Luxury retailer Tiffany's 2nd-qtr profit falls on lower sales, still beats analysts' estimatesAugust 28th, 2009 Tiffany 2Q profit falls, but tops viewNEW YORK — Tiffany & Co. says its second-quarter profit fell 30 percent as sales slipped, but the results beat analysts' estimates.
Brightpoint head higher after Citi issues upgrade, says handset recovery should helpAugust 11th, 2009 Brightpoint shares climb after Citi upgradeNEW YORK — Shares of Brightpoint Inc. got a boost Tuesday after an upgrade from a Citi Investment Research analyst upgraded the cell phone distributor and said it should benefit from a cyclical recovery in the handset market.
Natco records higher 2Q profit as lower costs help beat analyst estimateAugust 7th, 2009 Natco records higher 2Q profit on lower costsHOUSTON — Oil services company Natco Group Inc. posted a slightly higher second-quarter profit Friday, as lower costs for goods helped it beat Wall Street estimates.
Citigroup sells entire stake in Nikko Asset Management for $795M to Sumitomo TrustJuly 30th, 2009 Citigroup sells stake in Japanese asset managerNEW YORK — Citigroup Inc. said Thursday it is selling its entire majority stake in a Japanese asset management company to The Sumitomo Trust and Banking Co Ltd.
Pandit's Citi to keep expanding in India, ChinaJuly 28th, 2009 WASHINGTON - Citigroup Inc's Indian American chief executive Vikram Pandit says he hopes to continue expanding the bank's business in the two biggest engines of growth in Asia, China and India, despite tough local restrictions. The bank wouldn't retreat from fast-growing Asian businesses even as the financial crisis has forced it to shrink its balance sheet by about 25 percent, he told Wall Street Journal in an interview at Citigroup's Hong Kong headquarters Monday.
TNT Post Q2 profit falls 60 percent, sees scant evidence of recoveryJuly 27th, 2009 TNT Post profit down 60 percent in Q2AMSTERDAM — TNT NV, Europe's second-largest post company, reported Monday a 60 percent fall in net profit for the second quarter and said it sees little evidence of an economic recovery. Net profit was euro81 million ($115 million), down from euro205 million in the same period a year earlier and euro5 million better than in the first quarter of 2009.
Citigroup reports $3B profit on gain from sale of Smith Barney; analysts had forecast a lossJuly 17th, 2009 NEW YORK — Citigroup Inc. surprised Wall Street Friday, reporting a $3 billion second-quarter profit instead of the big loss analysts expected.
Citigroup records profit, breaking six quarter slumpJuly 17th, 2009 NEW YORK - The sale of its controlling stake in a brokerage helped Citigroup Friday to surprise analysts and announce $4.3 billion of net income in the second quarter of 2009, after six quarters of falling ever further into the red. However, the fact that the entire uptick into positive numbers was due to its decision to merge the Smith Barney brokerage into a joint venture to be controlled by Morgan Stanley, created questions as to whether the company could continue to earn profits in the near term.
Vikram Pandit stays as Citi reshuffles top managementJuly 10th, 2009 WASHINGTON - Citigroup has announced changes in several top management roles in the company in what the troubled bank's Indian American CEO Vikram Pandit described as moves that will "further help in positioning our company for the future". But Pandit, who has been the target of much criticism for his management of Citigroup, himself remains at the helm as the bank seeks to reshape itself and prepares for the US government to become its largest shareholder.
Shirish Apte named Citi CEO for Asia-PacificJuly 7th, 2009 WASHINGTON - Citibank has named a three-person team to replace Ajay Banga, who held the title of Asia-Pacific CEO and left the firm June 19 to become president and CEO of MasterCard. Shirish Apte,56, and Stephen Bird, 42 have been made CEOs for Asia-Pacific, while Shengman Zhang has been named chairman of the firm in the region, effective immediately, Indian American Vikram Pandit led bank announced Monday.
Pandit's Citi to raise $5.5 bn with stock conversionMay 8th, 2009 WASHINGTON - Ailing US banking giant Citigroup led by Indian American CEO Vikram Pandit plans to raise $5.5 billion by converting more preferred stock to common shares as prescribed by government stress tests. 'The government's stress test was a rigorous process that assessed our capital and confirms our view that Citi's plans and actions will give it the financial strength to weather an adverse stress scenario,' Pandit said in a statement Thursday.
Pandit's Citi takes surprise swing to net profitApril 18th, 2009 WASHINGTON - Ailing banking giant Citigroup, led by Indian American chief executive Vikram Pandit, has surprised Wall Street to deliver its first profit in more than a year, helped by strength within its investment banking division. Taking something of a break from the financial crisis with strong results reflecting a rebound in capital markets, the bank swung to $1.6 billion first quarter profit from a $5.1 billion loss a year earlier and a $17.5 billion loss in the fourth quarter.
Citi's Pandit made $10.8 mn in 2008March 17th, 2009 WASHINGTON - Vikarm Pandit, the Indian American CEO of Citigroup, received a 2008 compensation valued at $10.8 million, the ailing bank that got billions of dollars in federal aid has disclosed. New York-based Citi disclosed in a regulatory filing Monday that Pandit, who said late last year he plans to take just $1 a year in salary until the bank returns to profitability, received $958,333 in salary last year, up from the $250,000 he received in 2007.
Pandit's Citi pours $25.7 bn in bailout fundsFebruary 2nd, 2009 WASHINGTON - Citigroup Inc. Tuesday said it has poured $25.7 billion of its government-supplied funding into bolstering the US residential mortgage market and approved $36.5 billion in loans as part of initiatives to spur the crisis-hit economy.
Pandit's Citi splitting into two after $8.3 billion lossJanuary 15th, 2009 WASHINGTON - Citigroup revealed plans to split up into two businesses, effectively bringing an end to the company's 'financial supermarket' model, after reporting a much bigger-than-expected $8.3 billion quarterly loss Friday. Under the new arrangement revealed by the banking giant's Indian American CEO Vikram Pandit in New York, Citigroup would split into two units: Citicorp and Citi Holdings.
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