Citigroup to cut 20,000 jobs by 2026 following latest financial losses
The cuts come shortly after Citi laid off 10% of its senior staff as part of a restructuring effort aimed at boosting its earnings.
The cuts come shortly after Citi laid off 10% of its senior staff as part of a restructuring effort aimed at boosting its earnings.
It has been a blockbuster year for investors, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all up with double-digit gains. However, the Federal Reserve battled the worst inflation in decades with several rate hikes, and 2023 marked the worst banking crisis since 2008, with three major institutions collapsing. Astrid Martinez reports.
Bipartisan proposal would fine executives up to $3 million and claw back two years' worth of their compensation.
The Dow Jones fell more than 200 points Thursday as regional bank stocks plummeted. Wall Street Journal banking and finance reporter Ben Eisen spoke with CBS News' Lana Zak and Errol Barnett about what the development means for investors.
On Wall Street, a string of banking industry failures is casting a cloud over midsize lenders such as PacWest and Western Alliance
Stocks fell Wednesday after the Federal Reserve raised U.S. interest rates by a quarter of a percentage point. Wall Street Journal economics reporter Harriet Torry spoke with CBS News about how the increase impacts investors and consumers.
JPMorgan Chase is taking over First Republic Bank after it was seized by federal regulators. It marks the third American bank failure in the past two months. Rachel Ensign, a reporter for The Wall Street Journal, joins CBS News with more.
California regulators have seized control of struggling First Republic Bank. The FDIC accepted a bid from JPMorgan Chase to assume First Republic's deposits and virtually all of its assets. Javier David, CBS News contributor and managing editor for business and markets at Axios, joined Anne-Marie Green and Vladimir Duthiers to discuss this latest major bank failure.
CBS News business analyst Jill Schlesinger discusses the decline and fate of First Republic Bank and the Federal Reserve's report of what went wrong with Silicon Valley Bank.
Gary Cohn, the former top economic adviser in the Trump White House and who is now vice chairman of IBM, tells "Face the Nation" that he believes the impending sale of troubled bank First Republic "will be a much faster process" than what happened with Silicon Valley Bank. But he says this is a "seismic moment" for the American people and whether they trust their banks.
Rep. Ro Khanna, who had received campaign contributions from Silicon Valley Bank CEO Greg Becker, who also served on the board of the San Francisco Fed, said "obviously there was mismanagement" at the failed bank. The California Democrat tells "Face the Nation" that in the future, bank executives should be barred from serving on the board of regional Federal Reserve Banks.
This week on "Face the Nation," Republican Reps. Nancy Mace and Tony Gonazles and Democratic Rep. Ro Khanna join Margaret Brennan.
The FDIC could soon seize control of First Republic Bank, which has seen its stock value plunge since the collapse of Silicon Valley Bank last month. Willie James Inman has the latest.
The Federal Reserve released a report on the circumstances surrounding the collapse of Silicon Valley Bank. CBS News' Nikki Battiste and Elaine Quijano speak with reporter Sarah Ewall-Wice about what investigators found.
Autopsy says central bank didn't appreciate "seriousness of critical deficiencies" in SVB's governance, contributing to the failure.
The Dow Jones closed in the red Wednesday as investors reacted to earnings reports and falling shares of First Republic Bank. Axios markets correspondent Emily Peck joined CBS News to discuss what this means for investors and the economy.
Several major banks are seeing growth with the release of their first quarter earnings. The positive news comes a month after the collapse of Silicon Valley bank and Signature Bank. Jacob Sonenshine is a markets reporter at Barron's. He joins CBS News for more.
In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon said the recent banking crisis is "not yet over." Axios senior business reporter Hope King joined CBS News' Vladimir Duthiers and Shanelle Kaul to discuss Dimon's remarks, if consumers should be concerned about their money and how the current banking concerns differ from 2008.
Collapse of Silicon Valley Bank and other lenders will reverberate "for years to come," top banking executive says.
Executives' decisions may have foreshadowed Silicon Valley Bank's downfall, new Washington Post reporting shows. Daniel Gilbert, who reports on the business of medicine for the Washington Post, joined Vladimir Duthiers and Anne-Marie Green to discuss the details.
The stock market closed higher Thursday as President Biden called for increased oversight into banking regulations. New Constructs CEO David Trainer joined CBS News to break down investors' reactions.
The stock market closed higher Wednesday, following the second day of congressional hearings on the Silicon Valley Bank collapse. Dory Wiley, the president and CEO of Commerce Street Holdings, joined CBS News to discuss what the hearings mean for investors.
The legislation from a bipartisan group of senators would require regulators to claw back all or part of the compensation bank executives got in the five years leading up to a bank's failure.
In a hearing Tuesday, Senate lawmakers scrutinized top federal regulators on the downfalls of Silicon Valley Bank and Signature Bank, and concerns over a lack of oversight. CBS News congressional correspondent Scott MacFarlane joined John Dickerson to discuss the hearing.
