Citigroup

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Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing...

Pay Czar Cuts Bonuses, But Boosts Salaries

Feinberg beefs up base base to help firms retain talent

(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136...

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the...

Dow Down 41; Tech Rises, Banks Fall
 Dow Down 41; 
 Tech Rises, 
 Banks Fall 
MARKETS
Sep 21, 2009 3:13 PM CDT

Dow Down 41; Tech Rises, Banks Fall

September rally sees slight pullback

(Newser) - Stock indices finished mixed today after the markets reached what most traders saw as a slight pause in a very strong September, the Wall Street Journal reports. Financials led declines: AmEx fell 2.9%, while Bank of America lost 1.8%. Google rose 1.1% after Citigroup analysts boosted their...

Dow Up 36 Points; Consumer Stocks Gain
 Dow Up 36 Points; 
 Consumer Stocks Gain 
MARKETS
Sep 18, 2009 3:20 PM CDT

Dow Up 36 Points; Consumer Stocks Gain

Indices all post solid gains for the week

(Newser) - Stocks posted gains today, closing out a strong week as consumer stocks saw advances, the Wall Street Journal reports. Procter & Gamble gained 3.21% after Citigroup upgraded the firm’s shares to “buy.” Optimism about a recovery in consumer spending drove Starbucks up 3.64%, with PepsiCo...

Citigroup Wants to Repay Bailout, Cut Treasury Stake

(Newser) - Citigroup is drawing up a plan to get out from under the government’s thumb, the Wall Street Journal reports. The bank called the Treasury over the weekend to say it was looking for ways to scale back the government’s investment, outlining a plan in which it would raise...

Post-Lehman, 'Washington Is the New Wall Street'

Nation's political and financial capitals

(Newser) - For decades, more than just 228 miles separated Wall Street from Washington, as financiers cast a casual eye at government regulators. But a year after Lehman Brothers’ dramatic implosion, the nation’s financial and political capitals are forging a new, closer relationship that has some concerned, David Cho, Steven Mufson,...

Dow Climbs 64 as Investors Await Jobs Report

Fear of Sept. stock pullback drives gold to 6-month high

(Newser) - Stocks jumped today on the strength of blue-chip financials after mostly idling. Volume was low as investors waited for the government’s monthly employment report, due tomorrow, the Wall Street Journal reports. AIG and Citigroup rose, while safe-haven buying pushed gold to almost to $1,000 an ounce, a level...

Don't Spend Bonus Bucks Yet, Warns 'Clawback' Czar

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money....

US Banks Hiring Again After Layoffs, Bailouts

But headhunting 'selective,' notes banker

(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec....

Banks Hit Poorest With $38B in Overdraft Fees

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take...

Obama's Pay Czar Meets With Bailed-Out Firms

Must make tricky decision on how much top execs get paid

(Newser) - Kenneth Feinberg has one of the hardest jobs in America: Filling in the amount on the paychecks of top execs at the seven firms that received the biggest government bailouts, the Washington Post reports. Feinberg has the power to set the pay for the 125 most highly paid employees at...

White House Pushes to Clear Up Clunkers Backlog

(Newser) - The White House has asked Citigroup, which is administering the Cash for Clunkers program, to double or even triple the number of workers processing paperwork, Bloomberg reports. That move could clear up a backlog of dealer applications that grew with the surprise success of the program. The administration also says...

Upbeat Earnings Have CEOs Singing Rebound

(Newser) - CEOs and investors have springs in their steps. After a week full of positive earnings reports, many now believe worst is over, the Wall Street Journal reports. Yesterday saw a slew of reports that matched or beat estimates, including Motorola, Goodyear, Sony, and Kellogg Co. The economy “has found...

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

(Newser) - The financial crisis and government bailouts did little to change Wall Street’s executive compensation habits, New York's attorney general says. All nine banks given assistance by TARP paid out bonuses in 2008—well before any paid back government loans, according to a survey ordered by Andrew Cuomo. Goldman Sachs,...

Shadowy Citi Trader Demands $100M Payout

(Newser) - Andrew J. Hall, the man who runs Citi’s shadowy energy-trading unit, is demanding the company pay him up to $100 million to honor a previously agreed-upon 2009 pay package, the Wall Street Journal reports. If Citi doesn’t pay up, Hall could walk and sue, but paying could be...

Bank of America, Citigroup Post Ugly Wins
Bank of America, Citigroup Post Ugly Wins
Earnings
Jul 17, 2009 9:22 AM CDT

Bank of America, Citigroup Post Ugly Wins

(Newser) - Bank of America and Citigroup both posted estimate-topping profits today, but neither inspired much confidence, the New York Times reports. Both numbers hinged on one-time gains from asset sales. In Bank of America’s case, earnings fell 5.5% to $3.22 billion, a number propped up by the sale...

Financials Propel Dow Up 185
 Financials Propel Dow Up 185 
MARKETS
Jul 13, 2009 3:17 PM CDT

Financials Propel Dow Up 185

Big gains for major banks ahead of earnings reports

(Newser) - Stocks staged a broad rally today as financials soared ahead of earnings reports, the Wall Street Journal reports. Bank of America surged 9%, while Citigroup and JP Morgan Chase rose 6.9%. General Electric, which will also report its second-quarter earnings this week, rose 6.1%. The Dow closed up...

Citi Jacks Up Card Rates on Millions of Accounts

(Newser) - As many Citigroup customers are already painfully aware, the lender has drastically increased rates on some 15 million credit card accounts, the Financial Times reports. Holders of Citi cards co-branded with retailers such as Sears saw their interest rates climb by as much as 24%—or 3 percentage points—between...

In Lieu of Bonuses, Citi Gives I-Bankers 50% Raises

(Newser) - Citigroup will raise salaries for investment bankers and traders as much as 50% to offset a steep falloff in bonus pay and keep the company’s compensation package competitive, Bloomberg reports. Other employees, like those in the consumer banking section, will receive smaller raises. Citi, which took $45 billion in...

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