Bank of America said third-quarter profit dropped 95% percent on litigation expenses and an accounting charge tied to the firm’s debt.
Knight Capital Group reported a quarterly net loss of $389.9m on wider-than-estimated losses for trading revenue resulting from a software error that nearly bankrupted the market maker.
Google in the spotlight.
Vikram Pandit, who stepped down Tuesday as Citigroup’s Chief Executive Officer, stands to forfeit almost $33m in cash and stock from a retention package unless the board gives him a payout to ease his exit.
BLOOMBERG EXCLUSIVE: Vikram Pandit spoke with Bloomberg Television's Erik Schatzker in his first interview following his departure as CEO of Citigroup.
On Monday, Citigroup announced third-quarter earnings that sent its share price up 4.4%. On Tuesday, its chief executive, Vikram Pandit, resigned with immediate effect. What happened? An almighty row, by the looks of it.
Christos Bagios, the former banker at UBS and Credit Suisse Group who was arrested in January 2011 amid a U.S. crackdown on offshore tax evasion, is scheduled to appear in court to change his plea, according to court records.
Citigroup's former CEO Vikram Pandit is among the most vocal critics of shadow banking, the lightly regulated lending that can mask risk in the financial system. He was also among the kings of the business.
Reversals of several key themes from previous years are revealed in the fourth Outlook for Investment Banking Services, an annual survey of corporate decision-makers from Thomson Reuters and Freeman Consulting Services.
RBS has announced that it has agreed with HM Treasury to exit the UK Government's Asset Protection Scheme effective 18 October 2012.