The latest job cuts in the banking sector come amid an overall wave of layoffs across the United States as companies move to cut costs in the face of slackening demand and a general economic downturn.
The foundering Detroit automakers owe more than $100 billion to their bankers and bondholders, and Wall Street is starting to wonder how much of that will be paid back, the New York Times reports.
The government eventually will have to pony up $1 trillion in economic stimulus to get the country out of its economic slump, said CV Starr CEO Hank Greenberg.
Since Thursday, the incoming Team Obama (TO) has been hard at work and they have been listening to what the markets have been saying.
Still feeling shocked by how much your portfolio has fallen in value in the past couple of months? With the holidays upon us, here is a look at the purchasing power those shares still have. After all, a share of Berkshire Hathaway can still buy you a Porsche 911.
This is the THIRD TIME Citi has reduced its dividend. They were the third largest dividend payer at the start of the year, with a payout of $10.78 b, according to Standard and Poor's; they payout then was $2.16 a year
The U.S. government has agreed to guarantee over $300 billion of Citigroup's troubled assets -- loans and securities backed by residential and commercial real estate and other such assets.
U.S. stocks looked set for a positive start to the week Monday as investors welcomed news the government had stepped in to backstop troubled bank Citigroup.
European markets gained early Monday, with bank stocks rising as investors cheered the latest news on U.S. measures to prop up Citigroup. CNBC's experts weigh in on what the Citi bailout means:
Asian markets were mostly lower Monday, with bank stocks leading the drop, and so-called safe-haven assets like the yen gained as investors digested the latest news on U.S. measures to prop up Citigroup.
Many financial assets across the world are looking cheap after the market ructions of the past year but investors in general have yet to rediscover the impulse to buy.
There's one specific decision, Cramer believes, that President-elect Obama can make that would have immediate positive effects and "restore stability and credibility to our stock market" -- without costing a dime! It could even stop the "endless incredible pummeling of stocks." What's this miracle move, you ask? Simple: he should replace SEC Chairman Chris Cox.
With Citigroup at 15 year lows, they are facing increasing pressure to break-up or merge the company. CEO Vikram Pandit is now on the clock.
President-elect Barack Obama's announcement of an economics team Monday may soothe some tensions in financial markets, but investors will keep their eye on the economy, credit crunch and most particularly, Citigroup.
In the past we've had some harsh words about Tim Geithner, the President of the New York Fed and now Barack Obama's choice to head the treasury department. As Jim said on tonight's show, however, we're going to keep an open mind and give Geithner a chance. Jim predicted Geithner would get tapped for Treasury, and though we had hoped for someone else, we're giving Geithner the benefit of the doubt.
As the news came in that Timothy Geithner would be Obama's pick for Treasury Secretary the market made a sharp move upward fueled in part by short covering.
Stocks rallied Friday, with the Dow soaring nearly 500 points, following news that Obama has picked Geithner as Treasury Secretary. Friday's gains helped offset much of the week's losses, pushing the Dow back above 8,000.
President-elect Barack Obama is moving to fill what Wall Street has been fearing was a dangerous "void." NBC News reports that the president-elect will name the New York Fed's Tim Geithner to the post of Treasury Secretary and name other members of his economic
In the last 'Stop Trading' segment of yet another dramatic week in U.S. and global markets, Cramer talks to Erin Burnett (together in the same room for the first time in quite a while). After trading some banter about her recent sojourn in Russia, they bring up Citigroup, Wal-Mart and several other stocks on Cramer's mind.
With the lame-duck Congress and Bush officials unable to agree on any action to ease the financial crisis, the Dow has plunged 2,000 points since Election Day.