J.C. Penney drops 'big book' catalogs

PLANO, Texas (AP) -- J.C. Penney will stop publishing its twice-yearly "big book" catalogs, now that customers increasingly shop online. Instead, J.C. Penney Co. says it will publish specialty catalogs and focus its efforts online. In part, the company says it is responding to consumer habits to view catalogs more as "look books." The company will continue to publish its Christmas catalog and others, such as the "Little Red Book" for women's apparel and "Matters of Style" for men.

Settlement pushes BJ's profits down

PORTLAND, Ore. (AP) -- A legal settlement over worker pay pushed BJ's Wholesale Club Inc.'s third-quarter profit down 37 percent although sales grew for the retailer. Consumers' focus on basics in the recession has worked in BJ's favor as membership grew and shoppers continued to flock to its stores. BJ's, based in Natick, Mass., reported that it earned $17.7 million, or 32 cents per share, for the quarter, down from $28.2 million, or 48 cents per share, a year ago. Revenue rose 2 percent to $2.51 billion from $2.46 billion.

Citigroup gives top execs raises

NEW YORK (AP) -- Citigroup Inc. said its chief financial officer and co-head of global markets are getting raises, while CEO Vikram Pandit will continue to collect a salary of $1 per year. Citigroup faces restrictions on executive compensation because it received $45 billion in government bailout money after the peak of the credit crisis

last fall.

The new compensation packages at Citigroup fall within the guidelines set last month by the Obama administration's pay czar, Kenneth Feinberg, Citi said in a regulatory filing submitted to the Securities and Exchange Commission. CFO John Gerspach's salary was increased to $500,000 from $400,000, according to the filing. James Forese, co-head of global markets, will now make $475,000, more than double the $225,000 he previously earned. The pair will also receive "stock salary" for 2009. Gerspach will receive stock valued at $2.9 million as part of his compensation for 2009. Forese will receive stock valued at $5.4 million.