Citi writes off $18 billion, Merrill gets capital
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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 has barred investors in one of its hedge funds from withdrawing their money, and a new leveraged fund lost 52 percent in its first three months, The Wall Street Journal reported on Friday. The largest U.S. bank suspended redemptions in CSO Partners, a fund specializing in corporate debt, after investors tried to pull more than [...].
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Citigroup Inc  plans to inject about $3.3 billion into six of the seven structured investment vehicles it took onto its balance sheet last year, to shore up their credit ratings and protect creditors, Dow Jones Newswires said on Tuesday, citing people familiar with the situation.
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Citigroup's write-off was smaller than expected, but the stock got punished. What gives?
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Citigroup Inc  and Merrill Lynch & Co Inc  said they raised another $20 billion of capital from investors in Asia, the Middle East, and elsewhere, as the subprime mortgage crisis forced additional massive asset write-downs and devoured more of banks' capital.
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Citigroup Inc  has barred investors in one of its hedge funds from withdrawing their money, and a new leveraged fund lost 52 percent in its first three months, the Wall Street Journal reported on Friday.
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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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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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Franklin Templeton Investments agreed to pay $18 million to settle complaints that the mutual fund distributor failed to tell investors it paid brokers who recommended its funds, Attorney General Bill Lockyer said yesterday.
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Merrill Lynch said yesterday it had agreed to buy the First Republic Bank for $1.8 billion in cash and stock to gain clients with an average net worth of $20 million.
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Citigroup Inc. shares on Monday suffered their biggest one-day percentage decline in 18 months after a prominent Wall Street analyst downgraded the world&#39;s largest
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Morgan Stanley, the No. 2 U.S. investment bank, reported a $9.4 billion writedown on Wednesday from bad bets on mortgage-related debt, leading it to take a $5 billion infusion from an arm of the Chinese government
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After the write-downs and the stake sales, Citigroup is still looking for additional capital. So the wounded financial giant may be turning to the next option: selling some of its private equity portfolios. PE Hub's Dan Primack reported Wednesday that Citi is in talks to sell $1.4 billion worth of two portfolios. One is $1 billion [...].
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Citigroup Inc , which last week  posted a record $9.83 billion quarterly loss, on Tuesday said  it has strengthened its balance sheet and replenished depleted  capital levels by raising about $30 billion in the last two  months.
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Bank announces $18 billion in write-downs as well, also gets infusion of funds from various investors and sovereign wealth funds, but investors fear the worst may be yet to come.
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Merrill Lynch & Co Inc  on  Thursday said it took a $14.1 billion writedown and adjustments  in the fourth quarter as bad subprime mortgage bets forced the  brokerage to sell pieces of the company to foreign investors to  raise capital.
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Citigroup Inc. , the largest U.S.  bank, said on Friday that second-quarter profit rose 18  percent, helped by record revenue growth, especially outside  the United States, and tight cost controls.