Bank executives discuss TARP fund use in Washington
Vikram Pandit of Citi (R) speaks to an aide as he joins executives from the financial institutions who received TARP funds testifying before the House Financial Services Committee about how the the Troubled Asset Relief Program (TARP) funds were used on Capitol Hill in Washington on February 11, 2009. (UPI Photo/Roger L. Wollenberg)
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Stocks close near peak for the week ... Citigroup to change executive pay process ... In China, R&D grew in 2012 ... Retail weak in Canada in December ... News from United Press International.
U.S. financial behemoth Citigroup is changing its executive compensation formula in response to disgruntled shareholders, a regulatory filing said.
U.S. financial giant Citigroup said it would shutter dozens of branch offices and cut 11,000 jobs in an effort to trim operation expenses.
U.S. banking giant Citigroup said it would pay its recently fired Chief Executive Officer Vikram Pandit $6.65 million as a bonus for his work in 2012.
Chief executive officer turnover rose in October to 108, the second-highest monthly total for 2012, a Chicago outplacement firm reported Wednesday.
Vikram Pandit, the chief executive officer of Citigroup Inc., is stepping down effective immediately, the bank's board said Tuesday.
Citigroup Chief Executive Officer Vikram Pandit said emerging markets, including business in China, would be the focus of the bank's growth.
An investor group at Deutsche Bank said it was trying to send a message for the German firm's board to make changes in executive searches and top-tier pay.
Rep. Barney Frank, D-Mass., said shareholders at Citigroup would likely spur shareholders elsewhere to reject excessive executive pay packages.
New York Mayor Michael Bloomberg said "Occupy Wall Street" protesters in Zuccotti Park should prepare for the site to be cleaned Friday.
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