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Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review -- but only after shrinking the company by about one-fifth first
Stocks tanked Friday, with the Dow losing more than 100 points, after AIG's weak quarter revived worries about the credit crisis, and record oil and gas prices exacerbated fears about the threat of inflation.
Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years
Citigroup's board directors have been re-elected, but were shelled with criticism at Tuesday's annual meeting of shareholders, who have seen their stock in the bank lose half its value since they convened a year ago.
Citigroup delivered yet another quarter of devastating results Friday, this time losing more than $5 billion due to troubles in its fixed-income business and higher consumer credit costs, adding it would cut an additional 9,000 jobs.
Citigroup Inc. lost $5.1 billion during the first quarter as poor bets on mortgages and leveraged loans lopped billions of dollars from its investment portfolio
When Citigroup and Merrill Lynch each fessed up to nearly $10 billion in losses last quarter, investors believed the companies had finally scrubbed their books clean.
Citigroup is close to making a deal to unload $12 billion of risky leveraged loans and bonds to a group of private-equity firms, according to a report by The Wall Street Journal, citing people familiar with the matter.
Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.
If you've been pessimistic about the stock market, you would think you'd have plenty of reasons to gloat today.
Citigroup Inc.'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review -- but only after shrinking the company by about one-fifth first
Stocks tanked Friday, with the Dow losing more than 100 points, after AIG's weak quarter revived worries about the credit crisis, and record oil and gas prices exacerbated fears about the threat of inflation.
Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years
Citigroup's board directors have been re-elected, but were shelled with criticism at Tuesday's annual meeting of shareholders, who have seen their stock in the bank lose half its value since they convened a year ago.
Citigroup delivered yet another quarter of devastating results Friday, this time losing more than $5 billion due to troubles in its fixed-income business and higher consumer credit costs, adding it would cut an additional 9,000 jobs.
Citigroup Inc. lost $5.1 billion during the first quarter as poor bets on mortgages and leveraged loans lopped billions of dollars from its investment portfolio
When Citigroup and Merrill Lynch each fessed up to nearly $10 billion in losses last quarter, investors believed the companies had finally scrubbed their books clean.
Citigroup is close to making a deal to unload $12 billion of risky leveraged loans and bonds to a group of private-equity firms, according to a report by The Wall Street Journal, citing people familiar with the matter.
Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.
If you've been pessimistic about the stock market, you would think you'd have plenty of reasons to gloat today.
Banks could very well trip over themselves Monday as they bid on $50 billion in loans in the latest Federal Reserve auction.
Despite Citigroup Inc.'s current troubles, many on Wall Street believe the bank is certainly down, but not for the count.
Two high-profile former Wall Street CEOs and the head of the nation's largest home lender will testify Friday before a congressional committee examining the link between executive pay and the mortgage crisis.
In this market, even when a hedge fund is doing well, the wolf can be right outside the front door.
Citigroup Inc. Chief Executive Vikram Pandit sought Wednesday to allay fears about his company's financial strength, a day after a Middle East investor said the Wall Street giant needs to raise more capital to survive.
Blue chips fell Tuesday, but the broader market cut losses by the close after a tough session influenced by questions about Citigroup and Intel's profit forecasts - and dour comments on the economy from a slew of Fed officials.
Stocks tumbled midday Tuesday, as Federal Reserve chief Ben Bernanke's dour outlook for the housing market and a lower profit outlook for Citigroup underscored recession fears.
Citigroup is blocking investors from withdrawing their money from a hedge fund specializing in government debt after a near run on its assets, according to a published report.
Despite widespread public perception that speculative investing is to blame for high oil prices, big investors distanced themselves from it Tuesday, saying the recent run up has more to do with strong demand, tight supply, and a desire to diversify instead of trading momentum.
Citigroup said Tuesday it plans to make about $3.5 billion in capital available to its structured investment vehicles, or SIVs, in an effort to maintain the rating on their senior debt.
Stocks tumbled Tuesday after Citigroup's steep quarterly loss and a big drop in retail sales exacerbated fears of a recession.
