Jan 19th, 2010 · Citigroup said it lost $7.58 billion during the final three months of 2009 as consumers still struggled to repay loans and the bank repaid its government bailout money. Citigroup said most of the loss was tied to paying back $20 billion in money it received from the government.
Jan 19th, 2010 · Board members of the British chocolate maker Cadbury have accepted the latest offer by Kraft Food Inc of about $19 billion. The decision comes after months of resistance, in part over price. Meanwhile, one of the world's biggest banks struggles to make a profit. Citigroup announced Tuesday it lost $7.6 billion in the final three months of 2009.
Dec 22nd, 2009 · The FBI is looking into a computer-breach that targeted Citigroup. The Wall Street Journal reports millions of dollars appear to have been stolen by computer hackers linked to a Russian mob. A Citibank official denies that the cyber attack ever took place.
Dec 17th, 2009 · Citigroup decided repay its TARP money so this week it held a giant share offering in order to raise money for that repayment effort. Investors were so lukewarm, the bank had to sell its stock at a significant discount. The government took that as a sign that this may not be the best time to sell its Citigroup shares. The U.S. had bought those shares as part of the bank rescue program.
Dec 16th, 2009 · The bank said it is selling 5.4 million common shares at $3.15 apiece and 35 million tangible equity units, which can be converted into common stock at a later date, for $100 each. It is selling the shares as part of its effort to repay bailout funds. The government, meanwhile, backed out of selling any of its 34 percent stake in the bank.
Dec 15th, 2009 · Two more big banks — Citigroup and Wells Fargo — said Monday they have come to terms with the Treasury Department on paying back the money taxpayers invested in them. Is that a sign that the economy is returning to normal? Or, that banks don't want government controlling their executives' pay? David Wessel of The Wall Street Journal talks to Renee Montagne about the banks' decisions.
Dec 14th, 2009 · Repaying the loans given them under the Troubled Asset Relief Program will free them from close regulatory scrutiny. The announcements marked the latest step toward recovery for the U.S. financial system.
Dec 14th, 2009 · The bank's announcement Monday comes hours after Citigroup said it would repay $20 billion worth of taxpayer funds. The move will extricate Wells Fargo from the pay restrictions and close oversight that came with the bailout program.