Strumors - Chttp://strumors.com/symbol/chttp://strumors.com/1883Bernanke stated that 19 of the nations largest financial institutions will be eligible to replace the government's preferred shares into common stock as losses continue to mount. Under the program, financial institutions with more then $100 million in assets who received federal funding would qualify. The move would place the government owning a large percentage of the financial institutions.Wed, 03 Dec 2008 00:01:03 -0500http://strumors.com/1883http://strumors.com/1742Citigroup is planning to sell off its Japan Trust Banking Unit as part of its attempts to survive recent losses. According to sources, several Japanese trust banks have already begun making bids. Nikkei said, Citigroup also plans to cut jobs at its Japanese brokerage unit and to further trim back its Japanese operations. Fri, 02 Nov 2007 06:01:00 -0400http://strumors.com/1742http://strumors.com/1713Investors are betting that Citigroup will receive help from the government. Currently, Citigroup has $2 trillion in assets, which makes it significantly larger than AIG who has received continual support in order to prevent bankruptcy.Thu, 01 Nov 2007 21:01:07 -0400http://strumors.com/1713http://strumors.com/1698Citigroup CEO Vikram Pandit announced, the bank is planning to eliminate 52,000 positions due to a surge in loan losses. Citigroup's stock is currently trading at its lowest level in 12 years on concerns that a global recession will cause further losses. Thu, 01 Nov 2007 17:01:08 -0400http://strumors.com/1698http://strumors.com/1690Citigroup is planning to cut nearly 10 percent of its workforce as the troubled bank tries to return back to profitability. This week the company's stock fell below $10 for the first time in 13 years, and the bank is planning to sell off nearly $400 billion in assets.Thu, 01 Nov 2007 15:01:00 -0400http://strumors.com/1690http://strumors.com/1685Shares of Citigroup fell to their lowest levels in 13 years as the global economy continues to plummet. Citigroup's shares have dropped nearly 70 percent this year, and still has billions in exposure to bad debts. The company is expected to face significant losses related to its Credit Card and Auto Loans. Thu, 01 Nov 2007 13:02:01 -0400http://strumors.com/1685http://strumors.com/1559Citigroup has agreed to walk away from stiff negotiations with Wells Fargo to divvy up Wachovia. The company still plans to actively pursue damages on the behalf of its shareholders. Citigroup had first agreed to acquire Wachovia and even provided some initial funding; however, later the same week Wells Fargo made its own offer for the struggling bank.Wed, 31 Oct 2007 09:02:00 -0400http://strumors.com/1559http://strumors.com/1547Citigroup reported Monday that it has filed a lawsuit with the New York Supreme court against both Wachovia and Wells Fargo as well as the directors of both companies for $60 billion in damages for interfering with the bank's planned acquisition. Wachovia believes its agreement with Wells Fargo is still valid and in the best interest of its shareholders. Federal Officials have been urging the companies to reach some sort of an agreement. Wed, 31 Oct 2007 06:01:08 -0400http://strumors.com/1547http://strumors.com/1518In an all stock deal, Citigroup acquired Wachovia's banking division. Citigroup is planning to raise $10 billion in stock sale as well as cutting its dividend in half in order to preserve capital. As part of the agreement Citigroup will receive Wachovia's deposit network giving it more then $600 billion in deposits in the U.S.Mon, 10 Dec 2007 05:01:08 -0500http://strumors.com/1518http://strumors.com/1488Citigroup is now considering making an offer for Washington Mutual in hopes of taking advantage of current market conditions. The move comes just months after Citigroup was desperately attempting to solve its own problems. WaMu is facing steep write downs and met with the Federal Deposit Insurance Corp. just last week. Sun, 09 Dec 2007 21:00:09 -0500http://strumors.com/1488http://strumors.com/1383Citigroup's CO-head of global investor sales is leaving the bank in order to pursue new opportunities. Cacorino has been with the bank of nearly 20 years. Over recent months several of Citigroup's top executives have left the company has CEO Vikram Pandit is looking to bring the bank back to profitability. Sat, 08 Dec 2007 23:00:09 -0500http://strumors.com/1383http://strumors.com/1335Financial stocks went down Thursday as Citigroup agreed to to buy back nearly $7 billion of auction-rate securities it sold to its customers as well as pay an additional $100 million in penalties as part of the settlement. The settlement sends a warning across the industry that financial institutions will have to pay the price for misrepresentations in marketing and selling of securities.Sat, 08 Dec 2007 07:01:08 -0500http://strumors.com/1335http://strumors.com/1195Citigroup announced today plans to cut nearly 10 percent of all of its investment banking jobs. The cut effects over 6,500 current employees. Despite over $15 billion in write downs, the company is expected to