Ajay Banga is the new COO of MasterCard
MasterCard has announced the appointment of Ajay Banga as their new president and chief operating officer.
Banga was previously the chief executive officer of Citigroup Inc.’s Asia Pacific unit.
He would now join MasterCard on August 31.
He would be directly reporting to Robert Selander who is leaving the [...]

Actus targets Apple and others with a patent lawsuit
Apple is target of yet another patent related lawsuit.
Actus has filed a lawsuit against Apple and several other companies claiming that they are infringing on their patented technologies.
The lawsuit was filed in May this year in the Eastern District of Texas.
In case of Apple, Actus [...]

Bank of America completes purchase of Merrill Lynch
Bank of America has announced that they have now completed their acquisition of Merrill Lynch.
The deal has now created the largest U.S. Bank.
Bank of America now has about $2.7 trillion of assets which makes it larger than both JPMorgan Chase and Citigroup.
Bank of America also gets access [...]

Wipro Technologies to buy IT arm of Citigroup in India
Wipro Technologies has announced that they are acquiring the IT arm of Citigroup in India for around $127 million.
The company said that this deal would bring the company massive contracts in the coming years.
Wipro is acquiring Citi Technology Services in an all-cash transaction.
The deal [...]

Citigroup to cut more than 52,000 jobs
Citigroup has announced a major job cut in their operations. The company is going to cut more than 52,000 jobs in the coming months.
The financial institution is aiming to reduce expenses by 20 per cent in 2009.
The company added that they are aiming to reduce the total head count [...]

Citigroup could announce major job cut
Market analysts believe Citigroup is all set to announce a major job cut in their operations to cut costs.
The company employed close to around 352,000 employees at the end of September.
Sources say that Citigroup is going to hold a town hall meeting for employees on Monday.

Wal-Mart Stores: No. 1 on Fortune 500 US list
US based retailing industry giant Wal-Mart has retained the number one spot in the USA Fortune 500 list.
The company posted revenues of 378.8 billion dollars last year which was up 7.9 percent compared to the previous year.
Second spot was taken by ExxonMobil which posted revenues of USD [...]

Vikram Pandit is the new CEO of Citigroup Inc
Citigroup Inc has announced the appointment of Vikram Pandit as its new chief executive officer.
The company further named the acting CEO Win Bischoff as chairman.
This news has somewhat disappointed the investors in the company as they expected Citigroup to name a big-name outsider as the new [...]

Merrill Lynch and Citigroup picks up a stake in MCX
Merrill Lynch and Citigroup have announced that they have separately taken a 5% stake in the MCX commodity exchange.
These two deals have put the value of the exchange at around USD 1 Billion. The stake has been sold by Financial Technologies (FTIL).
Merrill is said to [...]