All Posts Tagged With: "Citigroup"
Citigroup Whacks Another 50,000 Jobs; Cuts Expenses by 20%
Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.
The cuts…
18Nov2008 | Money Morning | 0 comments | ContinuedCitigroup Concedes Wachovia to Wells Fargo
The much-ballyhooed battle between Citigroup Inc. (C) and Wells Fargo & Co. (WFC) ended with a whimper Friday, as Citi gave up its pursuit of the assets of Wachovia Corp. (WB) – the Charlotte-based lender that was undermined by its…
13Oct2008 | Money Morning | 0 comments | ContinuedTemporary Litigation Halt as Citigroup and Wells Fargo Continue to Vie for Wachovia
After a day of dueling lawsuits yesterday (Monday), all parties agreed to halt litigation for two days as Citigroup Inc. (C) and Wells Fargo & Co. (WFC) continued to squabble over rights to purchase Wachovia Corp. (WB).
The three banks…
7Oct2008 | Money Morning | 0 comments | ContinuedCitigroup Takes Issue with Wells Fargo Bid for Wachovia
Wells Fargo & Co. (WFC) Friday agreed to buy all of Wachovia Corp. (WB) for about $15 billion in stock, however, Citigroup Inc. (C), which had already agreed to buy Wachovia’s banking operations, immediately issued a protest that could jeopardize…
6Oct2008 | Money Morning | 0 comments | ContinuedAfter Reloading With Wachovia’s Banking Business, Citigroup Takes a New Aim at the U.S. Banking Market
Citigroup Inc. (C) will acquire Wachovia Corp.’s (WB) banking operations for $2.l6 billion, a deal that will restore Citi’s title as the biggest U.S. bank by assets while transforming the once-highly regarded Wachovia into an investment-management operation.
In becoming the latest…
30Sep2008 | Money Morning | 0 comments | ContinuedThe Three Signs That the Credit Crisis Has Yet to Hit Bottom
Have we seen the worst from the financial sector?”
The question - a very good one - came from an audience member following my global investing presentation at the Agora Wealth Symposium in Vancouver, British Columbia. During my entire time there,…
7Aug2008 | Money Morning | 0 comments | ContinuedUBS Embarks on Middle East Expansion
UBS AG (UBS) yesterday (Tuesday), announced it had obtained a license to operate in Saudi Arabia, joining a growing number of financial firms looking to recoup some of the over $400 billion in global write-downs to date by tapping into…
9Jul2008 | Money Morning | 0 comments | ContinuedGlobal Investment Roundups
Source: Citigroup Cutting More Jobs Soon; Housing Outlook Remains Bleak; Consolidating Waste; Declining Euro; Huntsman Sues Apollo; GM Boost Prices, Cuts Costs; Safran Woos with Higher Offer; Motorola Slumps on “Sell” Rating
–Citigroup Inc. (C) may lay off more workers this week…
24Jun2008 | Money Morning | 0 comments | ContinuedKuwait Sovereign Wealth Fund Considering Bigger Citigroup and Merrill Stakes
Struggling U.S. financials Citigroup Inc. (C) and Merrill Lynch & Co. Inc. (MER) may get another equity injection from state-owned Kuwait Investment Authority (KIA), the fund’s managing director told Reuters.
Their valuations would make it tempting - as both firms are trading…
4Jun2008 | Money Morning | 0 comments | Continued
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