CITIGROUP (NYSE: C)
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Coming Week: Earnings Fireworks on Tap
Investors will be welcomed back from the long holiday weekend with the start of second-quarter earnings season. 2009 07 03 09:19

($) Declaring Independence From an Irresponsible Era
We need to renew the American Dreams and return to the principles that made this country great: working hard, taking risks and spending wisely. 2009 07 03 08:38

$ Review
2009 07 03 05:43

$ Breakfast of Champions
2009 07 03 05:43

Final Glance: Finance companies
NEW YORK (AP) - Shares of some top finance companies were down at the close of trading: 2009 07 02 18:15

Bank of America sets $713 million TARP payment
CHARLOTTE, N.C. (AP) - Bank of America Corp. said Thursday its board has authorized roughly $713 million in dividend payments to the U.S. government under the troubled asset relief program. 2009 07 02 17:45

Phantom Homes
Hundres of thousands of foreclosed homes are hidden from the market's eye. 2009 07 02 17:34

MSN Money News - C
News about Citigroup Inc

 

Phantom Homes
Hundres of thousands of foreclosed homes are hidden from the market's eye.

Street Opens July With Gains
Citigroup confirms sale of NikkoCiti to Nomura.

Citi's Bischoff Good For Lloyds
The former Citi chairman would be a good match for the British bank that is struggling with restructuring.

Citi Nabs A New Hire - With Taxpayer Money
Bank pays a guaranteed bonus to lure Morgan Stanley's Petherick.

Fed Maintains Target Rate
Central Bank says pace of economic contraction is slowing.

Investors Await Fed Decision
This is a transcript of the Market Update: Midday video report.

Are Bankers Getting Paid Enough?
To keep valued bankers and traders from jumping ship, firms like Citigroup are raising base pay.

New Home Sales Drop
Stocks gain on durable goods orders and other economic data.

Q&A With Barry Ritholtz
The author of ''Bailout Nation'' talks about new regulation, keeping tabs on TARP dollars and why he is criticizing the Obama administration.

Is TARP Still Working?
As new loan originations fall and balances hold steady, TARP's magic looks like a thing of the past.

Goldman Gives New Meaning To Cost-Cutting
Staff in London are being encouraged to use an expensive railway service, rather than private car hire.

Give Obama A Bank
The private sector has failed us, so it's time to give the government its own bank for infrastructure.

An Optimistic Fed
The FOMC's rhetoric may perk up, but their policy will still stay on auto-pilot.

Apple, Microsoft lead tech
Consumers line up for the new iPhone; bank stocks move higher.

RIMM Beats Street
This is a transcript of the Market Update: Afternoon Report.

RIM Beats
Profits of 94 cents a share; Washington works on regulation overhaul.

The Risk Of New Regulation
The system Obama proposed relies too much on the judgment of mere mortals.

Can Bair Boot Pandit?
Lots of ink is spilled about whether the Feds can boot various execs. But for you this is just noise and a distraction.

Layoffs, Cutbacks And You
The pace of layoffs will slow, says Mercer, but for most workers the squeeze will continue.

Q&A With Steve Forbes
Steve Forbes speaks about his new book, ''Power, Ambition, Glory.''

TALF Works, Buy Financials
Firms are now selling funds back by the government's TALF program. You can profit by following who's selling these assets.

Optimism for Bank of America
Microsoft adds 2%; BlackRock buys Barclays' unit.

Lewis Takes The Stand
Bank of America's CEO testifies; Fifth Third upgraded.

Buy Banks Now
Since the market rally contains stocks from firms receiving bailout funds, does that taint the upturn?

Calling For Regulation From Two Sides
Wall Street's Hegelian moment.

Forbes.com: c
The latest Forbes.com news on the ticker c.

 

Deals of the day -- mergers and acquisitions (at Reuters)

Ready to Deal (at Forbes.com)

UPDATE - Athens bomb targets McDonald's, no injuries-police (at Reuters)

Coming Week: Earnings Fireworks on Tap (at TheStreet.com)

Declaring Independence From an Irresponsible Era (RealMoney by TheStreet.com)
We need to renew the American Dreams and return to the principles that made this country great: working hard, taking risks and spending wisely.

UPDATE - Carlyle, Primus among bidders for AIG unit-sources (at Reuters)

[$$] Breakfast of Champions (at Barron's Online)
Breakfast of Champions General Mills serves up a healthy payout increase.

[$$] A Material Change (at Barron's Online)
Review A look back at last week's important events.

UPDATE - SMFG denies report it eyeing Nikko Asset stake (at Reuters)

Sumitomo Mitsui may invest in Nikko Asset: report (at MarketWatch)
Japan's Sumitomo Mitsui Financial Group is reportedly considering buying a stake in Nikko Asset Management.

