Citi to Announce Big Cuts and New Investors
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Citigroup is expected to announce on Tuesday 4,000 additional job cuts, a steep cut in its stock dividend, and another boost from foreign investors.
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Citigroup wrote off a colossal $18.1  billion on Tuesday and secured new capital as Merrill Lynch,  also seen heading for big losses due to the U.S. subprime  mortgage meltdown, announced a $6.6 billion shot in the arm.
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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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NEW YORK, October 21  - Global banking giant Citigroup&#39;s (C.NYS) recent move to terminate three top executives, in the wake of the recent debacle in the companyâs Japanese operations, has been widely welcomed by Wall Street analysts.
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Citigroup  said on Thursday that it plans to take $49 billion of structured investment vehicle assets onto its balance sheet, to prevent ratings downgrades of the SIVs and fire sales of their assets.
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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 was poised on Tuesday to launch a takeover bid for scandal-hit Japanese brokerage Nikko Cordial Corp. in a deal worth more than $5 billion that would mark the U.S. bank's resurgence in Japan.
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Citigroup and Merrill Lynch announced a collective $19.1 billion worth of new investments, with a significant chunk of this money coming from sovereign wealth funds.
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Saudi Arabian Prince Alwaleed bin Talal, Citigroup's  largest individual shareholder, will inject new cash to help America's biggest bank grapple with heavy mortgage market losses, the Wall Street Journal reported on its Web site on Friday.
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Saudi Arabian Prince Alwaleed bin  Talal, Citigroup's  largest individual shareholder, will  inject new cash as the largest U.S. bank grapples with heavy  mortgage market losses, the Wall Street Journal reported on its  Web site on Friday.
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By Kyodo News International, Tokyo  Feb. 23--TOKYO -- Citigroup Inc. will sharply raise its equity stake in  the scandal-tainted Nikko Cordial Corp. group, industry sources said Friday.
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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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Citigroup  plans to rescue $49 billion of structured investment vehicles in a move that further strains the biggest U.S. banking group's capital levels and may scupper a U.S. government-endorsed SIV bailout plan.
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Citigroup Inc., the nation's largest financial institution, reported record quarterly earnings on Thursday and said it was working to resolve outstanding legal and regulatory issues.
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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,  under pressure to cut  costs and boost revenues, said on Monday it had named Robert  Druskin as chief operating officer.
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Three of Citigroup's most senior executives are to leave the Wall Street heavyweight following last month's closure of its Japanese operations, reports say.