Citigroup's $9.83 billion loss may be only the first of many painful adjustments the bank will need to make as its new management comes to grips with the credit collapse.
Citigroup Inc. stunned Wall Street Tuesday by reporting that it had suffered a $10 billion quarterly loss - the worst ever in its storied history.
Stock losses accelerated Tuesday afternoon as investors bet that Citigroup's steep quarterly loss and a big drop in retail sales are further signs of the risk of an economic recession.
Stocks tanked early Tuesday afternoon after Citigroup's steep quarterly loss and a big drop in retail sales exacerbated worries about the threat of recession.
Stocks tumbled Tuesday morning after Citigroup's weak earnings and a big drop in retail sales revived worries about the threat of recession.
U.S. stocks took a big hit at the start of Tuesday trading after Citigroup reported a huge loss and retail sales figures were weaker than expected.
Citigroup Inc. delivered some of the worst quarterly results in its history Tuesday, reporting a nearly $10 billion loss that was much worse than Wall Street had anticipated.
Of all the investment tales that have unfolded as the mortgage crisis swept through Wall Street, none has been more engrossing than that of Citigroup.
Stocks held on to modest gains Friday morning, after surging at the opening on hints that Citigroup could sell assets, then stumbling on a report showing a steep drop in the number of new-home sales.
Stocks opened higher Friday morning, on a report saying Citigroup and other troubled financial services companies may begin selling assets, but lost steam after an announcement of troubling new-home sales data.
Stocks opened higher Friday morning after a report saying Citigroup and other troubled financial services companies may begin selling assets as they attempt to recover from the credit crunch.
Citigroup, which has been pummeled by mortgage-related losses, will bring all of its $49 billion in structured investment vehicles onto its balance sheet, according to a published report late Thursday.
Judging by his resume, Vikram Pandit doesn't have the depth of experience to run Citigroup, but with some quick and decisive moves the bank's new CEO could win back many of the investors who've dumped Citi's stock as it fell victim to the credit crunch this year.
After weeks of uncertainty about the company's future leadership, Citigroup anointed its investment banking chief Vikram Pandit as its new chief executive and tapped interim CEO Sir Win Bischoff as chairman.
At last, we have the beginnings of a cure for the credit crunch - though it could cause plenty of pain in the short run.
U.S. stocks may continue their rebound Wednesday, although investors will have to weigh new details about the mortgage meltdown and related housing slump.
Stocks rose Tuesday, reclaiming most of the day's gains at the end of a choppy afternoon in which investor enthusiasm for recently battered shares was tried by ongoing worries about the economy.
Citigroup's newfound $7.5 billion cash infusion from Abu Dhabi's state investment fund may not cure all that ails the embattled bank, but it heralds the growing influence of sovereign wealth funds.
Stocks rose Tuesday afternoon, but cut bigger morning gains, as investors scooped up shares beaten down in the prior session's big selloff, but remained edgy about the outlook for the economy.
Stock gains accelerated Tuesday afternoon, as investors jumped back in to equities after Monday's big selloff, thanks to falling oil prices and some better news out of the financial sector.
Stock gains accelerated Tuesday afternoon, bouncing back after Monday's big selloff, as investors welcomed falling oil prices and some better news out of the financial sector.
Stocks sprang back Tuesday following Monday's big loss, as investors cheered tumbling oil prices and a fresh cash injection for Citigroup.
U.S. stocks, after slipping into a correction, opened Tuesday on the upside as investors watched oil prices fall and weighed news that a Middle East government was investing $7.5 billion in embattled Citigroup.
Is Citigroup simply not strong enough to do what HSBC has done with its sick-looking SIVs?
U.S. stocks appeared poised for recovery Tuesday after sinking into a correction the previous session, as investors watched oil prices fall and weighed news that a Middle East government was investing $7.5 billion in embattled Citigroup.
Stocks tumbled and bonds rallied Monday on revived worries about the threat of the credit and mortgage market crisis on the broad economy.
