Market Update: Citigroup (NYSE: C), Bank of America (NYSE: BAC), American International Group (NYSE: AIG), Adobe Systems (NASDAQ: ADBE)

On Wednesday, Citigroup (NYSE: C) Vice Chairman Edward "Ned" Kelly informed investors that the New York bank’s efforts to rid itself of nearly $900 billion in peripheral assets have gone well. -MarketWatch

The developer of the Chicago Spire fired back against a Bank of America (NYSE: BAC) lawsuit accusing it of defaulting on a loan, seeking $4.9 million. Shelbourne Development Group and its principal, Garrett Kelleher, claim in court papers filed near the end of October that Bank of America committed fraud and deception in arranging the loan used to start the stalled Spire. While units in what was to be a twisting, 2,000 foot high skyscraper continue to be listed on the multiple listing service as for sale, the site, at 400 N. Lake Shore Drive, remains a hole in the ground. Many of the firms that worked on the project have filed liens against it. This list includes Spire architect Santiago Calatrava, who is seeking payments of more than $11 million. While in Chicago last month, Calatrava stated it was his desire the project continue. –Chicago Tribune

American International Group (NYSE: AIG) CEO Robert Benmosche told the insurer’s board of directors that he may quit due to  government limits on what the company can pay employees, according to a person familiar with the situation. Benmosche made the comments at a board meeting last week, roughly three months after joining the company, stated the source, who declined to be identified because of the meeting’s privacy. The CEO’s remarks were an expression of frustration, and Benmosche, 65, hasn’t acted on his declaration.  Benmosche, who came out of retirement in August to lead AIG, seeks to halt the departure of customers and employees so that he can build units to sell in order to repay loans included in a $182.3 billion bailout. The former MetLife Inc. CEO is AIG’s fifth leader since 2005.  –Bloomberg

Adobe Systems (NASDAQ: ADBE) stock declined after the announcement of a plan to cut 9% of its workforce, a move that one analyst stated raises questions about the software company’s health. –MarketWatch

The world’s central banks are likely to be net buyers of gold this year following two decades of selling, sparking a race among analysts to determine which country will make the next big purchase. Since 1991, central banks have reduced their gold holdings by roughly 10%. It is a trend that has long been cited as keeping an overhang on gold prices. Developed countries such as Switzerland, the U.K. and the Netherlands have sold significant amounts of gold to diversify into other assets in pursuit of higher returns. –The Wall Street Journal

Confidence in the world economy dropped in November as central banks’ actions to withdraw some stimulus measures sparked concern about the strength of the recovery, a survey of users on six continents showed. The Bloomberg Professional Global Confidence Index fell to 60.3 from 61.7 in October, the highest level in the series that began two years ago. The index exceeded 50 for a fourth month, meaning there were more optimists than pessimists. -Bloomberg

-Jutia Group