Citigroup posts record loss
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Citigroup Inc on Tuesday said it is raising at least $14.5 billion and cutting its quarterly dividend 41 percent to help shore up a capital base depleted by losses on subprime mortgages and consumer credit.
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The brokerage watchdog NASD on Tuesday censured Citigroup Inc. (CN: Quote, Profile, Research) and fined the financial services company $275,000 for violating rules regarding sales of risky investments.
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The discount brokerage posted a larger-than-expected quarterly loss after a $2.2 billion charge related to the sale of its asset-backed securities portfolio.
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Citigroup Inc , the largest U.S. bank, may eliminate 17,000 to 24,000 jobs and write off as much as $24 billion for subprime and other credit losses, as part of a plan to cut costs and add capital, CNBC television said on Monday.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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Citigroup Inc  awarded Chief Executive Vikram Pandit $26.7 million of shares and 3 million stock options, six weeks after he took over the largest U.S. bank, and a week after reporting a record $9.83 billion quarterly loss.
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Citigroup wrote off a colossal $18.1 billion on Tuesday and secured new capital as Merrill Lynch, also seen heading for big losses due to the U.S. subprime mortgage meltdown, announced a $6.6 billion shot in the arm.
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Citigroup Inc. C.N shares fell as  much as 2.75 percent on Monday after a prominent Wall Street  analyst downgraded the world's largest financial services  company, citing a string of recent ethics problems.  Analysts say the blows to Citigroup's reputation might be a  function of the New York-based giant's size and far-flung  businesses.
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Financial-services giant Citigroup Inc. will pay $250,000 to settle allegations it used misleading sales material on hedge funds, the National Association of Securities Dealers announced Monday.
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Washington Mutual Inc , the largest U.S. savings and loan, posted a $1.87 billion fourth-quarter loss on Thursday, its first quarterly loss in more than a decade, battered by mortgage defaults and write-downs.
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Citigroup Inc.  could make as  much as $24 billion in writedowns and lay off 20,000 workers as  part of a plan to cut costs and boost capital, CNBC said on its  Website in a report dated on Sunday.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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Citigroup plans to eliminate about 1,000 jobs at its corporate and investment bank, according to a person close to the company, the latest signal that the company is placing a renewed emphasis on cutting costs and bolstering shareholder returns.
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Citigroup  will announce plans to  cut payrolls by 17,000 to 24,000 people when it reports  earnings on Tuesday, CNBC television reported on Monday, adding  that the layoffs could take place over a year.
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The bank posted a fourth-quarter loss of $11.28 billion, and a loss for the entire year, besieged by investments in U.S. subprime mortgages. It said it expected more problems in 2008.
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Washington Mutual Inc , the  largest U.S. savings and loan, posted a $1.87 billion  fourth-quarter loss on Thursday, its first quarterly loss in  more than a decade, battered by mortgage defaults and  write-downs.
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Citigroup Inc  on Tuesday cut its quarterly dividend 41 percent, and said it is raising $14.5 billion from offerings of convertible preferred securities.