Nearly a month after former Citigroup chief executive Sandy Weill called for the break-up of the biggest U.S. banks, current Citi CEO Vikram Pandit told the Financial Times that the bank is sized just right.
Citi became the first U.S. lender to issue it’s own credit card in China, Bloomberg reports.
George Soros disclosed a 7.85 percent stake in Manchester United, the British soccer club that began trading on New York Stock Exchange on Aug. 10.
Felix Salmon says Man U’s fluctuating share price is another good argument to keep investors away from initial public offerings.
The regulator tasked with overseeing audits of brokerage firms such as Peregrine Financial Group, the Iowa-based futures broker that shuttered last month after it’s founder attempted suicide, has disturbing news, Floyd Norris reports in The Times. Every audit reviewed by Public Company Accounting Oversight Board inspectors showed a failure to take proper efforts to verify financial statements or ensure that the audited firms had sufficient capital on hand.
Since the London Whale capsized Jamie Dimon’s reputation, Wall Street has struggled to put forth a replacement statesmen, according to Bloomberg.
Despite new law that may allow IPO bankers to publish research on offerings they underwrite as soon as, or even before, shares begin trading, banks have informally agreed to a quiet period of 25 days, The Wall Street Journal reports.
In an about face, Warren Buffett’s Berkshire Hathaway terminated $8.25 billion in credit default swaps on municipal debt. If Mr. Buffett has doubts about munis, should you too?
Best Buy reported second-quarter profit fell 90 percent on restructuring charges and week sales. Good news for Richard Schulze?
Spain’s short-term borrowing costs fell as markets bet that the European Central Bank would intervene in sovereign debt markets.