Merrill Cuts Citigroup, Shares Drop
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Citigroup Inc. (CN: Quote, Profile, Research) shares fell as much as 2.75 percent on Monday after a prominent Wall Street analyst downgraded the world&#39;s largest financial
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Merrill Lynch & Co. Inc.'s  $1.3 billion bet on subprime lending hit a sour note on Monday, when the world's largest brokerage confirmed job cuts at its First Franklin Financial Corp. unit.
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Merrill Lynch & Co. MER.N, the  biggest U.S. brokerage, said on Tuesday its fourth-quarter  profit fell 1.8 percent as increased banking and brokerage  revenue was offset by higher compensation and other costs.
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Merrill Lynch & Co Inc  reported $7.9 billion in net write-downs for the third quarter on Wednesday as shaky risk management and bad bets on subprime mortgages and collateralized debt obligations triggered the company's first quarterly loss in six years.
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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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Citigroup Inc. led shares of financial services stocks lower Monday after Japanese regulators ordered the company to close down its private-banking operations, a move that triggered a downgrade from a major Wall Street brokerage.
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Citigroup Inc , Merrill Lynch &  Co  and JPMorgan Chase & Co  may face larger  fourth-quarter write-offs of fixed-income securities than  previously expected, and Citigroup may have to slash its  dividend 40 percent to preserve capital, according to a Goldman  Sachs & Co analyst.
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Stocks fell sharply at the opening on Tuesday, with each of the major indexes down more than 1 percent, after weaker-than-expected retail sales data and Citigroup Inc's  quarterly loss.
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Citigroup Inc.  on Friday said it is cutting jobs in its corporate and investment bank to save money, and a person familiar with the decision said more than 1,000 positions may be lost.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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US financial services giant Citigroup (CN: Quote, Profile, Research) regrets its controversial sale of around 11 billion euros ($13.
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Merrill Lynch & Co Inc  said on Monday that its subprime lender, First Franklin Financial, would cut an unspecified number of jobs in another setback to the brokerage's $1.3 billion acquisition.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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Merrill Lynch & Co Inc  on Wednesday reported $7.9 billion in write-downs for the third-quarter as shaky risk management and bad bets on mortgages and leveraged loans for corporate takeovers triggered the company's first loss in six years.
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U.S. stocks fell on Thursday as warnings of losses stemming from bad home loans by two of the top three U.S. subprime mortgage lenders hurt shares of home loan companies and banks like Citigroup Inc.
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U.S. investment bank Merrill Lynch &  Co. MER.N on Tuesday said third-quarter profit fell 8  percent, hurt by reduced trading in debt and equity markets,  which pushed revenue below expectations.
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Merrill Lynch & Co Inc  said on Monday that its subprime lender, First Franklin Financial, would cut an unspecified number of jobs, in another setback to the brokerage's $1.3 billion acquisition.