Citigroup could face losing its Mexican subsidiary Banamex, after Mexican senators asked the Supreme Court, on Wednesday, to rule whether or not the local bank would be breaking the law by being partly owned by the United States government.
Let me put this as simply as possible, because it isn't really complex, although it is important.
A river of cash has flowed into the biggest banks over the past year. But for borrowers, it has been more of a meandering stream.
Goldman Sachs reported on Thursday that it had nearly quadrupled its profits in the third quarter compared with a year ago, driven by a jump in trading revenues and strong returns on its own corporate investments.
Citigroup's ongoing crusade to return to its former glory as a financial giant may have to wait just a bit longer.
A year after the government applied a tourniquet to the banking industry, the bleeding has slowed -- but it hasn't stopped.
Citigroup announced Friday it had struck a deal to sell its Phibro energy trading business to Occidental Petroleum, a move that will likely reduce scrutiny about the compensation of the division's top trader.
In the second of a two-part excerpt from journalist Duff McDonald's new book, Last Man Standing, Fortune offers up the account of an embarrassing confrontation that led to Jamie Dimon's ouster from Citigroup by Sandy Weill.
Troubled banking giant Citigroup is seeking to scale back the massive stake the government acquired in the company over the past year, according to reports published Tuesday.
Monday was a good day for the markets.
Citigroup could face losing its Mexican subsidiary Banamex, after Mexican senators asked the Supreme Court, on Wednesday, to rule whether or not the local bank would be breaking the law by being partly owned by the United States government.
Let me put this as simply as possible, because it isn't really complex, although it is important.
A river of cash has flowed into the biggest banks over the past year. But for borrowers, it has been more of a meandering stream.
Goldman Sachs reported on Thursday that it had nearly quadrupled its profits in the third quarter compared with a year ago, driven by a jump in trading revenues and strong returns on its own corporate investments.
Citigroup's ongoing crusade to return to its former glory as a financial giant may have to wait just a bit longer.
A year after the government applied a tourniquet to the banking industry, the bleeding has slowed -- but it hasn't stopped.
Citigroup announced Friday it had struck a deal to sell its Phibro energy trading business to Occidental Petroleum, a move that will likely reduce scrutiny about the compensation of the division's top trader.
In the second of a two-part excerpt from journalist Duff McDonald's new book, Last Man Standing, Fortune offers up the account of an embarrassing confrontation that led to Jamie Dimon's ouster from Citigroup by Sandy Weill.
Troubled banking giant Citigroup is seeking to scale back the massive stake the government acquired in the company over the past year, according to reports published Tuesday.
Monday was a good day for the markets.
The good news is that Citigroup helped 108,000 people avoid foreclosure during the second quarter, a nearly 30% increase from the previous period.
Banks are still failing left and right, and according to a recent survey of top financial services leaders, a big majority of bank executives think that a recovery in their industry will lag an overall economic rebound.
Citigroup said Tuesday it provided $6 billion in new loans backed by taxpayer money in the latest quarter, with most of those funds going to state and local governments and propping up the housing market.
You now own a big piece of troubled bank Citigroup.
Citigroup surprised Wall Street Friday as the embattled banking giant reported a $4.3 billion profit in the second quarter.
Stocks were set for a mixed open Friday as investors remained cautious despite strong earnings from Citigroup, Bank of America and General Electric, and a government report on the housing market that trumped expectations.
Will the big banks do it again?
Citigroup is making nice-nice with regulators.
Last I checked, the economy's still in recession, unemployment is rising, and consumers are having trouble paying their bills. But you wouldn't know this from looking at what's going on in the credit card world lately.
Bailed out financial giant Citigroup said Wednesday it is going to the raise base salaries of its employees, although it is not planning to increase their total compensation.
The so-called brain drain that big banks have worried about ever since the government stepped in to bail out the financial sector appears to be well underway.
Under-fire Citibank CEO Vikram Pandit, who has said he will pay himself just $1 a year until the U.S. financial giant returns to profitability, has rejected calls for his resignation and vowed to get on with the job.
In an exclusive interview with CNN's Matthew Chance, Citibank CEO Vikram Pandit has said the beleaguered bank, which has received $45 billion in bailout money from the U.S. government, is on its way to financial recovery.
It's starting to look like the spring awakening in bank stocks may not be enough to save the CEOs of America's biggest troubled banks, Citigroup's Vikram Pandit and Bank of America's Ken Lewis.
The Federal Deposit Insurance Corp. wants to move around top management at Citigroup, putting Chief Executive Vikram Pandit in a precarious position, according to a report published Friday.
Two companies that have received billions of dollars in aid from the U.S. government have been kicked out of the Dow Jones industrial average.
The nation's leading banks may have been deemed solvent, but it remains to be seen whether top management at those firms will soon go bust.
The chairman of Citigroup says that despite the infusion of $45 billion in TARP funds, the Obama administration has largely left the running of the company to Citi with the exception of executive pay.
Cash-strapped cities and states will get a $5 billion boost from Citigroup.
