citigroup is not denying this.tually said it would be foolish of them not to follow what is said about them. they say they don't go after -- they don't spy on individuals. they look at stories and issues. but clearly they have an eye senator warren. senator warren's office did not return calls or emails for comments. >> full story, foxbusiness.com. thank you very much. closing bell will ring. thirty-one minutes to go. we're waiting, by the way, for some headlines of a speech by fed chair janet yellen. we'll have a live report with those headlines. you want to stay with us and hear what she has to say. also, shares of gamestop under pressure after the company posted disappointing sales for the critical holiday season. they have a new strategy to reboot the video game field. paul raines will tell us exactly what that strategy is. that's a fox business exclusive. also, i want to show you -- if we can, a live picture, maybe not. oh, i don't have it yet. anyway i'm kind of geeking out about the nasa launch. after a quic

event for citigroup.nvestors and the greatest amount of concern, it's got to reside in citigroup. most people say citigroup denounced business mix, subprime lending business here in the u.s., they're exiting 11 consumer markets across the world. so slimming down, derisking the business. we think that's going to play to citigroup's favor and they'll get the dividend from the fed and be able to buy back. liz: go from one penny to six pennies? >> i've got them going a nickel. we'll see. i think most of the money is dumped into the buyback. citigroup is trading below tangible book. when you have the ability to buy back stock that creates equity and value. liz: mike, we heard brennan, i'm hearing him say through that answer citi is going to pass and will raise dividend. do you like citigroup as an investment. it's up 2.25% that the second? >> the answer is yes, and yes, i think it would be a huge shot because people who really know the company are completely convinced that michael corbat told the people around

if citigroup fails the stress test, he, i would imagine, and some other people at citigroup will be goneon't compare to an average market or normal market. this is an unusual market, and i see no reason why it can't set any more records. ♪ at mfs, we believe in the power of active management. every day, our teams collaborate around the world, to actively uncover, discuss and debate investment opportunities. which leads to better decisions for our clients. it's a uniquely collaborative approach you won't find anywhere else. put our global active management expertise to work for you. mfs. there is no expertise without collaboration. about what happens when you turn sixty-five. but, really, it's what you do before that counts. see, medicare doesn't cover everything. only about eighty percent of part b medical costs. the rest is on you. [ male announcer ] consider an aarp medicare supplement insurance plan insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, it could really save you in out-of-pocket medical costs. so, call now and request

citigroup advises shareholders to reject the move.apanese internet giant is expanding its e-book business. the company is paying $410 million in cash to the e-book distributor overdrive. cleveland-based overdrive as a distribution platform of two -- 2.5 million books along with relationships with thousands of libraries and publishers. those are the latest top stories. we will have more headlines for you, coming up. still to come, luxury for less. chanel bags, they slashed prices because of a weakening euro. racket.he bloomberg b we have an all-star team of investors competing for our ncaa challenge for charity. but richard branson electrifies first, formula one racing. literally. and burning battery sounds nothing like also fuels -- like fossil fuels. pimm: richard branson is electrifying formula one racing. bloomberg's olivia sterns went to miami to plug into the f ormula e. olivia: nothing fuels innovation like a little competition. at least that is the idea driving formula e. richard: when you have tens of millions of dollars inves

as we know citigroup last year failed the qualitative portion of this test.on the line. ceo mike corbett even said he would step down if they didn't pass this test. so i think citi is the biggest winner from this test. liz: okay. bank of america has to put its plans on ice at the moment. they need to rejigger numbers according to the federal reserve. that is one stock moving slightly lower. gerard, how does bank of america fare in all of this? >> i think we have to turn the clock back to look at jpmorgan and goldman sachs two years ago. both of them got the same qualification weakness in capital planning process. both of them fixed it. we expect bank of america to fix it. if it trades down tomorrow it's a great buying opportunity. david: john, let me ask you about the political dimensions to all these tests and everything. you and your bank were fierce critics of bank regulators. so of course is jamie dimon of jpmorgan. now coincidentally or not, your bank, your old bank, bb&t, and jpmorgan chase, didn't pass the stress tests about a year ago. is that just a

