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NEWS ABOUT: Citigroup

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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... More »

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... More »

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"... More »

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... More »

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... More »

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... More »

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... More »

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... More »

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%... More »

Banks Boost Interest Rates to Lure Deposits

'Price war' increases pressure on profit margins, loan funds

(Newser) - Banks are boosting interest rates on deposits in an effort to increase the supply of cash available for lending, resulting in what one consultant calls a "national price war," the Wall Street Journal reports. Many banks are pinched between the desire to build up deposits and the shrinking... More »

Citi to Lay Off 10,000, Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

(Newser) - Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by 25%, allowing managers to minimize... More »

Citi to Aid Homeowners by Modifying $20B in Mortgages

The bank will amend mortgages to assist 130,000 borrowers

(Newser) - Citigroup will modify up to $20 billion in mortgages for borrowers current on their payments but at risk of falling behind, the bank announced this morning, mirroring similar moves by Bank of America and JPMorgan Chase. Citi will reach out to half a million borrowers, ultimately reducing monthly payments for... More »

Citigroup Looks to Buy Bank After Wachovia Misstep

Seeking to ease embarrassment from its failed bid, it looks to buy a regional player

(Newser) - After losing Wachovia to Wells Fargo, Citigroup is again looking to buy a bank to bolster its deposit base in the face of continuing economic turmoil, reports the Wall Street Journal. The latest target is a regional bank considerably smaller than Wachovia. Citi recently drew $25 billion from the Treasury... More »

Banks Owe Execs Billions— in Previous Years' Pay

Under bailout rules, banks can honor past obligations to execs with federal cash

(Newser) - The financial titans receiving huge portions of federal bailout cash are sitting on some massive IOUs, but they aren’t to taxpayers or shareholders—the banks owe billions to their own executives for previous years' pay and pensions. Under the rules of the bailout, they can be paid with taxpayer... More »

Wall St. Bonuses Are Down, but Hardly Out

Even giants taking a federal handout set aside millions for execs

(Newser) - Wall Street bonuses could top $23 billion this year despite the woes of the global economy, Forbes reports. Indeed, that figure is down some 30% from last year’s $33.2 billion, but a smaller pool of employees, competition among companies to keep top performers, and the effects of mergers... More »

Earnings Push Stocks Lower

China's GDP slowdown spooks investors as well

(Newser) - Stocks fell today as a wave of poor earnings soured investor confidence across the board, though the continued drop in interbank lending rates kept losses in check, the Wall Street Journal reports. The Dow closed down 231.77 at 9,033.66. The Nasdaq fell 73.35 to 1,696.... More »

Citi Losses Less than Expected; Merrill Drops $5B

Third quarter earnings show recovering bank, struggling brokerage

(Newser) - A pair of earnings reports from Citigroup and Merrill Lynch for the third quarter shows just how deeply wounded the big brokerage is, while painting a slightly brighter picture for the big bank, reports Bloomberg. Citi, the nation’s largest bank, beat analyst expectations with a net loss of $2.... More »

Dow Finishes Down 733

Bad data pummels equities; oil drops below $75 per barrel

(Newser) - Stocks continued to slide in the final hours of the trading day as retail sales and manufacturing activity slowed while core inflation jumped, the Wall Street Journal reports. Oil slid $4.09 to $74.54 a barrel, its lowest price in 2008. The Dow closed down 733.08 at 8,... More »

Rally Fizzles to Mild Losses

Traders worry non-financial stocks may still feel recession's bite

(Newser) - Stocks closed lower today after an earlier rally died down as worries about consumer-discretionary and tech stocks overcame investors’ faith in global actions to quell the credit crisis, the Wall Street Journal reports. The Dow, up nearly 400 early, ended off 76.62, to 9,310.99. The Nasdaq, especially... More »

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

(AP) - Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but... More »

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