Bernanke 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.

Citigroup 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.

Investors 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.

Citigroup 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.

Citigroup 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.

Shares 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.

Citigroup 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.

Citigroup 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... More

In 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.

Citigroup 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.

Citigroup'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.

Financial 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.

Citigroup 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.

Citigroup 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.

CEO 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.