After losing nearly $15 billion in just six months, America's biggest bank laid out its plan for a comeback. New Citigroup CEO Vikram Pandit unveiled his strategy for reviving the bank. His plan: shed $400 billion in assets such as real estate, leveraged loans, and complex debt investments. ---restructure to yield $15 billion in benefits -- grow revenues by up to 10 percent annually. Gone is the idea of Citigroup being a one-stop shop for all things financial. Some investors called it a first good step, but wondered if Pandit can pull it off. Citigroup has suffered more than $45 billion in writedowns and credit losses due to the housing slump and bad mortgage loans. Guillermo Kopp is a former Citi executive who now works at Tower Group. "There are other institutions that are a little bit further ahead. So the challenge is can Vikrim execute fast enough, while still healing from the financial surgery and overtake some of their competitors?" Citigroup said it would bring back...
Newly released court documents show Ontario Provincial Police were just minutes away from moving in to forcibly remove a First Nations blockade that prompted the closure of Highway 401 during last...
U.S. presidential contender Barack Obama pledged Wednesday his "unshakable commitment to Israel's security" during a visit to the rocket-scarred town of Sderot, emphasizing his support of the...
It's hard to upstage actress Brigitte Bardot, unless you're the charismatic first lady of her country. This nude portrait of Carla Bruni-Sarkozy pulled in a whopping 91-thousand dollars at a...
Democratic presidential candidate Hillary Rodham Clinton scored a surprising upset in the New Hampshire primary Tuesday night, while Republican Senator John McCain staged his own comeback to pick...
Wall Street enjoyed a happy ending to what was the worst January for the Nasdaq on record. At one point the market was up more than 2 percent on Thursday. The Dow settled with a 207 point gain....
A bank in India is helping sex workers save their money for a brighter future. MOREINFO: The bank was started by a sex-worker collective in the heart of Mumbai's red light district. More than...
Wall Street ended the week with a choppy trading session. Early gains gave way to mid-day selling. The Dow, S&P 500 and Nasdaq finished lower. Looking at the action for the week: The Dow fell for...
More 'Assisi Top' than Gregorian chant - meet 'Fratello Metallo' the heavy rock friar who's wowing metal fans in his native Italy. 'Brother Metal', as he's known in rock circles, is Brother Cesare...
In the third quarter of 2007, American homes entered foreclosure at a record pace, according to the Mortgage Bankers Association. Since then home prices have continued to fall, and now online...
The summer is supposed to be a time of high flying for the airlines -- but this year sky-high jet fuel costs have clipped the industry's wings. AMR, parent of American Airlines, the nation's...
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