The U.S. government will boost its equity stake in Citigroup Inc to as much as 36 percent, bolstering the bank's capital base in the latest emergency effort to save the ailing banking giant.
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.
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.
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.
Little political enthusiasm exists for further support to the banking sector. One reason is that banks that received money in the initial rescues do not seem to have increased their lending, without which monetary and fiscal stimulus are unlikely to be effective. For banks to start lending again, even more intervention may be needed.
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 ...
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.
U.S. regulators including the Treasury and Federal Reserve issued a joint statement saying the government stands firmly behind the banking system and said the government would ensure the banks had enough capital and liquidity to provide credit needed for economic growth.
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.
Citigroup will use $36.5 billion to issue mortgages, credit card loans and buy distressed assets in the credit market in the coming months, the Associated Press reports citing a report from the firm.
Citigroup will use $36.5 billion to issue mortgages, credit card loans and buy distressed assets in the credit market in the coming months, the Associated Press reports citing a report from the firm.
Prominent executives have stepped away from attendance at the World Economic Forum 2009 in Davos, Switzerland which kicks off Wednesday, citing illness, the need to deal with pressing matters, or just avoiding the spotlight under tough economic circumstances.
Citigroup is planning to sell its Japanese retail brokerage Nikko Cordial Securities, according to a report.
Citigroup Inc lost $8.29 billion in its latest quarter, marking five straight quarters of losses as it unveiled a restructuring plan that divides the company into two major units. Investors were pleased with the news, sending shares up 9.7 percent in pre-market trading on Friday.
Citigroup announced that Robert Rubin has retired as Senior Counselor effective Friday and will finish out his term as a director on the company's board.
Citigroup chief executive Vikram Pandit is set to present his plans and outlook for the largest U.S. bank, when it holds its annual Investor Day meeting on Friday.
Citigroup Inc, the largest U.S. bank by assets, announced a $5.1 billion first quarter loss along with more than $12 billion in writedowns linked the struggling mortgage and credit markets.We'...
Citigroup Inc awarded Chief Executive Vikram Pandit $26.7 million of shares and 3 million stock options, six weeks after he took over the largest U.S. bank, and a week after reporting a record $9.83 billion quarterly loss.
Citigroup Inc., the nation's largest bank by assets, reported the company's biggest quarterly loss and slashed dividends on Tuesday as loan defaults in recent quarters forced it to write down the value of subprime-mortgage investments by $18 billion.
Citigroup will announce at least a $10 billion injection and a write-down of as much as $20 billion in mortgage-related investments when it announces its fourth quarter earnings tomorrow, the Wall Street Journal reported Monday.
Citigroup, Inc. and Merrill Lynch & Co., U.S. banks which have seen heavy losses due to bad bets on the mortgage market, are in discussions to get up to $10 billion and $4 billion in capital respectively primarily from foreign governments, according to a report on Wednesday.