Key regulators testified before lawmakers Tuesday on the state of the U.S. banking system. CBS News congressional correspondent Scott MacFarlane discusses the hearing.
The Supreme Court on Monday ruled that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office.
Steve Bannon had to report to prison after the Supreme Court rejected his plea to stay out.
Forecasters warned that Hurricane Beryl would bring "extremely dangerous" conditions.
Border Patrol processed approximately 84,000 migrants in June, the lowest monthly level since President Biden took office.
The Supreme Court was reviewing the constitutionality of laws regulating social media companies from Texas and Florida.
First-round French election results show massive gains for far-right, drawing a warning of a possible "very dangerous" outcome for Europe.
Hurricane Beryl is the first storm on record to reach a powerful Category 4 this early in the season.
Fallout from ransomeware attack continues to affect car dealerships as CDK Global gradually restores service.
Israeli forces had detained Al-Shifa hospital boss Mohammed Abu Selmia and said Hamas was using the facility as a commander center.
Steve Bannon had to report to prison after the Supreme Court rejected his plea to stay out.
Wells Fargo tests dozens of burrito bowls from Chipotle Mexican Grill amid social media complaints about skimpy servings.
The meme-stock investor bought more than 9 million shares of the online pet supply company, causing its stock to surge.
The Supreme Court on Monday ruled that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office.
The Supreme Court was reviewing the constitutionality of laws regulating social media companies from Texas and Florida.
Wells Fargo tests dozens of burrito bowls from Chipotle Mexican Grill amid social media complaints about skimpy servings.
The meme-stock investor bought more than 9 million shares of the online pet supply company, causing its stock to surge.
Fallout from ransomware attack continues to affect car dealerships as CDK Global gradually restores service.
Boeing announced plans to buy back the bulk of supplier Spirit AeroSystems for $4.7 billion, and Airbus said it would purchase Spirit operations related to the European aerospace giant.
Living comfortably means being able to pay all bills, afford a handful of wants and be able to save for the future.
Steve Bannon had to report to prison after the Supreme Court rejected his plea to stay out.
The Supreme Court on Monday ruled that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office.
The Supreme Court was reviewing the constitutionality of laws regulating social media companies from Texas and Florida.
Border Patrol processed approximately 84,000 migrants in June, the lowest monthly level since President Biden took office.
The judge warned defense lawyers last week that telling jurors alleged details about Nadine Menendez's ex-boyfriend risks turning the trial "into a soap opera."
More than 300 medicines are in short supply, including treatments for the side effects of chemotherapy, which can hugely affect a patient's recovery. Here's how.
Public health officials came armed with a serious message for Pride Month: Get vaccinated against mpox.
Does wearing a face mask help to prevent COVID? Four years after the pandemic began, here's what scientists have learned.
CBS News chief medical correspondent Dr. Jon LaPook talks with experts about the distinctions between normal and abnormal aging as it affects memory issues, a workforce continuing beyond traditional retirement age, and the testing of surgeons who currently work without age limits. (This story was originally broadcast on February 18, 2024.)
Less than 100 intestinal transplants were done in 2023. For Danielle Perea, the surgery was her only chance.
Pope Francis has formally signed off on the canonization of Carlo Acutis, who will become the first-ever saint from the millennial generation.
Israeli forces had detained Al-Shifa hospital boss Mohammed Abu Selmia and said Hamas was using the facility as a commander center.
It was "f---ing mind-blowing," the "Back to the Future" actor posted about his appearance with the band at the Glastonbury Festival.
First-round French election results show massive gains for far-right, drawing a warning of a possible "very dangerous" outcome for Europe.
The Netherlands Volleyball Federation says Steven van de Velde has shown "self-insight and reflection" since his 2016 conviction for raping a 12-year-old.
In a surprise appearance, Michael J. Fox joined Coldplay at the Glastonbury Festival in England on Saturday. Frontman Chris Martin introduced the actor, who joined in on the songs "Fix You" and "Humankind."
Construction engineer Joey Chestnut found his true calling when he became a competitive eater; he would go on to win the Nathan's Famous International Hot Dog Eating Contest at Coney Island 16 times since 2007. In this profile that originally aired on "CBS Sunday Morning" on July 4, 2010, correspondent Bill Geist talks with Chestnut about what he would (or would not) eat; with Joey's mother, Alicia, about his childhood love of hot dogs and macaroni & cheese; and with George Shea, chairman of Major League Eating, who calls Chestnut "the greatest eater in history."
It was "f---ing mind-blowing," the "Back to the Future" actor posted about his appearance with the band at the Glastonbury Festival.
Legendary rapper Flavor Flav has signed on as the hype man for USA Water Polo for its women's Olympic team. His role as an official hype man includes multiple appearances annually at USA Water Polo events and exclusive social media collaborations. Flavor Flav and Maggie Steffens, U.S. women's water polo captain, join "CBS Mornings" to talk about their collaboration.
