Industrial & Commercial Bank of China Ltd. was added to the list of too-big-to-fail banks as global regulators revised the roster of lenders that must hold extra capital to prevent another financial crisis.
As speculation grew that Federal Reserve Vice Chairman Janet Yellen would be nominated to lead the central bank, her appointment book beginning in April became peppered with meetings with the titans of finance.
Citigroup Inc. is close to an agreement to consolidate its New York operations in a Tribeca office complex majority-owned by SL Green Realty Corp., according to three people with knowledge of the talks.
Citigroup Inc. is bracing for a possible U.S. default by avoiding some short-term Treasury investments amid what Chief Executive Officer Michael Corbat called “a dangerous flirtation with the debt ceiling.”
Rates on Treasury bills due in October soared and the U.S. attracted the least demand at weekly bill auctions since 2009 as Senate attempts to end the fiscal impasse were put on hold, increasing speculation of a default.
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.