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NEWS ABOUT: Citigroup

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Dow Off 25 Amid Poor Earnings

Dismal reports expected from Liz Claiborne, GE and Lexmark

(Newser) - Stocks ended mixed today as the earnings season got off to a poor start. Alcoa’s $1.2 billion loss after yesterday’s close set the stage for a fifth consecutive down day for the Dow, the Wall Street Journal reports, with the index off 25.41 to close at... More »

Stockbrokers in High Demand on Back-to-Basics Wall St.

Some, unlike disgraced investment bankers and traders, even command bonuses

(Newser) - With investment bankers and trading desks disgraced by crippling losses, the everyday stockbroker is enjoying a renaissance as Wall Street firms look to stay relevant to customers and investors, the Wall Street Journal reports. The likely deal between Morgan Stanley and Citigroup that would create the world’s largest brokerage... More »

Fed Push Likely Behind Citi Breakup

Citi's brokerage sale could signal regulators' plans for 'new order' in banking industry

(Newser) - The expected sale of Citigroup's brokerage business could be the first step in a government-instigated plan to cut the financial behemoth down to a manageable size, analysts tell Marketwatch. Citibank's CEO said only last month that the group had the right business mix, and many believe his sudden about-face is... More »

Dow Drops 125 With Banks, Materials

Market awaits Alcoa earnings after close

(Newser) - Stocks posted losses today as financial and basic-materials firms led losses, MarketWatch reports. Alcoa, which reports earnings after the bell, fell 7.32% on expectations the steel giant will report losses of 10 cents a share. The Dow closed down 125.13 at 8,474. The Nasdaq fell 32.80... More »

Stocks Edge Down Ahead of Earnings

Dow off 50 in early trading; first reports due late today

(Newser) - Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0.... More »

Citi Denies Rumors CEO Is on Chopping Block

Feds have criticized Pandit's strategy; company likely to see $6B quarterly loss

(Newser) - Even as it prepares a fourth-quarter report that’s expected to miss its target by billions, Citigroup says CEO Vikram Pandit’s job is safe, the Wall Street Journal reports. Pandit’s barely had the job a year, but rumors have flown he’d be a casualty of the company’... More »

Morgan Stanley Near $3B Deal for Smith Barney

The joint venture would create the world's largest retail brokerage

(Newser) - Morgan Stanley is close to a deal giving it control of Citgroup’s Smith Barney business and creating the world’s largest retail brokerage, reports Reuters. The joint venture would give Morgan 51% of Smith Barney for up to $3 billion. In addition to the cash, Citi would benefit from... More »

Rubin Quits Citi; Smith Barney for Sale

Ex-Treasury Sec. saw company's stock dive 90% since late '06

(Newser) - Former Treasury Secretary Robert Rubin is leaving his posts at struggling Citigroup, the Wall Street Journal reports. He retired as a senior counselor effective today, and won’t pursue another term on the board of directors. Journal sources also say Citigroup is in talks to sell Smith Barney, its brokerage... More »

Companies Fly to Unload Private Planes

Putting jets on block may be more about image than money

(Newser) - The business-jet industry couldn’t have asked for worse PR than members of Congress ripping auto executives for traveling by company plane to beg for taxpayer money. By the time the Big Three execs returned—by hybrid car—to Washington, the corporate jet was a symbol of bloated corporate excess,... More »

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... More »

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.... More »

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.... More »

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... More »

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... More »

'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... More »

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... More »

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. “... More »

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... More »

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,... More »

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,... More »

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