Double of what analysts had predicted, Citigroup posted a whopping $8.9 billion fourth-quarter loss. The New York-based bank has been forced to resort to the drastic measure of splitting into two separate entities: Citicorp and Citi Holdings, as a means to try and raise some capital. Citicorp will focus on traditional banking, with Citi Holdings […]
Still suffering in the aftermath of financial crisis, job lay-offs and a lack of investor confidence, mega bank Citigroup is reportedly gearing itself up to sell its Smith Barney brokerage unit to Morgan Stanley. According to reports in the Wall Street Journal and the New York Times, the deal would be structured as a joint […]
2008 will forever be the year that subprime mortgages and corporate scandals altered the face of Wall Street. With $800 billion in writedowns and losses the market found itself buried under the weight of the subprime crisis. Stock markets worldwide crashed by more than $30 trillion taking mega investment houses like Bear Stearns down with […]
Dec. 19, 2008 was when the settlement offer forcing UBS to repurchase auction-rate securities that it sold to investors prior to the collapse of the ARS market in February 2008 officially expired. For investors who did not participate in the repurchase program, there are still some options available, however. They can continue to hold the […]
Bear Stearns, Fannie Mae and Freddie Mac, American Insurance Group and Lehman Brothers are all example of where the opposite proved to be true. Failing to live up to the “too big to fail” Wall Street theme, many of these companies were forced to resort to government rescues in the form of multibillion-dollar bailouts to […]