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News Tag: Citigroup

October 17, 2011

US banks announce third quarter earnings

by Kay Mitchell
”US
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. The bank, which received two Government bailouts in ...




July 18, 2011

Citigroup Q2 profits surge 24%

by Kay Mitchell
”Citigroup
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 the sixth consecutive quarterly profit. However, turnover was 7% lower ...




April 18, 2011

Citigroup earnings down 32%

by Kay Mitchell
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. However, on a positive note, the bank's bad debt position ...




January 19, 2011

Goldman shares fall on Q4 profits announcement

by Kay Mitchell
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 year for the bank. Revenue at the ...




January 18, 2011

Citigroup shares fall on Q4 profits announcement

by Kay Mitchell
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, earnings and revenue missed Wall Street expectations ...




December 8, 2010

US Treasury sells stake in Citigroup

by Kay Mitchell
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 Relief Program (TARP). Commenting on the sale, Tim ...




October 19, 2010

Bank of America unveils Q3 losses

by Kay Mitchell
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 period. Meanwhile, net interest income declined for ...




Goldman Sachs announce fall in Q3 profits

by Kay Mitchell
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 $8.90 billion, compared to $12.3 billion in ...




October 18, 2010

Citigroup unveils Q3 results

by Kay Mitchell
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 - this represented the lowest since prior to ...




August 3, 2010

Citigroup rumoured to be putting Egg up for sale

by Kay Mitchell
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 comment on speculation or rumour, ...




July 18, 2010

BoA and Citigroup shares fall on results

by Kay Mitchell
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 from a year earlier. The bank, which ...




May 14, 2010

US banks under investigation

by Kay Mitchell
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 Bank, Credit Agricole and Merrill Lynch (the latter ...




May 6, 2010

Citigroup gives $1m to microfinance in Haiti

by David Masters
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 the grant money to help Haiti develop ...




April 26, 2010

Citigroup share sale commences

by Kay Mitchell
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 of Citigroup common stock that the Government holds. Morgan Stanley ...




March 29, 2010

US Government to sell Citigroup stake

by Kay Mitchell
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) at current market rates. Morgan Stanley has been ...




January 19, 2010

Citigroup reports Q4 loss of $7.6bn

by Kay Mitchell
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) for the final three months of last ...




December 15, 2009

Obama tells US banks to increase lending to SMEs

by Kay Mitchell
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 not run for ...




October 15, 2009

Goldman Sachs and Citigroup announce results

by Kay Mitchell
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). However, while the figure was up on ...




July 17, 2009

Citigroup & Bank of America exceed market expectations

by Kay Mitchell
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, the bank which has received $45 ...




April 28, 2009

Citigroup and Bank of America need more funds to cover losses

by Kay Mitchell
”Citigroup
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 ...