release billions more in losses when it reports its second quarter earnings. Thu, 06 Dec 2007 23:02:00 -0500http://strumors.com/1195http://strumors.com/1168Citigroup is planning to end its hedge fund started by CEO Vikram Pandit and take the $9 billion on its balance sheet allowing the fund's investors to cash out their positions at "fair value." Citigroup acquired Old Land's hedge fund last year; however, the returns this year have been disappointing with Citigroup already having to write down $200 million in losses. Thu, 06 Dec 2007 14:00:08 -0500http://strumors.com/1168http://strumors.com/1044CEO Vikram Pandit plans to reduce its current assets by nearly $400 billion within the next three years. The will make Citigroup no longer be the largest bank. The bank currently owns around $2.2 trillion in assets, and has already announced plans to reduce its assets by $65 billion. Wed, 05 Dec 2007 09:01:07 -0500http://strumors.com/1044http://strumors.com/1002Citigroup's share fell nearly 3 percent Tuesday, after announcing plans to sell an additional $3 billion in stock further diluting shareholders equity. Gary Crittenden, CFO of Citigroup, stated, "We are issuing common equity at this time as we continue to optimize our capital structure."Wed, 05 Dec 2007 05:01:07 -0500http://strumors.com/1002http://strumors.com/966Citigroup might have to start selling off assets in order to obtain the necessary capital it needs. Investors cheered when Citigroup only announced a $5.1 billion first quarter loss lower then some analysts were expecting; however, the losses have already burned through most of Citigroup's 30 billion in capital the bank rose last year leaving it vulnerable to further losses.Tue, 04 Dec 2007 20:00:09 -0500http://strumors.com/966http://strumors.com/957Despite already having nearly $32 billion in mortgage writedowns, Citigroup continues to have massive exposure bad loans. The bank faces high risks and still owns large percentages of assets that are leveraged to consumer credit. Citigroup has doubled its provisions for loan losses to $5.7 billion compared to $2.7 billion last year.Tue, 04 Dec 2007 18:01:08 -0500http://strumors.com/957http://strumors.com/882Citigroup is reorganizing all of its lending divisions from consumer banking to credit cards as CEO, Vikram Pandit, attempts to reverse massive profit slides the company has undergo as a result of massive write downs related to sub prime lending.Tue, 04 Dec 2007 07:01:09 -0500http://strumors.com/882http://strumors.com/841Citigroup announced that it was cutting an additional 2,000 new jobs in its investment banking division. The largest U.S. bank has been experiencing significant drops in revenues due to its credit problems and large exposure to sub-prime lending. Mon, 03 Dec 2007 20:02:01 -0500http://strumors.com/841http://strumors.com/804Citigroup reported on Thursday that it plans to reduce its amount of assets held in mortgaged securities by as much as $45 billion over the next year. This decrease represents nearly a 20% cut in the value based on its value of mortgage assets at the end of December.Mon, 03 Dec 2007 10:01:08 -0500http://strumors.com/804http://strumors.com/782Shares of Citigroup fail to a nine year low Tuesday after a prominent Middle Eastern investor reported that the bank will need more then $30 billion in additional capital in order to get by. Citigroup's shares are now trading at $21.23 down nearly 60 percent since last January as the bank has been struggling to deal with massive losses.Mon, 03 Dec 2007 04:01:09 -0500http://strumors.com/782http://strumors.com/780A hedge fund has sued both Citigroup and Wachovia alleging the companies improperly collected oncollateralized debt obligation write-downs by falsely claiming the that the CDOs had defaulted. Both companies bought $10 million worth of CDO protection from VCG Special Opportunities Master fund. According to VCG the banks were in panic over recent downfalls in debt related to sub-prime losses, and that led them to prematurely demand additional margin.Mon, 03 Dec 2007 04:01:09 -0500http://strumors.com/780http://strumors.com/632Citigroup's new CEO, Vikram Pandit, received $26.7 million in stock and $3 million in stock options just six weeks after taking the position. And just one week ago Citigroup posted a $9.83 billion quarterly loss. Citigroup reported Thursday in a report filed with the SEC that Pandit had received 1,094,949 shares under a company incentive plan that was introduced in 1999.Sun, 02 Dec 2007 01:01:07 -0500http://strumors.com/632http://strumors.com/604Citigroup reported its largest lost in over 196 years Wednesday after the bank had to writedown $18 billion in losses related to subprime-mortgage investments. Sat, 01 Dec 2007 16:02:01 -0500http://strumors.com/604http://strumors.com/528Goldman Sachs analysts, William F. Tanona, Betsy Miller, and Neil C. Sanyal issued a warning to investors that the bank severely underestimated the amount of bad debt needed to be written down last quarter. They warned that the bank may write down as much $18.7B in the fourth quarter, much higher then estimated $8 to $11 billion that