Citigroup – News Stories About Citigroup - Page 10

Feds' Bank
Aid Smacks of Nationalization

ANALYSIS

Jan 16, 2009 9:18 AM CST

Feds' Bank Aid Smacks of Nationalization

Washington may have no choice but to take majority stakes

(Newser) - The federal government may be forced to effectively nationalize some of America's biggest banks, a notion gaining traction as Bank of America and Citigroup teeter on the brink of insolvency. While Washington has shown extreme reluctance to take ownership stakes in corporate banks, it may now have no choice, the...

Stocks Rebound on BofA Help

MARKET Open

Jan 16, 2009 8:46 AM CST

Stocks Rebound on BofA Help

(Newser) - Markets rebounded this morning, as a new round of federal aid rained down on Bank of America and Citigroup, the Wall Street Journal reports. The Dow rose 112 points, while the S&P and Nasdaq added 1.5% and 1.3% respectively. Bank of America posted a $1.79 billion...

Citi Posts $8.3B Loss,
Prepares to Split in Two

Jan 16, 2009 7:52 AM CST

Citi Posts $8.3B Loss, Prepares to Split in Two

Still smarting from bad mortgage bets, the company will split to remain solvent

(Newser) - Citigroup lost $8.29 billion in the fourth quarter—twice as much as expected—as the credit crisis continues to batter big banks, Bloomberg reports. The bank suffered a net loss of $1.72 per share, falling far short of analysts’ estimates. Citigroup, which lost 77 percent of its trading...

Dow Up 12 After Dip Below 8K

MARKETS

Jan 15, 2009 3:38 PM CST

Dow Up 12 After Dip Below 8K

Banks' continued troubles unnerve investors

(Newser) - Stocks finished just barely in positive territory today, MarketWatch reports. Nervousness about US banks’ continued need for government funds dropped the Dow below 8,000, but bargain-hunters pushed the index higher, and it closed at 8,212.49, up 12.35 points on the day. The Nasdaq rose 22.20,...

Banks Lining Up
for More Rescue Funds

Jan 15, 2009 7:30 AM CST

Banks Lining Up for More Rescue Funds

Experts are saying 2009 is looking like a tougher year for banks than 2008 was

(Newser) - US banks are poised to release a new round of losses in the coming weeks that show just how deeply submerged in red ink the industry still is—as this year begins to look worse for banks than last, the Washington Post reports. Pressure is mounting for more injections of...

Citi Paces Dow's 248-Point Drop

MARKETS

Jan 14, 2009 3:29 PM CST

Citi Paces Dow's 248-Point Drop

Economic news and financial upheaval mean losses for stocks

(Newser) - Financial shares led stocks to deep losses today as a set of economic reports did little to reassure investors, MarketWatch reports. Citigroup lost 23.05% on news it will shed several units, while an index fund of financial shares dropped nearly 5%. The Dow closed down 248.42 at 8,...

Bailout Hasn't Failed,
But Banks Need More

ANALYSIS

Jan 14, 2009 1:09 PM CST

Bailout Hasn't Failed, But Banks Need More

(Newser) - The Wall Street bailout has not failed, but it hasn’t worked yet, either, as evidenced by the renewed call from Barack Obama and the Fed to release more TARP funds, the New York Times reports. Banks that received bailout funds are clamoring for more to stabilize their finances, but...

Citi to Shrink by a Third—
Back to Pre-Merger Size

Jan 14, 2009 8:16 AM CST

Citi to Shrink by a Third— Back to Pre-Merger Size

(Newser) - Say goodbye to the Citigroup empire. When the company releases its earnings next week, it'll also unveil a drastic plan to slice away businesses until it’s roughly two-thirds of its current size, the Wall Street Journal reports, and looks much like Citicorp did before the merger that created Citigroup....

Citi, Morgan Stanley
Merge Brokerages

Jan 13, 2009 5:32 PM CST

Citi, Morgan Stanley Merge Brokerages

(Newser) - Rumors of Citigroup’s plan to merge its brokerage unit with that of Morgan Stanley have proven true, as both companies’ boards approved the move today, CNBC reports. Morgan Stanley will control 51% of the joint venture between its operation and Citi’s Smith Barney. Observers see Stanley’s option...

Dow Off 25 Amid Poor Earnings

MARKETS

Jan 13, 2009 3:33 PM CST

Dow Off 25 Amid Poor Earnings

Dismal reports expected from Liz Claiborne, GE and Lexmark

(Newser) - Stocks ended mixed today as the earnings season got off to a poor start. Alcoa’s $1.2 billion loss after yesterday’s close set the stage for a fifth consecutive down day for the Dow, the Wall Street Journal reports, with the index off 25.41 to close at...

