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...saga of grand ambition. What next? "The only way to really succeed," Lewis says, "is to find beauty and excitement in organic growth." For BofA, that means getting credit-card holders to open checking accounts and turning mortgage borrowers into private-banking clients. It's the same strategy that Citi has pursued without much success, but Lewis says his bank is focused on just one country, the U.S. "That's a big advantage and a big difference," he says...
...warned that next week's fourth-quarter earnings will be profitable but disappointing, and he expects to set aside $3.3 billion in write-downs. So days after the Countrywide deal, Lewis announced a restructuring of BofA's struggling investment-banking business, including a round of 650 layoffs. Unlike Citi and Merrill Lynch, BofA has never made the grade as a big hitter in investment banking...
...other words, up to 12.4% of a conservative Swiss bank was sold to foreign entities. Weeks before, shaky Citi, also in need of capital to repair its subprime-holed balance sheet, was handed a lifeline by a similarly unlikely rescuer. The Abu Dhabi Investment Authority, a $625 billion sovereign wealth fund (SWF) run by the tiny Persian Gulf emirate, announced it was forking over $7.6 billion for a 4.9% stake in Citi. Though Citi still faces difficulties, the cash infusion helped stabilize its plunging stock price and signaled to rattled markets that money was available to help subprime victims...
...Just ask investors in Citigroup. The global banking giant has reported billions of dollars of subprime losses, raising concerns that some of Citigroup's assets might have to be sold off at fire-sale prices just to keep the company sufficiently capitalized. But on Nov. 26, New York-based Citi was handed a lifeline by an unlikely rescuer. The Abu Dhabi Investment Authority, a $625 billion sovereign wealth fund run by the tiny Persian Gulf emirate, announced it was forking over $7.6 billion to take a 4.9% stake in the company. While Citi still faces difficulties, the cash infusion helped...
...been further boosted by soaring demand, political turmoil in the Middle East and rampant speculation by trend-following investors. "Four times in the last 40 years we've had major disruptions in global oil supplies coming from geopolitical events in the Middle East," says Lewis Alexander, chief economist at Citi. "If you were to see one of those scenarios play out, that would be a big additional shock. The consequences could be quite dire." True enough. But for now, the greater threat to the global economy remains more prosaic: the real and present danger that battered U.S. consumers will renounce...