The FDIC sued 16 of the world's largest banks on Friday, accusing them of collusively suppressing interest rates, Reuters reported.» Read More
Serendipity strikes: Much like life itself, we often plan segments for our shows that don’t quite work out as we’d hoped. But we also have occasions where completely unplanned events worked out perfectly. Almost as if we’d planned them. Serendipity (one of my favorite words) struck this morning as we were getting ready for a “Squawk Box” segment featuring viewer e-mails. In this case, we’d gotten the most response about an interview CNBC's Joe Kernen did with singer Sheryl Crow and global warming activist Laurie David on Tuesday, with Crow in the midst of a singing tour designed to expand awareness of the global warming issue. ...
Stocks closed broadly lower on Wednesday as investors' hopes for a cut in interest rates diminished following the release of minutes from the Fed's policy meeting three weeks ago."I think what the market wanted to hear was that the Fed was looking to come to the rescue and add liquidity to the system, as they seemed to tip their hat to in the last FOMC announcement," Kevin Caron, market analyst at Ryan Beck, told CNBC.
William Smith, chief executive officer at SAM Advisors, told CNBC’s “Power Lunch” that the 17,000 job cuts announced by Citigroup aren’t enough to move the company forward.
Hi folks. Here are our trivia questions for today. The video is worth $2,000 Bonus Bucks: Today, the Yen hit all time lows against what major currency? And the news question is worth $1,000 Bonus Bucks: Citigroup unveiled a new restructuring plan this morning that will eliminate how many jobs? Remember, go to the contest home page and click on the Bonus Bucks tab on the left hand navigation to select your answers.
Stocks look set to move higher at the opening, with the Dow catching some strength from Citigroup's restructuring moves and Alcoa's better-than-expected earnings report. European stocks are riding higher for a sixth day, and Tokyo was flat but other Asian markets were higher overnight.
New speculation puts the Citigroup (C) firings at a possible 45,000 - that's 14% of the world's largest financial institution's workforce. Is a move of this magnitude enough to jump start a stock that's gone nowhere in seven years, or will CEO Chuck Prince find himself on the chopping block?
Stocks closed modestly higher on Tuesday as the Dow Jones Industrial Average stretched its winning streak to eight straight sessions. Still, caution ahead of the beginning of earnings season kept many investors on the sidelines.
Citigroup Chief Executive Charles Prince could slash as many as 45,000 jobs over three years, CNBC's Charlie Gasparino said.The bank, which is under pressure to cut costs, is expected to announce job cuts on Wednesday.
Hey folks, here are today's trivia questions for those extra investing bucks. the video is worth $2,000 Bonus Bucks: The Bank of Japan left interest rates unchanged today. What is the current rate? And the news is worth $1,000 Bonus Bucks: Citigroup is purchasing hedge fund Old Lane Capital for how much?
Citigroup is putting the finishing touches on the purchase of hedge fund Old Lane Capital for about $600 million, CNBC's Charlie Gasparino has learned.
Citigroup Chairman and Chief Executive Charles Prince said Monday he would release details of cost-cutting steps later this week, including the consolidation of some operations and moving others to lower-cost locations.
Citigroup has agreed to buy Taiwan's Bank of Overseas Chinese (BOOC) for $426 million, a BOOC executive said on Monday, amid growing foreign interest in Taiwan's undervalued banking sector.
A group of Japanese banks is arranging a 1.7 trillion yen (US$14.3 billion) line of credit for Citigroup to fund the U.S. lender's acquisition of Nikko Cordial, sources close to the dealsaid on Friday.
Citigroup said on Thursday Damian Kozlowski, chief executive of its private banking unit, is leaving the company, in the latest management change at the largest U.S. bank.
Despite a volatile first quarter, stocks aren't much above where they were at the beginning of the year. But even if the major averages aren't showing big gains, smart investors know where to look for growth opportuntities.
Peter Scaturro, chief executive of U.S. Trust, won't join Bank of America when the second-largest U.S. bank acquires the private banking arm of Charles Schwab for $3.3 billion.
A major shareholder of Japanese brokerage Nikko Cordial said on Tuesday it would join Orbis in tendering Nikko stock for sale at 1,900 yen per share, above Citigroup's takeover offer of 1,700 yen.
Orbis Investment Management , a major shareholder in Nikko Cordial said it will immediately place an order on the Tokyo Stock Exchange to sell all its 56.5 million Nikko shares at 1,900 yen per share, above Citigroup's 1,700 yen offer.
New Century Financial on Monday filed for Chapter 11 bankruptcy protection and said it would cut 3,200 jobs, or 54% of its work force, in the biggest collapse of a mortgage lender in the U.S. housing downturn.
Citigroup has agreed to pay $2 million to help educate college-bound students about student loans as part of a wider settlement of a probe into the college loan industry, New York State Attorney General Andrew Cuomo said.