Word: citigroup
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...have fizzled. Given the role played by arcane financial engineering in triggering the current crisis - the troubles at AIG, for example, stem largely from its freewheeling London financial-products division - the future looks especially bleak for people working in structured finance and complex derivatives. No surprise, then, that HSBC, Citigroup, Credit Suisse and others have started cutting staff...
...aluminum producer Alcoa missed earnings estimates after hours yesterday with a 52% drop in profit. Or that Bank of America was down again, 3.7% at one point, on continued worries over its need to recapitalize. Other financials, which had been battered hard on Tuesday, like J.P. MorganChase & Co. and Citigroup, seemed to be heading up significantly, as was bellwether General Electric, which had seen its shares hit hard the last few months over its exposure to the credit crunch. By day's end, however, J.P. MorganChase was down slightly while GE and Citi managed only slim gains...
...possibility that they might default on their debt, dooming them to bankruptcy. According to data provided by Bloomberg using a model devised by JP Morgan, the price of this insurance currently implies that the odds of banking giant Morgan Stanley defaulting in the next five years are 45%. For Citigroup, another financial linchpin, they're 21%. "This is astonishing," says Weiss. "If Citigroup fails, it could be disastrous...
...willing to pay tuition through the nose amid all kinds of money trouble, have often kept these institutions insulated from economic downturns. But in a financial crisis of this magnitude, even the ivory towers are getting hit - and in more ways than one. Not only have Bank of America, Citigroup and some two dozen other lenders cut back on or stopped issuing student loans, but the market meltdown has left many colleges scrambling to come up enough cash to cover payroll and other near-term necessities...
...Financial and plans to do the same with Merrill Lynch, dropped almost 25% on the announcement. Morgan Stanley shares also plummeted 25% on rumors, which the company denied, that Mitsubishi-UFJ may not take an expected 20% stake in the embattled firm. J.P. Morgan was down about 9.5% while Citigroup fell more than...