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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 FBI's statement came after its director testified that there was still "some question" about what grazed former President Donald Trump's right ear.
Paris kicked off its first Summer Olympics in a century with a rain-soaked opening ceremony studded with stars and fantasy along the Seine River.
A raging wildfire called the Park Fire in Northern California, near Chico, more than tripled in size in its second day, and a man is under arrest on suspicion of arson.
Sean Grayson, the now-fired Illinois sheriff's deputy charged with killing 36-year-old Sonya Massey in her own home, had a disciplinary file that included accusations of bullying and abuse of power, records obtained by CBS News show.
Republican presidential nominee Donald Trump met with Israeli Prime Minister Benjamin Netanyahu at his Mar-a-Lago resort in Florida.
Former President Donald Trump says he is returning to Butler County for a rally after he survived an assassination attempt earlier this month.
One of El Chapo's sons duped Ismael "El Mayo" Zambada into boarding a plane on Thursday, telling him they were going to look at property in Mexico, a person familiar with the investigation confirmed to CBS News.
Celine Dion, nearly two years after revealing her stiff-person syndrome diagnosis, belted Edith Piaf's "Hymne à l'amour" as the finale of the four-hour opening ceremony.
Former FBI special agent Peter Strzok reached a $1.2 million settlement with DOJ over claims that it violated his privacy in releasing text messages with another former employee regarding Donald Trump.
Former FBI special agent Peter Strzok reached a $1.2 million settlement with DOJ over claims that it violated his privacy in releasing text messages with another former employee regarding Donald Trump.
The single-engine tanker was located in steep, forested terrain Friday morning after it went missing Thursday.
One of El Chapo's sons duped Ismael "El Mayo" Zambada into boarding a plane on Thursday, telling him they were going to look at property in Mexico, a person familiar with the investigation confirmed to CBS News.
Half of all U.S. states have at least one city where a relatively modest residence costs $1 million, according to a new analysis.
Sean Grayson, the now-fired Illinois sheriff's deputy charged with killing 36-year-old Sonya Massey in her own home, had a disciplinary file that included accusations of bullying and abuse of power, records obtained by CBS News show.
Half of all U.S. states have at least one city where a relatively modest residence costs $1 million, according to a new analysis.
Multimillionaires are much happier than the merely well off, suggesting life satisfaction continues to improve the wealthier you are.
"Inside the NBA" host Charles Barkley is decrying the NBA's new broadcast pact, saying Warner Bros. Discovery's TNT "never had a chance."
Amid a widening listeria outbreak, Boar's Head is recalling all of its liverwurst products sold nationwide, as well as some deli meats.
Physical performances by actors are being treated as "data," said SAG-AFTRA Chief Contracts Officer Ray Rodriguez said at a news conference.
Former FBI special agent Peter Strzok reached a $1.2 million settlement with DOJ over claims that it violated his privacy in releasing text messages with another former employee regarding Donald Trump.
The FBI's statement came after its director testified that there was still "some question" about what grazed former President Donald Trump's right ear.
"People are focusing so much on the sarcasm and not on the substance of what I actually said," Vance said Friday.
Some Republican lawmakers have called Harris a "DEI hire," a reference to diversity, equity and inclusion efforts.
Republican presidential nominee Donald Trump met with Israeli Prime Minister Benjamin Netanyahu at his Mar-a-Lago resort in Florida.
Amid a widening listeria outbreak, Boar's Head is recalling all of its liverwurst products sold nationwide, as well as some deli meats.
There may be new hope against dementia after recent research that found the latest shingles vaccine appears to delay the onset of the memory-impairing condition.
The Olympic village beds are "rock solid," according to some athletes on social media. Oh, and there's no AC. A sleep expert explains how these conditions could impact performance.
Prompted by a near-drowning experience as a child, Olympic swimmer Cullen Jones is now a swim lesson advocate. Here are his top tips to stay safe.
COVID is spiking across the country, but why? CBS News medical contributor Dr. Céline Gounder explains why July is seeing increased cases.
Celine Dion, nearly two years after revealing her stiff-person syndrome diagnosis, belted Edith Piaf's "Hymne à l'amour" as the finale of the four-hour opening ceremony.
One of El Chapo's sons duped Ismael "El Mayo" Zambada into boarding a plane on Thursday, telling him they were going to look at property in Mexico, a person familiar with the investigation confirmed to CBS News.
Viewers can see each country's 2024 Olympic outfits during the Paris Games opening ceremony.
Athletes from Russia and Belarus have been banned from competing as countries in the 2024 Paris Olympics. Instead, their athletes will compete as neutral individuals, referred to as "AIN."
The ambitious opening ceremony of the Summer Games kicked off with a giant plume of blue, white and red smoke in the colors of the French national flag with the 2024 Parade of Nations from the Austerlitz Bridge.
Physical performances by actors are being treated as "data," said SAG-AFTRA Chief Contracts Officer Ray Rodriguez said at a news conference.
"Mr. Vance, I pray that your daughter is fortunate enough to bear children of her own one day," Jennifer Aniston said.
Hundreds of the nation's top athletes will represent Team USA in Paris at the 2024 Olympics.
Displaying not a shred of anxiety, Pixar's "Inside Out 2" has rung up $1.4 billion at the box office since its June release.