Stock selling accelerated Monday afternoon, as a mostly positive start to the holiday sales period was overshadowed by further worries about the impact of the credit and mortgage market fallout on the economy.
Stocks crept higher Monday morning, as investors welcomed an upbeat start to the holiday retail sales season, but gains were limited by ongoing worries about the health of the financial and housing markets.
Say CDO to anyone in the banking industry right now and they'll probably respond with another acronym: SOS.
The major banks have already reported billions in unexpected losses from complex investment vehicles known as CDOs. Now they face big risks from other corners of the debt markets -- but don't expect them to warn investors anytime soon.
Bond prices gained as mortgage related worries sent bank stocks lower and weak homebuilder confidence and recession talk rattled stocks Monday.
Stock losses accelerated Monday morning as worries about the banking sector and another spike in oil prices gave investors a reason to bail out of equities.
In the midst of staggering losses and intense public scrutiny, former Citigroup CEO Charles O. Prince III could always count on the support of the company's biggest individual shareholder: Prince Alwaleed bin Talal bin Abdul Aziz al Saud. Less than a month ago, the Saudi prince, who owns 3.6% of the company, even dismissed a sharp drop in earnings as a "mere hiccup."
UBS, the Swiss financial services giant, will take a multibillion write-down due to risky debt holdings linked to the deteriorating housing market, according to a news report.
Charles Prince is leaving Citigroup Inc. at the end of the year with approximately $42 million in stock awards, a bonus and other benefits, but the amount could fall if the embattled company's shares tumble even further.
It's one of the hottest debates in the market right now: Is Citigroup short of capital?
Investors appeared ready Tuesday to shrug off the recent wave of credit worries and oil once again near record highs, as stocks were poised to open higher.
Stocks fell on Monday after Citigroup raised another warning flag for the financial sector, but pared losses after a reading on the service economy came in stronger than expected.
If only it were just a matter of quickly replacing one CEO with another.
A day after announcing it would write down up to an additional $11 billion related to subprime securities, Citigroup Inc. revised its third-quarter earnings lower to reflect a bigger hit due to the mortgage meltdown.
Major gauges remained lower Monday morning as Citigroup's warning that it could suffer billions more in mortgage-related losses fanned credit market fears on Wall Street.
Stocks fell sharply at the start of Monday's session as Citigroup's warning that it could suffer billions more in subprime mortgage-related losses worried investors about the health of the broader financial sector.
U.S. stocks retreated in early trading Monday as Citigroup's mortgage writedown news rekindled concerns about the global credit crunch.
U.S. stocks were set to take a drubbing at Monday's open after the credit crunch claimed the top executive at Citigroup, which sees billions more in subprime mortgage writedowns.
The meltdown in the housing market hit Citigroup, the nation's No. 1 financial services company, Sunday as it announced the departure of chairman and chief executive Charles Prince and a possible $11 billion in additional subprime writedowns.
If only it were just a matter of quickly replacing one CEO with another.
Charles Prince, Citigroup Inc.'s CEO, plans to resign on Sunday, according to sources cited in a Wall Street Journal report.
The Dow industrials suffered one of its biggest declines of the year Thursday, plummeting more than 360 points after a Citigroup downgrade served as a blunt reminder to Wall Street that the credit market crisis is not over.
Stocks dropped sharply in the final hour of trade Thursday as a Citigroup downgrade served as a blunt reminder to Wall Street that the credit market crisis is not over.
Stocks suffered further losses Thursday afternoon on a Citigroup downgrade and disappointing results from oil giant Exxon Mobil.
Citigroup Inc. has ousted two executives responsible for the bank's mortgage-backed securities business, according to published reports.
What we said in "Why Banks Beat Bonds" (Aug. 6) we made the case for buying three big bank stocks: Bank of America, Citigroup, and Wachovia. Our argument rested on the fact that they had low price/earnings ratios, high dividend yields, and solid growth prospects. And they would not be buried by big losses in subprime mortgages, we declared.
Citigroup Inc. has secured funding through the end of the year for the $80 billion in structured investment vehicles it manages, according to a published report.
