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The U.S. government will boost its stake in Citigroup Inc to as much as 36 percent, bolstering the banking giant's capital base in one of the most dramatic efforts yet to prop up the ailing banking industry.

JPMorgan Chase & Co said it is cutting up to 14,000 jobs, more than previously disclosed, as it tries to reduce costs in the face of a slumping economy and higher credit losses.

JPMorgan Chase & Co said it expects to cut 12,000 jobs as it integrates the former Washington Mutual Inc , 2,800 more than its previous estimate. The second-largest U.S. bank also said on Thursday it expects about $2.75 billion of savings from Washington Mutual, offset by $750 million of new investments. Retail banking chief Charlie Scharf said the bank expects t...

JPMorgan Chase & Co said it expects losses of $1 billion to $1.4 billion in each quarter of 2009 tied to its non-credit-impaired home equity loan portfolio. The second-largest U.S. bank also said on Thursday that falling home prices may result in more borrowers with home equity loans owing more than their residences are worth. It said this could affect 35 percent to 39 percen...

A former municipal banker at Bear, Stearns & Co, pleaded guilty on Wednesday to fraud involving hospital financing that is part of a wide-ranging probe of government corruption in Illinois.

Stocks rose on Tuesday as investors snapped up beaten-down shares while reassuring results from Home Depot Inc boosted sentiment a day after Wall Street sank to a 12-year low. The benchmark S&P 500 index held a slight edge above its November bear market low as an advance in such shares as Bank of America and JPMorgan Chase eclipsed news th...

Stocks rose on Tuesday as investors snapped up shares in beaten-down sectors, including financials, a day after Wall Street skidded to a 12-year low. The benchmark S&P 500 index held a slight edge above its November bear market low, as JPMorgan , up 3 percent, and Citigroup , up almost 5 percent, led a rebound in financial shares. Shares of Home Depot <...

By Jonathan Stempel NEW YORK - JPMorgan Chase & Co, the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector. The bank also said it has been solidly profitable this quarter, and that the outlook for the three-month period is roughly in line with analyst forecasts. Sha...

Stocks headed for a modest bounce at the open on Tuesday, with investors likely to scour the market for beaten-down shares in sectors such as financials after Wall Street skidded to a 12-year low a day earlier. The benchmark S&P 500 index will start the regular session less than three points from a fresh bear market low, raising the potential for the market to sink on any fresh s...

JPMorgan Chase & Co , the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector. The bank also said it has been solidly profitable this quarter, and that the outlook for the three-month period is roughly in line with analyst forecasts. Shares rose 5.5 percen...

JPMorgan Chase & Co, the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector.

namely, to help stabilize the banking system and economy. The bank said it hopes to return to a more normalized dividend as soon as feasible once the environment stabilizes. Bank of America Corp and Citigroup Inc , JPMorgan's largest rivals, have slashed their dividends to a penny per share since November. Shares of JPMorgan fell 30 cents to $19.21 in after-hour...

Even if the government took a large common equity stake in Citigroup Inc, worries would likely persist about the bank's ability to absorb soaring losses in a deepening recession. The third-largest U.S. bank by assets is in talks with federal regulators on a plan for the government to increase its stake, a person familiar with the matter said. Converting $45 billion of preferred stock, which the ...

American Express Co., battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.

Even if the government takes a large common equity stake in Citigroup Inc, worries are likely to persist about the bank's ability to absorb soaring losses in a deepening recession.

The Dow and the S&P 500 stock indexes rose on Monday as investors took reports that Washington could convert its holding in Citigroup to a larger stake as a sign that it is ready to forestall further paralysis of the financial system. But with investors snapping up beaten-down financial shares, money moved out of the technology sector, causing the Nasdaq to drift into negative ter...

Stocks headed for higher open on Monday as investors took reports that Washington could take a bigger stake in Citigroup as the surest sign yet that it is ready to avert further paralysis of the financial system. A report in the Wall Street Journal said the U.S. government may end up holding as much as 40 percent of Citigroup's common stock. Last week shares of Citigroup and Bank of...

Stocks headed for higher open on Monday as investors took reports that Washington could take a bigger stake in Citigroup as the surest sign yet that is ready to avert further paralysis of the financial system. A report in the Wall Street Journal said the U.S. government may end up holding as much as 40 percent of Citigroup's common stock. Last week shares of Citigroup and Bank of A...

Citigroup Inc is in talks to give the U.S. government a larger stake, a person familiar with the matter said, which could provide the government with a far greater say in the affairs of the ailing banking giant.

Bank of America Corp shares sank below $3 and Citigroup Inc tumbled below $2 on Friday, hammered by growing fears that the U.S. government could nationalize the banks, wiping out shareholders.

and it's getting worse, said Nouriel Roubini, a prominent New York University economist who forecast much of the credit and housing recession. The cost of insuring $10 million of Citigroup debt for five years rose to $475,000 annually from $405,000 on Thursday, according to data from Phoenix Partners Group. The cost of insuring Bank of America debt rose to $275,000 a year from $245,000. S...

Bank of America Corp and Citigroup Inc shares plummeted for a sixth straight day on Friday, hammered by fears that the U.S. government could nationalize the banks, wiping out shareholders.

Freddie Mac, the No. 2 U.S. home funding company, on Wednesday sold a record $10 billion three-year reference notes, the largest single new issue since the government-sponsored enterprises started global note programs over a decade ago.

The lawmakers of House Financial Service Committee on Wednesday are holding a hearing with chief executive officers of eight banks that received injections of capital from the government's Troubled Asset Relief Program.

JP Morgan Chase chief Executive Jamie Dimon will call for regulatory modernization as a necessary component of long-term recovery for the economy. He notes there is an immediate need for a systemic risk regulator which will be able to track financial businesses across the banking, securities and insurance businesses instead of the current fragmented system.

Shares of major banks in the U.S. rose early Wednesday pulling up the financial sector on optimism that President Barack Obama's administration may go ahead with a plan to buy bad assets in the financial system creating the so-called bad bank.

Quietly and with little fanfare, the ownership of hundreds of public companies in the United States has moved from being dispersed among many players to being concentrated in the hands of a just a few. But it's not big banks that are dominating corporate ownership, as in the past. Instead it's mutual funds that hold almost 30 percent of U.S. corporate ownership today, compared with 8 percent in ...

JP Morgan Chase which was expected to break even or report a small loss in the fourth quarter said Thursday its profit plunged 76 percent.

In the eyes of Jamie Dimon, JP Morgan Chase Chief Executive Officer, the worst of the economic crisis has not come yet, predicting the financial sector will see more problems with consumer loans and credit cards, he said in an interview with the Financial Times.