Latest Citigroup Inc News

Takeaways: Labor abuses in the palm oil industry

Sep. 25, 2020 2:04 PM EDT

PENINSULAR MALAYSIA (AP) — Palm oil is almost impossible to avoid. It can be found in roughly half the products on supermarket shelves, from Dove soap and Oreo cookies to instant noodles and hand sanitizer. While most shoppers know little about the commodity or the human toll, the $65 billion industry has...

A little girl holds palm oil fruit collected from a plantation in Sumatra, Indonesia, Nov. 13, 2017. An Associated Press investigation has found many palm oil workers in Indonesia and neighboring Malaysia endure exploitation, including child labor. (AP Photo/Binsar Bakkara)

Palm oil labor abuses linked to world’s top brands, banks

Sep. 24, 2020 10:32 PM EDT

PENINSULAR MALAYSIA (AP) — Jum’s words tumble out over the phone, his voice growing ever more frantic. Between sobs, he says he’s trapped on a Malaysian plantation run by government-owned Felda, one of the world’s largest palm oil companies. His boss confiscated and then lost his...

FILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. Scharf apologized Wednesday, Sept. 23 for comments he made that dismissed concerns that the banking industry, which has a long history of racist behavior, wasn’t doing enough to promote and retain diverse talent. (AP Photo/Alex Brandon, File)

Wells Fargo CEO apologizes for comments about diversity

Sep. 23, 2020 4:05 PM EDT

NEW YORK (AP) — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate...

In this undated photo provided by Citigroup, head of Citi’s global consumer banking division Jane Fraser poses for a portrait. Citigroup announced Thursday, Sept. 10, 2020, that Fraser would succeed Michael Corbat as the bank’s next chief executive, making Fraser the first woman to ever lead a Wall Street bank. (Julian Restrepo/Citigroup via AP)

Jane Fraser to become Citi CEO; 1st woman to lead major bank

Sep. 10, 2020 2:23 PM EDT

NEW YORK (AP) — Citigroup's Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael Corbat in February. The New York bank announced the succession Thursday. Fraser is currently head of Citi's global consumer banking division, a major part of the bank that...

Exxon, Tesla fall; Nikola, Beyond Meat rise

Sep. 8, 2020 4:22 PM EDT

NEW YORK (AP) — Stocks that moved heavily or traded substantially Tuesday: Apple Inc., down $8.14 to $112.82. Italy’s competition watchdog launched an investigation into Apple and other technology companies over their cloud storage services. Walt Disney Co., up $2.21 to $134.20. Disney released a...

FILE - In this Feb. 2, 2020, file photo, the company logo appears on an unsold 2020 Model X at a Tesla dealership in Littleton, Colo.  A day after its 5-for-1 stock split took effect, Tesla is announcing plans to sell up to $5 billion worth of common shares.  Tesla shares rose over 2% in premarket trading Tuesday, Sept. 1,  after the filing with the U.S. Securities and Exchange Commission. (AP Photo/David Zalubowski, File)

Tesla announces plans to sell up to $5B in new stock shares

Sep. 1, 2020 5:10 PM EDT

DETROIT (AP) — A day after its 5-for-1 stock split took effect, Tesla announced plans Tuesday to sell up to $5 billion worth of common shares. The electric car and solar panel maker said in a filing with securities regulators that it intends to sell up to 10.03 million shares and use the proceeds for...

UPS, Apache rise; Yum China, Citigroup fall

Jul. 30, 2020 4:25 PM EDT

NEW YORK (AP) — Stocks that moved heavily or traded substantially on Thursday: Apache Corp., up $2.36 to $16.01. The energy company said it's made a major oil discovery off the coast of Suriname in South America. Citigroup Inc., down $1.65 to $50.87. Financial services stocks were broadly lower as bond...