citigroup and 24 other banks passed.s big -- the firm has big plans to reduce -- we are under 30 minutes away from the start of trade. i want to count you down to the top 10 headlines. joe weisenthal and matt miller join me this morning. let us start with number 10. good luck booking a seat on delta airlines because a flight from l.a. to austin tomorrow is going to be booked up because the flight is invitation only. passengers going to sxsw. it is an a clue -- and exclusive flight. >> i feel like joe got an invitation. >> mine got lost. >> sounds kind of fun. planes are usually boring. betty: and i read some of the amenities you get? free wi-fi. you get a preflight brunch by the restaurant. you get a year since cushion of spotify -- a year subscription of spotify. >> very good skin care and hair care products. i use them myself. they estimate it is a billion dollar industry. hollywood travels so they are trying to take a piece of it. betty: number 9 -- are baby boomers putting their retirements at risk by spending too mu

the big winner may be citigroup which saw its stock initially rise in after hours training after its capital plan was approved a big change from a year ago when it failed the annual test. kayla tausche joins us now with more on that. it is a big win for citi kayla. >> it is. of course you remember last year when citigroup was rejected on qualitative issues and mike korback said he wanted to take the entirety of 2014 to fix those issues and citigroup by many measures was best in class when capital levels came through in the stress test. and in the form of being able to raise its dividends to 5 cents a share and $7.8 billion buyback. previous year only done $1.2 billion. so this is multiple of what been doing before. >> let's talk about how the banks are doing so well. deutsche bank and sander. got a conditional approval. what was wrong there and do depositors or investors in those banks have anything to really worry about? >> well the capital levels tyler, on the whole looked okay. a crisis-like scenario with losses they would have enough cushion on hand to pay for those losses withou

think of citigroup last year.roup seem to have all of this room to give capital back to shareholders because it did well under the stress test. as michael pointed out, it failed the qualitative assessment, but michael corbat did not know that. the ceo then, the ceo now was in south korea at the time. the moral of the story, when the stress test comes out, make sure you are in new york city or san francisco -- stephanie: i'm sure that day he was in south korea, he did not want to be there. erik: but they were buying those stocks on the basis of -- stephanie: that information. erik: well, incomplete information. if it were up to citigroup to release this information, you would think not doing it all at once would be harmful to investors? the fed clearly operates by different rules. michael: the counter argument the fed would make is this two-part system allows that mulligan that the fed says they want. if the fed is going to have a black box system where they do not know where they stand, at least give them a second

that is where citigroup was denied and that is what citigroup investors want most of all. baby. betty: that's right, we want some money. you are going to all this on your program. we will have much more ahead. will an ipo help or harm business? stay in the loop for that. ♪ betty: two silicon valley startups taking center stage in the news. first is etsy which just filed for an ipo and it could be the largest fight for new york tech company -- largest biotech company in 15 years. and this could be the latest startup to join the billion-dollar club. i wish i hadn't known that eyeglasses could be worth $1 billion. -- i wish i had known that eyeglasses could be worth $1 billion. leslie picker, who covers the ipo market for us, joins me now. etsy about $100 million, could be the largest in 15 years? leslie: our sources tell us it could be the 300 million dollars, the most since 1999 and astounding feat for this company, started by a guy who needed a place to sell his wooden computers. he created this marketplace for handmade and vintage goods. we learned yesterday from the fili

jpmorgan, wells fargo, bank of america, and citigroup along with 27 others passed the federal reserve's annual stress test. that means they're strong enough to survive a severe u.s. or global recession and keep lending. the fed started conducting stress tests back in 2009 to restore confidence in the u.s. financial system. >>> asian markets finished mostly higher on the european central banks. tokyo's nikkei gained 1%. hong kong's hang seng lost a fraction. >>> stocks here on wall street finished slightly higher edged forward by gains in utility and financial stocks. the dow jones industrials gained 38 points. the s&p 500 finished 2 points higher. and the nasdaq composite rose 15 points. >> the state of new jersey announced a $225 million

he was talked about possibly out the door if citigroup failed that stage of the teslas week because citigroupailed two of the last three federal reserve stress tests. vikram pandit faced a coup. citigroup failed the stress test in 2012. david: what about goldman sachs, liz? >> it is interesting here. goldman sachs earnings have not been great. they have raised their legal estimates, cost for their legal estimates costs to $3 billion. so, you know, the question is, will goldman sachs be able to do more stock buybacks and dividend increases? they had really poor showing on federal reserve phase one of the stress test results. this is the equivalent of march madness for the banks. the federal reserve phone call was very crowded. a lot of people weighing in to ask questions. federal reserve had this to say. banks can continue to lend in the event of a severe economic shock. they said the test results are positive for banking sector. david: good. >> it is good for the economic strength of the united states as well. back to you guys. liz: liz, thank you very much. list mcdonald. david: great. liz:

