Citigroup, Merrill top Wall St underwriters in 2007
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Citigroup Inc  and Merrill Lynch & Co  were the world's top underwriters of stocks and bonds in 2007, measured by volume and reported fees, despite being at the epicenter of the global credit crisis.
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- Banc of America Securities said Honda Motor Co. Ltd  was its top pick for 2007 in the autos sector, ahead of Toyota Motor Corp. .
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Stocks to watch on Monday: CITIGROUP INC. :
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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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What's left to say about Goldman Sachs' standout 2007?
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Washington Mutual Inc. , one of the largest U.S. mortgage lenders, on Friday said improved underwriting standards have led to a reduction in the number of new subprime mortgages going into default quickly.
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Merrill Lynch said today it has devalued its collection of mortgage-backed assets by $7.9 billion, far more than the company estimated only three weeks ago and a sign that the financial industry still may not have a full grip on problems related to risky, subprime loans.
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Citigroup Inc  is combining its  emerging-markets credit group and its global credit-trading  business, bringing together traders who focus on the global  credit markets, the Wall Street Journal reported in its online  edition on Monday, citing an internal memo.
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Citigroup expects a $15 billion fourth-quarter  write-down at Merrill Lynch & Co Inc  and said  CDO/subprime exposures will decline by 50 percent to 70 percent  in aggregate.
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Citigroup C.N held onto its number one   rankings as the world's biggest debt capital markets (DCM)   house and biggest global bookrunner of investment-grade bonds   in the year to date, according to figures from Thomson   Financial.
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Citigroup and Merrill Lynch each announced outside investments to shore up their ravaged balance sheets as Citigroup revealed a $18.1 billion write-down and a $9.83 billion fourth-quarter loss.
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Citigroup  and Goldman Sachs  are the most exposed to further writedowns from leveraged loans in the first quarter, as the value of loans and bonds created to finance leveraged buyouts plunges, Bank of America said.
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Citigroup Inc. , the largest U.S.  bank, plans to list on the Tokyo Stock Exchange later this  year, a move that could make it easier to buy Japanese firms  through stock swaps, the Nihon Keizai (Nikkei) business daily  reported on Sunday.
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The subprime mess is turning out to be a boon for class-action lawyers. Through Dec. 15, filings were up 58 percent from 2006, according to a new study.
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Wall Street rose moderately in early trading, boosted by news that Merrill Lynch will receive an large investment from two investment groups.
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Citigroup will bail out its seven structured investment vehicles, bringing $58 billion of debt onto its balance sheet in the biggest move yet by a bank to rescue the failing funds.
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Stocks rose on Monday, lifted by news Merrill Lynch  plans to sell a lending unit and with investors eyeing retailers as the busy holiday shopping season draws to a close.