Morgan Stanley and Bank of America Corp.’s bets on the brokerage business are finally paying off, helped by U.S. stock indexes near all-time highs. The firms’ own shares aren’t getting the same benefit.
The 27 largest U.S. companies reporting cyber attacks say they sustained no major financial losses, exposing a disconnect with federal officials who say billions of dollars in corporate secrets are being stolen.
Citigroup Inc., the third-biggest U.S. bank, received regulatory approval to repurchase $1.2 billion of stock as Chief Executive Officer Michael Corbat avoided a misstep that helped bring down his predecessor.
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. 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.
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.