No image available
/ 20 November 2007
United States banking titan Citigroup may have to write off -billion in soured investments including mortgage losses in coming months, a report by Goldman Sachs predicted on Monday. Citigroup, the US’s second-largest bank by market worth, is already reeling from its exposure to the US housing downturn and tighter credit markets.
No image available
/ 5 November 2007
Fear and mistrust gripped Wall Street on Monday after Citigroup’s CEO quit in the wake of mounting credit losses and an influential money manager called the subprime mortgage market a ”-trillion problem”. US stocks followed European shares lower, while safe-haven bonds rallied and even the downtrodden dollar ticked up.
No image available
/ 5 November 2007
Shares of Citigroup rose 5% in their debut on the Tokyo bourse on Monday, a day after the United States bank’s head resigned to take responsibility for spiralling losses on subprime-related investments. Charles Prince stepped down after four years as Citigroup’s chief on Sunday after the bank said it may suffer an -billion write-down for subprime losses.
No image available
/ 4 November 2007
Citigroup chief executive Charles Prince plans to resign this weekend, the Wall Street Journal said on Friday, as the widening subprime mortgage crisis brings to an end the reign of Sanford Weill’s troubled successor. The largest United States bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down.