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October 13, 2008 3:42:33 PM CDT

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Stories related to: Citigroup

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Stories 61 - 80 of 105

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  • January 2008

    • Citi, Merrill Look Overseas for More Cash

      Wall Street Journal  |  Jan 10, 08 7:23 AM CST

      Citi, Merrill Look Overseas for More Cash

      (Newser) - Merrill Lynch and Citigroup, which have already tapped foreign investors for billions of dollars to help bail them out of the subprime debacle, are headed back to the well, reports the Wall Street Journal . Merrill is seeking some $4 billion more, Citi up to $10 billion—all expected to come from foreign governments—to help recapitalize coffers stripped by writeoffs the past two quarters. More »

      Tags

      subprime mortgages  • Citigroup  • Merrill Lynch

  • December 2007

    • Subprime Lender Lobbying Foiled Safeguards

      Wall Street Journal  |  Dec 31, 07 10:59 AM CST

      Subprime Lender Lobbying Foiled Safeguards

      (Newser) - Subprime giant Ameriquest spent more than $20 million on political donations from 2002 to 2006 to successfully lobby against lending restrictions meant to protect borrowers, reports the Wall Street Journal. Though the company spent millions at the national level, its focus was local, where regulators were cracking down on predatory lending. Countrywide, Citigroup, and Wells Fargo also joined the quest for softer rules. More »

      Tags

      subprime mortgages  • Citigroup  • borrowers  • Wells Fargo  • Countrywide Financial

    • In Need of Cash, Banks Looking to Sell

      Wall Street Journal  |  Dec 28, 07 7:48 AM CST

      In Need of Cash, Banks Looking to Sell

      (Newser) - Still in need of cash, as subprime writedowns continue to maul bottom lines, US and European banks are selling off or shuttering non-critical assets. They've already sold stakes to foreign investors and borrowed from central banks; now it's time for the yard sale, as the Wall Street Journal puts it. Citigroup and the UK’s HSBC, among others, are primed to sell. More »

      Tags

      subprime mortgages  • Citigroup  • Merrill Lynch  • Morgan Stanley  • UBS  • HSBC

    • Goldman Sees Bigger Losses for Big Banks

      Wall Street Journal  |  Dec 27, 07 10:24 AM CST

      Goldman Sees Bigger Losses for Big Banks

      (Newser) - Goldman Sachs has some bad news for Citigroup, Merrill Lynch, and JPMorgan Chase: An analyst predicts even bigger fourth-quarter writedowns for all three firms than they've already cottoned to, thanks to continued exposure to collateralized debt. The losses will be “significantly larger than investors are anticipating.” How large is that? Try a combined $33.6 billion, the Wall Street Journal reports.   More »

      Tags

      credit crisis  • Citigroup  • Merrill Lynch  • Goldman Sachs  • JPMorgan Chase  • bank  • earnings forecast

    • Banks Scuttle SIV Bailout

      Wall Street Journal  |  Dec 21, 07 3:56 PM CST

      Banks Scuttle SIV Bailout

      (Newser) - The three banks charged by Treasury with setting up a fund to bail out investments threatened by the subprime mess are abandoning the project, the Wall Street Journal reports. Citigroup, Bank of America and JP Morgan Chase had been working since September on the plan to rescue structured investment vehicles, but they have struggled to raise money for the project. More »

      Tags

      subprime mortgages  • Citigroup  • JPMorgan Chase  • Bank of America

    • Stocks Plunge to End Off Week

      Wall Street Journal  |  Dec 14, 07 3:51 PM CST

      Stocks Plunge to End Off Week

      (Newser) - The Dow dived 178.11 points today to 13,339.85 after a 0.8% spike in the consumer price index, the biggest since September 2005, sparked concern that the era of rate cuts might be over. Inflation was “the 800-pound gorilla in the room,” one strategist told the Journal. The Nasdaq slid 32.75 to 2,635.74, and the S&P 500 fell 20.46 to 1,467.95. More »

      Tags

      Dow Jones  • S&P 500  • Nasdaq  • inflation  • Citigroup  • US dollar  • consumer confidence index

