News Tag: Citigroup
January 19, 2010
Citigroup, which is the third largest US bank, has today posted a loss for the fourth quarter of 2009, as a result of the repayment of Government loans.
The bank said it repaid $20 billion to the US Government during the 2009 year.
The Wall Street banking giant said losses totalled $7.6 billion (£4.7 billion) for the final three months of last ...
Citigroup reports Q4 loss of $7.6bn
by Kay Murchie
December 15, 2009
After the $700 billion (£430 billion) bailout of the banking industry, US President Barack Obama has now asked banks to do their part and increase lending to small and medium-size businesses.
A meeting yesterday with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after Mr Obama said he had not run for ...
Obama tells US banks to increase lending to SMEs
by Kay Murchie
October 15, 2009
There has been mixed news today across the Atlantic after banking giant Goldman Sachs exceeded analysts expectations while Citigroup posted a quarterly loss.
Goldman Sachs said net earnings for the third quarter were $3.19 billion (£1.96 billion), compared with $845 million in the same period a year ago (prior to the collapse of Lehman Brothers).
However, while the figure was up on ...
Goldman Sachs and Citigroup announce results
by Kay Murchie
July 17, 2009
Citigroup and Bank of America have surprised analysts by reporting better than expected second-quarter results.
Results from both banks have followed hot on the heels of strong results from fellow US Banking giants, JPMorgan Chase and Goldman Sachs.
Citigroup posted a $4.3 billion second quarter profit due to gains on its Smith Barney deal. However, the bank which has received $45 ...
Citigroup & Bank of America exceed market expectations
by Kay Murchie
April 28, 2009
There are suggestions that the financial turmoil is still in full swing after US banking giants, Citigroup and Bank of America, have been instructed to raise billions of dollars of extra capital to cover future losses, according to the Wall Street Journal.
The findings were uncovered following US Government stress tests on both banks, carried out to ...
Citigroup and Bank of America need more funds to cover losses
by Kay Murchie
April 20, 2009
The run of good luck is continuing among US banks as Bank of America is the latest to exceed analysts expectations after it made a net profit of $4.24 billion for the three months ending 31 March - almost triple that of a year ago of $1.21 billion.
The bank, which is the largest in the US by assets, said revenues ...
Bank of America Q1 profits beat expectations
by Kay Murchie
April 17, 2009
Citigroup has today boosted the stock market by announcing its first quarterly net profit in almost two years.
The bank made a profit of $1.6 billion (£1.1 billion) for the first three months of 2009, compared to a loss of $5.1 billion in the last three months of last year, while revenues rose 99% to $24.8 ...
More good news for US banks as Citigroup reports profit of $1.6bn
by Kay Murchie
March 1, 2009
The US Government has increased its stake in troubled bank Citigroup from 8% to 36%, the US Treasury announced on Friday.
The higher stake means the US Government has a powerful influence over the bank but the board of Citigroup have insisted that they are still maintaining day-to-day control of the bank.
The deal is subject to Citigroup raising extra private ...
US Government increase stake in Citigroup to 36%
by Kay Murchie
February 23, 2009
According to the Wall Street Journal, the US Government is in talks with Citigroup to increase its stake in the struggling bank.
Shares in Citigroup plummeted for a sixth consecutive session last Friday amid speculation that it would have to be nationalised in order to survive.
It is believed that the Government could end up owning up to 40% in ...
US Government may increase stake in troubled Citigroup
by Kay Murchie
February 1, 2009
US bank Morgan Stanley is set to eliminate further job losses this month. According to The Times, around 2,000 back-office jobs are set to go from its global workforce of 47,000.
Last year, the bank cut around 10% of its workforce.
It is believed that the 2,000 job losses will not affect the company’s financial advisers, who are paramount to the bank’s ...
2,000 jobs to go at Morgan Stanley
by Kay Murchie
January 30, 2009
The worst housing market crash since records began has left an estimated 1.2 million households in negative equity, according to Nationwide Building Society.
The average house price has dropped from £186,050 at peak in October 2007 to £150,500 today, a fall of over £35,000.
This month alone, prices fell 1.3%, or £2,500.
At current house prices, anyone who bought their home since 2003 paid more than ...
Millions in negative equity
by David Masters
January 16, 2009
US banking giant Citigroup has today announced a worse-than-expected fourth quarter net loss of $8.29 billion (£5.6 billion) and said it plans to split the firm into two separate businesses to restore profitability.
The bank’s net loss for the last quarter of 2008 works out at $1.72 per share, far worse than most analysts' forecasts of a ...
Citigroup reports quarterly loss and plans to split into two businesses
by Kay Murchie
Bank of America receive $20bn cash injection
by Kay Murchie
January 15, 2009
US banking giant Citigroup saw its shares plummet 21% in early trading today due to rumours that the group could be nationalised.
Furthermore, analysts at Bank of America issued a sell note for Citigroup, attributing to the fall in its share price.
Wall Street also panicked over the financial health of Citigroup and its balance sheet. The bank ...
Fears for Citigroup and Bank of America due to nationalisation rumours
by Kay Murchie
November 24, 2008
US banking giant Citigroup is to receive $20 billion (£13.3 billion) from the US Treasury in return for preferred shares in the struggling bank.
The rescue package follows a weekend of crisis talks with the bank, the Treasury department, the US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).
In a statement, the US Treasury, the Federal Reserve and the ...
Citigroup receives $20bn injection of cash
by Kay Murchie
November 21, 2008
US banking giant, Citigroup, is rumoured to be in merger talks with after its shares plunged 26% yesterday amid fears about its financial viability.
Shares in the bank were trading at $54 two years ago, however, the shares closed yesterday at $4.71.
The bank, which is one of the largest banks in the US, announced plans to slash 52,000 jobs earlier this ...
Citigroup in sell-off and merger rumours
by Kay Murchie
November 17, 2008
US banking giant Citigroup is to slash 52,000 jobs, far more than analysts had predicted.
The job losses are in addition to the 23,000 staff cut already this year and the total 75,000 job losses represent a reduction of approximately 20% of its workforce, leaving it with 300,000 jobs globally.
The bank, which is one of the largest banks in the US, has ...
Citigroup slashes a further 50,000 jobs
by Kay Murchie
November 3, 2008
Analysts at Citigroup are predicting that negative equity could afflict three million (one in five) UK households as the property market downturn continues and the economy enters a recession.
The forecast is based on a 30% peak to trough fall in house prices and a current negative equity estimate of around 0.5 million.
The figure compares with a record 1.8 million households ...
Negative equity could afflict three million households
by Gill Montia
September 29, 2008
The credit crisis has claimed yet another High Street bank as Wachovia, once America’s fourth biggest bank, has agreed to a rescue takeover by the world’s largest bank, Citigroup.
Wachovia saw its share price plummet 90% to below 70¢ when Wall Street opened today. Federal regulators helped to arrange a deal in which Citigroup will take on $42 billion (£23 billion) of losses ...
Citigroup in Wachovia rescue deal
by Kay Murchie
August 18, 2008
Troubled buy-to-let lender, Bradford & Bingley (B&B), has confirmed that 27.8% of its new shares, which were on offer at 55p each, have been taken up by investors.
Consequently, underwriters, Citigroup and UBS will have to place the remaining 597 million new shares, worth £328.3 million, by Friday.
Citigroup and UBS are being supported by four ...
B&B underwriters left with 73% of shares after rights issue take-up
by Kay Murchie