is the ceo of citigroup about to be shown the door?ll break it down, next. ♪ alix: coming up the hsbc whistleblower speaks to bloomberg. he says that management was aware of lax controls of the swiss bank. the new ceo of mcdonald's takes up residence at the golden arches today. kenny turned the biggest restaurant chain around? alix: welcome back to "in the loop." i am alix steel come in for betty liu. stocks will be little changed at the open. personal spending fell more than estimated in january. john kerry is holding a high-level meeting in geneva with russia's foreign minister. the secretary of state is expected to discuss ukraine and the murder of russian dissident with surgery lavrov. -- sergei lavrov. in geneva kerry met once again with the iranian foreign minister looking for a deal that would shut down the nuclear program. the talks with iran are the focus of benjamin netanyahu's trip to washington. the israeli prime minister will address a joint session of congress tomorrow. he is speaking at the initiation of house speaker jo

citigroup flunked last year. ceo needs for the bank to pass or his job may reportedly be in jeopardy. the general election -- general electric ceo had a better year than his ceo did. his compensation more than doubled to $37 million. ge shares in the meantime fell 10%. he will see all of the increase right away. most of it came in his pension. his base pay was raised 8% to almost $4 million. the company said it was because of his unprecedented efforts to reshape ge's for folio. the jolly green giant may be getting a new home. there is a report that general mills may sell its jolly green giant frozen food business. the sale may take place this summer. green giant makes more than 160 products and generate revenue of about $700 million. that's a look at the top stories we're following on this wednesday. federal, state and city government are enacting policies to promote healthier foods and improve the quality of food and lower served communities. tim ryan river since a 13th district of ohio and is the author of the

they thought citigroup had enough last year on hand. it wasn't quantitative issue but a quality at a timive issue. they didn't think the risk control, the bank spent the entire last year to fix that but up to the federal reserve at this point. >> are there some banks out there that are viewed as more vulnerable or perhaps less prepared and might not get the okay to issue the dividends and the buybacks? >> it's an interesting question. deutsche bank is undergoing the test and seed car, the capital processing for the first time. and it's an opaque process. unfortunately, they usually learn things the hard way. allied financial and have a lot of exposure to the subprime auto lending. it's unclear what that will be treated like under these levels and you have a lot of big banks. j.p. morgan citigroup, bank of america, goldman sachs, morgan stanley that have a lot of exposure to capital markets. there was a new test that put a new strain on the capital o markets that brought some of the capital levels down. it could see something where the b

citigroup will be the card issuer. costco credit card holders need to revert to the new credit cards by next april. the announcement costco would let the partnership with american express expire next march taking the financial industry by surprise and creating a vicious competition between banks vying for that business. warren buffett weighed in on the situation. >> someone was going to get the bid. american express learned a week or two ago that they were not the one who was going to get it. i don't know the terms of the new deal. but i don't think citi will get rich off of it. >> the costco portfolio offers admittedly low margins to an issuer. evercore said it's around 50 basis points. costco blamed economics the reason why they parted waits with savings at costco could have other benefits too. analysts writing the improved economics can be passed on to both members and shareholders. and it is still a win for the new partners. before the deal was announced, barclays announced visa could reap $100 million from it. cit

citigroup and morgan stanley up after the bank's stress test results.d the cleanest path of all the wall street banks. intel is trading at eight week low. the great pc refresh cycle seems to have ended. not as many small and medium-sized companies are upgrading or refreshing their windows. andy intel smaller rival also getting hit. >> thank you. on use and your gale, the minister of energy commerce and cyprus. where is vladimir putin? he has been canceling summits and treaty. where is he? >> i have talked to him three weeks ago in moscow. i saw some of the rumors and i have to say, he appeared to me pretty healthy both physically and mentally. i've no idea where this is coming from. alix: is this unusual? less i think soap in it we saw a closet intelligence types research groups coming out and starting to look a little soviet in the way the spokesmen were responding to questions. he hasn't been seen, they used a two week old photo to prove he is around. people in our world cup paranoid about what happened in venezuela so is this a soviet style cover-up

