Saying it needs to "further reduce expenses and improve efficiency across the company," Citigroup announced today that it is eliminating about 11,000 jobs — 4 percent of its global workforce.
The banking giant also said it is expects to take "pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013."
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Kweku Adoboli will spend seven years in prison for his unauthorized trades at UBS. A British court convicted him on two counts of fraud for losing $2.3 billion dollars in his risky bets over several years, ending in 2011.
Good morning. I'm Renee Montagne with a credit card that's worth its weight in gold. For those who want to buy bling with bling, a bank in Kazakhstan plans to offer a Visa card made of gold, plus a couple of dozen diamonds and mother of pearl. It will require $100,000 upfront and an annual fee of $2,000, but there are no late fees and you get a free iPhone. It won't be the first bejeweled card, just the first made of pure gold. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.
Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.
I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.