Citigroup’s (C) quarter was as bad as advertised. The bank reported net income for the 2007 third quarter of $2.38 billion, or $0.47 per share, a decline of 57% from the prior-year…
Douglas A. McIntyre According to Reuters, Citigroup (C) and other large banksare planning to create a roughly $80 billion fund to buy ailing mortgage securities and other assets. Reuters writes that Medtronic (MDT) is suspending…
In a far-reaching response to the global credit crisis, CitigroupInc. and other big banks are discussing a plan to pool together andfinancially back as much as $100 billion in shaky mortgage securitiesand…
Douglas A. McIntyre This was a long and crazy week for stock traders, but the Bond weasels got Monday off and only had a four-day work week. Thursday was the mystery tank day when the…
Citigroup (NYSE:C) is feeling the wrath of yet another SELL rating, this time the downgrade came from Deutsche Bank. Interestingly enough, the note directly challenges management saying changes are needed in the…
Douglas A. McIntyre Citigroup CEO-for-life Chuck Prince engineered another major reorganization of his senior management group. This time the reason was all of the mortgage and fixed income losses the bank had. The ones that…
According to Reuters, a sharp fall in shares of China internet company Baidu (BIDU) raised fear that the tech market has topped. Reuters (RTRSY) reports the Citigroup (C) has gone through another…
The FT ran a piece in which research firm Sanford Bernstein is quoted as saying that loses at Bank of American (BAC) and JP Morgan (JPM) will be just as bad, if…
According to Reuters, Morgan Stanley (MS) plans to start a wealth management business in India. Reuters writes that Alan Greenspan said that US economic growth is slowing. Reuters writes that SAP (SAP)…
The housing situation in the US may be getting bad enough so that one or more of the major home builders could face Chapter 11, especially if the downturn goes deep into…
The Telegraph has a story indicating the Citigroup (C) may offer British mortgage company Northern Rock at $20 billion line of credit to remain independent and work itself out of its lending…
Douglas A. McIntyre The FT writes that "Citigroup (C) is in talks with KKR to provide financing to buy some of the leveraged loans on its balance sheet." Firms like KKR want to buy the…
Douglas A. McIntyre According to Reuters, the four largest players in global financial markets have grown at a breakneck pace in the last six years, and the assets they manage are expected to double to…
The FT writes that Citigroup (C) is investigating why it had $3.3 billion of losses and writedowns in its markets and banking business. No one has lost a big job over the…
Douglas A. McIntyre According to Reuters, Verizon (VZ) is launching three new phones for the holidays, One will compete directly with the Apple (AAPL) iPhone. Reuters writes that Microsoft (MSFT) is releasing a new version…