Asian stocks followed Wall Street lower on Thursday on speculation that the Federal Reserve could pull back on its stimulus program soon.» Read More
Stocks closed lower after financial giant Citigroup halted its stock buyback plan and said it and two other big U.S. banks will create a multibillion-dollar fund in order to support the struggling commercial debt market.
Citigroup said third-quarter profit fell 57 percent, hurt by losses and writedowns for subprime and leveraged loans, fixed-income trading and weakness in its consumer business.
U.S. discount brokerage Charles Schwab Corp reported a higher quarterly profit Monday as client assets grew to a record high.
By the end of the coming week, the corporate earnings picture will be clear and it may not necessarily be one the stock market likes.
Sallie Mae's potential buyers gave the nation's largest student lender until Tuesday to consider their reduced buyout offer in light of what they said was "the new economic and legislative environment that faces the company."
Stocks closed mixed on Monday as strength in tech stocks was overshadowed by investor concerns ahead of earnings season.
JPMorgan Chase and Bank of America are expected to disclose losses of about $3 billion in mortgage securities and leveraged loans when they report earnings this month, the Financial Times reported, citing an analyst.
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Citigroup has admitted to pulling up lame doing the leveraged buyout dance. Now it must prove the injury was more superficial than disabling.
Shares of Citigroup, the largest U.S. bank, fell 2.4% before the bell Monday, after it said it expects to report a decline of about 60% in third-quarter net income, which its chief executive called "a clear disappointment."
Shares of Sallie Mae recovered some ground on Thursday, as traders bet that the endangered $25 billion deal to take over the student lender could be renegotiated at a lower price.
The Street is edging toward the end of one of the most volatile quarters in recent memory ... and for all those a bit tired of the excitement, it looks like it might actually have a laid-back and happy ending.
Bank of America said it will lay off about 2,500 workers in Illinois and 1,500 in Michigan over the next two years in connection with its $21 billion purchase of LaSalle Bank from Dutch bank ABN AMRO.
The U.K.'s top banks are mulling borrowing funds from the Bank of England's 10 billion pounds ($20 billion) facility to remove the stigma attached to it and restore confidence in the banking system, the Financial Times reported Friday.
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Student lender Sallie Mae said it expects the consortium of banks and private equity firms that agreed to buy it for $25 billion to close the deal under the original terms.
Stocks closed with big gains as investors cheered the Fed's decision to cut interest rates deeper than expected. "The Fed gave us a little more than most of us had expected -- they are looking at the future and the U.S. economy is weakening -- I think that's why equities are responding to the upside," said Robert Doll, chief investment officer at BlackRock.
Fallout from credit problems in the mortgage market continued to batter various companies across the globe this week.
Bank of America, the second-largest U.S. bank, said on Monday recent volatility in capital and credit markets will have a "meaningful impact" on third-quarter results at its corporate and investment bank.
Asian markets were mostly lower Tuesday as financial shares lost ground amid spreading turmoil in financial markets. Japan shed 2% while South Korea closed 1.77% lower.