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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Emergency funding of $20 billion (£13.4 billion) has been provided to Bank of America after it shares plummeted 17.5% yesterday amid speculation that the bank might be nationalised. In return for the cash injection, the bank must adhere to strict restrictions on senior management pay. Bank of America has been one of the strongest in [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Citigroup, which is America’s largest bank, has posted a second quarter loss of $2.5 billion (£1.25 billion) as a result of further write-downs of $11.7 billion due to the credit crunch and mortgage related assets. Despite the loss, the results were better than Wall Street was expecting and shares gained 7.7% on Friday. Its shares [...]
More job losses in the financial industry have been revealed as Wall Street giants, Citigroup and Goldman Sachs, announce staff cuts. Citigroup, which is America’s largest bank, is believed to be axing up to 6,500 investment banking jobs. It is understood that trading desks in New York, London and other cities will be eliminated. Sources [...]
Citigroup estimates that a quarter of a million UK homeowners are now in negative equity and that the number will rise to over one million by the end of 2009. This would mean that nearly one in 12 property owners with a mortgage would be affected. According to the US investment bank, UK property prices [...]
Citigroup has said it plans to close two of its UK lending arms putting 670 jobs at risk. The world’s largest bank is proposing to shut down mortgage supplier Future Mortgages and CitiFinancial, a personal loans business. Both businesses stopped lending to new customers last week. Future Mortgages has around 26,000 customers and less than [...]
As the credit squeeze continues, Citigroup, the world’s largest bank, has announced its second consecutive quarterly loss and has confirmed 9,000 job cuts. The US investment bank made a loss of $5.1 billion (£2.7 billion) in the first quarter, however, this was less than the $9.8 billion loss reported in the final quarter of last [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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