Stocks tanked Monday, with the Dow posting its biggest one-day loss in more than a month, after Citigroup's weak profit report and record-high oil prices sparked a big selloff.
Banks are expected to clean up their own messes. So it was a troubling sign on Monday when Citigroup - the nation's largest bank - announced it had to embrace what looks like a private sector bailout.
Citigroup Inc. revealed Monday the big earnings decline that Wall Street had been bracing for, while executives mustered up a cautiously optimistic view on the company's future performance.
Stocks fell Monday after Citigroup's weak profit report and record-high oil prices sparked a selloff ahead of the first big batch of quarterly earnings reports.
Stocks fell Monday morning after Citigroup's weak profit report pummeled the financial sector and record-high oil prices raised worries about consumer spending.
A consortium of the world's biggest banks, led by Citigroup, is working to create a fund to back up to $100 billion in shaky mortgage and other securities, according to published reports Sunday.
U.S. stock futures lost momentum Monday after Citigroup reported a sharp decline in quarterly earnings, although news that big banks are setting up a massive fund to help shore up the credit market could help boost sentiment.
Citigroup and other big banks are working on a plan to support the market for mortgage-backed securities and other investments by jointly creating a fund that would buy as much as $100 billion of the debt, according to published reports.
Citigroup is in talks with KKR to provide financing to buy some of its leveraged loans, according to a published report.
Citigroup and UBS may not be the only banks breaking bad news to investors this month.
Citigroup warned Monday its third-quarter earnings are likely to decline 60 percent, as it takes more than $3 billion in writedowns for securities backed by underperforming mortgages and loans tied to corporate buyouts.
U.S. stocks appeared set to get off to a rough start for new quarter as two major global banks reported new problems by subprime mortgages.
Stocks rallied Monday morning, with the Dow touching 14,000 for the first time since July as investors shrugged off a profit warning from Citigroup and instead focused on the possibility of more Federal Reserve rate cuts.
Stocks slipped Monday, as investors struggled to remain positive after last week's big Federal Reserve-inspired rally and ahead of a string of key economic reports due later in the week.
Stocks slipped Monday afternoon, giving up morning gains, as investors struggled to remain positive after last week's big Federal Reserve-inspired rally and ahead of a string of key economic reports due later in the week.
Stocks gave up early gains Monday afternoon, as investors struggled to sustain an advance following last week's big Federal Reserve-inspired rally and ahead of a string of key economic reports due later in the week.
Stocks gained Monday morning, rising after a sluggish start, as investors built on last week's Federal Reserve-inspired rally and geared up for a string of key economic reports due later in the week.
Citigroup Inc. moved to ease concerns Thursday about the health of some structured investment vehicles it manages, after similar vehicles have had to start selling assets at a loss to repay maturing debt.
Citigroup Inc.'s venture capital arm led an investment group that paid $400 million for a controlling stake in Waddington North America Inc., a maker of disposable cups, dinnerware and cutlery.
Bond rose but then pared gains Friday after reports showed strong home sales and durables.
In a fresh sign of China's financial strength, a leap in the shares of Industrial & Commercial Bank of China on Monday made it the world's biggest bank by market capitalization, overtaking U.S. giant Citigroup.
Citigroup Inc., the largest U.S. bank, said Friday that strong international growth fueled a higher-than-expected 18 percent increase in quarterly profit.
Fueled by climate change concern and a Texas utility's recent scrapping of several "dirty" power plants, one environmental group is looking to cut funding for new coal fired power plants at the source: the big banks.
Stocks struggled at the start of Monday trading as investors considered higher oil and awaited inflation reports and earnings figures.
Citigroup plans to boost the number of its branch locations in Japan by 40 percent to about 200, including those of recently acquired brokerage Nikko Cordial Corp., as the financial firm looks to move beyond a niche role in the world's second-largest economy.
Citigroup Inc. said Monday it agreed to buy Automated Trading Desk for $680 million to increase its ability to allow clients worldwide to trade stocks electronically.
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