Stocks headed for a sharp slide at Friday's open as news the U.S. government was taking a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.
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.
Stock index futures extended losses on Friday, suggesting the benchmark S&P 500 may open below its November 21 bear market low, as government data showed the economy contracted more sharply than initially estimated in the fourth quarter.
Stock index futures fell on Friday, weighed by a drop in financial shares following news that the U.S. government is taking a large common equity stake in embattled lender Citigroup .
The Treasury Department announced on Friday it will convert some of the preferred stock it holds in struggling Citigroup into common stock, a step that will give it a significant stake in the bank.
Microsoft Corp's chief financial officer forecast at least another year of tough trading in all areas on Thursday, as the economy shows no immediate sign of recovery.
Stock index futures turned lower on Friday on news the U.S. government is taking a large common equity stake in embattled lender Citigroup .
The U.S. government will commit to holding a common equity stake of up to 30-40 percent in Citigroup in a deal that will see most of the group's board replaced, a person familiar with the transaction said on Friday.
The U.S. government and Citigroup have reached a deal to convert up to $25 billion in government-held preferred shares in the bank to common equity, a person familiar with the transaction said early on Friday.
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...
Warren Buffett has some explaining to do. Berkshire Hathaway Inc, his insurance and investment company, is in the midst of one of its worst stretches since Buffett took over the company in 1965.
and companies including Harley-Davidson Inc .
Berkshire teamed up on at least two of the investments with Chris Davis's money management firm Davis Selected Advisers LP.
Buffett looks like he was, at best, early when he announced in October that he was plowing all his personal investments other than Berkshire shares into U.S. stocks.
He has admitted error before. After 1999, a bad...
As criticism mounts to make over the Dow Jones Industrial Average .DJI, the godfather of one of the oldest stock forecasting methods known as Dow Theory sees few pressing reasons for upending its lineup.
Stocks headed for a higher open on Thursday as investors searched for beaten-down shares, with financial shares set to rebound following reassuring news from Europe on bolstering the banking sector.
The government released more bleak news on the economy, however, as one report showed the number of U.S. workers continuing to claim jobless benefits notched a fresh record in the second week of Februa...
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...
Stock index futures cut gains on Thursday following government reports pointing to further deterioration in labor and manufacturing as the recession deepens.
The number of U.S. workers continuing to claim jobless benefits notched a fresh record in the second week of February, according to government data.
Another government report showed that U.S. orders for long-lasting manufactured goods fell fo...
Bank of America is looking to sell a private bank it inherited from Merrill Lynch & Co, a banker familiar with the situation said on Wednesday.
Bank of America is looking to sell a private bank it inherited from Merrill Lynch & Co. as the bank tries to preserve capital and possibly shed noncore assets, said a report on the Wall Street Journal's Web site, citing people familiar with the situation.
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.
A Japanese unit of Switzerland's UBS AG said its computer systems mistakenly placed a $31 billion order for convertible bonds (CB) of videogame maker Capcom Co on Wednesday, but it was able to cancel the trade at no cost.
Citigroup may sell both its Japanese investment bank and brokerage, according to media reports, as the faltering U.S. lender looks to raise more cash from a sale of global assets.
