February 27, 2009 |
The federal government plans to take a substantial ownership stake in Citigroup , launching the Obama administration's new strategy to prevent the failure of any more large banks, according to sources familiar with the matter. The deal, which the sources said was still being negotiated last night, is designed to reassure investors that Citigroup has the resources needed to survive the recession by increasing the company's reserves against future losses. The deal would not involve new money from taxpayers.
November 24, 2008 |
The government said last night that it will provide a multibillion-dollar backstop for Citigroup, revamping emergency efforts yet again to head off the failure of a company more deeply intertwined with the financial system than nearly any other. The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. announced just before midnight Monday that they will protect Citigroup, one of the nation's largest banks, against potential losses on a $306 billion pool of troubled assets.
October 10, 2008 |
Citigroup has ended its pursuit of Wachovia , allowing Wells Fargo to proceed with its $15 billion deal to buy the troubled Charlotte bank and emerge as one of the largest retail and commercial banks in the United States. Citigroup said, however, that it would continue to press a lawsuit seeking more than $60 billion from Wells Fargo and Wachovia for striking a deal after Wachovia had agreed to negotiate exclusively with Citigroup. The announcement ends two weeks of financial, legal and political...
October 8, 2009 |
NEW YORK -- Citigroup Inc. is removing one of the irritants in its relationship with the government, its Phibro commodities trading division that is paying one trader an estimated $100 million this year. The deal announced Friday carries a tradeoff for Citigroup: While the $250 million sale to Occidental Petroleum Corp. means a bit less government scrutiny, it also means the bank is losing hundreds of millions of dollars in annual income that could help repay $49 billion in bailout money.
April 19, 2008 |
NEW YORK, April 18 -- The bad news from Citigroup on Friday just kept coming: Losses of more than $5 billion. Revenue down 48 percent. Fresh write-downs and set-asides for expected losses on bad debt of $16 billion. And finally, 9,000 job cuts. Citigroup's report of first-quarter results was worse than most analysts expected, adding to the series of grim earnings announced this week by financial institutions. Earlier, Merrill Lynch and Wachovia reported losses, and J.P. Morgan Chase said its profit declined by...
December 15, 2009 |
CORRECTION: The article about Wells Fargo and Citigroup agreeing to repay the loans they received from the federal government incorrectly said that Wells Fargo was issuing stock to the company's benefit plan in place of cash compensation to employees. The stock is being issued both to the benefit plan and to employees in lieu of some of their cash compensation. The federal government continued to wind down its bailout of the nation's biggest banks on Monday, reaching an agreement to eliminate...