Citigroup Combining Mortgage Operations Into One Unit
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Badly bruised by the sharp downturn in the housing market, Citigroup is bringing its mortgage-related activities under one roof.
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Citigroup wrote off a colossal $18.1 billion on Tuesday and secured new capital as Merrill Lynch, also seen heading for big losses due to the U.S. subprime mortgage meltdown, announced a $6.6 billion shot in the arm.
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A consortium led by Citigroup Inc.  has won final regulatory approval for its $3.1 billion purchase of 85.6 percent of Guangdong Development Bank (GDB), the China Banking Regulatory Commission said on Monday, paving the way for a restructuring of the troubled southern China lender.
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U.S. investment bank Citigroup C.N   said on Tuesday it is shedding its Citigroup Venture Capital   buyout unit amid renewed activity among banks in the buyout   sector.
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Citigroup Inc , the largest U.S. bank, may eliminate 17,000 to 24,000 jobs and write off as much as $24 billion for subprime and other credit losses, as part of a plan to cut costs and add capital, CNBC television said on Monday.
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The subprime mortgage mess has created a mixed blessing for potential homebuyers.
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Citigroup said Thursday that it planned to take $49 billion of structured investment vehicles onto its balance sheet, after ratings agenciesâ threats to downgrade the debt.
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Mortgage company raises financing using mortgages as collateral.
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Citigroup will write down $18.1 billion because of soured mortgage-related investments, cut its stock dividend and sell another stake to foreign investors.
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With so few mergers and acquisitions these days and with fees for them shrinking, bankers have found a new way to milk more cash out of deals: working with both buyer and seller.
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The recent woes of Citigroup  have encouraged some investment bankers to talk up the chances that the biggest U.S. bank might feel pressure to buy a major U.S. rival, with Wells Fargo & Co.  and even Goldman Sachs Group  touted as potential merger partners.
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Mortgage giant Freddie Mac is shutting down some operations of its debt-securities sales division and transferring others -- moves that experts said should
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Citing a Massachusetts law that just went into effect, Morgan Stanley and Citigroup Global Markets Realty Corp. could stop purchasing a category of mortgages refinanced by Massachusetts homeowners, a move that could make it harder to refinance a home loan.
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Investors approved a merger between the three Deutsche property trusts to form a $3 billion group, in one of the latest examples of consolidation in the listed property sector.
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Citigroup Inc  plans to inject about $3.3 billion into six of the seven structured investment vehicles it took onto its balance sheet last year, to shore up their credit ratings and protect creditors, Dow Jones Newswires said on Tuesday, citing people familiar with the situation.
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In a move Citigroup Inc. said was aimed at broadening the experience of up-and-coming executives, two of its top managers are swapping jobs.
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U.S. Treasury Secretary Henry  Paulson said on Monday that moves by some banks, including  Citigroup , to bring off-balance sheet investments tied to  subprime mortgages back onto their books would help ward off a  widespread credit crunch.