
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.
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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 White House announced Tuesday that it has negotiated the release of Marc Fogel, an American teacher who was imprisoned in Russia.
Elon Musk, the world's wealthiest man, took questions for the first time since the president gave him broad authority to overhaul the executive branch.
President Trump hosted Jordan's King Abdullah II at the White House on Tuesday as he escalates pressure on the Arab nation to take in refugees from Gaza.
The NGO Doctors for America argued that HHS, CDC and FDA violated federal law in removing medical information from public-facing websites.
A procession of winter storms is forecast to bring snow, sleet, ice and potentially flood-inducing rain to sprawling bands of the U.S. this week.
The White House on Tuesday demanded the AP alter its style guidance of the Gulf of Mexico, which President Trump renamed last month.
The nuclear agreement is a potential national security win for the United States, one expert said.
Influenza trends have reached record highs in recent weeks.
A report from the USAID inspector general says that almost $500 million in food assistance is sitting in ports, ships and warehouses.
Influenza trends have reached record highs in recent weeks.
While nationwide scores are still below pre-pandemic levels, some local districts are seeing improvements in math and reading.
The White House on Tuesday demanded the AP alter its style guidance of the Gulf of Mexico, which President Trump renamed last month.
Rowe led the Secret Service as acting director after Kimberly Cheatle's resignation in the wake of the assassination attempt on Donald Trump in Pennsylvania last July.
A new lawsuit filed by Missouri's attorney general alleges that Starbucks is unlawfully relying on "race-and-sex-based hiring practices."
A new lawsuit filed by Missouri's attorney general alleges that Starbucks is unlawfully relying on "race-and-sex-based hiring practices."
Also omitted is Indigenous Peoples Month, Hispanic Heritage Month and Holocaust Remembrance Day, according to social media users and product experts.
Soda prices could rise, too, if packaging costs increase under President Trump's tariffs.
A report from the USAID inspector general says that almost $500 million in food assistance is sitting in ports, ships and warehouses.
Certain tuna products may have defective lids that could lead to "a potentially fatal form of food poisoning," FDA notice states.
The White House on Tuesday demanded the AP alter its style guidance of the Gulf of Mexico, which President Trump renamed last month.
Rowe led the Secret Service as acting director after Kimberly Cheatle's resignation in the wake of the assassination attempt on Donald Trump in Pennsylvania last July.
Elon Musk, the world's wealthiest man, took questions for the first time since the president gave him broad authority to overhaul the executive branch.
Illinois Sen. Dick Durbin said he has "highly credible information" that Patel is behind the firings at the FBI, though he is not yet the FBI director.
The nuclear agreement is a potential national security win for the United States, one expert said.
Influenza trends have reached record highs in recent weeks.
The NGO Doctors for America argued that HHS, CDC and FDA violated federal law in removing medical information from public-facing websites.
Certain tuna products may have defective lids that could lead to "a potentially fatal form of food poisoning," FDA notice states.
Pertussis cases are on the rise again, after a dip following the winter holidays.
With a physician shortage hitting small communities hard, the town of Havana, Florida, is seeking a new family doctor. Incentives include rent-free office space and medical equipment.
The nuclear agreement is a potential national security win for the United States, one expert said.
The White House announced Tuesday that it has negotiated the release of Marc Fogel, an American teacher who was imprisoned in Russia.
The charges are one of several recent moves against international ransomware groups.
Warrants were issued against a total of 183 people, 36 of whom were already in custody, for crimes including attempted murder, extortion and drug trafficking, police said.
President Trump hosted Jordan's King Abdullah II at the White House on Tuesday as he escalates pressure on the Arab nation to take in refugees from Gaza.
Last month, Demi Moore collected a Golden Globe for her performance in "The Substance." Now, she's getting buzz as the frontrunner for the Oscar. Moore looks back at her career journey as she speaks about what's behind her powerful performance and what the recognition means to her.
Alex Cooper, host of the hit podcast "Call Her Daddy" is the most listened to female podcaster in the world and she's continuing to expand her media empire. Last year she signed a deal with SiriusXM. She joined "CBS Mornings" to talk about her podcast and the launch of her two new channels on SiriusXM.
British superstar singer Ed Sheeran, after being unplugged by Indian police, insists he did have permission to busk in tech hub Bengaluru.
