Citigroup Inc. named former Morgan Stanley President Vikram Pandit as chief executive officer to help the largest US bank recover from serious financial problems.
Citigroup(C),the largest U.S. financial company,has reported its Q2 results.The firm suffered a loss of 2.5 billion dollars,or .54 a share.For the past three quarters,Citi's losses have been shrinking.In recognition of this ,Deutsche Bank(DB) has upgraded Citi's stock.Its Q2 results were in line with most banks that have reported earnings,says Richard Bove of Ladenburg Thalmann.Its other sources of income are great enough to cover the losses in its loan portfolio.The banks as a group are... Read Full Story
(NewsVisual, powered by IntellectSpace ) -- Citigroup Inc (NYSE: C) is closing the hedge fund founded by new CEO Vikram Pandit just under a year after its purchase for more than $800 million.
The move may create some negative sentiment for Pandit, who co-founded Old Lane Partners in 2006 and saw a huge profit after Citigroup purchased the hedge fund in 2007. Since its purchase 11 months ago, the fund has experienced few returns and high management turnover, leaving Citigroup to finally... Read Full Story
(NewsVisual, powered by IntellectSpace) -- Citigroup Inc (NYSE:C) reported on Friday that it sustained a net loss for the 2008 first quarter of $5.1 billion and that it took $6.0 billion in pre-tax write-downs as a consequence of sub-prime mortgage losses.
“Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions. During the first quarter, valuations of our sub-prime related exposures in fixed income... Read Full Story
Read this dispatch from MSN Money. Read it twice if you have to. I did. Citi did worse than expected, and people see this as a good sign. What sort of perverse logic leads to this conclusion? As the article states, investors have chosen to interpret this as a bottom. Forgive me, I'm a little slow, but haven't people been calling a bottom in financials every quarter for a year? Don't investors foolishly believe that the worst is over with every new rash of write-downs or shotgun wedding... Read Full Story
Get news updates: Mobile DownloadsText 67333Article Tools
Email this articleTop emailed links
Print this articleContact the editorsDiscuss this Article
Home > India > Business > PTI > Report July 03, 2008 17:53 IST
Citigroup's Indian origin CEO Vikram Pandit, who has been on a major restructuring drive, including thousands of layoffs, since taking charge late last year, has asked his colleagues to help transform the "best financial institution" into the world's top... Read Full Story
