Standard & Poor's on Tuesday lowered its outlook on diversified banks and other diversified financial services companies to "Negative" from "Neutral," warning that some may need to cut dividends and raise additional capital to cover mounting loan losses.

ING Group has completed its $900 million acquisition of a retirement services venture jointly owned by Citigroup Inc. and State Street Inc.

Stocks had a wobbly start to the first half  as a $3 jump in oil prices and selloff in European banks rippled through the market.

Stocks plunged at the opening bell as a $3 jump in oil prices and selloff in European banks rippled through the market.

Credit card company Discover Financial Services said Tuesday it has completed its $165 million acquisition of Diners Club International from Citigroup Inc.

Wall Street looks set to start July just like June -- with red arrows. U.S. stock index futures pointed to a lower start after wrapping up the worst first-half of the year since the first half of 1970 on Monday.

JPMorgan Chase reigned supreme across global debt and equity underwriting for the last quarter.

By Elinor Comlay

JPMorgan Chase & Co <JPM.N> reigned supreme across global debt and equity underwriting for the last quarter.

Stocks ended mixed Monday, capping a dismal quarter and first half marked by rocketing oil prices and battered financials. The Dow is down 14 percent since the beginning of the year and ended the first half about 20 points from bear-market territory.

Uncertainty about the scope and timing of credit losses at banks has led to widely divergent analyst earnings estimates, and recovery in the sector might not occur until 2010, analysts said Monday.

Citigroup Inc. is close to changing its bonus system for top managers to encourage teamwork through the bank's various divisions, a person familiar with the system said Monday.

Citigroup is planning to change its bonus system for senior managers to encourage different parts of the vast company to cooperate and help one another win business, a person familiar with the matter told Reuters.

By Dan Wilchins

Citigroup Inc. is reorganizing the team that invests in distressed debt, the nation's biggest bank by assets said Friday.