citigroup flunked out right last year. the bank to pass or his job could be in jeopardy. there is more fallout from that fraternity controversy at the university of oklahoma. the school has expelled two students seen in the video leading fraternity brothers singing a racist chant. one of the former frat members has apologized in an e-mail saying the incident was probably fueled by alcohol. are you kidding me, dude? the parents of another said their son made a horrible mistake he will have to live with forever. erik: it has been a while since you heard about the last big corporate hack and that is no accident. for to many companies failed to report cyberattacks. they might be too embarrassed afraid of litigation, or afraid of what might happen to stocks or they just don't trust the government. with us is the special agent in charge of cyber at the fbi's new york office. welcome. i can't sam surprised to hear that companies failed to report. -- can't say i am surprised to hear that companies fail to report. we find out they

one of those was citigroup.nalysts, investors, they are all looking to see if citigroup can pass the line. there's also a question if michael corbat would step down after this. it would be a breath of fresh air in terms of ceo accountability if that did happen. alix: water analysts saying about the chances of that happening? >> i think it's low. the expectations are that they deployed a lot of capital to get risk controls together and bolster everything they need to do to get across the finish line. while last year was a bit of a surprise to say the least, people are pretty comfortable that they will get across the finish line. most banks at this point have figured out how to get their capital ratios right and get their internal controls right and that formula to deploy capital. >> we did see that goldman sachs came the closest to falling below the regulatory minimum. i hairs wrath, it succeeded. >> the more capital in ratio, the less you have to deploy, so goldman might be right on the line in terms of what can

last year, citigroup past -- citigroup passed. this is another issue.oldman sachs only had 6.1 in the capital buffer. >> skin of their teeth. up next, emerging markets. stay with us for that conversation. ♪ >> welcome back to on the move. i'm manus cranny. 30 minutes into the trading day. it is the end of a busy week. we know the shape and the size. we know the ecb will buy bonds. negative 2/10 of 1%. where will the euro go to? a parity on the euro-dollar. let us see what is going on in the markets. caroline has your market check. >> top of the leaderboard. up 16.5%. the united kingdom. better love from china. on by billionaire. -- owned by billionaire. he is buying shares. synergy is to be had with some of the companies. feeling the warm breezes blowing from that particular purchase. this particular company trading up on some speculation in the market. oil and gas engineer. perhaps ge capital is buying it up. here we have it at 180. people are buying it. meanwhile, on the downside, -- this is on the back of a sale of shares. owns 40%. that is a company

i been worried about citigroup for years. betty: why?ch or citigroup will survive another downturn. and the stress tests for some -- bob: because i'm not sure citigroup will survive another downturn. olivia: is it the size, the leverage ratios? bob: the size of it, the mismanagement that goes on, and the quasilegal going into the legal aspects of what they've been doing, and what they've kept doing since the crisis. they haven't stopped. betty: mohamed el-erian just talked about how he is skeptical somewhat of mario draghi's plan. that is number two. the ecb bank president mario draghi and his qe program beginning on monday. he's very optimistic that this is going to work. more so than anybody else. olivia: good for him. does this fix any of the core structural problems in europe? no, but it buys him sometime and maybe a little bit of early inflation. bob: they are not telegraphing what they are buying and selling him and i think that might be good because no one can front run then. betty: we will be back in two minutes with the opening

how much time are you spending with the bond guys over citigroup? >> more and more.hey are not getting what they want out of the asset classes anymore. that is one thing we can provide an offer investors. bonds have bond flows. equities do not. you have to be a bit more careful in how you select names. you try to manufacture the yield using equity and reach yields around three and a half to 4%. it is a compelling argument for investors. >> they haven't bought a single bond yet, yet you have this massive rally. how do you expect it to play out in the bond market? >> i think it will probably close the valuation gaps from the more liquid and safer instruments so if you look at qe, there has been some pushback in terms of gdp compared to the u.s. or japan. the amount of inventory is also lower. the ecb -- it should start closing valuation gaps. whether they go to corporate buying or not, time will tell. it will be a question of efficiency. if there are capacity issues they will have to change that. that is something that would take months to find out. it's not something

citigroup leads the way after the federal reserve's stress test.s his job on getting an a. and lumber liquid every -- lumbar liquidators shares rise in value but the company says it will take a hit from the "60 minutes" report. and howard stern's story -- f bombs and all.

