Frantic Citigroup Considers Sell-Off

But headhunting 'selective,' notes banker

(NEWSER) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec. "The world has changed dramatically in the last four to five months and now banks are hiring." More»

Geithner's cozy history with the high finance club draws critics' ire

(NEWSER) - While some feel Treasury Secretary Timothy Geithner has been an aggressive steward of the public trust, some critics point to his days as New York Fed president as proof he’s too cozy with the very banks that crippled the financial system. The New York Times investigates his tenure there, when he dined regularly with senior execs from Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. More»

It's not just the firings: others are leaving for safer jobs

(NEWSER) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing the chance to retire early, or more often, fleeing federally overseen big banks in favor of more cash and opportunity at smaller boutiques. More»

Merger would be largest pharma deal since GlaxoWellcome-SmithKline 2000 merger

(NEWSER) - The world’s largest drugmaker, Pfizer, is poised to become even more gargantuan after it agreed early this morning to buy rival Wyeth for $68 billion, reports the Wall Street Journal. In the first major merger to hit Wall Street in months, Pfizer will borrow $22.5 billion from four banks that received bailout money—Goldman Sachs, JPMorgan, Citigroup, and Bank of America, reports the New York Times. More»

(NEWSER) - Say goodbye to the Citigroup empire. When the company releases its earnings next week, it'll also unveil a drastic plan to slice away businesses until it’s roughly two-thirds of its current size, the Wall Street Journal reports, and looks much like Citicorp did before the merger that created Citigroup. After ceding Smith Barney to Morgan Stanley and shedding or shrinking several other units, the new leaner Citi will cater to large corporations and rich people. More»