Citigroup came under growing pressure to overhaul its board on Tuesday after it revealed that two long-serving directors survived a shareholder vote largely thanks to a balloting rule that is due to be scrapped.
Obama administration wants to force a wide range of large financial institutions to hold more capital as part of a sweeping regulatory overhaul
AIG paid more than $40m in controversial retention bonuses to staff at its troubled financial unit in December, three months ahead of schedule, according to the resignation letter of an executive at the insurance group.
Bernard Madoff's accountant for nearly two decades was on Wednesday charged with securities fraud as US prosecutors widened their investigation into one of the biggest investment frauds in history.
For at least 13 years, big and small investors alike turned over their money to Paul Greenwood and Stephen Walsh, two New York money managers, in the belief that an "enhanced equity index" strategy was reaping them profits.
The US economy is suffering its steepest downturn since at least the 1970s and could descend into a depression, Jeff Immelt, General Electric's chief executive, warned on Thursday.
Barack Obama on Thursday named Mary Schapiro, head of the securities industry's self-regulatory body, as chair of the Securities and Exchange Commission.
The top executives at Merrill Lynch and Morgan Stanley, led by their chief executives John Thain and John Mack, will not receive bonuses this year amid growing pressure on Wall Street leaders to share the pain of the financial crisis.
US companies suffered the biggest job losses in more than 30 years last month, underscoring the depth of a recession that is spreading rapidly from financial centres to most parts of the global economy.
But Citi's woes might call for more visionary and charismatic leadership than he can offer.
Last week's frenzy surrounding India's record initial public offering of Reliance Power was extraordinary - it seemed that everyone wanted a piece of it. The company, expected to make its public debut next month, attracted $190bn for $3bn worth of shares from institutions and retail investors. This week, things could hardly be more different.
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