Monday morning headlines

Citigroup overhaul: The sell-off of its brokerage operations to Morgan Stanley could be announced as early as today, though it's unclear how the new entity will be structured. Meanwhile, the WSJ reports that Citi's fourth quarter operating loss could run at least $10 billion (analysts have been projecting $4.1 billion). Meanwhile, Citi's lead outside director, Richard Parsons, denies rumors that CEO Vikram Pandit might be on his way out.

Corruption in China: The ongoing federal probe into business practices by Pasadena-based Avery Dennison apparently involves company officials paying off local honchos - generally considered the cost of doing business in China. From the LAT:

Avery, with $6.3 billion in sales last year, triggered the federal investigation by reporting possible [Foreign Corrupt Practices Act] violations. It said the matter involved a small number of local employees in its reflective-materials business who might have made improper payments and that it could incur fines or other penalties. Since then, Avery has opened new manufacturing facilities in China, as well as its first stand-alone research center outside the United States -- even as it places a new emphasis on business ethics. The company's Chinese payroll has ballooned to 14,000, about 40% of its global workforce. But the possible corruption case has proved anything but small. Sales in the reflective-materials unit have plunged. Avery has pushed out at least eight employees and managers. Several other senior staff members have quit in frustration.

Madoff ruling due: A NY judge is expected to decide today whether the alleged scamster should have his bail revoked and be sent behind bars. Madoff has been confined to his penthouse and under constant guard as part of his release. (AP)

"Slumdog" becomes favorite: Winning four top awards at the Golden Globes does not guarantee an Oscar win, but it's a strong indicator that this will become the sentimental - and odds-on - favorite next month. It's an interesting backstory - the closing of Warner's specialty film divisions meant that the film had to be shopped around. Eventually, Fox Searchlight picked it up. (LAT)

TV.com expands offerings: The CBS online video service will be bolstering its programming with more than 1,000 episodes. The new shows include a slew of classics, including "The Partridge Family" (yaaaaay!!!!!!). Announcement expected today. (WSJ)

"That So L.A.": That's the city's new advertising slogan (following "L.A.'s the Place," "Together, We're the Best," and "See My L.A."). The slogan is part of a new $2 million ad campaign launched by L.A. Inc. (Daily News)