Citigroup

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Stocks Rebound After Correction
Stocks Rebound After Correction
MARKETS
Nov 27, 2007 3:47 PM CST

Stocks Rebound After Correction

Cash for Citigroup, lower oil prices help rally

(Newser) - Stocks bounced back today after yesterday's correction with help from an injection of cash for Citigroup and lower oil prices. "The market isn't up on a cheerful consumer—it's oversold and looking to bounce," an analyst tells the Wall Street Journal. The Dow was up 215.00 to...

Abu Dhabi Bails Out Citigroup With $7.5B Deal

Cash infusion for 4.9% stake will make it Citi's largest shareholder

(Newser) - Staggered by the weight of subprime mortgage losses and with its stock trading at its lowest level since 2002, embattled Citigroup last night announced a $7.5 billion cash infusion from the government of Abu Dhabi, the Wall Street Journal reports. The deal strengthens Citi’s capital base and investor...

Citigroup Faces Pressure to Help Troubled Borrowers

Fallout mounts from $45B mortgage portfolio

(Newser) - The subprime collapse has Citigroup beset on two sides: Besides dealing with a $45 billion portfolio of 280,000 subprime mortgages it acquired in September, Citi is facing pressure from influential consumer advocacy groups to provide relief to troubled borrowers, the Journal reports. Activists are calling for the lender to...

Citigroup Readies Layoffs, Round Two
Citigroup Readies Layoffs,
Round Two
Nov 26, 2007 11:01 AM CST

Citigroup Readies Layoffs, Round Two

Big losses mean big job cuts

(Newser) - Citigroup is planning "massive" new layoffs, CNBC reports, less than a year after the financial giant cut 17,000 jobs. After announcing that it may have to write down as much as  $11 billion more in mortgage losses, Citigroup has been looking for ways to cut costs, as well...

Citigroup Leads Steep Nosedive
Citigroup Leads Steep Nosedive
MARKETS
Nov 19, 2007 3:48 PM CST

Citigroup Leads Steep Nosedive

Downgraded stock kicked off the day badly, and the markets kept dropping

(Newser) - Stocks fell today—the Dow by more than 200 points—after a Goldman analyst downgraded Citigroup to "sell" in the morning, setting off a skid. The same analyst lowered target prices on Merrill Lynch, Morgan Stanley, and several other stocks, which fell by over 2%, the Journal reports. The...

John Thain to Be Merrill CEO
John Thain to Be Merrill CEO
Nov 14, 2007 12:18 PM CST

John Thain to Be Merrill CEO

Former Goldman honcho took the NYSE public

(Newser) - Merrill Lynch will name NYSE chief John Thain as its CEO as soon as today, an insider tells the Wall Street Journal. The former Goldman Sachs president, on Merrill’s shortlist since Stan O'Neal was shown the door two weeks ago, was also under consideration for Citigroup’s top post....

Street Foresees Very Good Year
Street Foresees Very Good Year  
Nov 13, 2007 12:44 PM CST

Street Foresees Very Good Year

Amid chaos, $28B in earnings marks the second best in history

(Newser) - Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker....

E*Trade Stock in $2B Free Fall
 E*Trade Stock in $2B Free Fall
Nov 13, 2007 2:47 AM CST

E*Trade Stock in $2B Free Fall

59% of value wiped out after analyst warns of subprime woes

(Newser) - Online brokerage pioneer E*Trade has been caught in the subprime mortgage crisis. Its shares fell 59% yesterday, wiping out $2.2 billion of its market value, reports the Wall Street Journal. Although its core business is discount brokerage, it is also a bank and has $12.4 billion in home...

Dow Dips Below 13K
Dow Dips Below 13K
Nov 12, 2007 3:38 PM CST

Dow Dips Below 13K

Markets seesaw, close down

(Newser) - The Dow closed below 13,000 today after seesawing on bad news from the financial sector and falling oil prices. The Dow finished at 12,987.55, down 55.19, after E*Trade said further mortgage-related write-downs might come—and its shares dropped 56%. The Nasdaq slid 43.81 to close...