The second season of the series "Tracker" returns on Sunday. Justin Hartley stars as the lone wolf Colter Shaw who uses his survivalist skills to find missing people and collect the reward money. Hartley joins "CBS Mornings" to discuss what to expect from upcoming episodes and what it's like working with his wife, who is also part of the cast.
Millions of Americans tuned into the 2025 Super Bowl on Sunday, but some were watching for the ads more than the game. Ad Age editor-in-chief Jeanine Poggi breaks down some of the best Super Bowl commercials and trends.
Vice President JD Vance warned foreign leaders on Tuesday against placing excessive regulations on artificial intelligence in Paris. He highlighted U.S. advancements in AI and vowed to safeguard the technology from people trying to weaponize it. CBS News White House reporter Olivia Rinaldi has the details.
Also omitted is Indigenous Peoples Month, Hispanic Heritage Month and Holocaust Remembrance Day, according to social media users and product experts.
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.
The charges are one of several recent moves against international ransomware groups.
Vice President JD Vance called America the "gold standard" in artificial intelligence and promised to keep it that way while speaking at an AI summit in Paris. CBS News White House reporter Olivia Rinaldi has more from France.
By switching the next space station crew to a different ferry ship, the Starliner astronauts will get home a bit earlier than planned.
Endangered Mexican long-nosed bats are now being tracked via "eDNA" using their saliva.
Methane is one of the climate-damaging gases emitted by industry, but a British firm has found a way to give it a major makeover.
The world set yet another monthly heat record in January, despite an abnormally chilly U.S., a cooling La Nina and predictions of a slightly less hot 2025, the European climate service Copernicus says.
Australia-based scientists say they've produced the world's first kangaroo embryo through IVF and hailed it as a key step toward saving endangered marsupials.
The charges are one of several recent moves against international ransomware groups.
Warrants were issued against a total of 183 people, 36 of whom were already in custody, for crimes including attempted murder, extortion and drug trafficking, police said.
Officials said Deputy Basil Powell was "targeted and ambushed while returning home."
The couple were motivated by their "long-unfulfilled wish to have a daughter," prosecutors said.
Investigators developed a male DNA profile from the evidence but there were no matches in 1998.
By switching the next space station crew to a different ferry ship, the Starliner astronauts will get home a bit earlier than planned.
Get ready for the Snow Moon, February's full moon, which is set to peak on Wednesday morning.
Astronomers will use the Webb telescope to closely monitor the size and trajectory of an asteroid that has a slim chance of striking Earth in 2032.
Starliner astronaut Sunita Williams says she and crewmate Butch Wilmore have not been "abandoned" in space, as NASA considers plans to speed their return.
Scientists are closely watching a recently discovered asteroid that is being called a potential "city-killer." NASA calculates there is a 1.6% chance it could hit the Earth in 2032. CBS News space consultant Bill Harwood has more.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Peterson's death sentence for the murder of his pregnant wife Laci has been overturned. Now his supporters are pushing for a complete retrial.
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
Cayley Mandadi's mother and stepfather go to extreme lengths to prove her death was no accident.
See some of convicted serial killer Rodney Alcala's photographs that were discovered by detectives in a Seattle storage locker.
For the first time the pandemic began, deaths from influenza have outpaced deaths from COVID-19 in 22 states, plus New York City and Washington, D.C. Dr. Jon LaPook has the latest numbers.
Federal safety investigators have rushed to the scene of a deadly crash involving a private jet on a Scottsdale, Arizona, runway. Kris Van Cleave reports that the probe into what happened may center on the plane's landing gear.
The Cook Political Report is already spotlighting toss-up races to watch in 2026. Erin Covey, U.S. House editor for the Cook Political Report, joins "America Decides" with analysis of the contests that could determine the balance of power in Washington, D.C.
The future of driving could mean no one behind the wheel -- at least that's what the autonomous driving tech company Waymo is hoping. To shift that goal into high gear, the company has started testing its self-driving cars on fast moving highways. Kris Van Cleave went along for a ride.
The Trump administration is facing over 50 lawsuits on a range of issues. But will the president listen to the court rulings? Samuel Bagenstos, professor of law and public policy at the University of Michigan, joins "America Decides" to discuss.