Word: citigroup
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...Geithner's experience does have its downside. The Administration's attempts to shore up confidence in the stock and credit markets have stumbled, and now even previously rock-solid institutions like Citigroup are in deep trouble. And if Geithner locked horns with Sheila Bair from his perch atop the New York Fed, he'll have to work even more closely with her from the Treasury building on the other side of the White House, as the two will be key players in saving any big banks that fail. They will also control the shape of any mortgage bailout for Americans...
...Citigroup may soon get all the sleep it needs. Investors are growing increasingly concerned that the global financial behemoth could go the way of Bear Stearns, Lehman Brothers and Merrill Lynch. Shares of the company, which was once the world's largest bank, closed at $3.77 on Friday. The company's board members reportedly met on Friday and will continue to talk over the weekend to discuss the firm's options. There are a number of possible outcomes, not all of which conclude with the end of Citi. "Somehow they need to get the price of their stock up," says...
...lenders insist they need neither carrot nor stick to do what's right in this emergency, and indeed, many banks, including JPMorgan Chase, Citigroup and Wells Fargo, have already instituted loan-modification programs (if only, critics say, to head off any government-imposed solution). "We've always been committed to foreclosure outreach," says Joe Ohayon, vice president at Wells Fargo Home Mortgage, one of seven lending institutions that voluntarily took part in the Miami Gardens clinic and have won praise from Miami Gardens officials. "And we're just as committed to working with the cities, because they're viewed...
...defaults are ratcheting up. "With charge-offs rising so fast and beyond what was expected, the losses those cause will far surpass what companies were hoping to make up with by extra card fees and higher interest rates," says Nishikawa. Nonetheless, the industry keeps trying: on Thursday, embattled Citigroup announced that, in addition to 10,000 layoffs, it would impose higher interest rates on some of its 54 million cardholder accounts. Citigroup's credit-card division lost $902 million in the third quarter...
This deleveraging also occurred among investment banks. The failings of major financial institutions have directly fueled the decline in oil prices. Many banks' internal commodities-trading funds - Citigroup, for instance, owns Phibro, a major commodities trader - have generated excellent returns over the past few years...