Michael Corbat Citigroup

Corbat received $15.5 million in total compensation, including a base salary of $1.5 million, a $4.2 million cash award and $9.8 million of stock-related incentives, according to a securities filing.

The third-largest US bank, built with a series of acquisitions spanning back to the 1980s, has been trying to slim down since the financial crisis to be as profitable as rivals. It has shed hundreds of billions of dollars of bad assets.

The bank's first quarter results on Monday showed just how much work Citigroup executives have ahead of them in those areas.

The bank wrote down bogus loans to a company whose assets Mexican law enforcement officials have now seized. Citigroup's 2013 profit fell by $235 million to $13.67 billion after the write-down. Citigroup Chief Executive Officer Michael Corbat called the incident a "despicable crime" and said the bank believes it was an isolated episode.

Citigroup has agreed to pay $730 million to settle a class-action lawsuit that claimed investors were misled by the bank's disclosures when they purchased its debt and preferred stock. The investors' purchases were made from May 11, 2006 through November 28, 2008.

Citigroup Inc is looking to pull out of consumer banking in more countries in an effort to lower costs and boost profits, according to two people familiar with the matter.

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in the first financial report under its new chief executive, Michael Corbat, who cautioned that the bank needs more time to deal with the problems it faces.

Citigroup Inc said it is cutting 11,000 jobs worldwide, about 4 per cent of its staff, to save as much as $1.1 billion a year in expenses. Here is a breakdown of the planned job cuts:

The move will initially result in pre-tax charges of $1 billion to fourth quarter earnings, the company said in a statement.

Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy.

Michael Corbat, the new chief and successor of Vikram Pandit at Citigroup, will take a home an annual base salary of USD 1.5 million besides regular incentives and other benefits.

The incredible shrinking bank may have to shrink more. In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. Because Citi's new CEO, Michael Corbat, isn't widely known, analysts Tuesday were not sure how ...

Vikram Pandit joined Citigroup in 2007, when the hedge fund he founded, was acquired by the bank. He quickly rose to CEO in December 2007. Earlier, he had ascended to head of investment banking at Morgan Stanley before leaving in 2005 to form the hedge fund. A naturalized citizen, Pandit lives in New York with his wife and two children.

A regular Citigroup Inc board meeting to talk about quarterly results took an unexpected turn on Monday night, when simmering tensions between Chairman Michael O'Neill and then Chief Executive Vikram Pandit came to a boil. Pandit, who had been thinking of leaving for some time, decided to resign. O'Neill did not stop him, the sources said.

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

Corbat received $15.5 million in total compensation, including a base salary of $1.5 million, a $4.2 million cash award and $9.8 million of stock-related incentives, according to a securities filing.

The third-largest US bank, built with a series of acquisitions spanning back to the 1980s, has been trying to slim down since the financial crisis to be as profitable as rivals. It has shed hundreds of billions of dollars of bad assets.

The bank's first quarter results on Monday showed just how much work Citigroup executives have ahead of them in those areas.

The bank wrote down bogus loans to a company whose assets Mexican law enforcement officials have now seized. Citigroup's 2013 profit fell by $235 million to $13.67 billion after the write-down. Citigroup Chief Executive Officer Michael Corbat called the incident a "despicable crime" and said the bank believes it was an isolated episode.

Citigroup has agreed to pay $730 million to settle a class-action lawsuit that claimed investors were misled by the bank's disclosures when they purchased its debt and preferred stock. The investors' purchases were made from May 11, 2006 through November 28, 2008.

Citigroup Inc is looking to pull out of consumer banking in more countries in an effort to lower costs and boost profits, according to two people familiar with the matter.

Citigroup Inc posted $2.32 billion of charges for layoffs and lawsuits in the first financial report under its new chief executive, Michael Corbat, who cautioned that the bank needs more time to deal with the problems it faces.

Citigroup Inc said it is cutting 11,000 jobs worldwide, about 4 per cent of its staff, to save as much as $1.1 billion a year in expenses. Here is a breakdown of the planned job cuts:

The move will initially result in pre-tax charges of $1 billion to fourth quarter earnings, the company said in a statement.

Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy.

Michael Corbat, the new chief and successor of Vikram Pandit at Citigroup, will take a home an annual base salary of USD 1.5 million besides regular incentives and other benefits.

The incredible shrinking bank may have to shrink more. In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. Because Citi's new CEO, Michael Corbat, isn't widely known, analysts Tuesday were not sure how ...

Vikram Pandit joined Citigroup in 2007, when the hedge fund he founded, was acquired by the bank. He quickly rose to CEO in December 2007. Earlier, he had ascended to head of investment banking at Morgan Stanley before leaving in 2005 to form the hedge fund. A naturalized citizen, Pandit lives in New York with his wife and two children.

A regular Citigroup Inc board meeting to talk about quarterly results took an unexpected turn on Monday night, when simmering tensions between Chairman Michael O'Neill and then Chief Executive Vikram Pandit came to a boil. Pandit, who had been thinking of leaving for some time, decided to resign. O'Neill did not stop him, the sources said.

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