Citigroup said Tuesday it authorized $8.2 billion in lending to U.S. consumers and businesses so far this year backed by taxpayer funding.
Citigroup is seeking U.S. government approval to award special bonuses to several of its key employees, the Wall Street Journal reported Wednesday.
Government regulators have told Bank of America Corp. and Citigroup Inc. that the banks need to increase their capital reserves based on preliminary "stress test" results, according to a report published Tuesday.
Investor outrage boiled over during Citigroup's annual shareholder meeting Tuesday, as shareholders picked apart company management for what they viewed as a litany of failures over the past year.
Banks are socking away funds for future loan losses at a record clip. But at the sickliest institutions, problem loans are rising even faster.
Citigroup's health is slowly improving, but the bank's owners are stuck paying for its costly rehabilitation.
Citigroup surprised Wall Street Friday as the company delivered its first profit in more than a year, helped by strength within its investment banking division.
Stocks were mixed to lower Friday as investors welcomed better-than-expected earnings from Citigroup and General Electric but also showed caution after the recent run.
The latest crop of quarterly numbers from the banking industry has proven promising so far. But with every harvest, there's always bound to be a few rotten apples in the bunch.
Monday's 2009 Major League Baseball home opener for the New York Mets at their new ballpark promises to reignite controversy -- and not just over the team's suspect pitching.
This week is Masters golf time, a fact that takes me back precisely 11 years ago to an afternoon when I walked the grounds of the Augusta National course with Sandy Weill as he basked in the glory of the just-announced Citigroup merger deal between his company, Travelers Group, and Citicorp.
Citigroup unveiled plans Thursday to pursue a reverse stock split, and the company officially gave notice of its previously announced plans to convert the government's massive preferred share stake into common stock.
Vikram Pandit, Jamie Dimon and other CEOs say their banks are doing fine, but few people seem to believe them.
Should bank bondholders really be heading for the exits? In recent weeks the prices of some troubled banks' subordinated debt have declined sharply and the cost of insuring it against default has risen.
Bank stocks finished mostly higher Monday as persistent fears about the underlying health of the beleaguered sector continued to subside, helping extend last week's big rally.
Citigroup, which has received hundreds of billions of dollars in federal aid, disclosed Monday that CEO Vikram Pandit received 2008 compensation valued at $10.8 million.
What do Vikram Pandit and Madonna have in common? They're both trendsetters.
Citigroup chief executive officer Vikram Pandit is nothing if not an optimist.
Stocks rallied Tuesday morning after Citigroup said it was profitable in the first two months of the year, and Federal Reserve Chairman Ben Bernanke spoke of the need for an overhaul of the financial system.
The government is bracing for a big bank failure.
What's the best way to fix the nation's banking system? Well, at least two senators making the rounds on the Sunday morning political TV gabfests think it's to let the megabanks fail.
All you need is a dollar and a dream. That used to be one of the slogans for the New York State lottery.
Citigroup, once considered one of the nation's mightiest financial institutions, logged another dismal milestone Thursday, as shares of the beleaguered bank slipped below $1 a share.
To read the new 10K annual-report filings that Citigroup and Wells Fargo each submitted last Friday to the Securities and Exchange Commission is to recall -- with horror -- four days last fall when Citi was slated to take over the fourth largest banking company in the U.S., Wachovia. Then Wells pole-vaulted into the picture and suddenly, as October dawned, it was the West Coast bank, not the East Coast bank, that was to acquire this venerable, though reeling, Southern establishment.
The government has a new remedy for sickly financial giants -- but signs of healing remain scarce.
You and I will soon own a very big chunk of Citigroup.
Stocks tumbled Friday on worries about the government taking a bigger chunk of Citigroup and a bleak reading on the economy, again touching 12-year lows.
The U.S. government waded deeper into the bailout of one of the nation's largest banks Friday when it announced a deal that will give it control over as much as 36% of Citigroup's common stock.
If investors have regained confidence in the big U.S. banks, they have a funny way of showing it.
Stocks tumbled Friday morning on news that the government will control a much bigger chunk of Citigroup and the economy suffered the worst decline in 26 years in the fourth quarter of last year.
On Friday, Feb. 20, investors watched in horror as shares of Bank of America plunged below $3 and Citigroup's stock broke $2, giving the two pillars of U.S. banking a combined market value of $26 billion - far below that of Kraft Foods.
Stocks were poised to open mixed Friday as investors awaited the government's latest reading on the health of the economy and the expected announcement of more U.S. control of Citigroup.
This question seemed unthinkable just a week ago, but here goes: Have bank stocks finally hit bottom?
Citigroup is nearing an agreement with federal regulators to increase the government's stake in the bank to as much as 40%, according to a published report.
When news broke this week that talks were in motion for the U.S. government to gain a larger stake in Citigroup, somewhere between 25% and 40%, it immediately raised the question: What happens to current stockholders? In efforts to keep itself afloat, Citigroup has proposed a partial nationalization that would give the government far greater control. In one scenario, some of the $45 billion in preferred shares held by the government would convert to common stock, diluting the shares of current stockholders.
