Citigroup has huge loss, cuts dividend, raises cash
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Citigroup Inc said on Tuesday it plans to raise $14.5 billion, slash its dividend and cut 4,200 jobs to shore up its balance sheet after a write-down for mortgages led to a record $9.83 billion quarterly loss.
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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 on Sunday.
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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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The company scrapped its dividend after posting a net loss of 3.5 billion euros ($5.12 billion) for the year, including a huge charge in the 4th quarter to reflect a drop in value of Lucentâs mobile assets.
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Stock index futures fell on Tuesday after Citigroup Inc posted a wider-than-expected loss and its shares turned negative before the opening bell.
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Citigroup plans to eliminate about 1,000 jobs at its corporate and investment bank, according to a person close to the company, the latest signal that the company is placing a renewed emphasis on cutting costs and bolstering shareholder returns.
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Citigroup Inc  is likely to announce on Tuesday a significant dividend cut, at least $10 billion of new capital and a writedown of as much of $20 billion, the Wall Street Journal reported on Monday.
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Financial-services giant Citigroup Inc. will pay $250,000 to settle allegations it used misleading sales material on hedge funds, the National Association of Securities Dealers announced Monday.
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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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Talk of possible major changes at Citigroup and Bank of America set off heavy trading in the shares of the two banking giants.
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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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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 on Sunday.
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Goldman Sachs raised Citigroup Inc  debt to "outperform" from "in-line" on Friday, a day after the company said it plans to rescue $49 billion of structured investment vehicles.
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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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Citigroup Inc is likely to announce on Tuesday a significant dividend cut, at least $10 billion of new capital and a writedown of as much of $20 billion, the Wall Street Journal reported on Monday.
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Citigroup Inc. (CN: Quote, Profile, Research) shares fell in pre-market trading on Monday after Merrill Lynch &amp; Co. analyst Guy Moszkowski cut his rating for the company to &quot;neutral&quot; from &quot;buy,&quot; citing recent ethics problems.
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A rogue Citigroup Inc. trader lost $20   million for the largest U.S. bank by hiding more than $300   million of gold and silver contracts and reporting fake prices,   the New York Stock Exchange's regulatory unit said.