Citigroup to halve investment spending in 2007
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Citigroup , the top U.S. bank by assets, expects its investment spending next year to be less than half the 2006 level, its chief executive said on Thursday, acknowledging that its consumer bank has yet to turn the corner.
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Bank of America Corp , Citigroup , and JPMorgan Chase & Co  have abandoned plans for a fund to bail out structured investment vehicles, due to a lack of demand, according to sources familiar with the matter.
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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 Sunday.
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Citigroup Inc  is abandoning its  plans to open as many as 100 U.S. branches a year, The Wall  Street Journal said on Thursday.
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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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Citigroup Inc.  on Friday said it is cutting jobs in its corporate and investment bank to save money, and a person familiar with the decision said more than 1,000 positions may be lost.
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Citigroup Inc. , the world's largest financial services company, on Friday said it will simplify its business structure and streamline its capital markets activities.
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Citigroup  said on Thursday that it plans to take $49 billion of structured investment vehicles onto its balance sheet, after ratings agencies' threats to downgrade the SIVs debt.
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Japanese firms cut capital spending by  4.9 percent in April-June from a year earlier, data showed on  Monday, confounding forecasts and adding to views that the Bank  of Japan will hold off from raising rates this month.
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Citigroup Inc is abandoning its plans to open as many as 100 U.S. branches a year, The Wall Street Journal said on Thursday.
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(InfoWorld) - Businesses are planning to scale back their IT spending in the third quarter of 2007, according to a survey released Friday by an investment research firm. IT spending usually slumps in May, but now, the percentage of companies planning to increase their spending has fallen to its lowest point in the last four years. The portion of technology and business executives who plan to increase IT spending fell from 34 percent in November to 26 percent in May, according to the report from ChangeWave Research, a division of Phillips Investment Resources. The survey also showed signs of weak spending throughout the second half of 2007 with the biggest slowdown hitting the server market. The portion of technology leaders who said their companies do not plan to buy any servers during the third quarter rose from 31 percent to 35 percent, the survey said. The results came from responses to a poll of 2,029 senior technology and business executives during the week of May 15. The forecast seems to validate Dell's decision, announced Thursday, thatÂ it would lay off 10 percent of its 88,100 employeesÂ over the next 12 months after profit fell slightly for the first quarter. Dell fared the worst of all PC vendors in the survey, which showed that the number of businesses planning to buy Dell desktops and notebooks has fallen to its lowest level in two years. The portion of corporate buyers planning to purchase a Dell desktop over the next quarter fell from 45 percent in August 2005 to 34 percent now. The numbers for laptops were almost the same. In contrast, Hewlett-Packard hit a two-year high in the number of businesses planning to buy both desktops and notebooks. Apple and Lenovo were essentially flat, while Gateway showed an increase in desktop demand. "There are rays of light; HP has shown an extraordinary rise, and there's a little pop in consumer spending. But business IT spending is undeniably slowing down, and it has been for a while, actually," said Paul Carton, director of research at ChangeWave Research. Part of that spending pullback is driven by the normal seasonal business cycle, he said. But in 2007, many companies are cutting their IT spending more than usual as they look for extra funds to meet rising energy costs. The slump in corporate IT spending plans is not the only sign of a softening economy. The analyst group GartnerÂ scaled back its forecast for 2007 global semiconductor revenue growthÂ on Thursday from a 6.4 percent rise over 2006 levels to just 2.5 percent. That soft market could put a big dent in future earnings for processor vendors like Intel andÂ AMD and for memory chip vendors like Samsung.
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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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Charles Schwab Corp. SCH.N, the  largest U.S. discount brokerage, has halved the level of assets  that clients need to avoid paying some fees.
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NEW YORK (CBS.MW) -- Shares of Citigroup fell after a Merrill Lynch analyst downgraded the Dow Jones Industrial Average component early Monday.
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Citigroup Inc. C.N shares fell more  than 2 percent early Monday, after Merrill Lynch analyst Guy  Moszkowski cut his stock rating to "neutral" from "buy," citing  recent ethics problems.
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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.
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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.