citigroup citigroup, the only bank that had no issues. million to the stress test process after failing last year. shareholders are now rewarded with a 5 cent dividend and a $7.8 billion buyback. two did fail. deutsche bank on its first time taking the test. and santander. examiners plan to give more details on what they need to improve. andrew? >> appreciate it. >>> united technologies set in just a few hours. investors and analysts will be listening closely for changes in strategy now that the new ceo of greg hayes has a bit under his belt. joining us now for his first tv interview ahead of the meeting today is gregory hayes. president and ceo of united technologies. thank you for joining us. it's great to have you sitting with us here. >> thanks. >> i've already said the -- what sort of shocked people back in the fall with the exit of the last ceo, there was nothing really going on there other than maybe he was ready to go and maybe the company saw he was a bit detached. no accounting nothing that people worry about. >> there was nothi

citigroup passed without any conditions. secret service needs, another embarrassing incident at the white house. two senior agents have been reassigned after crashing a government car into a white house security barricade. the accident occurred after a night of drinking. one of the agents involved is the second in command. hillary clinton's plans -- she worried that adding her acute to a private server would make it a target for hacking. many have been skeptical of her explanation. dan pfeiffer tells charlie rose it would be a bigger problem for a lesser-known and it. -- candidate. >> this is one of those things that is happening because we are having a political discussion. once there is an up and running campaign, it will fade into memory. olivia: china's biggest e-commerce company is investing $200 million in snapchat paid alibaba's investment values the mobile app at $15 billion. mattel calls the newest version of its payment stall -- famous doll "hello barbie." it is wi-fi connected and has voice recognition software. p

richard is a citigroup whistleblower.rved as the former chief underwriter for citi's consumer lending group. what is the problem, richard? richard: i wish i knew. this is absolutely incredible. the only thing i can tell you is that the lack of prosecution does not indicate a lack of evidence. stephanie: really? is it about a lack of effort? richard: i would say yes if i had to guess at this point. for one thing, eric holder is sincere about pursuing this he will call the whistleblowers. they know where the evidence is. they can point to that. that's why we are whistleblowers. the concern i've got, there has been a lot of evidence submitted and i have personal experience on this. stephanie: are you saying you have damning evidence against citibank executives and the justice department is not interested? richard: i will tell you, i have met with them and pointed them to some evidence. i gave it a lot of of evidence and testimony to the financial crisis inquiry commission. the fraud recovery and enforcement act dictated that

citigroup has advised shareholders to reject the move.res in nintendo surged for a second day into view at the the company said it had plans to develop games for mobile devices. the move marks an end to nintendo's resistance to using its iconic carriers like mario on the smartphone. the stock has jumped 75% over the last two days. coming up on the program, it is the smb rate decision. we will bring you the news in just a few minutes. later today, jonathan ferro will be speaking to the head of the smb, thomas jordan. we will bring you that. in five minutes time, we will get the decision from the smb. we will also speak to andrew sentence senior economic adviser at pwc. he will be on the show with us. let's get a quick look at the currency markets. you can see what the dollar is doing. gaining some of its losses back this morning. the euro is 1.0651 against the dollar. #and dollar, 1.48. some fairly substantial moves. you can follow me on twitter. i am @annaedwardsnews. we will come back with that smb rate decision. the forecast is no chang

scarlet: citigroup has reached a 10 year deal with mastercard. this means the bank will shift more of its consumer business to mastercard over the next decade but it does not prevent it from issuing code branded commercial credit cards on other networks. earlier this week, costco announced it had reached an agreement to co-brand cards with citigroup and visa. it seems consumers do not make that much of a distinction between visa and mastercard since it is rare for any merchant to accept one and not the other. for banks like citigroup credit cards are becoming more important source of revenue as they have to comply with regulations on the investment banking side and on higher fees related to credit card payments. this fee that they collect from credit card companies and the payment networks has become more important. betty: more news on consumer cards. a 10 year deal with mastercard. back to our top story. the supreme court will hear the second major case targeting president obama's health care law today in washington. arguments are set for 10:00

citigroup passes out right. we talk retail and spending. welcome to "the pulse."

