Merrill Cuts Citigroup, Shares Drop
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Citigroup Inc. C.N shares fell as  much as 2.75 percent on Monday after a prominent Wall Street  analyst downgraded the world's largest financial services  company, citing a string of recent ethics problems.  Analysts say the blows to Citigroup's reputation might be a  function of the New York-based giant's size and far-flung  businesses.
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Stocks plunged on Tuesday after a record quarterly loss at top U.S. bank Citigroup Inc and a surprise drop in December retail sales fueled fears that the economy was heading into a recession.
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Merrill Lynch & Co. , the biggest U.S. brokerage, said on Tuesday its fourth-quarter profit fell 1.8 percent as increased banking and brokerage revenue was offset by higher compensation and other costs.
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Ousting their chief executives and multi-billion dollar write-offs weren't the only thing that Citigroup and Merrill Lynch had in common in 2007. The two banks 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. While Citigroup remained the [...].
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Citigroup stock hit a new low yesterday following two more black eyes - the shutdown of its scandalized Japanese bank and a record fine here over its hedge fund abuses.
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Citigroup Inc. C.N shares fell as  much as 2.75 percent on Monday after a prominent Wall Street  analyst downgraded the world's largest financial services  company, citing a string of recent ethics problems.
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All three major U.S. stock indexes plunged more than 2 percent on Tuesday after a record quarterly loss at top U.S. bank Citigroup Inc and a surprise drop in December retail sales fueled fears that the economy was heading into a recession.
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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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Merrill Lynch & Co.  on Tuesday said third-quarter profit fell 8 percent, hurt by reduced investment banking and trading.
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Merrill Lynch & Co. MER.N on Tuesday  said third-quarter profit fell 8 percent, hurt by reduced  investment banking and trading.
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Merrill Lynch & Co. MER.N on Tuesday  said third-quarter profit fell 8 percent, hurt by reduced  trading in debt and equity markets.
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Stocks dropped sharply on Wednesday as a steep quarterly loss at Merrill Lynch & Co. Inc.  and executives' warnings about possible future problems suggested the worst of the credit crisis may not be over.
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Merrill Lynch & Co Inc  on Wednesday reported $7.9 billion in write-downs for the third-quarter -- triggering its first loss in six years -- as the company was burned by lax risk management and bad bets on mortgages and leveraged loans for corporate takeovers.
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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 more than $33 billion of debt this quarter as the credit crunch deepens, a Goldman Sachs & Co analyst said.
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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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Stock index futures fell on Tuesday,  suggesting a lower start for Wall Street, after Citigroup Inc   reported a wider-than-expected quarterly loss.
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Stocks slid sharply on Tuesday after Merrill Lynch cut its rating on three investment banks, while housing and consumer confidence data added to doubts about the economy's health.