Mortgage News Clips (Free subscription) | 24/11/2008
1. Joint statement by Treasury, Federal Reserve, and the FDIC on Citigroup - Released by the Board of Governors of the Federal Reserve System 2. 4 page Summary of Terms at FDIC ———— U.S. rescues Citi with $20 billion capital - Dan Wilchins and Jonathan Stempel - The U.S. government has bailed out Citigroup Inc, agreeing to [...]
Zandar Versus The Stupid (Free subscription) | 21/11/2008
No go on the Citigroup rebound. Stock's down another 20% to around $4 a share and falling here at 10:45 AM or so. Dan Wilchins at Reuters is already running down the list of what the Gubment can do, which boils down to four choices: Government buys a crapload MORE of Citi preferred stock, An AIG style multi-billion "loan", An FDIC liquidation, WaMu style, Government guarantees all Citigroup...
Good Read (Free subscription) | 21/11/2008
Jonathan Stempel and Dan Wilchins NEW YORK (Reuters) - Citigroup Inc lost more than one-quarter of its market value on growing worries over whether it has enough capital to withstand billions of dollars of potential losses and despite new support from its largest individual investor. The second-largest U.S. bank by assets is looking at options now, including a sale of parts of the company or...
Reuters UK (Free subscription) | 24/11/2008
By Dan Wilchins and Glen SomervilleNEW YORK/WASHINGTON (Reuters) - The U.S. government agreed to prop up troubled No.2 bank Citigroup with more than $300 billion (204 billion pound), the latest bailout in a sector crippled by exposure to toxic mortgage debts and a crumbling economy.With problems spreading beyond the banks, governments around the world have been stepping up their efforts to contain...
Good Read (Free subscription) | 18/11/2008
Jonathan Stempel and Dan Wilchins NEW YORK (Reuters) - Citigroup Inc revealed plans to cut 52,000 jobs by early next year in a dramatic move to restore the No. 2 U.S. bank to health as it combats mounting debt losses and sagging economies worldwide. The cuts announced by Chief Executive Vikram Pandit on Monday affect 15 percent of Citigroup's workforce, and are in addition to 23,000 jobs eliminated...
Reuters UK (Free subscription) | 24/11/2008
By Dan Wilchins and Glenn SomervilleNEW YORK/WASHINGTON (Reuters) - The U.S. government agreed to inject $20 billion (13.3 billion pounds) of new capital into one of the world's biggest banks, Citigroup, to avoid a collapse that could have wrought financial havoc around the globe.Washington, also under pressure to rescue an ailing motor industry, effectively guaranteed most of Citigroup's potential...
Reuters (Free subscription) | 22/11/2008
By Dan Wilchins and Jonathan StempelNEW YORK (Reuters) - Citigroup Inc shares tumbled for a fifth straight day on doubts about its survival prospects after its chief executive downplayed speculation the bank might sell major businesses or merge with a rival.Vikram Pandit told employees on Friday that the No. 2 U.S. bank by assets does not want to change its business model and plans to keep its...
Reuters UK (Free subscription) | 21/11/2008
(New throughout)By Dan Wilchins and Jonathan StempelNEW YORK, Nov 21 (Reuters) - Citigroup Inc (C.N: , , ) shares tumbled for a fifth straight day, as Chief Executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence.Pandit told employees on Friday that Citigroup, the second-largest U.S. bank by assets, does...
Boston Globe (Free subscription) | 21/11/2008
... and half their value this week amid concerns about the bank's capital position.(Reporting by Dan Wilchins; Editing by Gary Hill)© Copyright 2008 Reuters. Reuters content is the intellectual property of Reuters or its third-party content providers. Any copying, republication, or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without...
Reuters (Free subscription) | 20/11/2008
... BB&T, Capital One and Chevy Chase were not immediately available.(Reporting by Paritosh Bansal and Dan Wilchins; Editing by Lisa Von Ahn)© Thomson Reuters 2008 All rights reservedShare:Next Article: Also on Reuters | | | Featured Broker sponsored linkEditor's ChoicePictures Video Articles A selection of our best photos from the past 24 hours. Most Popular on ReutersArticles Video Recommended...
Reuters UK (Free subscription) | 15/11/2008
* Broad job cuts could be announced* Shares tumble below $10* Bank expresses support for management, chairmanBy Dan Wilchins and Jonathan StempelNEW YORK (Reuters) - Citigroup Inc (C.N: ) plans to shed about 10 percent of its global workforce, a person familiar with the matter said Friday, as it tries to restore profit and quiet mounting criticism of Chief Executive Vikram Pandit.The cuts could...
Reuters UK (Free subscription) | 13/11/2008
... the company's Chairman ... and said it looks forward to his continued leadership."(Reporting by Dan Wilchins; Editing by Andre Grenon)
Reuters (Free subscription) | 11/11/2008
... States almost doubled in the third quarter of 2008 from a year earlier.(Additional reporting by Dan Wilchins in New York; Editing by Dan Grebler; editing by Jeffrey Benkoe and Andre Grenon)
Reuters (Free subscription) | 07/11/2008
... finance to investment banking, according to people familiar with the matter.Citigroup spokesman Dan Noonan declined to comment.Citigroup has had several rounds of layoffs this year, and has cut positions outside these broader waves as well.In the middle of October, 11 U.S. equity research analysts were laid off.Citigroup had about 352,000 employees as of the end of September, about 58,000 of whom...
Reuters UK (Free subscription) | 07/11/2008
... finance to investment banking, according to people familiar with the matter.Citigroup spokesman Dan Noonan declined to comment.Citigroup has had several rounds of layoffs this year, and has cut positions outside these broader waves as well.In the middle of October, 11 U.S. equity research analysts were laid off.Citigroup had about 352,000 employees as of the end of September, about 58,000 of whom...
