Citigroup, Ceo | featured news

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in its first financial report under new Chief Executive Michael Corbat, who said the bank needs to do better for shareholders.

Former chief executive of Citigroup Vikram Pandit receives $15m after resigning from the banking giant last month.

Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, shocking Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed.

Shareholders of Citigroup rejected a board-approved pay package for CEO Vikram Pandit and other top executives, sending a loud and clear message that executive compensation needs to be tied to performance, or else.

Citigroup Inc named Chief Financial Officer Gary Crittenden as chairman of troubled banking unit Citi Holdings on Friday, and elevated Edward Kelly to replace him as CFO.

Markets rally on positive comments from Citi Chief Vikram Pandit and Treasury Secretary Tim Geithner.