Attributing to people familiar with the situation, The Wall Street Journal said executives at the New York company plan to narrow the focus of Citigroup's US branch network to six major metropolitan areas.
The biggest challenge for central banks of the world is to unwind liquidity without hurting recovery
While making the announcement, Anil Ambani, chairman of ADAG, said, the partnership with Spielberg and Snider is the cornerstone of the company's Hollywood strategy.
The sale of the debt-ridden company was approved by Judge Bruce Black in Federal bankruptcy court here and the deal is expected to close by July 7. The purchase agreement includes both companies taking on $33.5 million of the suitmaker's debt.
The purchase agreement includes both companies taking on $33.5 million of the suitmaker's debt.
35 qualify for Scripps National Spelling Bee
Twenty metros where Americans have a hard time meeting expenses.
The study conducted by the US-based non profit organisation Center for Public Integrity has revealed that these 25 entities accounted for a whopping 72 per cent of subprime loans during the 2005-07 period. Topping the list is Countrywide Financial Corp which shelled out subprime loans worth $97.2 billion while CitiFinancial/Citigroup Inc' is at the 16th place and had generated $26.3 billion in such loans.
US regulators on Thursday directed the nation's largest banks to add $74.6bn in additional equity following a three-month stress test designed to measure their ability to withstand an economic downturn.
The Vikram Pandit-led Citi would expand its public exchange offer to raise the additional $5.5 billion capital, it said on Thursday. The move would help the entity to boost the capital without additional Federal funds or conversion of the government's securities into common shares.
The much-awaited results of the stress tests on the nation's 19 largest Bank Holding Companies showed that 10 of them need more capital to the tune of $75 billion while the remaining including Goldman Sachs and American Express are well-capitalised. The stress tests were aimed at determining capital buffers sufficient for the 19 entities to withstand losses and sustain lending -- even if the economic downturn is more severe than is currently anticipated.
The counties and metro areas with the nation's poorest air quality.
Less than we used to --but we like some banks better than before.
The domestic stock markets witnessed their biggest fall in over a month as investors booked profits on fresh concerns about the financial sector and fears of a flu pandemic dampening sentiment worldwide.
The credit crunch means that even a superstar director has to accept some pretty stiff financial terms.
The House of Representatives has passed a legislation for levying a tax on bonuses granted to employees of companies, which have received at least $5 billion from the US Federal government's financial bailout packages.
If what Citi CEO Vikram Pandit is suggesting is true, namely that the bank is seeing a turnaround in its fortunes, there cannot be better news for the US' battered financial markets. After all, Citigroup is still a huge institution and if it can be put back on the rails, then there's hope for many others, says Shobhana Subramanian.
Bollywood impresario Vijay Taneja was sentenced to 84 months in jail followed by three years of supervised release, and ordered to pay $33 million in restitution to four financial organisations, on charges of money laundering. Taneja, under the banner of Elite Entertainment, has been promoting Bollywood celebrities like Shah Rukh Khan and Aishwarya Rai for shows across the United States.
In any downturn, the turnaround comes only when investors feel asset prices have bottomed out; when consumer demand has fallen so much that it has nowhere to go but up; and when bankers feel that businesses (or those that remain) are on even keel.
Mortgage rates are at historic lows and may be poised to go even lower next year. It's a great time to buy a home - if you can
Banks completed a full circle in 2008, as famed lenders from New York to Tokyo turned beggars who lined up for bailouts from their respective governments.
The US government, under its $700-billion bailout plan, has purchased shares in 30 American banks for a total of over $150 billion, half of which have gone into Citigroup, JPMorgan Chase and Wells Fargo.
Stocks of over Rs 1,000 crore (Rs 10 billion) were short sold in the domestic equity market in a week's time, according to the data published by the Securities and Exchange Board of India (Sebi).
Though the global M&A volume has reached a whopping $3 trillion mark, it represents a decline of 22 per cent from its year ago period, as all regions except Latin America reported decreasing M&A volume, according to data compiled by deal tracking firm Dealogic.
Big Blue ranks at the top of the list of defensive companies with its high level of recurring revenues and profitability, worldwide operations, and below-market valuation
This effectively freezes the legal fight in the courts until Wednesday noon (2130 IST) following Wells Fargo and Wachovia announcement of $15 billion deal which bested the earlier deal with Citibank. Meanwhile, the Wall Street Journal said discussions to resolve the mess are continuing, with the most likely scenario resulting in Citigroup buying branches from Wachovia in the Northeast and mid-Atlantic region.
British-Indian filmmaker Bharat Nalluri talks about his new film, Miss Pettigrew Lives for a Day.
Citibank has regained its top position after slipping to the second slot behind Bank of America in the previous rankings released in December 2007, compiled by global mobile and internet performance solutions provider Keynote Systems. Bank of America has slipped to the second position in the latest rankings released late last night and is followed by Wells Fargo and Chase at third and fourth ranks, respectively.
This is clearly the worst financial problem we've had since the Great Depression," as Joseph Stiglitz told a radio show in New Zealand on Wednesday morning.
It's been the best Oscar year in ages, and here's why we should be toasting the golden boy.
To strengthen its enterprise offerings in the analytics and business rules management space, Chennai-based California Software will acquire a 100 per cent stake in US-based technology consulting firm International Innovations.
Coaches do it. Moms and dads do it. Why can't your boss? Mike Robbins discusses the importance of showing your employees how much you value them.
Gurinder Chadha joins a collective of global directors in creating Paris Je T'Aime, an ode to the city of love.
Two Indian steel tycoons - Ratan Tata of Tata Steel and NRI Lakshmi Mittal of global powerhouse Mittal Steel - have made it to the world's best CEOs list compiled by US stock market weekly Barron's.
US-based financial services major Wells Fargo, which has set up an information technology and business process outsourcing facility in Hyderabad, is looking at locating back office processes, other than call centres, in India.
Today, there are opportunities in many areas like the new media entertainment, mobile space, gaming, bio-informatics and application of technology in various domains.
Are you going the US to study? How much money do you need to carry with you?
The Indian operations of will commence by October 2006 with over 500 employees in the first phase.
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