Citigroup will pay $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis.
Regulators want to require eight of the largest U.S. banks to meet a stricter measure of health to reduce the threat they pose to the financial system.
As big financial institutions like Goldman Sachs and JPMorgan Chase get set to report earnings over the next week, they are under pressure to show investors they can correct mistakes from the financial crisis and still post big profits. While profitable of late, there are worries that the recent run-up in earnings is just masking the problems.
Four and a half years after insurance giant AIG collapsed, leading to the biggest bailout of the financial crisis, former CEO Hank Greenberg has one message: Don’t blame me.
U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They’re helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.
Vikram Pandit stepped down as CEO of Citigroup on Tuesday after steering the bank through 2008 financial crisis and the choppy years that followed.