expects to avoid “massive” reductions in staffing as it lays off workers amid a market slowdown, Chief Financial Officer John Gerspach said.
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Citigroup Inc., the third-biggest U.S. bank, will consider further spending cuts at its securities unit after an investment of almost $1 billion in the business last year failed to boost revenue.
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Michael Corbat, the new chief executive officer of Citigroup Inc., said Chief Risk Officer Brian Leach and Chief Financial Officer John Gerspach plan to remain at the bank after the departure of Vikram Pandit as CEO.
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