Citigroup stated in early November. They also reported that the bank might be forced to lower its dividend by as much as 40 percent.Fri, 03 Nov 2006 03:01:06 -0500http://strumors.com/528http://strumors.com/516Bank of America, Citigroup, and JPMorgan have all canceled their plans to create a joint $80 billion Super-SIV fund. The move was not a surprise to many analysts as many reported that the idea was flawed and would had been difficult to execute. Also with recent news from Citigroup and others announcing that they have launched their own independent rescues the need for a Super-SIV fund has demolished. Thu, 02 Nov 2006 22:00:09 -0500http://strumors.com/516http://strumors.com/493Goldman reported Friday, that after Moody cut Citigroup's credit rating that their bonds have become inexpensive and should outperform their bond rating. Citigroup's bonds became cheap after its debt rating was cut on plans that it would rescue its $49 billion SIV investment funds. Thu, 02 Nov 2006 16:00:08 -0500http://strumors.com/493http://strumors.com/488Citigroup's new CEO Vikram Pandit's decision to bail out investment funds with substantial sub prime losses has investors predicting that the company will have to cut its dividend. Thu, 02 Nov 2006 14:01:09 -0500http://strumors.com/488http://strumors.com/479Morgan Stanley lowered their price target for Citigroup to $28.00 from $34.00. They expect Citigroup's new CEO, Vikram Pandit, to cut the dividend to 30 cents per share from 54 cents. Other analysts have also reported that Citigroup would need to cut their dividend in order for the Bank to replenish its capital. Thu, 02 Nov 2006 12:01:07 -0500http://strumors.com/479http://strumors.com/473As expected Citigroup announced Tuesday that Vikram Pandit would replace Prince as CEO of Citigroup. Pandit's first task will be cleaning up the sub-prime losses. Thu, 02 Nov 2006 11:01:08 -0500http://strumors.com/473http://strumors.com/466Citigroup is scheduled for a board meeting Monday and is expected to announce a new CEO after a five-week search following Prince's resignation. The primary candidate is Vikram Pandit, who currently is in charge of Citigroup's investment banking and alternative investments businesses.Thu, 02 Nov 2006 09:01:01 -0500http://strumors.com/466http://strumors.com/423In an attempt to generate cash flows Citigroup has announced that they have reached a $7.5 billion dollar deal with Abu Dhabi's state investment fund. These oil-rich funds from the Milddle East have generated large amount of investment profits from exports and are now looking to diversify by acquiring U.S. firms.Thu, 02 Nov 2006 03:02:00 -0500http://strumors.com/423http://strumors.com/418Citigroup's stock dropped below $30 a share Monday, on renewed concerns regarding its lending process and news that the company is facing huge job cuts. Citigroup is considering massive layoffs between 17,000 and 45,000 employees as part of a restructuring plan aimed to save the company upwards of $4.58 billion by 2009.Thu, 02 Nov 2006 02:02:00 -0500http://strumors.com/418http://strumors.com/336Citigroup fell Today after news of another $8 to $11 billion dollars will need to be written off by the company. It turns out that over 43% of the company's equity is attached to sub-prime related assets. By market cap Bank of America is now larger then Citigroup. Wed, 01 Nov 2006 05:01:09 -0500http://strumors.com/336http://strumors.com/334As speculated, Charles O. Prince, resigned as chairman and chief executive. Citigroup took $6.5 billion in write-offs from subprime mortgages during the third quarter, and there might be another $8 to $11 billion in mortgage losses need to be written off. Much like Merril, Citigroup was way too exposed to risky forms of lending.Wed, 01 Nov 2006 04:02:00 -0500http://strumors.com/334http://strumors.com/332There is speculation that Citigroup's CEO will resign this weeked as the company has suffered massive losses from bad mortgage debts accounting for more then a 31% loss in shareholder value. The largest U.S. bank plans to hold an emergency board meeting Today, where it is speculated that Prince will step down. Citigroup declined to comment on the issue.Wed, 01 Nov 2006 04:00:08 -0500http://strumors.com/332http://strumors.com/295Citigoup confirmed Friday that it has secured enough funding for over $80 billion in assets for its SIVs. This implies that the bank will not need to sell off debt at bargin prices, which would inturn translate to high losses for the bank.Tue, 31 Oct 2006 19:01:09 -0500http://strumors.com/295http://strumors.com/253Citigroup Inc, the largest American bank, reported third quarter profits falling 60% on losses from loans and mortgaged backed securities. Citigroup's stock price rose 2.3% after Citigroup's CEO reported that they expect Q4 earnings to return back to normal.Tue, 31 Oct 2006 01:02:00 -0500http://strumors.com/253http://strumors.com/89Citigroup continues to drop while investors wait for a rebound. Citigroup continues to fall as the sub-prime worries continue. The only relief for investors is their 2.2% dividend.Fri, 08 Dec 2006 07:01:06 -0500http://strumors.com/89