Will Smith made a return to the stage at the BET Awards, performing his new single "You Can Make It," which alludes to redemption. It's the rapper's first new music release in seven years as he tries to comeback from the infamous Oscar slap two years ago. Meanwhile, Usher was honored at the show with the lifetime achievement award.
The meme-stock investor bought more than 9 million shares of the online pet supply company, causing its stock to surge.
This week marks 50 years since the debut of the barcode, those machine-readable black stripes that have changed many aspects of modern life. Bradley Blackburn looks back at its history.
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Three major mobile carriers say customers abroad can't make phone calls, send messages.
Recall involves about 132,000 units due to lithium-ion batteries that can overheat, with $20,000 in property damage reported.
The United States is now the world's leading exporter of liquified natural gas, or LNG, after the country tripled its output in the past six years, according to the U.S. Energy Information Administration. Some environmentalists say this is defeating the Biden administration's goals of weaning us off fossil fuels to avert climate change-driven catastrophe in the future.
Called 2024 MK, the space rock will make its closest approach to Earth on Saturday.
Scientists are racing to figure out what's causing strange behavior and even deaths among fish, including the endangered sawfish. The phenomenon started in the Florida Keys, but has been seen as far north as Tampa.
South Africa is home to a large majority of the world's rhinos and as such is a hot spot for poaching driven by demand from Asia.
New research paints a worrying picture about the state of polar bears in Canada's Hudson Bay. The big furry bears could go extinct in the region as early as the 2030s due to thinning ice, longer ice-free seasons and human activity leading to climate change. Geoffrey York, one of the study's co-authors, joins CBS News to break down the findings.
The judge warned defense lawyers last week that telling jurors alleged details about Nadine Menendez's ex-boyfriend risks turning the trial "into a soap opera."
A murky law involving emergency protection orders leads to some judges allowing domestic abusers to keep their weapons.
Family of victim shares new details of their own investigation into what happened the night of the November 2022 murders of four University of Idaho college students and the case against suspect Bryan Kohberger.
Alabama college student Aniah Blanchard vanished without a trace in October 2019 — and it took more than a month before her family learned what happened to her.
Police fatally shot a 13-year-old boy late Friday night following a chase in Utica, New York, after the teen displayed what turned out to be a replica handgun, authorities said. Michael George has the latest.
The problem for NASA and Boeing is that the Starliner's service module is discarded before re-entry and burns up in the atmosphere.
The latest GOES satellite will play a critical role in tracking hurricanes and other dangerous storms across North America.
China's Chang'e 6 is the first craft ever to collect soil and rock samples from the side of the moon that faces away from Earth into space.
NASA has again postponed the troubled Boeing Starliner's trip home from the International Space Station as crews assess a series of helium leaks. Those leaks had also delayed the first crewed launch of the ship multiple times. Mark Strassmann reports.
NASA canceled a spacewalk on Monday due to a leaky spacesuit. And Starliner commander Barry "Butch" Wilmore and co-pilot Sunita Williams will remain at the International Space Station longer than planned after NASA and Boeing delayed the capsule's return to Earth. CBS News space consultant Bill Harwood breaks down the issues the astronauts are navigating in space.
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
A teenager's murder in Lowell, Massachusetts, goes unsolved for more than 40 years -- were the clues there all along?
The actor, recipient of a lifetime achievement Academy Award, was renowned for such films as "MASH," "Klute," "Don't Look Now," "Ordinary People," and "The Hunger Games."
The Illinois mom wrote, "If something ever happens to me, please make sure the number one person of interest is Tim." Take a look at the evidence that led to Tim Bliefnick's arrest.
In a surprise appearance, Michael J. Fox joined Coldplay at the Glastonbury Festival in England on Saturday. Frontman Chris Martin introduced the actor, who joined in on the songs "Fix You" and "Humankind."
Simone Biles was again crowned all-around champion at the U.S. Olympic gymnastics trials over the weekend as her quest for gold continues after dropping out of most of her events in Tokyo three years ago. Les Carpenter, an Olympics reporter for The Washington Post, joined CBS News to discuss Biles and other noteworthy Olympics news.
The United States is now the world's leading exporter of liquified natural gas, or LNG, after the country tripled its output in the past six years, according to the U.S. Energy Information Administration. Some environmentalists say this is defeating the Biden administration's goals of weaning us off fossil fuels to avert climate change-driven catastrophe in the future.
Pharmacists are sounding the alarm as more than 300 medicines, including treatments for the side effects of chemotherapy, are in short supply. CBS News' Skyler Henry learned how the shortages can make or break a patient's recovery.
The Supreme Court ruled 6-3 Monday that former President Donald Trump and all presidents are entitled to immunity claims against criminal prosecutions for official acts undertaken in office. The three liberal justices wrote in their dissent that the decision "reshapes the institution of the presidency." Attorney and CBS News campaign reporter Katrina Kaufman has more on the dissent and a potential timeline for Trump's election interference trial.