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Citigroup Inc

BUSINESS
November 14, 2007 | From Bloomberg News
Citigroup Inc. said Tuesday that it planned to combine its debt and equity underwriting operations into one division and merge its stock and bond sales units. The combined underwriting group will be led by Tyler Dickson, 40, while the new sales group will be co-led by Antonio Cacorino and James O'Donnell, 46, according to an internal Citigroup memo.
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BUSINESS
November 6, 2007 | From Times Wire Services
Citigroup Inc.'s problems deepened Monday as it was unable to assure investors that a potential $11-billion additional write-down for sub-prime mortgage-related securities wouldn't grow, and its nearly pristine credit ratings were downgraded. The largest U.S. bank also reduced its previously reported third-quarter profit because of worsening credit markets. One day after Charles Prince stepped down as chairman and chief executive, Citigroup's shares continued to slide, falling $1.
BUSINESS
November 5, 2007 | Walter Hamilton, Times Staff Writer
The sub-prime mortgage crisis claimed its second Wall Street chief executive in less than a week on Sunday as the embattled head of Citigroup Inc. stepped down. The nation's largest banking company warned it might also suffer a whopping $11 billion of additional mortgage-related losses. Citigroup named as chairman former Treasury Secretary Robert E. Rubin, the current head of its executive committee. Win Bischoff, the chief of Citigroup's European unit, was made interim CEO.
BUSINESS
November 3, 2007 | From Reuters
Citigroup Inc. Chief Executive Charles O. Prince is expected to resign this weekend, the Wall Street Journal said, as the widening sub-prime mortgage crisis deals a final blow to a reign long under attack. The largest U.S. bank is expected to hold an emergency board meeting Sunday, at which Prince would step down, the newspaper said Friday, citing people familiar with the situation. Citigroup spokesman Michael Hanretta declined to comment.
BUSINESS
October 31, 2007 | Jonathan Peterson, Times Staff Writer
Would you feel comfortable if your company sold off your pension plan to a big bank? This month, Citigroup Inc. got the green light from the Federal Reserve for an unusual deal to take over the $400-million retirement plan of a British newspaper company. In exchange for getting its hands on all that cash, Citigroup will run the pension plan -- investing the money, paying the benefits and taking on the liability previously borne by Thomson Regional Newspapers.
BUSINESS
October 16, 2007 | From the Associated Press
Citigroup Inc.'s report Monday of a 57% drop in third-quarter profit didn't surprise anyone. What did sound some alarms was the biggest U.S. bank's somber take on current conditions -- suggesting that a hoped-for industry rebound may not come so easily. Investors responded by sending Citigroup's stock down more than 3%, and analysts made it clear that shareholders' displeasure with Chairman and Chief Executive Charles Prince was escalating. Citigroup took mortgage-backed security losses of $1.
BUSINESS
October 16, 2007 | Walter Hamilton, Times Staff Writer
Three major U.S. banks unveiled plans Monday for an $80-billion fund to buy bonds whose values have plummeted in the wake of the credit crunch induced by the sub-prime mortgage meltdown. The fund is being launched by Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. in hopes of bolstering the market for short-term corporate borrowing, which has yet to recover from the credit crisis that struck over the summer.
BUSINESS
September 6, 2007 | From Times Wire Services
The Securities and Exchange Commission is monitoring the biggest Wall Street securities firms to gauge whether they face losses from investment vehicles that sold short-term debt, an agency official said Wednesday. The SEC, concerned about the collapse of the sub-prime mortgage market, is reviewing "contingencies that might place additional strains on the balance sheets" of investment banks, Erik Sirri, head of the agency's market regulation division, said in congressional testimony.
BUSINESS
September 1, 2007 | E. Scott Reckard, Times Staff Writer
Ameriquest Mortgage Co., once the "Proud Sponsor of the American Dream," is closing. Citigroup Inc. said Friday that it would buy the remnants of the Ameriquest empire from ACC Capital Holdings in Orange, and ACC said it was "preparing for an orderly wind-down of its retail mortgage business." Ameriquest shuttered its 229 retail offices months ago. As recently as 2005, Ameriquest and its sister company, Argent Mortgage, were together the No. 1 sub-prime mortgage lender in the world.
BUSINESS
August 15, 2007 | From Times Wire Services
Citigroup Inc. and three of the largest U.S. brokerage firms plan to create a trading system for unregistered securities as more companies seek to avoid regulation by raising money privately. Lehman Bros. Holdings Inc., Merrill Lynch & Co., Morgan Stanley and Citigroup expect to begin operating the Open Platform for Unregistered Securities, or OPUS-5, in September, the companies said in a statement Tuesday.
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