Stockbrokers in High Demand
on Back-to-Basics Wall St.

Jan 13, 2009 12:56 PM CST

Stockbrokers in High Demand on Back-to-Basics Wall St.

Some, unlike disgraced investment bankers and traders, even command bonuses

(Newser) - With investment bankers and trading desks disgraced by crippling losses, the everyday stockbroker is enjoying a renaissance as Wall Street firms look to stay relevant to customers and investors, the Wall Street Journal reports. The likely deal between Morgan Stanley and Citigroup that would create the world’s largest brokerage...

Fed Push Likely
Behind Citi Breakup

Jan 13, 2009 3:10 AM CST

Fed Push Likely Behind Citi Breakup

Citi's brokerage sale could signal regulators' plans for 'new order' in banking industry

(Newser) - The expected sale of Citigroup's brokerage business could be the first step in a government-instigated plan to cut the financial behemoth down to a manageable size, analysts tell Marketwatch. Citibank's CEO said only last month that the group had the right business mix, and many believe his sudden about-face is...

Dow Drops 125
With Banks, Materials

MARKETS

Jan 12, 2009 3:27 PM CST

Dow Drops 125 With Banks, Materials

Market awaits Alcoa earnings after close

(Newser) - Stocks posted losses today as financial and basic-materials firms led losses, MarketWatch reports. Alcoa, which reports earnings after the bell, fell 7.32% on expectations the steel giant will report losses of 10 cents a share. The Dow closed down 125.13 at 8,474. The Nasdaq fell 32.80...

Stocks Edge Down
Ahead of Earnings

MARKET Open

Jan 12, 2009 9:04 AM CST

Stocks Edge Down Ahead of Earnings

Dow off 50 in early trading; first reports due late today

(Newser) - Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0....

Citi Denies Rumors CEO
Is on Chopping Block

Jan 12, 2009 8:48 AM CST

Citi Denies Rumors CEO Is on Chopping Block

Feds have criticized Pandit's strategy; company likely to see $6B quarterly loss

(Newser) - Even as it prepares a fourth-quarter report that’s expected to miss its target by billions, Citigroup says CEO Vikram Pandit’s job is safe, the Wall Street Journal reports. Pandit’s barely had the job a year, but rumors have flown he’d be a casualty of the company’...

Morgan Stanley Near $3B
Deal for Smith Barney

Jan 12, 2009 7:09 AM CST

Morgan Stanley Near $3B Deal for Smith Barney

The joint venture would create the world's largest retail brokerage

(Newser) - Morgan Stanley is close to a deal giving it control of Citgroup’s Smith Barney business and creating the world’s largest retail brokerage, reports Reuters. The joint venture would give Morgan 51% of Smith Barney for up to $3 billion. In addition to the cash, Citi would benefit from...

Rubin Quits Citi;
Smith Barney for Sale

Jan 9, 2009 3:15 PM CST

Rubin Quits Citi; Smith Barney for Sale

Ex-Treasury Sec. saw company's stock dive 90% since late '06

(Newser) - Former Treasury Secretary Robert Rubin is leaving his posts at struggling Citigroup, the Wall Street Journal reports. He retired as a senior counselor effective today, and won’t pursue another term on the board of directors. Journal sources also say Citigroup is in talks to sell Smith Barney, its brokerage...

Companies Fly to Unload Private Planes

Jan 9, 2009 3:01 PM CST

Companies Fly to Unload Private Planes

Putting jets on block may be more about image than money

(Newser) - The business-jet industry couldn’t have asked for worse PR than members of Congress ripping auto executives for traveling by company plane to beg for taxpayer money. By the time the Big Three execs returned—by hybrid car—to Washington, the corporate jet was a symbol of bloated corporate excess,...

Stocks End Mixed; Dow Up 25

MARKETS

Dec 19, 2008 3:45 PM CST

Stocks End Mixed; Dow Up 25

Good news from RIM, Oracle help lift tech sector

(Newser) - Stocks ended mixed today as a rally on the news of a White House bailout for the auto industry fizzled over concerns for the larger economy, MarketWatch reports. General Motors led advancing stocks with a 22.7% gain, and the Dow closed up 25.88 at 8,579.11. The...

Dow Jumps 359 on Rate Cut

MARKETS

Dec 16, 2008 3:23 PM CST

Dow Jumps 359 on Rate Cut

Hopes that financials may soon be clear of bad debt also buoys sentiment

(Newser) - Stocks rallied today as investors cheered the Federal Reserve’s sharp federal funds rate cut and other policy measures designed to combat the economic crisis, the Wall Street Journal reports. The Dow rose 359.61 to close at 8,924.14. The Nasdaq climbed 81.55, closing at 1,589....