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.
Bank of America Corp., the second- biggest U.S. lender, quadrupled its quarterly profit and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock reached its highest level in more than three years.
Regions Financial Corp. , the Alabama lender that holds $3.5 billion in government bailout funds, fell as much as 4.5 percent in New York trading after the bank reported earnings that depended on a one-time gain from a securities sale.
Citigroup Inc. named Jamie Forese and Manuel Medina-Mora co-presidents as Chief Executive Officer Michael Corbat, who took over in October, turned to company veterans to oversee his cost-cutting strategy.