Big Banks Settle on Superfund Terms
Big Banks Settle on Superfund Terms
Nov 11, 2007 12:49 PM CST

Big Banks Settle on Superfund Terms

Paulson says fund will help, but analysts bearish on its prospects

(Newser) - The country’s top three banks have finalized agreements for the $75 billion superfund they hope will cushion further blows to the credit market, reports the NY Times. After nearly two months of haggling, Bank of America, Citigroup, and JPMorgan Chase agreed to simpler conditions than outlined in the fund’...

Wall Street Bonuses In for a Fall
Wall Street Bonuses In for a Fall
Nov 7, 2007 3:50 AM CST

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with...

Why the CEO Talent Pool Is So Small

As Citi, Merrill searches show, Wall Street is now a tough place to grow managers

(Newser) - With Citigroup and Merrill Lynch both suddenly searching for new CEOs, the Wall Street Journal looks at why the list of contenders for the top jobs at Wall Street's biggest firms is so short. Start with an earn-or-die corporate culture, which taints talented chief executives who fail to deliver in...

Citigroup Drags Stocks Down
Citigroup Drags Stocks Down
Nov 5, 2007 3:43 PM CST

Citigroup Drags Stocks Down

Banking giant reports $11B in additional losses

(Newser) - Stocks closed down today after Citigroup announced $11 billion more in mortgage-related writedowns, reports Bloomberg. Early heavy losses reversed later in the session as investors calmed down, reports CNNMoney, but none of the major indexes moved into positive territory. The Dow was down 51.7 to 13,543.4, the...

Same Missteps Felled 2 Wall Street Stars

Prince, O'Neal gambled they could ride out subprime storm

(Newser) - With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested...

Citigroup Worries Hit World Markets

Asian, European markets down, US futures off on news of $11B writedown

(Newser) - Asian and European stock indexes declined today, and US futures dropped sharply as news of Citigroup's projected $11 billion writedown triggered fears that the subprime mortgage crisis will continue to roil markets. Japan’s Nikkei stock index closed 1.5% down, a 7-week low, and Hong Kong's Hang Seng index...

Rubin Named Chairman of Citigroup
Rubin Named Chairman of Citigroup
Nov 4, 2007 6:00 PM CST

Rubin Named Chairman of Citigroup

Prince out; company to report $8-11B more in writedowns

(Newser) - Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2....

Prince to Resign From Citigroup
Prince to Resign From Citigroup
Nov 2, 2007 7:36 PM CDT

Prince to Resign From Citigroup

CEO takes 'very unusual move' after bleak third quarter earnings and SEC probe

(Newser) - Growing pressure on Citigroup Inc. is prompting CEO Charles Prince to end his four-year rein this weekend. Bleak third-quarter earnings and an SEC probe of Citigroup's accounts have amped up existing frustration at the financial services company. Prince has "stepped up and done the right thing without forcing the...

Stocks Plummet; Dow Off 362
Stocks Plummet; Dow Off 362
Nov 1, 2007 3:49 PM CDT

Stocks Plummet; Dow Off 362

Rate-cut concerns, and plain old bad news, hit Wall Street hard

(Newser) - Stocks turned sharply downward today—including a 362-point plunge by the Dow—on concerns over yesterday's Fed rate cut and bad news from Exxon Mobil and Citigroup. The cut led to "nervousness that there's another shoe to drop," a analyst told the Wall Street Journal. The Dow was...

Early Stock Dive Wipes Out Fed-Rate Rally

Dow tumbles by more than 250 points in early trading

(Newser) - Stock fell sharply at the opening today, wiping out yesterday's rally spurred by the Fed's rate cut. The Dow was down by over 250 points in early trading, spurred by several bits of bad news, including an Exxon earnings plunge and a Citigroup downgrade. But the Wall Street Journal speculates...

Citigroup Staves Off Fire Sale— for Now

Riskiest holdings safe through '07, but other banks are in trouble

(Newser) - One of the central goals of the new superfund announced by Citigroup and other major banks is to provide a buyer for structured investment vehicles, the low-yield capital-raising investments whose demand has dropped like a stone in the credit crunch. Citigroup announced today its SIVs are covered until year's end....

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