[$$] Lear Reaches Tentative Pact With Lenders To Restructure (at The Wall Street Journal Online)

[$$] Big Pay Packages Return to Wall Street (at The Wall Street Journal Online)

[$$] India's Tata Steel to Raise Capital in Overseas Listing (at The Wall Street Journal Online)

Sumitomo Mitsui eyes stake in Nikko Asset - media (at Reuters)

UPDATE - Citigroup, Relativity agree to dismiss litigation (at Reuters)

UPDATE - Wells Fargo loses bid to end Baltimore mortgage suit (at Reuters)

Stocks End Week With Thud After Jobs Report (at CNBC)

Bank of America sets $713 million TARP payment (AP)
Bank of America Corp. said Thursday its board has authorized roughly $713 million in dividend payments to the U.S. government under the troubled asset relief program.

Phantom Homes (at Forbes.com)

[$$] A Rough Finish (at RealMoney by TheStreet.com)

Yahoo! Finance: C News
Latest Financial News for CITIGROUP INC

 

Bank and Film Financing Company Agree to Dismiss Lawsuits
Citigroup and Relativity Media filed lawsuits against each other in November over a five-year, $550 million film deal involving Sony Pictures.

Citigroup Told to Stop Ads in Japan
Japanese regulators said the bank failed to monitor suspicious transactions, and had governance problems.

Citigroup Has a Plan to Fatten Salaries
The plan is a test for the Obama administration, which wants to limit compensation at companies that have received federal bailouts.

Regulators Push for Change at Two Troubled Big Banks
With Bank of America and Citigroup due to report on their progress under the bailout, it’s uncertain whether their top leaders can keep their jobs.

BANKS TOLD THEY NEED $75 BILLION IN EXTRA CAPITAL
Federal regulators order 10 of nation's biggest banks to raise total of $75 billion in extra capital and give rest clean bill of health; long-awaited results of stress tests prompt major institutions to scramble for more capital; banks must give regulators their plans for raising money by June 8 and raise it by November; verdict is much better than many in industry feared; banks have to come up with less capital than analysts expected; Bank of America is told to produce $34.9 billion, Wells Far...

Tests of Banks May Bring Hope More Than Fear
The Obama administration seems ready to argue that the financial system is healthier than many investors fear.

Citi Will Sell Japan Units, Bolstering Its Capital
The sale will provide the bank some capital ahead of the release next week of the results of a federal stress test.

Restless Feet on the Road, Trying Out a New Vehicle
On Tuesday, Minna Tervamaki made her New York debut in the New York premiere of “Liquid-Space,” performed with its choreographer, Robert Sher-Machherndl.

Holdouts Jeopardize Debt Plan For Chrysler
Obama administration is prepared to force Chrysler into bankruptcy by end of week unless it gets unanimous consent from group of banks and hedge funds to retire automaker's debt; Treasury Department tells 46 creditors that they must accept $2 billion in cash to eliminate about $6.9 billion in secured debt by April 30; JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs have agreed to terms; together, they hold about 70 percent of Chrysler's debt; some smaller banks and hedge funds are s...

Feeling Secure, Some Banks Want to Be Left Alone
Emboldened by newfound profits and eager to shake off federal control, a growing number of banks are resisting the Obama administration’s proposals for fixing the system.

Geithner, Member and Overseer of Finance Club
As head of the New York Fed, Treasury Secretary Timothy F. Geithner built close relationships on Wall Street.

After Off Year, Wall Street Pay Is Bouncing Back
If the pace set in the first quarter continues all year, the average pay for bankers much of it in bonuses will rebound from the lows of last year.

Treasury Said to Raise Offer to Chrysler Lenders
Under the new plan, Chrysler’s lenders, who hold about $6.9 billion worth of debt, would reportedly receive about $1.5 billion and a 5 percent equity stake in the reorganized company.

Banks Sway Bills to Aid Consumers
Nation's largest banks still wield considerable influence in Washington; banks have made it difficult for Congressional Democrats and Obama administration to give stretched homeowners stronger hand in negotiating lower monthly mortgage payments and to prevent credit card companies from imposing higher fees and interest rates; administration intends to make major push on consumer finance issues, possibly including tough new lending standards for homeowners seeking mortgages; Obama is set to meet...

Citi Directors Face Angry, Coffee-Less Shareholders
At a shareholders meeting on Tuesday, investors’ frustrations touched on credit card fees, the health of the company, the $400 million spent to sponsor Citi Field and more.

NYT > Citigroup Inc.