citigroup manager and head of north american economics. closing bell, five minutes away. points. a lot of red on the screen. friday's job reports came out today. great number. not spreading cheer on wall street. in just a moment, why this jet is soaring. this product is expensive, but its chairman and founder has news he's breaking here after the bell. this will change your mind. after the bell starts in just a sec. ♪ liz: it is a market selloff. a very tough day. guess what else is selling off. 10-year treasurys with the yields spiking. david: another thing selling off which is fold. in the fed is tightening sooner than expected, that means we'll see less inflationary characteristics in the economist. gold is taking a hit. down almost more percentage wise than the market, as bad as that is. liz: nicole on floor of new york stock exchange. any way you slice it, a huge downside day but pick it apart, it is led by two specific sectors that really be safety plays which is weird. >> no doubt. selling across the board. consumer staples under pressure with a strong u.s. dollar.

matt: citigroup has spent couple hundred million dollars running models. michael is pretty serious about not only passing the test, but also giving money back to shareholders. >> bank shareholders have been waiting for a number of years to see the payout ratio go up. the thought is if banks of the new utility, they need to pay dividends like utilities as well. they so far have not been doing that. michael really diving in, trying to make sure they are able to give more back and prove to the fed they have a handle on all the businesses in countries. matt: wells fargo aced it by two percentage points. goldman sachs is squeaking by. will they pay out? >> we are waiting to see if they have to change the payout request or change the structure. one thing about morgan stanley a lot of their losses are in the early part of the cycle so some analysts think goldman can restructure its request so they pay more in buybacks later in later times and not in the early part of the test. matt: you can watch bloomberg for coverage or go to our website at bloomberg.com. thank

and citigroup -- on bacnnks again, and citigroup. lisa: is it time to unload your puerto rico debt? ♪ lisa: time now to bring you up-to-date on the top stories of the morning. the world's largest cruise company reported earnings for the first quarter beating estimates. the cruise liner also cut the top end of its fiscal 2015 profit forecast. the report comes after carnival announced lands to boost its fleet. it will add nine new ships in 2019, part of an effort to lower fuel costs and enhance onboard amenities. a surprise beat for blackberry. the smartphone maker reported profits of numeral four cents per share. analysts had expected a lot. they can think cost cuts, and price hikes -- cost cuts and price hikes. sales fell 32%. the ceo is trying to transition the company away from phones. shares are rising 1%. two people are still unaccounted for after the collapse of three buildings in new york's east village. 19 people were injured, four critically after a powerful blast sent flames pouring into the -- soaring into the air. the luminary evidence suggests a gas leak. utility company

citigroup will vote on deferring a chunk of executive pay for 10 years.hareholders to reject it. the maker of the angry birds video is setting off to hollywood. the company is focusing on cartoons, plush toys and a 3-d angry birds movie coming out next year. the revenue fell 9% last year. they have not had any new products to match the angry birds success. your favorite tv shows on your videogame console. playstation's vue service offers live and on-demand viewing. those are your top headlines. go terps. olivia. olivia: let's take a look at what is coming up in the next hour. in 10 minutes, we bring our focus back on the fed. in 20 minutes, we talk about apple's debut on the doubt. in 30 minutes, we talk with ellen zentner about the u.s. gdp. tom: we talk about the grind of the quarterly and annual performance. you are up or you are out as a corporate officer. john rogers is a former president of the cfa institute. full disclosure, i am a member of the cfa in the two. mr. rogers, wonderful to have you here. corporations have to find a better good in the m

olare bought citigroup's credit businesses in spain last summer. regulatory blow in japan. it has been forced to shut down a pilot program in fukuoka city after the government declared it a legal. the company says it will continue to negotiate with authorities. those are your top corporate headlines this hour. i'm shery ahn. angie: one year on from the disappearance of malaysia airlines flight mh 370, australia's prime minister says the search will go on. for more, let's head to paul allen in sydney. malaysia's government has released an interim report into mh 370. was there any new information here? >> there were a couple new bits of information. the report ruled out the so-called rogue pilot theory, that one or more of the pilots for some reason, neared the plane and things went south from there. it has ruled that out. it has also revealed that a battery on the underwater locator begin was flat for a year. those are the two key pieces of information. at nearly 600 pages, this report really doesn't offer anything else. most of it was detailing the