Actor Josh Hartnett is known for his roles in popular movies like "The Virgin Suicides," "Black Hawk Down" and "Oppenheimer." Now, he's starring in the new thriller, "Trap," where he plays a seemingly loving father who takes his daughter to a concert. His character quickly realizes the concert is an elaborate setup for police to catch a serial killer. The twist is Hartnett's character is the serial killer, or at least appears to be.
One week after the global computer outage, Windows systems are nearly fully operational, according to CrowdStrike.
Rep. Jennifer Wexton of Virginia delivered what is believed to be the first speech ever from the House floor using artificial intelligence voice technology. Wexton was diagnosed last year with a rare neurological disorder that robbed her of her ability to speak clearly.
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.
Social media giant Meta is issuing a warning over the increasing number of sextortion scams where fake profiles are used to get people to send nude photographs and then threaten to release them unless victims pay up. On Wednesday, Meta said it has removed 6,300 Instagram accounts of scammers in Nigeria who frequently target adult men in the U.S.
A tech selloff caused the Nasdaq and S&P 500 to have their worst days since 2022. Here's why tech stocks are fading.
In Canada, a fast-moving fire has ravaged the resort town of Jasper, Alberta. In Northern California, fires have burned 164,000 acres of land. CBS News Sacramento reporter Kayla Moeller joins from Chico, California, with more on the wildfires.
Scientists say a common painkiller used on cattle wiped out India's vultures, resulting in half a million human deaths in just 5 years.
Wildfires are spreading across the western U.S. and Canada. In Northern California, the Park Fire has burned over 71,000 acres, and officials have arrested a 42-year-old man on suspicion of arson for starting the fire. CBS News national correspondent Jonathan Vigliotti has the latest.
The discovery includes "thousands of marble slabs" in "hundreds of different shapes" found in a submerged ancient city.
Multiple wildfires on the West Coast and in Canada have forced thousands of people to evacuate. Crews are fighting flames in California, Oregon, Utah and Idaho. CBS News national correspondent Jonathan Vigliotti reports.
CBS News has learned that the sheriff's deputy charged with murder in the shooting of Sonya Massey worked for six different law enforcement agencies in four years. He was also discharged from the Army in 2016 for misconduct after receiving a DUI. Roxana Saberi reports.
Two leaders of the notorious Sinaloa cartel, including one of the sons of the imprisoned drug lord "El Chapo," Joaquín Guzmán López, were apprehended Thursday in Texas. Ismael "El Mayo" Zambada, a cofounder of Sinaloa, was lured to Texas by López, according to sources. Manuel Bojorquez has details.
The FBI arrested the leader of Mexico's notorious Sinaloa cartel and a son of Joaquin "El Chapo" Guzman near El Paso on Thursday. CBS News national correspondent Manuel Bojorquez is in Irving, Texas, with more details.
An autopsy report released Friday confirms Sonya Massey, the Illinois woman who was fatally shot inside her home earlier this month by a sheriff's deputy, died from a gunshot wound to the head. CBS News correspondent Roxana Saberi has the latest from Chicago.
One of El Chapo's sons duped Ismael "El Mayo" Zambada into boarding a plane on Thursday, telling him they were going to look at property in Mexico, a person familiar with the investigation confirmed to CBS News.
Engineers say they're still troubleshooting issues discovered aboard the Boeing Starliner spacecraft that took NASA astronauts Butch Wilmore and Suni Williams into space. They were originally supposed to spend eight days aboard the International Space Station. They've now been up there for almost eight weeks.
NASA and Boeing managers are increasingly confident the Starliner capsule is good to go for re-entry and landing.
The Chandra X-ray observatory was launched on July 23, 1999.
The cosmos is providing a full moon for the 55th anniversary of the first lunar landing this weekend, and plenty of other events honor Neil Armstrong and Buzz Aldrin's giant leap.
This weekend marks 55 years since the historic Apollo 11 moon landing. Retired NASA astronaut Leroy Chiao joins CBS News to look back on the small step for man and giant leap for mankind.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
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 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.
During a 2019 classical music concert at Symphony Hall in Boston, a 9-year-old boy shouted "wow" at the conclusion of Mozart's Masonic Funeral Music. Five years later, his response still resonates. Steve Hartman has more.
Hours before the opening ceremony of the Paris Olympics, France's train network was hit by several coordinated arson attacks, causing widespread disruption. Officials said fires were set at critical spots in an attempt to cut off routes into Paris. Jamie Yuccas reports.
In an interview with CBS News' Major Garrett, independent presidential candidate Robert F. Kennedy Jr. claimed that President Biden "tarred" his "reputation and that career over the past year by refusing to let go of power." He also addressed his meeting with former President Donald Trump at the Republican National Convention.
CBS News has learned that the sheriff's deputy charged with murder in the shooting of Sonya Massey worked for six different law enforcement agencies in four years. He was also discharged from the Army in 2016 for misconduct after receiving a DUI. Roxana Saberi reports.
Two leaders of the notorious Sinaloa cartel, including one of the sons of the imprisoned drug lord "El Chapo," Joaquín Guzmán López, were apprehended Thursday in Texas. Ismael "El Mayo" Zambada, a cofounder of Sinaloa, was lured to Texas by López, according to sources. Manuel Bojorquez has details.