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.
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.
Bank of America Corp. has made twice as much in fees selling structured notes than arranging initial stock offerings in the U.S. as the market for the complex products recovers after the financial crisis.