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...success of Citi's dealmakers comes as a surprise because the sprawling bank has generated nothing but frightening headlines in recent months. Like the other big banks, Citi received billions in aid from the government, and has been back to the government's well more often than most. Last month, the Treasury, along with private investors, agreed to convert some of their Citigroup preferred shares into common stock, which will strengthen the company's capital position. All told, the government has injected $45 billion into Citi by buying preferred shares; it has also insured the bank against losses...
...bottom-line losses are a number of Citi businesses that seem to be doing well. Along with mergers and acquisitions, analysts point to Citi's foreign-currency trading divisions and its business of processing payments and moving money around the world as two other bright spots. Earlier this month, Citi CEO Vikram Pandit said his bank was profitable in the first two months of the year. "M&A alone is not a big enough businesses to swing the bank," says analyst Richard Bove, who follows bank stocks at Rochdale Securities. "But put them all together, along with the fact that...
...month after General Motors announced that it was preparing to spin off or drop Saturn as part of the effort to regain viability, the beleaguered automaker is now spending millions of dollars on ads for Saturn during the telecasts of the NCAA Basketball Tournament. "We're Still Here," one ad emphatically says, as if to squash rumors to the contrary. "It was an odd thing to see because it's a short-term fix. It's obviously part of a holding action," says Alan Baum, an analyst with The Planning Edge in Birmingham, Mi. (See the 50 worst cars...
...lost $31 billion last year and it withdrew its advertising from the Super Bowl and the Masters Golf Tournament next month, but it is spending an estimated $64 million on the NCAA Tournament, where a 30-second spot runs $1 million, according to Nielsen Media. The spots will promote many GM brands, including Pontiac, a nameplate that is slated to be downsized to just one model over the next few years...
Ironically, what helped start the rally in mid March were upbeat words from Citigroup CEO Vikram Pandit about Citigroup's profitable performance during the first two months of 2009. Friday's stock market swoon, traders say, was partly triggered by cautious comments from Bank of America CEO Ken Lewis and JP Morgan Chase CEO Jamie Dimon, who both noted that March was proving to be a more difficult month than either January or February. As Dimon told Bloomberg TV while standing outside the White House after a group of bankers met with President Obama, "This downturn - it's pretty powerful...