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Stocks slid on Monday as a brokerage downgrade of Citigroup Inc sparked a sell-off in financial services companies on concerns about credit losses and the housing slump. Goldman Sachs cut Citigroup to sell and said the bank may have to write off $15 billion over the next two quarters as mortgage losses reduce earnings.

Stocks fell on Monday as a downgrade of Citigroup, the No. 1 U.S. bank, fueled a sell-off in shares of financial services companies on renewed worry about mounting credit losses.

Merrill Lynch has expanded its presence in Russia, one of its core markets, announcing Friday that it acquired a 10 percent stake in TRUST Banking Group, a potential top 20 private bank in Russia in terms of capital and assets.

Major finance houses went some way on Wednesday to reassure investors that after months of credit market havoc, fallout from the U.S. subprime mortgage meltdown is containable.

Bank of America Corp, the second-largest U.S. bank, said on Tuesday it expects to write down $3 billion of debt in the fourth quarter as fallout from the nation's housing slump deepens.

Bank of America Corp, the second-largest U.S. bank, said on Tuesday it has suffered a $3 billion loss stemming from its exposure to collateralized debt obligations. The pretax loss would be reflected in fourth-quarter results, and could grow if market conditions worsen, according the Merrill Lynch Chief Financial Officer Joe Price.

E*Trade Financial Corp told customers on Monday it can absorb a writedown of as much as $1 billion and it is well capitalized, after a Citigroup analyst said credit woes put the online brokerage is at risk of bankruptcy.

Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday. Mike Mayo, an analyst at Deutsche Bank Securities Inc, estimated $150 billion to $250 billion of losses based on $1.2 trillion of U.S. subprime loans, and an additional $150 billion of losses on derivatives linked to subprime debt.

The top three U.S. banks have agreed on the structure of a backup fund of at least $75 billion to stabilize credit markets, The New York Times reported on Sunday.

Visa Inc, the world's largest credit card network, filed with regulators on Friday to raise up to $10 billion in an initial public offering, in one of the largest and most eagerly awaited U.S. stock offerings. Visa announced the offering two days after agreeing to pay $2.1 billion to settle a three-year-old antitrust lawsuit with rival American Express Co.

Bank of America Corp. (BofA) has revealed its plans to invest $35 million in an advertising campaign this weekend as a way of boosting and marketing its business.

Wachovia Corp said on Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial Corp said more customers are having trouble paying their bills as the U.S. credit crisis deepened.

Two analysts expect Morgan Stanley will take a fourth quarter write-down of between $3 billion and $6 billion related to asset-backed securities and collateralized debt obligations.

Stocks fell on Monday after Citigroup's warning of billions more in loan losses compounded fears that the credit crunch could get worse. The news sparked a sell-off in shares of other financial companies as investors questioned which among them would be the next to reveal damage from the meltdown in the U.S. housing and subprime mortgage markets.

When Charles Prince replaced Sanford Sandy Weill at the helm of Citigroup Inc, he was given the unenviable task of replacing a legend. Shareholders feared he could never fill Weill's shoes. They may soon be proven right.

Large U.S. banks and brokerages will suffer additional write-downs of more than $10 billion in the fourth quarter as deteriorating credit trends continue to undercut the value of subprime mortgages and related securities, a Deutsche Bank analyst said.

Financials led a sharp drop on Wall Street on Thursday, wiping out the previous session's Fed-fueled gains, after brokerages downgraded the two biggest U.S. banks, sparking fears of more credit crisis fallout. Adding to the gloom, Exxon Mobil reported profits that fell short of analysts' expectations due to slim margins from gasoline production and lower natural gas prices.

Stocks sank on Thursday after a confidence-shaking downgrade of Citigroup by a brokerage that put the No. 1 U.S. bank's dividend in question and added to concern the mortgage crisis may claim more casualties. Adding to pressure, Exxon Mobil reported earnings that fell short of expectations.

U.S. stocks rose on Wednesday after signs that the economy is showing strong growth and expectations that today’s Federal Reserve quarter-point cut for its benchmark interest rate will promote growth.

Merger advisory firm Lazard Ltd said on Wednesday that third-quarter earnings more than doubled, beating expectations, on record fees from completed transactions and continued growth in its asset management arm.

Deutsche Bank warned on Wednesday its biggest money spinner, investment banking, would stay sluggish after a global market crunch pushed the business into the red for first time in half a decade.

Investors in Countrywide Financial Corp. breathed a sigh of relief on Friday after the biggest U.S. after the biggest U.S. mortgage lender predicted it would regain profitability in the coming quarter and in 2008 after posting its first quarterly loss in 25 years.

As fallout from the summer credit crunch spreads, Wall Street faces more job cuts -- and smaller bonuses. Investment banks have announced thousands of jobs cuts as investors stopped snapping up risky corporate loans, mortgage securities and complex asset-backed securities.

Countrywide Financial Corp posted a $1.2 billion third-quarter loss on Friday as the housing market slumped, but its shares soared after the largest U.S. mortgage lender projected a return to profit this quarter as it slashes jobs and regains its footing. Shares of Countrywide rose $2.87, or 22 percent, to $15.94 in pre-market trading. Stock futures also moved higher.

California's largest bank, Bank of America (BofA) said that it will contribute to relief efforts in the Southern California fires by donating $1 million through its Charitable Foundation.Bank of America said that this donation is the first in a series of steps it will take to help fire victims and responders; and is now working with city leaders in San Diego and Los Angeles to determine the amount of assistance and resources needed in this endeavor."Southern California families, business and entire communities are in urgent need of immediate aid and we wanted to begin to begin to address that need as quickly as possible," said Janet Lamkin, President of Bank of America California.Chevron, based in San Ramon has also today announced a $500,000 to support fire relief efforts. It said that $400,000 will be given to American Red Cross Disaster Relief Fund and $100,000 will be directed towards local charities and relief efforts in the communities where Chevron operates.Chevron is also providing bottles of water and meals to evicted families.

China's biggest lender ICBC is to buy 20 percent of South Africa's Standard Bank for 36.67 billion rand ($5.6 billion) in cash, in the biggest foreign investment yet in Africa.

Bank of America Corp on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.The second-largest U.S. bank said a majority of the cuts will be in corporate and investment banking, and the rest elsewhere. The cuts amount to 1.5 percent of the bank's 198,000-person workforce.

Barclays and Royal Bank of Scotland have lined up emergency funds of up to $30 billion from the U.S. Federal Reserve to bail out American clients caught up in the global credit crunch, a paper said.

Wachovia Corp posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.