tagged w/ Citigroup
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The government says Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.
The FDIC says Wachovia didn't fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund.The government says Citigroup will acquire the banking operations of Wachovia in a... more
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Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corp.Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the... more
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Citigroup Inc. isn't just eliminating jobs to slash costs -- it's also clamping down on color copying and BlackBerrys.
In a recent memo to Citigroup employees detailing new efforts to trim expenses, John Havens -- who runs the company's institutional clients group -- wrote that "color copying and printing should only be used for client presentations," and that "presentations should be printed double-sided to reduce unnecessary paper usage."
Additionally, the bank is reviewing employees' BlackBerry use, and is now requiring pre-approval for the devices.
"Only necessary business related calls will be reimbursed," the memo said.
Citigroup Inc. isn't just eliminating jobs to slash costs -- it's also... more
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New York Attorney General Andrew Cuomo says he's reached a settlement worth more than $7 billion with Citigroup that requires the company to buy back auction-rate securities from about 40,000 customers nationwide.New York Attorney General Andrew Cuomo says he's reached a settlement worth more... more
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House prices in the UK and the US are likely to fall for another two years, the chairman of one of the world's most powerful banks has warned.
Sir Win Bischoff of Citigroup told BBC Business Editor Robert Peston he expects it will take two years for the markets to "stabilise".
Sir Win also expected the credit crunch - fraught conditions in financial markets - to continue through 2009.
Citigroup lost $2.5bn (£1.25bn) in the three months to the end of June 2008.
The figures were less than analysts had been expecting.
Nonetheless, the announcement took cumulative losses at the bank - until recently the world's largest - to $17bn (£8.5bn) over the previous nine months.
Sir Win told the BBC that there would be redundancies at the bank, which employs 12,000 in the UK - some of them compulsory. House prices in the UK and the US are likely to fall for another two years, the... more
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kushan
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added this
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3 years ago
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Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected.
Citi rose nearly 9 percent Friday and helped lift other financial stocks, having joined JPMorgan Chase & Co. and Wells Fargo & Co. in convincing investors that the prognosis for the sector, while gloomy, may not be as dire as the market feared.
But it's hard to get too enthusiastic about clearing a low bar. It was Citi's third straight quarterly loss and neither JPMorgan nor Wells Fargo managed to notch a profit gain compared to last year. Meanwhile, the brokerage Merrill Lynch & Co. reported a wider-than-expected quarterly loss. And next week, Wachovia Corp. and Washington Mutual Inc. are anticipated to reveal losses, too, with Bank of America Corp. expected to report a steep profit decline.
"I don't think anyone's breathing too easily right now," said Prakash Shimpi, who works in the risk management practice at Towers Perrin. Determining the dollar value of certain assets backed by debt is still a tricky process, he said, even a year after the crisis began.
Citigroup, the nation's largest banking company by assets, lost the equivalent of 54 cents per share in the April-June period. In the same timeframe last year, the bank earned $6.23 billion, or $1.24 per share.
The shortfall was tamer than the 66-cent-per-share loss that analysts, on average, were expecting, according to Thomson Financial.
Citigroup Inc.'s securities and banking division wrote down the value of its assets by $7.2 billion, before taxes, and an asset revaluation cost its consumer lending business $745 million. Those write-downs totaling about $8 billion are significantly lower than write-downs taken in the first quarter and in last year's fourth quarter.
However, credit costs jumped to $7.2 billion as more consumers defaulted on their loans — implying that while losses in the credit markets are decelerating, losses from actual defaults in Citigroup's mortgages, home-equity loans, auto loans and credit card lines are mounting. The $7.2 billion in credit costs included $4.4 billion in credit losses and a $2.5 billion charge to bulk up reserves for future loan losses.Citigroup has become the latest big bank to quell Wall Street's worries about a... more
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kushan
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added this
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3 years ago
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The nation's largest bank is expected to announce thousands of job cuts after posting dismal results for the fourth quarter.The nation's largest bank is expected to announce thousands of job cuts after... more
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lib
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added this
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4 years ago
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