Word: city
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Dates: during 2000-2009
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...rehabilitation and restructuring of Citigroup (C) was supposed to take months, or maybe a year. The big bank got a cash infusion when it sold a part of Smith Barney to Morgan Stanley. The plan for the creation of a new Citi was based on its ability to limit its losses so that it could buy time to unload other parts of its family of financial companies...
...allocated for the TARP, a great deal of it may be going right back out to banks. The forecast now is that Citigroup (C) could lose $10 billion this quarter. A look at what is happening to consumer credit, LBOs, and the alarming increase in corporate bankruptcies means that Citi may need more than one injection of capital this year. The same holds true for Bank of America and a number of other financial firms which have not yet telegraphed their Q4 numbers...
...Bank of America's acquisition of Merrill Lynch is shaky and that BofA will need billions more in federal assistance. Meanwhile, Citigroup is trying to stay one step ahead of the sharks, er, shorts, who have taken the stock down more than 20% in the past two days. Though Citi is moving aggressively to hive off assets and divisions - earlier this week it announced the merger of its Smith Barney brokerage unit with Morgan Stanley's Global Wealth Management division, a deal that will bring Citi more than $2 billion - investors are worried about worsening loan losses across the banking...
...Citi's stock traded for about $60 a share. It will never get back there again. Trading at $6 now, it may never get back to $10. Much of that drop is due to the market, furious at bad investment decisions that caused huge losses, which has diminished the value of bank stocks by over...
...Would being smaller and more focused have helped Citi over the past two years, or in the period just before that when it was piling up investments in mortgage-backed securities and LBO debt? Since all of its peers, even the smaller banks, did the same thing, probably...