Michael Corbat News
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Moore Capital Management LP and Appaloosa Management LP are among hedge fund firms that counted Citigroup Inc. among their top holdings before the bank posted a 16 percent rally in a month and a half.
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Michael Corbat, hunting for revenue seven months into his tenure as chief executive officer of Citigroup Inc., said the improving U.S. housing market and declining unemployment won’t ignite the nation’s economy unless companies start spending.
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Citigroup Inc., the third-biggest U.S. lender, named Steven Wieting global chief strategist of its private bank, the unit that claims relationships with a third of all billionaires.
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The tiny Persian Gulf nation of Qatar controls vast gas and oil deposits that feed billions of dollars annually into the state Treasury. Its petroleum riches make it the wealthiest nation per capita in the world, according to the International Monetary Fund.
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Itau Unibanco Holding SA, Latin America’s largest lender by market value, submitted a proposal to buy Citigroup Inc.’s Credicard unit in Brazil.
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Job cuts on Wall Street will be a “continued slow bleed” after the industry trimmed hundreds of thousands of positions in recent years, said Meredith Whitney, a banking analyst and chief executive officer of Meredith Whitney Advisory Group.
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Citigroup Inc. shareholders, who rejected the bank’s 2011 compensation plan, voted in favor of the latest round of payouts after the lender said it overhauled rewards for top executives.
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Citigroup Inc. Chief Executive Officer Michael Corbat said the bank manages risks in a way that would avert the multibillion-dollar losses JPMorgan Chase & Co. suffered in its chief investment office.
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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 bank that’s cutting 11,000 workers and shutting branches, hired David Chubak from McKinsey & Co. to help oversee cost-cutting.
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