Citigroup Inc. was formed in 1998 when the company's architect and former chief, Sanford I. Weill, merged the insurance giant Travelers Group and Citicorp, then the nation's largest bank. The deal brought traditional banking, insurance and Wall Street businesses, like stock underwriting, under one roof. Mr. Weill's vision was of a financial superpower dominating global markets.

But for the first decade of its life, the company came under repeated fire from shareholders for lackluster results. Then came the housing bust. Citigroup had been an aggressive player in the securitized mortgage market, and those chickens came home to roost in tens of billions of losses. After a change in chief executives and two federal bailouts, Citigroup announced on Jan. 16, 2009, that it would split, for management purposes, into two entities, Citicorp and Citi Holdings. A third bailout in February brought the federal government's investment to $45 billion, making taxpayers the bank's largest single shareholder. By March, the bank's management discerned signs of hope and in April, the bank posted modest first-quarter gains, although a substantial share of the profits were the result of an accounting adjustment.

The chain of events was a giant comedown from Mr. Weill's hopes. To create Citigroup, he had led the lobbying effort to repeal the Depression-era Glass-Steagall laws separating commercial and investment banks, had pushed out Citicorp's head, John Reed, after an awkward period in which they were co-chairmen and installed his longtime lawyer, Charles O. Prince, as his successor.

Under Mr. Prince, Citigroup charged aggressively into the trading of mortgage-backed securities that were the hot product on Wall Street at the time. As late as the summer of 2007, as evidence mounted of a collapse in the housing market, Mr. Prince declared that the bank was "still dancing."

Not much later, the music ended, and Mr. Prince was out in November of that year as the bank posted a $5.9 billion loss.

That turned out to be the first of many. On Jan. 16, 2009, Citigroup announced an $8.29 billion fourth-quarter loss, bringing its total losses for 2008 to $27.7 billion, among the largest in corporate history. The bank also said that its head count had been reduced by approximately 29,000 since the third quarter and approximately 52,000 for all of 2008.

Citigroup's first cash infusion from the government came in October 2008 in a $25 billion capital injection from the Troubled Asset Relief Program, or TARP. The bank's breakup plan came after a stern regulatory warning it received in late November 2008, when its rapidly deteriorating share price prompted the government to give it a second cash infusion, of $20 billion. Federal regulators also leaned on Citigroup to shake up its board and on Jan. 21, Richard D. Parsons, the former Time Warner chairman, was named its new chairman.

A new strategy, put into place by its chief executive, Vikram S. Pandit, focused its executives' attention on its stronger remaining businesses while winding down its money-losing operations.

By segmenting Citigroup into Citicorp and Citi Holdings, run by separate managers, Mr. Pandit seemed to be setting the stage for a spin-off of Citigroup's stronger operations, or an eventual merger. Meanwhile, reporting the two sets of businesses separately should burnish its quarterly results by making it easier for investors to focus on its healthier operations.

On Feb. 27, Citigroup and Treasury officials reached an agreement that vastly increased government ownership of Citigroup, to 36 percent. Under the deal, the Treasury Department agreed to convert up to $25 billion of its preferred stock investment in Citigroup into common stock, giving taxpayers more risk, but more potential for profit if the company recovers. The government will not put in any additional money for now, but some analysts believe Citigroup may require more down the road.

But in an internal memo on March 9, 2009, Citigroup said it operated at a profit during the first two months of the year.

And on April 17, Citigroup squeezed out a first-quarter net profit with help from an accounting adjustment that allowed the bank to post a one-off gain of $2.5 billion on its derivative positions. The bank reported a first-quarter net income of $1.6 billion, driven by stronger trading results and improvement in its write-downs. Overall revenue was $24.8 billion, up 99 percent. It announced a loss, however, of 18 cents a share, because of changes in its stock structure.

Analysts remained skeptical about how easily the bank would manage to weather the still gloomy economic outlook. They speculated that Citigroup would continue to struggle under the mounting weight of exposure to consumer related loan defaults that are likely to increase as the recession continues and more Americans lose their jobs.

 

U.S. Mortgage Rates Fall This Week

Obama Administration To Move Forward With Distressed Debt Program

Listen to Citigroup Analysts at Your Own Peril

Sumitomo Mitsui May Invest in Nikko Asset, Asahi Says

Citigroup, Relativity agree to dismiss litigation

Upgrades Downgrades: CAL, TTM, WPPGY, BLL

Bischoff Said to Be Candidate to 'Fight' for Lloyds

Citi raises rates on millions of credit cards: report

Upgrades Downgrades: FDX, ERTS, SO, HOT

Zacks Analyst Blog Highlights: Citigroup, Bank of America, JP Morgan, Wells Fargo and US Bancorp

News for Citigroup Inc. - Google Finance
News for Citigroup Inc. - Google Finance