The investors said Citigroup looked askance at the loans' "abysmal performance."» Read More
Citigroup's bombshell that it faces as much as $11 billion more in credit losses has made one thing clear: No one really knows what's hidden in the subprime bond basement.
Citigroup's problems deepened as it was unable to assure investors a potential $11 billion write-down for subprime mortgages won't grow, and its nearly pristine credit rating was downgraded.
Credit markets face another $250 billion in defaults over the next two years, indicating that the worst of the subprime crisis is yet to come, the head of the world's biggest bond fund told CNBC on Monday.
Chuck Prince is out, but it's far from clear who will take over as CEO of Citigroup, the nation's largest bank. Sandy Weill told CNBC he's not interested in returning to run the company..
European shares declined for a third straight session on Monday, with banks again topping the losers' list as Citigroup's warning of loan losses sparked fresh worries over the impact of credit market woes.
HSBC Holdings was one of the first and most exposed banks to the U.S. housing crisis, but the recent bigger problems of leading rivals mean its shares have outperformed to make it the West's biggest bank.
Reports are saying the CEO will step down Nov. 4. That's the best thing that could happen to the bank, as far as Cramer is concerned.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Citigroup's largest shareholder, Saudi Arabian Prince Alwaleed bin Talal, may want ousted Chief Executive Charles Prince to be replaced by former Citigroup CEO Sandy Weill, at least on an interim basis.
Leading European bank stocks tumbled on Friday as worries mounted that the U.S. subprime crisis has taken a sharp turn for the worse and will force another round of hefty writedowns of bank exposures.
Charles Prince resigned on Sunday as chairman and chief executive of Citigroup, and the bank said it may suffer an $11 billion write-down for subprime losses.
The analyst whose downgrade of Citigroup sparked a broad stock market sell-off on Thursday said she has received several death threats stemming from her research, the Times of London said.
European credit spreads widened on Monday on renewed U.S. subprime concerns, but the cost of insuring J Sainsbury's debt against default fell sharply after Qatar's Delta Two dropped its planned bid.
British Chancellor of the Exchequer Alistair Darling said on Monday the global banking industry was experiencing great uncertainty, but it was vital to keep the problems of U.S. bank Citigroup in perspective.
Asian stocks closed sharply lower Monday, pulled down by the financial sector, with fears that the credit crisis is still in full swing returning.
Merrill Lynch's board of directors has alerted BlackRock chairman Larry Fink that he can take over as CEO if he so choses. Fink, according to sources close to the matter, has said he will take the next two weeks to decide.
Merrill Lynch's credibility and stock took a big hit Friday on reports that the biggest brokerage firm sought to delay billions of dollars of losses on troubled assets by moving them to hedge funds.
Stocks could be setting up for a bit of a bounce back but first investors need to decide just how radioactive the financial sector has become. Heading into the weekend, market rumors of lurking credit issues plagued bank and brokerage stocks.
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Despite the late day 100 point move in the Dow, the day had a feeling of disappointment to it. Traders made it clear we were now data-dependent, and we got the kind of positive data we needed in the jobs report. The result? A rally that lasted 15 minutes at the open, and then traders sold into it.
Stocks closed on a positive note after several wild swings that ended an equally volatile week.