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...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 James Ellman, a hedge fund manager at Seacliff Capital. "If they don't they are in for a lot of big problems...
...have wealth, you have knowledge of wealth," says Sebastian Dovey, managing partner at Scorpio Partnership, which in August helped Swiss bank UBS roll out Dialogue, a new financial-education service. But having money and being savvy about it are "not directly linked," he says. Another such program is Citi Private Bank's annual NextGen conference, which has been held in Singapore and Hong Kong since 2003. Each year, the bank sends invitations to the adult children of clients whose net worth exceeds $10 million. Participants attend investment seminars, play finance-related games and take part in team-building and social...
...while working overtime to limit the damage on Wall Street. In the past month, she's overseen the "resolution" (meaning, in a banker's lexicon, the "failure and sale") of the country's sixth largest bank, Washington Mutual, and helped negotiate the forced sale of superregional Wachovia bank to Citi (only to see the deal, in an embarrassing turn, break down when Wells Fargo snatched up Wachovia instead). She got Congress to boost the ceiling on deposit insurance temporarily from $100,000 to $250,000. And in a move to bolster the FDIC's finances, she wants to double...
...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...
...Harvard. The most sought-after financial recruiters—namely Goldman Sachs, J.P. Morgan, and Citigroup—have survived the recent turmoil and have shown their health by buying up the dismembered parts of other firms. If these three remain strong in the coming years (all, including Citi, remain well-capitalized) and businesses continue to have the need for management consultants (who have been affected little by the downturn), it’s not clear at first blush that the recent downturn is anything more than a small, sealable crack in Harvard’s pipeline to Wall Street...