    • Citigroup to Bail Out Struggling $49B SIVs

      Wall Street Journal  |  Dec 14, 07 7:20 AM CST

      Citigroup to Bail Out Struggling $49B SIVs

      (Newser) - Citigroup will take over seven subprime-plagued investment funds, with $49 billion in assets, and provide emergency support if necessary, to keep them solvent, the Wall Street Journal reports. The decision yesterday to bail out its affiliated SIVs—structured-investment vehicles—is a reversal of Citi's earlier decision to keep them off its balance sheet, and it led Moody’s to downgrade Citi’s credit rating. More »

      Tags

      subprime mortgages  • Citigroup  • banking

    • Selloff May be Next Under New Citigroup CEO

      Bloomberg  |  Dec 12, 07 11:54 AM CST

      Selloff May be Next Under New Citigroup CEO

      (Newser) - Major restructuring and sales of businesses appear to be on the table for embattled Citigroup, Bloomberg reports, with new CEO Vikram Pandit today promising a "front-to-back review" of operations at the financial giant battered by the subprime crisis. Citigroup stock has fallen 40% this year; one analyst called it "the worst-capitalized bank of its peers by a long shot." More »

      Tags

      subprime mortgages  • Citigroup  • Vikram Pandit

    • Struggling Citi Names Pandit CEO

      Bloomberg  |  Dec 11, 07 2:19 PM CST

      Struggling Citi Names Pandit CEO

      (Newser) - Citigroup today named Vikram Pandit its new CEO. The current head of private-equity and hedge-fund investments will be charged with leading the bank's recovery from staggering losses in the subprime collapse and a 38% drop in its share price this year. The ex-Morgan Stanley president joined Citigroup in April; he replaces Charles Prince, forced out last month. More »

      Tags

      Citigroup  • Morgan Stanley  • Charles Prince  • Robert Rubin  • Vikram Pandit

    • Treasury Secretary Won't Jump to Citigroup

      Financial Times (UK)  |  Dec 5, 07 4:38 AM CST

      Treasury Secretary Won't Jump to Citigroup

      (Newser) - Treasury Secretary Hank Paulson will stick it out until the end of the Bush presidency and won't jump to Citigroup, the Financial Times reports. His name had been mentioned in connection with the vacant top spot at Citigroup and investors are likely to be disappointed that he has ruled himself out. Citigroup is hoping to find a new boss within the week. More »

      Tags

      George W. Bush  • Henry Paulson  • Citigroup

  • November 2007

    • Subprime Waves Ripple Across Europe

      Wall Street Journal  |  Nov 29, 07 1:59 PM CST

      Subprime Waves Ripple Across Europe

      (Newser) - The ripples from the US subprime collapse continue to rock Europe as a group of German banks agreed to bail out troubled IKB Deutsche Industriebank, reeling from additional risk from US bond investments. Meanwhile, four Norwegian municipalities scrambled to recover after they they invested $156 million in now fading US municipal bonds, the Wall Street Journal reports. More »

      Tags

      subprime mortgages  • Citigroup  • Europe  • banking  • Norway  • municipal bonds

    • Banks Seeking Cash Spur New Merger Round

      Wall Street Journal  |  Nov 28, 07 7:09 PM CST

      Banks Seeking Cash Spur New Merger Round

      (Newser) - An informal merger overture from Bank of America to cash-starved Citigroup was recently rejected, the Wall Street Journal reports, in favor of a smaller, $7.5 billion infusion from the Abu Dhabi government, approved by the bank today. But the offer, quickly disavowed by BoA, underscores the fact that a new round of opportunistic deals may be in the making as more and more financial firms are forced to replenish their capital reserves. More »

      Tags

      subprime mortgages  • Citigroup  • Bank of America  • Abu Dhabi  • liquidity

    • Stocks Rebound After Correction

      Wall Street Journal  |  Nov 27, 07 3:47 PM CST

      Stocks Rebound After Correction

      (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 12,958.44, the Nasdaq 39.81 to 2,580.80, and the S&P 500 21.01 to 1,428.23. More »

      Tags

      Dow Jones  • Federal Reserve  • Citigroup

    • Abu Dhabi Bails Out Citigroup With $7.5B Deal

      Wall Street Journal  |  Nov 27, 07 6:53 AM CST

      Abu Dhabi Bails Out Citigroup With $7.5B Deal

      (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 confidence as it faces up to $11 billion more in fourth-quarter losses. More »

      Tags

      subprime mortgages  • Citigroup  • Abu Dhabi

    • Citigroup Faces Pressure to Help Troubled Borrowers

      Wall Street Journal  |  Nov 26, 07 4:55 PM CST