Tag: Citigroup

US banks announce third quarter earnings

US banks announce third quarter earnings

US banking giant Citigroup has today reported a rise in its third quarter profit. Citigroup, which is the third largest bank in the US by assets, said third quarter profit came in at $3.77 billion, or $1.23 a share, compared with $2.17 billion, or 72 cents a share, in the same quarter a year earlier. […]

October 17, 2011 More
Citigroup Q2 profits surge 24%

Citigroup Q2 profits surge 24%

US banking giant Citigroup reported a 24% rise in second quarter profits as losses were reduced from bad loans. The bank, which is in the third largest in the US, reported net income of $3.34 billion (£2.07 billion) in the three month period to the end of June. The results beat market forecasts and represented […]

July 18, 2011 More
Citigroup earnings down 32%

Citigroup earnings down 32%

US banking giant Citigroup has today announced first quarter net earnings fell to $3 billion (£1.8 billion), down 32% compared with the same period a year ago. According to the bank, the drop was attributed to a fall in revenues – which were 22% lower, at $19.7 billion, with the firm’s investment bank hardest hit. […]

April 18, 2011 More
Goldman shares fall on Q4 profits announcement

Goldman shares fall on Q4 profits announcement

US banking giant Goldman Sachs has today reported a $2.39 billion (£1.49 billion) profit for the fourth quarter, 53% lower compared with a year ago. However, the figures were roughly in line with expectations but shares still fell 3.1% to $169.22 in pre-market trading. The fourth quarter figures come at the end of a difficult […]

January 19, 2011 More
Citigroup shares fall on Q4 profits announcement

Citigroup shares fall on Q4 profits announcement

US banking giant Citigroup has today reported a $1.3 billion (£811 million) profit for the fourth quarter of 2010, against a loss of $7.6 billion loss a year earlier. Meanwhile, revenue surged to $18.4 billion, from $5.4 billion in the same period a year ago but were 11% lower compared with the third quarter. However, […]

January 18, 2011 More
US Treasury sells stake in Citigroup

US Treasury sells stake in Citigroup

The US Treasury has disposed of its remaining stake in Citigroup – bringing a net profit to taxpayers of $12 billion (£7.6 billion). The banking giant, which was badly hit during the financial crisis, was the recipient of a $45 billion cash bailout in 2008 and 2009, with the funds coming from the Troubled Asset […]

December 8, 2010 More
Bank of America unveils Q3 losses

Bank of America unveils Q3 losses

Bank of America, which the US’ largest bank, has today unveiled a net loss of $7.3 billion, or 77 cents per share, compared with a loss of $2.2 billion, or 26 cents per share, a year earlier. The banking giant said it had a one-off impairment charge of $10.4 billion for the July to September […]

October 19, 2010 More
Goldman Sachs announce fall in Q3 profits

Goldman Sachs announce fall in Q3 profits

Banking giant Goldman Sachs today reported a fall in third quarter profits to $1.9 billion, or $2.98 per share, compared with $3.19 billion, or $5.25 per share, a year earlier. However, despite the fall, the results still beat expectations of $2.32 per share. The New York-based financial institution said net revenues for the quarter was […]

Citigroup unveils Q3 results

Citigroup unveils Q3 results

US banking giant Citigroup has today revealed a third quarter profit of $2.2 billion (£1.4 billion) – beating market forecasts and compares with $101 million in the same period a year ago. Meanwhile, provisions for bad loans fell to $5.9 billion for the July to September period compared with $6.7 billion in the second quarter […]

October 18, 2010 More
Citigroup rumoured to be putting Egg up for sale

Citigroup rumoured to be putting Egg up for sale

There is speculation that internet bank Egg is to be put up for sale by Wall Street banking giant, Citigroup. According to Sky News, the bank will be looking for around £500 million for its internet banking arm and will launch a formal process next month. Today, a spokesperson for Citigroup said: “We do not […]

August 3, 2010 More
BoA and Citigroup shares fall on results

BoA and Citigroup shares fall on results

Shares in US banking giants, Bank of America (BoA) and Citigroup, fell on Friday after both banks reported their second quarter profits. Firstly, Bank of America said net income fell to $3.1 billion in the second quarter from $3.2 billion in the same period a year earlier, while revenue was down 11% to $29.15 billion […]

July 18, 2010 More
US banks under investigation

US banks under investigation

Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. New York Attorney General, Andrew Cuomo, has launched the investigation and the banks under scrutiny are Goldman Sachs, Morgan Stanley, UBS AG, Citigroup, Credit Suisse, Deutsche […]

May 14, 2010 More
Citigroup gives $1m to microfinance in Haiti

Citigroup gives $1m to microfinance in Haiti

Citigroup has pledged $1 million in grants to local microfinance groups across Haiti. The money will be distributed via three microfinance providers, and will help to rebuild the country’s microfinance industry, The industry, together with the rest of the country, was devastated by the January earthquake in Leogane. SOGESOL, Fonkoze and FINCA Haiti will use […]

May 6, 2010 More
Citigroup share sale commences

Citigroup share sale commences

Last month, the US Treasury Department announced plans to sell its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever. Today, the Department said it had authorised the first sale of up to 1.5 billion shares – the equivalent of around 20% of the 7.7 billion shares […]

April 26, 2010 More
US Government to sell Citigroup stake

US Government to sell Citigroup stake

The US Treasury Department has today announced it is selling its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever. According to the department, around 7.7 billion shares in the bailed-out bank will be sold in stages. The stock is currently worth around $33 billion (£22 billion) […]

March 29, 2010 More
Citigroup reports Q4 loss of $7.6bn

Citigroup reports Q4 loss of $7.6bn

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) […]

January 19, 2010 More
Obama tells US banks to increase lending to SMEs

Obama tells US banks to increase lending to SMEs

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 […]

December 15, 2009 More
Goldman Sachs and Citigroup announce results

Goldman Sachs and Citigroup announce results

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). […]

October 15, 2009 More
Citigroup & Bank of America exceed market expectations

Citigroup & Bank of America exceed market expectations

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, […]

July 17, 2009 More
Citigroup and Bank of America need more funds to cover losses

Citigroup and Bank of America need more funds to cover losses

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 […]

April 28, 2009 More