Citi's Rhodes sees credit woes taking economy toll
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DALIAN, China  - Turmoil in the credit markets will take a toll on the U.S. economy but the full impact will not be clear for another two or three months, William Rhodes, senior vice chairman of Citigroup Inc, said on Thursday.
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ORLANDO, Florida  - U.S. Treasury Secretary Henry Paulson said on Monday that moves by some banks, including Citigroup , to bring off-balance sheet investments tied to subprime mortgages back onto their books would help ward off a widespread credit crunch.
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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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Citigroup said in a research note that  UBS  could face up to 20 billion Swiss francs ($18.10  billion) in new writedowns in 2008 after revealing it has $80  billion in exposures to subprime loans and other debt.
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The bond insurer problem must be  fixed, or else it could become a "financial tsunami" that  wreaks havoc on the broader economy, New York Governor Eliot  Spitzer is due to tell the U.S. Congress on Thursday.
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Reporting a staggering fourth-quarter loss of $9.83 billion, Citigroup also issued a sobering forecast that the housing market and economy have not yet bottomed out.
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NEW YORK - Strained by a tight credit market, the nation's economy should stumble along at a slower pace in coming months, but it may find help from lower interest rates and possible employment gains.
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ZURICH/LONDON  - Moody's Investors Service cut its ratings on Citigroup Inc  debt by a notch, the latest embarrassment for the largest U.S. bank, and putting it under renewed pressure to shore up its shrinking capital base.
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Citigroup Inc , Merrill Lynch & Co  and JPMorgan Chase & Co  may face larger fourth-quarter debt write-offs 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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U.S. economic growth should lose steam in coming months, a research group said Thursday, indicating a clampdown on credit markets will continue to take its toll on the broader economy.
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Credit card issuer warns of weak spending and increasing delinquencies.
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US banking giant Citigroup reports a $9.83bn (Â£5bn) net loss, blaming its exposure to bad mortgage debt.
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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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The U.S. economy will be penalized by  the current crisis in credit markets but the overall outlook  was still benign, U.S. Treasury Secretary Henry Paulson said in  a newspaper interview published on Thursday.
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Frenetic global takeover activity this year has been driven partly by an over-reliance on debt and this could cause problems if economic growth slows or interest rates rise, analysts say.
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U.S. and European banks including Citigroup Inc  and HSBC Holdings PLC  are considering selling off parts of their businesses as they prepare for tough times ahead, the Wall Street Journal reported.
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Banks will continue to suffer into 2009 as turmoil in the credit markets drags on, credit ratings agency Standard & Poor's said on Friday.