Citigroup // Current

Citigroup cutting another 53,000 jobs

Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself... more

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Citigroup helping out at-risk homeowners

Over the next six months, Citi plans to reach out to 500,000 homeowners who are not currently behind on their mortgage payments,... more

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Citigroup Firing 11,000 After 4th Straight Loss

The bank lost $2.8 billion, or 60 cents per share, in the third quarter compared with a profit of $2.2 billion, or 44 cents per... more

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Why you should “Beware of geeks bearing formulas”?

Warren Buffett committing a total of $8 billion to...

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Citigroup and Wells Fargo seek compromise on Wachovia

Prodded by the Federal Reserve, Citigroup and Wells Fargo agreed to a cease-fire until Wednesday in the legal warfare over their... more

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Wachovia, Citigroup in Federal Court Over Wells Bid

(Bloomberg) -- Wachovia Corp. asked a federal judge to let a takeover offer from Wells Fargo & Co. proceed and to ignore a... more

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Citi: Wells Fargo blocked from buying Wachovia

NEW YORK -- The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank... more

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Wells Fargo acquiring Wachovia for $15.1 billion

Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival... more

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Wells Fargo Acquiring Wachovia

Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival... more

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New York's Real Estate Boom is Dead

After seven years of nonstop construction, skyrocketing rents and sales prices, and a seemingly endless appetite for luxury... more

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Crunched by the Credit Crisis

Some nice visualizations of the crisis:

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Citigroup buys Wachovia

The government says Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit... more

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Citigroup acquiring Wachovia

Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal... more

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Citigroup gets thrifty: cuts color copies, BlackBerrys

Citigroup Inc. isn't just eliminating jobs to slash costs -- it's also clamping down on color copying and BlackBerrys. ... more

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NY Atty General reaches $7 billion settlement with Citigroup

New York Attorney General Andrew Cuomo says he's reached a settlement worth more than $7 billion with Citigroup that requires... more

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House prices 'will keep falling'

House prices in the UK and the US are likely to fall for another two years, the chairman of one of the world's most powerful... more

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Citigroup posts $2.5B loss, but beats expectations

Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected.

Citi rose nearly 9 percent Friday and helped lift other financial stocks, having joined JPMorgan Chase & Co. and Wells Fargo & Co. in convincing investors that the prognosis for the sector, while gloomy, may not be as dire as the market feared.

But it's hard to get too enthusiastic about clearing a low bar. It was Citi's third straight quarterly loss and neither JPMorgan nor Wells Fargo managed to notch a profit gain compared to last year. Meanwhile, the brokerage Merrill Lynch & Co. reported a wider-than-expected quarterly loss. And next week, Wachovia Corp. and Washington Mutual Inc. are anticipated to reveal losses, too, with Bank of America Corp. expected to report a steep profit decline.

"I don't think anyone's breathing too easily right now," said Prakash Shimpi, who works in the risk management practice at Towers Perrin. Determining the dollar value of certain assets backed by debt is still a tricky process, he said, even a year after the crisis began.

Citigroup, the nation's largest banking company by assets, lost the equivalent of 54 cents per share in the April-June period. In the same timeframe last year, the bank earned $6.23 billion, or $1.24 per share.

The shortfall was tamer than the 66-cent-per-share loss that analysts, on average, were expecting, according to Thomson Financial.

Citigroup Inc.'s securities and banking division wrote down the value of its assets by $7.2 billion, before taxes, and an asset revaluation cost its consumer lending business $745 million. Those write-downs totaling about $8 billion are significantly lower than write-downs taken in the first quarter and in last year's fourth quarter.

However, credit costs jumped to $7.2 billion as more consumers defaulted on their loans — implying that while losses in the credit markets are decelerating, losses from actual defaults in Citigroup's mortgages, home-equity loans, auto loans and credit card lines are mounting. The $7.2 billion in credit costs included $4.4 billion in credit losses and a $2.5 billion charge to bulk up reserves for future loan losses.Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5... more