Citigroup may be on the verge of nationalization. But what exactly that means remains to be seen.
It looks like the government isn't going to let Citigroup fail. But that wasn't enough to save the market Monday.
Bonds rose Monday as investors sought safety in government-backed debt amid a massive selloff in equities.
Citigroup Inc. is in discussions with regulators about a plan for the federal government to take a larger ownership stake in the bank, according to published reports.
Stocks advanced Monday morning on talk that the federal government could take a bigger stake in Citigroup, reassuring shareholders worried about the outlook for the troubled bank.
What does it mean to nationalize a bank, anyway?
JPMorgan Chase and Citigroup Inc. announced plans Friday to temporarily halt foreclosures as the government works to finalize the details of a financial rescue package that could include billions of dollars in aid for struggling homeowners.
The Obama administration's long-anticipated overhaul of the banking bailout is finally near.
The "massive overhaul" of the banking bailout will be announced a day later than expected.
American Home Mortgage Servicing Inc., owned by vulture investor Wilbur Ross, will pay Citigroup $1.5 billion for the rights to service 185,000 home loans, Ross said Thursday.
Citigroup offered its first glimpse Tuesday into how it is spending the $45 billion in government bailout money that the ailing bank has received in recent months.
Business may be slow for the nation's big banks -- but their public relations departments sure are busy!
You would think that Citigroup had enough on its plate these days, but that hasn't stopped the financial behemoth from filing a copyright infringement suit against a Brooklyn, New York, pawnshop over a similar logo.
Former Citigroup Inc. chief Sanford "Sandy" Weill is giving up the use of corporate aircraft as the bank he helped to build tries to weather the credit crunch, his office said Sunday.
It's not easy to make a buck in the banking business nowadays.
Bank stocks took a nosedive Friday, as investors worried about dour economic data and questions about how soon aid for the financial sector will arrive.
The government forced Citigroup to cancel its order for a brand new $50 million corporate jet. Now, two Congressmen are hoping that the Obama administration will convince the beleaguered bank to scrap its naming rights deal with the New York Mets.
Citigroup CEO Vikram Pandit downplayed the notion that his bank, or any other major financial institution for that matter, would be taken over the by the U.S. government.
Citigroup reversed course Tuesday, a day after a Treasury Department official called the struggling company and "told them it was unacceptable" to accept delivery of a new $42 million corporate jet, a senior administration official said.
Nothing seems to scare bankers, or their shareholders for that matter, more than the word "nationalization."
Citigroup, the struggling financial titan that recently announced plans to split in two, is shaking up its board again.
Have the Brits found the way to unclog a backed-up banking system?
There used to be a time when investors didn't have to worry about the financial health of companies in the Dow Jones industrial average.
Let us now consider a famous business convulsion. A year ago the largest banking company in the world, Citigroup, was weeks into one of its best quarters in history. It was invincibly marching toward $6.2 billion in profits for the period, a matter so heartening for Citi's oft-maligned CEO, Charles O. Prince III, that as early as May he was astonishingly inviting reporters (like this writer) to come around and chat.
Bank stocks swooned for the seventh time in eight days Friday, as the news of another big setback in the economy overshadowed some modest progress in the restructuring of the troubled financial sector.
Citigroup reported a much bigger-than-expected $8.3 billion quarterly loss Friday, while the beleaguered banking icon also revealed plans to split up into two businesses, effectively bringing an end to the company's "financial supermarket" model.
Citigroup has announced plans to split the company in two after reporting a bigger than expected fourth quarter loss of more than eight billion dollars.
Citigroup CEO Vikram Pandit is finally dismantling the house that Sandy Weill built, but will the businesses that remain form a durable, well-integrated player? Or will the remaining parts be so mismatched that Citi will need to liquidate? The sooner Citi's destiny becomes clear, the sooner banking will recover.
Citigroup said late Tuesday that it plans to merge its Smith Barney brokerage division with that of peer Morgan Stanley, a move that is expected to mark the beginning of a break-up of the troubled banking giant.
Citigroup confirmed speculation Tuesday that it plans to merge its Smith Barney brokerage division with that of peer Morgan Stanley, a move that is expected to mark the beginning of a break-up of the troubled banking giant.
Stocks were mixed Tuesday as questions about Citigroup's future and Alcoa's big quarterly loss exacerbated worries about the weak corporate profit environment.
Investors are not sure what the future holds for Citigroup.
Stocks were mixed Tuesday morning as investors considered Alcoa's discouraging start to the quarterly reporting period, a big drop in the trade deficit and Federal Reserve chairman Ben Bernanke's comments on the economy.
European markets slipped solidly into negative territory Tuesday, adding to a string of selloffs since the start of the year.
Investors are having a hard time finding much faith in Citigroup. The stock plunged 17% Monday, despite speculation that the financial services giant was engaged in talks to raise capital by selling a stake in its Smith Barney brokerage division to Morgan Stanley.
Tokyo's benchmark Nikkei average tumbled Tuesday, giving up nearly 5% of its value after new government figures showed a dramatic decline in Japan's international trade.
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