NEW YORK (Dow Jones)–The $20 billion in capital raised by American International
Group Inc. (AIG) may not be enough for both itself and its troubled subsidiaries,
an analyst told clients Wednesday.
Citigroup analyst Joshua Shanker said the giant insurance holding company may
have to funnel the capital it’s already raised into its AIG Financial Products
Corp. subsidiary, the unit that [...]
Fifth Third, Wachovia hit by losses from Citi hedge fund
By Riley McDermid, MarketWatch
Last Update: 12:25 PM ET May 20, 2008
NEW YORK (MarketWatch) - Two regional banks confirmed Tuesday that they have lost
more than $600 million from investments tied to a Citigroup hedge fund that got
clobbered during the credit crunch earlier this year.
Fifth Third Bancorp (FITB) [...]
Citigroup To Shut 2 UK Personal Loan Ops; May Cut 650 Jobs
Last Update: 5/19/2008 5:11:25 PM
LONDON (AP)–Citigroup Inc. (C) will close two of its U.K. personal loan
operations and could cut more than 650 jobs, the embattled banking giant said
Monday.
Citi UK said that from Wednesday it will also stop offering loans through its
Future Mortgages and CitiFinancial [...]
Severstal Plans $1.5B Eurobond; Still Eyeing Esmark-Vedomosti
Last Update: 5/19/2008 1:36:15 AM
MOSCOW (Dow Jones)–Russian steel maker OAO Severstal (CHMF.RS) is planning a
$1.5-billion Eurobond and is still considering an offer for U.S. producer and
distributor Esmark Inc. (ESMK), the Vedomosti business daily reported Monday
citing several unnamed sources.
Citigroup Inc. (C) and ABN Amro Holdings NV (ABNYY) are among the [...]
Banks turn to mobile access as the next big thing
By Riley McDermid, MarketWatch
Last Update: 11:58 AM ET May 15, 2008
NEW YORK (MarketWatch) — Now that online banking has been around for more than a
decade, and widely accepted by customers, banks are turning their attention to
taking the show on the road.
A survey released earlier in the [...]
NEW YORK (MarketWatch) - Fitch Ratings agency said Wednesday that global banks
have disclosed 80% of their projected losses on subprime mortgage-related
investments, making further ratings actions minor. “As a significant proportion
of the losses have been disclosed, further ratings action arising from ABS-CDO
and subprime RMBS exposures is likely to be minimal,” Fitch analysts said in a
report. The [...]
DOW JONES NEWSWIRES
Discover Financial Services (DFS) received clearance from the Federal Trade
Commission to acquire Diners Club International from Citigroup Inc.(C) for $165
million.
Federal regulators granted early termination Monday of the waiting period
required under the Hart-Scott-Rodino antitrust law, the FTC disclosed.
In the deal, Discover will acquire the international network, which it will
integrate with its own business to [...]
Citigroup Considers $400-Billion Asset Sale - FT
Last Update: 5/8/2008 8:08:59 PM
DOW JONES NEWSWIRES
Citigroup will on Friday identify as much as $400 billion in non-core assets that
could be sold as part of plans to reduce costs and restore profit growth to
double-digit rates, according to people close to the situation, the Financial
Times reported on its Web site [...]
Moody’s has downgraded the ratings of 45 tranches from 13 Alt-A transactions issued by Citigroup Mortgage Loan Trust. Seventeen tranches remain on review for possible further downgrade. Additionally, 27 tranches were placed on review for possible downgrade. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Alt-A mortgage loans. The ratings were [...]
Citigroup says most Old Lane investors to withdraw
By Andria Cheng, MarketWatch
Last Update: 1:37 PM ET May 3, 2008
NEW YORK (MarketWatch) — Banking giant Citigroup Inc. said most of the
unaffiliated investors in its Old Lane hedge fund will opt to withdraw their
investments.
In April, almost all of the unaffiliated investors had notified Old Lane of their
intention to [...]
Citigroup to raise $3 billion selling new stock
By Alistair Barr, MarketWatch
Last Update: 7:58 PM ET Apr 29, 2008
SAN FRANCISCO (MarketWatch) — Citigroup Inc. said late Tuesday that it is
raising $3 billion selling new shares as the financial-services giant tries to
rebuild capital after huge losses from the credit crunch.
Citi (C) said that the offering of new [...]
Citigroup Executive Forese Sells $2.58M In Stock >C
Last Update: 4/28/2008 6:05:10 PM
DOW JONES NEWSWIRES
James A. Forese, the co-head of Citigroup Inc.’s (C) markets and banking
division, reported Monday selling about $2.58 million worth of company shares.
This is the first reported stock sale by a Citigroup insider in more than a year.
The last sale was by then-Chief [...]
During the past few weeks we have seen a growing number of market participants predict an end to the dislocations that erupted last summer and claimed victims throughout the financial system and beyond. While their predictions are understandable, they are premature. The dynamics driving the disruptions are morphing and may again move ahead of both [...]
SAN FRANCISCO (MarketWatch) — Private equity firms Thomas H. Lee and Bain
Capital Partners have rejected a proposal from banks to facilitate financing for
the $19.4 billion buyout of Clear Channel Communications Inc. , The Wall Street
Journal reported Tuesday on its Web site. In a letter to the firms, Citigroup
Inc., Morgan Stanley , Credit Suisse Group , [...]
NEW YORK, Apr 21, 2008 (BUSINESS WIRE) — The Board of Directors of Citigroup (C)
today declared a quarterly dividend on the company’s common stock of 32 cents per
share, payable on May 23, 2008, to stockholders of record on May 5, 2008.
The Board also declared dividends on preferred stock as follows:
- 6.5% Non-Cumulative Convertible Preferred Stock, [...]
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