The private-equity firm says the conversion will allow investors to buy its shares without creating the need for a Schedule K-1, an Internal Revenue Service tax form that's used to report earnings from partnerships.
Bank of America says that lending income would grow just 3% this year, down from about 6% in 2018, as the economy slows and the Federal Reserve halts its three-year campaign to boost official U.S. interest rates.
Citigroup posts better-than-expected results for the first quarter as a cut in the U.S. bank's effective corporate tax rate helps to offset a fall in stock-trading revenue.
Citigroup CEO Michael Corbat says he has no immediate plans to name a new president to replace Jamie Forese, who is retiring.
Citigroup, the giant U.S. bank, is expected to report first-quarter earnings roughly equivalent to those from a year earlier, even after rival JPMorgan Chase posted a 5% increase. Citigroup CEO Michael Corbat, who this week announced major changes in his senior leadership team, is expected to provide commentary on how the bank is faring amid a slowdown in global economic growth.
As a growing body of research shows that gender diversity on a company's board of directors usually improves long-term shareholder returns, Stephen Schwarzman's Blackstone Group has added former U.S. Senator Kelly Ayotte of New Hampshire as a director. The appointment would double the number of female directors to two out of 11 total board members, or 18%.
U.S. Representative Nydia Velazquez, a New York Democrat, asks Citigroup CEO Michael Corbat at a hearing in Washington what it was like to get paid more than 400 times his employees' median pay. Corbat's response was that he hoped employees might see opportunities to get promoted.
Bank of America says it will raise its minimum wage to $20 an hour from $15 now, in an effort to be a 'great place to work.'
Goldman CEO David Solomon will need to navigate a difficult hearing on Wednesday.
JPMorgan CEO Jamie Dimon says he doesn't currently expect the U.S. economy to tip into recession, but the risks are growing from 'bad policy,' and he lamented the loss of certainty in American global leadership. Spoiler alert: He didn't mention President Donald Trump.
Sign up to get started or log in to see your watchlist.
Enter a symbol above to add it to your watchlist.
A confirmation email has been sent to the address provided during registration. Please click on the appropriate link to confirm your email address.