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Editorial Results (free)

1. After Pandit, a Smaller Citigroup Could Get Smaller Yet -

NEW YORK (AP) – The incredible shrinking bank may have to shrink more.

In the hours after Tuesday's surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank.

2. Whalum and Webb Draw Challengers In School Board Races -

Memphis school board members Betty Mallott and Martavius Jones were unopposed at Thursday’s filing deadline for the four Memphis school board races on the Nov. 2 ballot. Noon was the deadline for candidates to file their qualifying petitions in the school board races as well as three sets of municipal elections in Bartlett, Collierville and Germantown.

3. Citigroup Names Former Banking Regulator to Board -

NEW YORK (AP) - Citigroup Inc. named three new outside directors Friday as the bank seeks to shift its focus back to traditional banking after it suffered a bruising hit from risky mortgage-backed securities.

4. Memphis Music Foundation Elects Bell Chairman -

Al Bell has been elected the new chairman of the Memphis Music Foundation.
Under Bell’s direction, the foundation will continue to provide education, strategic planning and promotional opportunities to the Memphis music industry.
Bell is the former chairman and owner of Stax Records and former president of Motown Records. Bell has worked with artists such as Booker T and the MG’s, Otis Redding, Sam and Dave, Albert King, Rufus Thomas, Isaac Hayes and Richard Pryor.

5. Report: FDIC Pushes For Shake-Up at Citigroup -

The Federal Deposit Insurance Corp. is reportedly pressing for a management shake-up at embattled bank Citigroup Inc., putting CEO Vikram Pandit in the hot seat.

6. At Citi's Annual Meeting, Shareholders Get Angry -

NEW YORK (AP) - The anger was evident at Citigroup Inc.'s annual meeting, where all nominated directors were elected but shareholders took turns at the microphone to vociferously object to the bank's performance over the past year.

7. Citigroup Nominates New Independent Directors - Citigroup has nominated four new independent directors – including two former bank chief executives and two other financial experts – to stand for election at its annual meeting in April.

The announcement Monday comes as part of a continuing shuffling of the troubled bank’s board. Its shares climbed more than 30 percent.

Investors have long criticized Citigroup’s board for allowing the bank to make so many investments in the risky housing market – actions that have led to the bank reporting five straight quarterly losses.

Richard Parsons, who took over as chairman last month, has said he planned to look for people with proven business judgment and experience in the financial sector to replace retiring directors overseeing the company.

The board currently has 15 directors, three of whom previously announced they will not stand for re-election and two of whom will be of retirement age by the time of the shareholder meeting.

The candidates are Jerry A. Grundhofer, Michael E. O’Neill, Anthony M. Santomero and William S. Thompson Jr.

Grundhofer, 64, is chairman emeritus and former chairman and CEO of U.S. Bancorp; O’Neill, 62, is former chairman and CEO of Bank of Hawaii; Santomero, 62, most recently served as a senior adviser at McKinsey & Co. and is the former president of the Federal Reserve Bank of Philadelphia; and Thompson, 63, is the former CEO of bond investment manager Pimco.

With the election of the four candidates, Citigroup would have 14 board members. The bank says the board also will consider future additions.

Parsons, the former head of Time Warner Inc., is one of the few Citigroup directors with experience in banking and leading a large company. Before joining Time Warner in 1995, Parsons served as chairman and CEO of Dime Bancorp Inc., one of the largest U.S. thrift institutions. Parsons also was an economic adviser on President Barack Obama’s transition team.

The three directors who have already announced they will depart from the board are Roberto Hernandez Ramirez, the chairman of Citi’s Mexican banking operations; Robert Rubin, a former U.S. Treasury secretary who was a longtime Citigroup board member; and Win Bischoff, most recently chairman at Citigroup. Ramirez said he will not stay on the board beyond his current term, while both Rubin and Bischoff have announced their retirement from the bank.

After suffering a loss of $8.29 billion in the fourth quarter, Citigroup announced it would reorganize into two units, Citicorp and Citi Holdings. The first will focus on traditional banking, while the second will hold the company’s riskier assets and tougher-to-manage ventures. In addition to receiving billions in government support, plus federal guarantees to cover losses on risky investments, the New York-based bank has agreed with the Treasury Department on a deal giving the government up to a 36 percent stake.

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8. Report: Citi May Nominate Ex-Bank CEOs to Board -

NEW YORK (AP) - Citigroup Inc. will likely nominate two former bank chief executives and two other financial experts to be directors as part of a shuffling of the embattled bank's board, according to a media report.

9. Citigroup Reaches Aid Deal with Government -

WASHINGTON (AP) - The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank, greatly increasing the risks to taxpayers as voter unhappiness about the broader bailout program rises.

10. Citi Shares Fall Despite Talks with Morgan Stanley -

NEW YORK (AP) - Citigroup Inc.'s stock sank Monday to its lowest levels since November as investors wondered how much more cash the troubled bank will need.

11. Archived Article: Memos - Big Brothers/Big Sisters of Greater Memphis has named 16 new board members: James N. Augustine, Rick Bobo, Michael J. Bruns, Darrow R. Calhoun, Mark R. Giannini, James P. Going, Tati Guzman, Lorenzo Hester, Stanley Horton, Trezette T. McNeal, Larry ...