Citigroup posts $9.83 billion quarterly loss
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Citigroup Inc on Tuesday posted its first quarterly loss since its creation in 1998, hurt by write-downs for exposure to subprime mortgages and other risky debt.
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Shares of Citigroup Inc  and  other financial companies suffered broad declines for a second  day on Tuesday, as evidence mounted that borrowers are spending  less and falling behind on more payments, and the U.S. economy  might be near or in recession.
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Citigroup Inc. shares fell more than 2 percent early Monday, after Merrill Lynch analyst Guy Moszkowski cut his stock rating to &quot;neutral&quot; from &quot;buy,&quot; citing recent ethics problems.
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Quarterly losses narrowed to $59 million, or 16 cents per share, from $139 million, or 43 cents per share, a year ago. Excluding about $63 million in restructuring, transformation and integration costs, the
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Citigroup agreed to pay $978,000 to settle an investigation into accusations that it failed to supervise brokers whose trading strategies cost clients more than $3 million.
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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 is expected to announce on Tuesday 4,000 additional job cuts, a steep cut in its stock dividend, and another boost from foreign investors.
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Citigroup Inc , Merrill Lynch &  Co  and JPMorgan Chase & Co  may face larger  fourth-quarter write-offs of fixed-income securities than  previously expected, and Citigroup may have to slash its  dividend 40 percent to preserve capital, according to a Goldman  Sachs & Co analyst.
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CIT Group Inc. , a consumer and commercial finance company, posted a second-quarter loss on Wednesday and cut its earnings forecast for the rest of the year as it exits home lending.
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Citigroup was fined $250,000 for failings in its hedge-fund business yesterday and agreed to close its Japanese trust banking arm as its regulatory problems continued.
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Citigroup Inc  may need to slash its dividend 40 percent to preserve capital, and with Merrill Lynch & Co  and JPMorgan Chase & Co  may write off $33.6 billion of debt this quarter as the global credit crunch deepens, a Goldman Sachs & Co analyst said.
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Capital One Financial Corp , a credit card issuer and banking company, posted a third quarter net loss, hurt by charges from shuttering its GreenPoint Mortgage business.
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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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Financial giant cuts dividend 41%, announces $18 billion in write-downs and net losses of $9.8 billion.
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Citigroup Inc. , the largest U.S. bank, said on Friday that second-quarter profit rose, helped by record revenue and expense controls.
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Stocks tanked early Tuesday afternoon after Citigroup's steep quarterly loss and a big drop in retail sales exacerbated worries about the threat of recession.
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Citigroup Inc. today said it suffered losses of nearly $10 billion in the last three months of 2007 as problems with risky sub-prime loans continued to rattle the country's major financial companies.