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July 25, 2008 1:01:25 PM CDT

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Stories related to: Citigroup

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  • July 2008

    • Mixed Note Caps Big Week

      newser  |  MarketWatch  |  Jul 18, 08 3:23 PM CDT

      Mixed Note Caps Big Week

      The markets were mixed today as poor results across the tech sector and from Merrill Lynch put the brakes on a two-day rally, MarketWatch reports. Good news from Citigroup kept the Dow buoyant, and it closed up 49.91, at 11,496.57. The tech-heavy Nasdaq took a 29.52-point dive, settling at 2,282.78, while the S&P 500 gained 0.36 to1,260.68. More »

      Tags

      Google  • Microsoft  • S&P 500  • Nasdaq  • Dow Jones Industrial Average  • Citigroup  • Merrill Lynch  • AMD  • tech stocks

    • Tech Triggers Big Drop

      newser  |  Wall Street Journal  |  Jul 9, 08 3:37 PM CDT

      Tech Triggers Big Drop

      Stocks fell today as investors saw weakness across the economy, particularly in tech bellwethers Cisco and Intel, MarketWatch reports. Oil also rebounded from a two-day fall, trading up 65 cents to $136.69 a barrel. The Dow fell 236.77, closing at 11,147.44. The Nasdaq shed 59.55 to close at 2,234.89, and the S&P 500 lost 29.01, settling at 1,244.69. More »

      Tags

      S&P 500  • Nasdaq  • oil price  • Dow Jones Industrial Average  • Citigroup  • Bank of America  • Cisco Systems

  • June 2008

    • Stocks Drop to 2008 Low as Bad News Piles Up

      newser  |  Associated Press  |  Jun 26, 08 12:45 PM CDT

      Stocks Drop to 2008 Low as Bad News Piles Up

      Stocks tumbled today as Wall Street contended with a barrage of bad news: another surge in oil prices and warnings of trouble in the key financial, automotive, and high-tech industries. The major indexes showed losses of more than 2%, including the Dow Jones industrial average, which shed more than 250 points and dropped to its lowest level in more than a year. More »

      Tags

      stock market  • General Motors  • Citigroup

    • Battered Citigroup Plans Major Layoffs

      newser  |  Wall Street Journal  |  Jun 22, 08 7:53 PM CDT

      Battered Citigroup Plans Major Layoffs

      After being in the red for two quarters, Citigroup will this week hand out pink slips in its investment-banking division, looking to sack 10% of the group’s 65,000 employees. The move, which would eliminate entire trading desks worldwide, is unusually severe, the Wall Street Journal says. CEO Vikram Pandit hopes to cut Citi’s annual expenses by $15 billion. More »

      Tags

      Wall Street  • mergers and acquisitions  • Citigroup  • layoffs  • investment bank  • Vikram Pandit

    • Citi's Blahs Make Little Dent

      newser  |  MarketWatch  |  Jun 19, 08 3:38 PM CDT

      Citi's Blahs Make Little Dent

      Stocks posted moderate gains today as oil futures dropped below $135 per barrel on news of China's move to raise prices by trimming subsidies, MarketWatch reports. With traders little moved by warnings of further writedowns ahead for Citigroup, the Dow closed up 34.03, at 12,063.09. The Nasdaq gained 32.36, closing at 2,462.07, and the S&P 500 rose 5.02 to settle at 1,342.83. More »

      Tags

      S&P 500  • Nasdaq  • oil price  • credit crisis  • Dow Jones Industrial Average  • Bear Stearns  • Citigroup  • financial markets

    • Citi Pulls Plug on Hedge Fund CEO Founded

      newser  |  Wall Street Journal  |  Jun 12, 08 9:47 AM CDT

      Citi Pulls Plug on Hedge Fund CEO Founded

      Citigroup will close Old Lane Partners, a hedge fund co-founded by CEO Vikram Pandit, after months of lackluster returns and the loss of its top managers, the Wall Street Journal reports. The investment bank bought the fund’s management group for $800 million less than a year ago; Citi will buy its remaining assets and take a writedown in the second quarter. More »

      Tags

      credit crisis  • Citigroup  • hedge fund  • writedowns  • Vikram Pandit

  • May 2008
  • April 2008

    • Are Wall Street Banks Ready to Risk Again?

      newser  |  Wall Street Journal  |  Apr 28, 08 9:48 AM CDT

      Are Wall Street Banks Ready to Risk Again?

      Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert. More »

      Tags

      housing market  • Bear Stearns  • economy  • Citigroup  • JPMorgan Chase  • Merrill Lynch  • gold prices

    • Wal-Mart Tops Fortune 500

      newser  |  Fortune Magazine  |  Apr 21, 08 4:07 PM CDT

      Wal-Mart Tops Fortune 500

      Wal-Mart nosed out Exxon Mobil for the second consecutive year to land atop the 2008 Fortune 500, with $37.7 billion in revenues, the magazine said today. In profits, the oil company far outstripped the megaretailer. Three of the top 5 on the list were oil companies, the AP reports. ChevronTexaco (No. 3) and GM (No. 4) swapped places, and ConocoPhillips again rounded out the top 5. More »

      Tags

      General Motors  • Citigroup  • Wal-Mart  • Ford  • Bank of America  • AT&T  • ExxonMobil  • General Electric  • Chevron  • ConocoPhillips  • Fortune 500

    • Strong Earnings Propel Rally

      newser  |  Bloomberg  |  Apr 18, 08 3:22 PM CDT

      Strong Earnings Propel Rally

      Stocks rallied to weekly gains today as the markets absorbed last night's strong earnings report from Google and industrial multinationals Caterpillar and Honeywell recorded unexpected first-quarter growth, Bloomberg reports. Google propelled the Nasdaq up 61.14 to close at 2,402.97. The Dow rose 228.87 to 12,849.36, and the S&P 500 climbed 24.77 to 1,390.33. All the indices saw 4%-5% weekly gains. More »

      Tags

      Google  • S&P 500  • Nasdaq  • Dow Jones Industrial Average  • Citigroup  • first quarter earnings  • Caterpillar  • Honeywell

    • Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

      newser  |  Wall Street Journal  |  Apr 18, 08 7:56 AM CDT

      Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

      Citigroup reported a first-quarter loss of $5.1 billion today, posting another $14 billion in writedowns as a result of the credit crunch and loan defaults, the Wall Street Journal reports. The loss of $1.02 a share exceeded analysts' estimates and marks the second straight quarterly loss for the nation's biggest bank. It plans 9,000 layoffs next quarter. More »

      Tags

      Citigroup  • credit market  • banking  • quarterly reports

    • Discover Gobbles Up Diners Club

      newser  |  Bloomberg  |  Apr 8, 08 3:10 AM CDT

      Discover Gobbles Up Diners Club

      Discover Financial Services is moving into the global credit card market with its acquisition of Diners Club International from Citigroup, Bloomberg reports. The $165 million deal gives Discover a foothold in the 185 countries outside North America where Diners has a presence, which will add revenue at a time when Americans are struggling to pay their credit card bills.  More »

      Tags

      mergers and acquisitions  • Citigroup  • credit card  • American Express  • Discover

    • Citigroup Will Pay $33M to Settle Gender-Bias Suit

      newser  |  Reuters  |  Apr 4, 08 4:44 PM CDT

      Citigroup Will Pay $33M to Settle Gender-Bias Suit

      Citigroup will pay $33 million to some 2,500 female brokers to settle a gender-discrimination lawsuit brought by women at its Smith Barney unit, Reuters reports. The bank will also make operational changes in response to the class-action move, adding diversity-watchdog positions, working to retain and promote female workers and adjusting its distribution of accounts and bonuses. More »

      Tags

      lawsuit  • Citigroup  • bank  • settlement  • women's rights  • gender discrimination  • gender bias

    • UBS Posts $12B Quarterly Loss; Chairman Steps Down

      newser  |  Bloomberg  |  Apr 1, 08 6:08 AM CDT

      UBS Posts $12B Quarterly Loss; Chairman Steps Down

      UBS announced a $12.1 billion first-quarter loss and another $19 billion in writedowns as fallout from the US subprime meltdown continued to haunt the Swiss banking giant, reports Bloomberg. Chairman Marcel Ospel, who oversaw the creation of the bank in 1998 will step down. UBS says it will ask shareholders to approve up to $15.1 billion in new funding. More »

      Tags

      subprime crisis  • Citigroup  • Merrill Lynch  • UBS

  • March 2008

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