that, of course, was what got citigroup in trouble last year when the fed found some qualitative issues with the plan even though the capital on the whole met its muster. so we remain to see what actually happens next week, what the banks are able to give back. at least on a quantitativive level, fell limelissa, all bank undergoing them have had capital. >> thank you very much. >>> the initial hurdle all clear. bank of america in the after-hours session probably on low volume but is trading higher, gains we saw in the regular session of trade. karen finerman, what was your reaction here? >> i just find the test, itself, to be so absurd. >> yeah. >> the idea, all of these different things happening, 10% unemployment, $110 brent with a gdp of, what, negative 6? those two things seem highly unlikely. i find this test kind of ridiculous. we will look back on this and say, this is just absolutely absurd. c-car, however, is important. >> we'll find out exactly what the banks can, in fact, do. exactly. >> if anything, today i's announcement, next week is all about citibank. they've divested on

citigroup's plan was rejected outright.f 2014 trying to fix what the fed called, quote, qualitative issues. the ceo calling it priority one, two, and three, saying they spent $180 million on it alone. there's a spotlight on citigroup to pass this year. the ceo says he should go if the bank fails again. bank of america had to scrap a buyback plan retroactively after discovering an error in its al collations. ubs analyst brennan hawking downgraded bac last week cautioning previous missteps and capital planning make him, quote, nervous about this year. nomura says bank of america is most exposed to regulatory risk. and finally, jpmorgan the largest bank of the group, needs more capital than its peers under new regulation it has 500 people working on this process alone. now, the others to watch, auto lenders, under scrutiny for subprime loans. regional banks that hold a lot of cdos. and foreign banks, many which are undergoing the test for the first time. "the wall street journal" reporting that deutsche bank are slated to fail

scarlett: citigroup's ceo compensation totaled $14.5 million in 2014.d be the ceo michael corbett $14.5 million, down about 18% from 17.6 million the prior year. that is a double-digit percentage drop in his compensation. the cfo of citigroup also saw his or her compensation dropped to $8 million from $9.3 million. 2014 was the year in which citigroup did not pass the stress test, where it would be allowed to return cash to shareholders through a dividend or share buyback and it turned out to be a big disappointment, surprise with the fed saying that there are internal processes that need to be rectified before they're allowed to return shared -- cash to shareholders. maybe that will increase. alix: thank you so much. coming up next, a new way to get cash without using a debit card. you know what, there is a mobile app for that. we will show it to you. ♪ alix: this is street smart. here are the top stories. the fed dropping it pledged setting the stage for a rate hike. the central bank could raise as early as june. janet yellen told investors that once

. >> you know, citigroup is having a massive buyback, but i think that stock is cheap.lly, i'm buying citigroup because of a buyback even though i don't believe in the financial engineering, and i believe it brought down companies like ibm. so it's not all bad. and as i've mentioned before, home depot, they were brilliant, bought back stock at right time -- charles: i'm not talking about the timing of these corporations. what i'm saying is when corporate buying is absent, the market falls apart saying there's some sort of vacuum this. david? >> well, speaking to a tough issue, you know, corporate buybacks have been driving this market for the last three or four years. it is financial engineering, and it's used to offset the dilution that comes from the stock options that get issued. charles: whoa, whoa, let's talk though. you just opened up a can of worms. [laughter] not a can of worms, but i want the audience to understand what you're saying. these companies sell it on open market while the companies themselves are buying it which is unseemly -- >> isn't it amazing? ch

costco says the deal with visa and citigroup would take effect the next day. >>> ikea is unveiling a new line of furniture that will do more than test your assembly skills. it will also charge certain mobile deal vices. it has incorporated technology into coffee tables and lamps. it using a charging standard that's compatible with the latest samsung phones. it will sell an april can'ter for iphones and other devices. the high tech furniture is set to go on sale in north america. a man shot in the middle of a top spot in san francisco. we're asking how cleaning up crime in the broadway district, how those efforts are doing. >>> thank you document making ktvu your choice for news -- -- thank you for making cute -- for making ktvu your choice for news. you can follow us on twitter and facebook. bulldog: mattress discounters good deed dogs is raising money to train service dogs for people with disabilities. we need your help to do more. give at mattressdiscountersdogs.com, or any mattress discounters. mattress discounters good deed dogs helping dogs help people - [woman] on this episode

