The selloff in Bank of America and Citigroup may just be the beginning. Analysts now are predicting that the same problems hitting those two big banks will soon spread to the entire industry.
Troubles at some of biggest US banks is merely setting the tone for what is likely to be another disastrous year for the industry.
Thursday's markets will face JP Morgan earnings, producer inflation data, weekly jobless claims, and the current quarter's first economic headlines in the Philly Fed's report and the Empire state manufacturing survey. Europe's central bank decides on interest rates before the New York open, and Congress will vote on releasing TARP funds to aid the ailing banking sector.
I'm Max Meyers, the senior producer of a new program called "Options Action," and if the rehearsals are any indication, I think you will find the show both fun and informative.
Citigroup may soon restructure its board as well as its operations, sources have told CNBC.
Citigroup, is expected to continue selling assets in the coming weeks in what some predict will be a dismantling of the banking giant.
Futures are lower, after retail sales came in lower than expected, and after weakness in Europe due to poor earnings news from Deutsche Bank. The German bank expects a loss of about $6.4 billion. Trading down 10 percent pre-open.
In trying to appeal to the 11.1 unemployed, job website Monster.com decided to use a humorous touch, reports the New York Times.
Citigroup's board has said it is standing behind CEO Vikram Pandit, but the general consensus on Wall Street is that he is running out of time.
Citigroup has agreed to merge its Smith Barney brokerage unit into Morgan Stanley's brokerage, moving away from the financial supermarket model that Citigroup has followed for the past decade.
Stocks ended mixed Tuesday as tech and oil stocks were buoyed by bargain hunting, but the undercurrent of earnings worry took down the Dow.
The Treasury Department is developing tools to measure whether banks that receive funds from the $700 billion financial industry rescue program are increasing lending.
Citigroup CEO Vikram Pandit plans to announce in the coming days a major shift away from the "financial supermarket" model that has guided the bank for the last decade.
Stocks wobbled Tuesday, paring some gains, though the tech-heavy Nasdaq remained higher.
Citigroup and Morgan Stanley are working feverishly to get a deal for a creating a joint venture out of Citi's Smith Barney brokerage unit completed by today; sources close to the deal say they expect an announcement after today's closing bell.
Jitters about dismal corporate earnings were confirmed after the bell Monday, when Alcoa kicked off the reporting season with a wider-than-expected loss, sending stock index futures lower Tuesday morning.
The Dow fell for the fourth day in a row as concerns about massive losses at Citigroup knocked its shares 17 percent lower, dragging down bank stocks...
Stocks continued their slide Monday as the economy and what is expected to be a horrendous earnings season formed a one-two punch to knock out hopes for a January rally.
Two specific sectors are showing weakness today (financials and materials) but for the same reason: earnings concerns.
Stocks were stuck in negative territory Monday, with pervading worries about the recession and the ways in which quarterly earnings reports would reflect economic difficulties dominating investor concerns.