Citigroup – News Stories About Citigroup - Page 11

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....

Bank Woes Push Dow Down 196

MARKETS

Dec 11, 2008 3:23 PM CST

Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops

(Newser) - The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196....

Insurer Leads 259-Point Surge

MARKETS

Dec 5, 2008 3:29 PM CST

Insurer Leads 259-Point Surge

Stocks manage to stay afloat despite terrible jobs report

(Newser) - Stocks rallied at the end of the session today despite a grim November jobs report that showed unemployment rising to 6.7%, MarketWatch reports. Insurer Hartford Financial led financials higher after announcing that its business were doing better than it had expected. The Dow rose 259.18 to close at...

Credit Suisse
Cuts 5,300 Jobs,
11% of Workforce

Dec 4, 2008 6:30 AM CST

Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Investment banking unit takes major hit as bank joins rush to cut expenses

(Newser) - Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as...

'Demand Accountability'
from Citi: Podesta

Nov 28, 2008 10:32 AM CST

'Demand Accountability' from Citi: Podesta

Transition boss discusses bailout, Cabinet

(Newser) - The government should “demand accountability” from Citigroup in return for bailout funding, Barack Obama’s transition team leader says. “If we’re going to have one rule, we ought to apply it to all of the financial institutions that we’re taking a look at,” John Podesta...

Dow Extends Rally, Rises 247

MARKETS

Nov 26, 2008 3:20 PM CST

Dow Extends Rally, Rises 247

Grim earnings and economic reports can't stop Street's rise

(Newser) - The markets extended a winning streak into a fourth session today, despite mostly dismal economic data, the Wall Street Journal reports. Consumer spending and orders for durable goods fell over the last month, but the Dow closed up 247.14 points at 8,727. The Nasdaq rose 67.4 points...

Bailed-Out Banks Won't Bail on Sports Sponsorships

Nov 25, 2008 11:06 AM CST

Bailed-Out Banks Won't Bail on Sports Sponsorships

Gaudy expenditures anger public, Congress

(Newser) - Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “...

Citi Rescue
Could Lead to
More Trouble

analysis

Nov 25, 2008 7:23 AM CST

Citi Rescue Could Lead to More Trouble

Rivals may take risks, expecting taxpayer protection

(Newser) - The Citigroup rescue bolstered confidence in the financial sector in the short term, but in the long term it could spell more trouble for taxpayers and other struggling banks, writes Eric Dash in the New York Times. Other banks will see the bailout as a template for future ones—giving...

Bush, Obama Team Up on Crisis

Nov 25, 2008 5:27 AM CST

Bush, Obama Team Up on Crisis

President huddles with his successor on bailout plans

(Newser) - The federal government's response to the economic crisis is part of a team planning effort, with Barack Obama working closely with President Bush in a bid to bring confidence back to spooked financial markets, the New York Times reports. The president's aides are coordinating efforts with Obama's new economic team,...

Dow Up 397 on Positive News

MARKETS

Nov 24, 2008 3:22 PM CST

Dow Up 397 on Positive News

Financials lead as government moves to help banking giant

(Newser) - Stocks rallied today in a vote of confidence for the $326 billion Citibank rescue plan and Barack Obama’s team of economic advisers, MarketWatch reports. Combined with Friday's surge, the rally was the largest 2-day jump in over 20 years. The Dow rose 396.97 points to close at 8,...

Stocks Jump on Citi Rescue

MARKET Open

Nov 24, 2008 8:58 AM CST

Stocks Jump on Citi Rescue

Dow makes triple-digit move in the right direction

(Newser) - Stocks kept Friday’s good mojo going this morning, after the government announced a massive plan to prop up Citigroup. The Dow rose 145 points at the open, as Citi shares leaped 57%, and pulled the rest of the sector with them. Bank of America rose 13%, while Morgan Stanley...

Feds OK
Massive $20B
Citigroup Bailout

Nov 24, 2008 3:49 AM CST

Feds OK Massive $20B Citigroup Bailout

Taxpayers will also back $300 billion in shaky debt

(Newser) - The US will bail out Citigroup with $20 billion in fresh capital and a guarantee to mop up $306 billion in toxic assets, the Wall Street Journal reports. The deal, announced late last night, marks a turning point in the financial crisis: In addition to injecting nearly $300 billion into...

Feds, Citigroup Close
In on Rescue Deal

Nov 23, 2008 5:54 PM CST

Feds, Citigroup Close In on Rescue Deal

Government could take over losses for troubled financial giant

(Newser) - Citigroup is closer to getting a new round of financial help from the feds, the New York Times reports. Regulators are discussing a plan today for the US to take on losses at the bank if they exceed certain levels. In effect, the plan would create a "bad bank"...

Dow Up 494 on Geithner Pick

MARKETS

Nov 21, 2008 3:23 PM CST

Dow Up 494 on Geithner Pick

Index gets back over 8,000, but lose for the week

(Newser) - News that Barack Obama’s will nominate Timothy Geithner, head of the New York Fed, as Treasury Secretary buoyed stocks today, although the major indices all lost value for the week, MarketWatch reports. The Dow closed up 494.13 at 8,046.42. The Nasdaq gained 68.23 to settle...

Financial Industry
May Shed 350K Jobs

Nov 21, 2008 10:23 AM CST

Financial Industry May Shed 350K Jobs

So far, 170,000 positions have been cut worldwide

(Newser) - Job cuts in the financial services sector could hit 350,000 worldwide by the middle of 2009, double the number so far, Bloomberg reports. "This is the financial equivalent of World War II," says the CEO of a major headhunting firm. If he's right, by summer, the industry...

Frantic Citigroup
Considers
Sell-Off

Nov 21, 2008 4:20 AM CST

Frantic Citigroup Considers Sell-Off

Merger or sale become options as bank scrambles to stop the drop

(Newser) - Citigroup is keeping all its options on the table as its share price plunges—including selling itself, insiders tell the Wall Street Journal. The battered giant's share price plummeted another 26% yesterday—its worst one-day hit ever—chalking up an 83% dive for the year. Directors plan crisis talks...

Dow Plummets 400+ Again

MARKETS

Nov 20, 2008 3:32 PM CST

Dow Plummets 400+ Again

Hopes dim for auto industry bailout

(Newser) - Stocks continued yesterday’s slide today as Congress dashed hopes for quick aid to the Detroit automakers, MarketWatch reports. Henry Paulson also undermined investor confidence by again changing the terms of TARP. The Dow fell 444.99 points to close at 7,552.29. The Nasdaq shed 70.30, closing...

Stocks Drop on Citi,
Retail Woes

MARKET Open

Nov 17, 2008 8:49 AM CST

Stocks Drop on Citi, Retail Woes

(Newser) - Stocks slid at the open, as Citigroup slashed jobs and retailers reported yet more disappointing results. The Dow lost 160 points, while the S&P and Nasdaq dropped 1.8% and 1.5% respectively. Among the big drops were Target and Lowe’s, which each took a 24% hit to...

Citibank to Cut
50,000 Jobs

Nov 17, 2008 8:19 AM CST

Citibank to Cut 50,000 Jobs

(Newser) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19%...