there's a lot of talk coming from citigroup about how dodd/frank isn't perfect. so let me say this to anyone who is listening at citi. i agree with you, dodd/frank isn't perfect. it should have broken you into pieces. >> they want to ensure that wall street megabanks will never again monopolize our nation's wealth or gamble away the american dream. >> you cannot regulate wall street. wall street is regulating the congress. time to break up large wall street banks. >> these lawmakers are not letting wall street run wild. but they've got a tough fight ahead of them. u.s. banks are adding lobbyists to target the watchdog agency that protects regular folks. the consumer financial protection bureau. the banks are also pouring money into efforts to roll back dodd/frank financial reform. and the new house republican budget targets both. republicans are doing exactly what wall street wants. and progressives in the white house and in congress will have to stop them. joining me now is vermont independent senator, bernie sanders. thanks for being here, senator. >> my pleasu

citigroup estimates 80% reduction in sales of balamta once the biosimilars come out. bringing five copy cat drugs. for "nightly business report," >>> lumber liquidators fights back about the safety of the products. that's where we begin tonight's market focus. retailer on the offensive in response to a report on cbs's "60 minutes" a couple of weeks ago that alleged some of the company's flooring products contain higher than expected levels of a known carcinogen. they say it's confident the products are safe. >> our goal today is to reassure our customers and investors that we are indeed the company you can put your faith in. and that you can continue to trust lumber liquidators to deliver a safe product to our customers. >> shares popped more than 10% today to $36.08. united technology is exploring strategic options for its sa sakorski helicopter unit. the spinoff will help the company grow. >> sarorski is a great helicopter business. in terms of the portfolio, how do you predict a higher margin into the future? and we're looking at the next ten years. it's a difficul

>> the only fwhank doesn't is citigroup.n and wells fargo. >> bank of america. >> i don't know bank of america. bet not quote. >> well underneath. >> evers else does trade above tangible. >> you know my point. >> i think it's all about expectations. names like bank of america, the expectations i think are relatively low and i think you can see some potential upside. huntington, m&t. what i look at the large cap mutual fund space, overweight towards consumer fis nance, capital market type names and recently they're coming in now and they are beginning to buy the names like bank of america, citi, usb. it's interesting to me that i asked both pete and jon last week, do you see activity that suggests something in the options market? and they, you know, i think the answer being not really is surprising and indicative of the street really being comfortable holding those positions. >> last comment on this, but show up the 10-year. this is what it comes down to, yes or no, the yield on the 10-year? >> the 10-year is not going to go

the big box retailer is making the switch to citigroup and visa. some airline v.i.p. lounges also switching their card companies. american express is starting to feel the pressure. profits are down 12%. the company recently announced it's going to lay off 4,000 workers. the ceo is scheduled to answer shareholder questions today at annual investor day. >>> so, would you like ketchup on your mac and cheese? some investors sure might. two of the most iconic american brands in the food industry are merging. the deal between heinz and kraft is being brothered right now. we take a closer look. >> doesn't your mom buy you heinz? >> no. >> reporter: h.j. heinz, the company best known for its 57 varieties of food will add many more when it buys another iconic name, kraft foods. the new kraft-heinz company will include well known brands like jello, oscar meyer, and maxwell house. it will become the third largest food and beverage company in north america. heinz will own 51%. kraft shareholders will get stock and a special dividend. analysts say consumers likely won't notice muc

jpmorgan, wells fargo, bank of america, and citigroup along with 27 others passed the federal reserve'snnual stress test. that means they're strong enough to survive a severe u.s. or global recession and keep lending. the fed started conducting stress tests back in 2009 to restore confidence in the u.s. financial system. >>> asian markets finished mostly higher on the european central banks. tokyo's nikkei gained 1%. hong kong's hang seng lost a fraction. >>> stocks here on wall street finished slightly higher edged forward by gains in utility and financial stocks. the dow jones industrials gained 38 points. the s&p 500 finished 2 points higher. and the nasdaq composite rose 15 points. >> the state of new jersey announced a $225 million settlement with exxonmobil for the contamination of more than 1,500 acres of wetland. it's the end of an 11-year legal battle and largest environmental settlement in state history. critics contend the $225 million is just a fraction of the nearly $9 billion initially sought by the state. >>> you've probably seen the infomercial for the blanket with sleev