citigroup

Financial Crisis Shows Global Reach in Sluggish British Economy

On the heels of this weekend's G-20 summit of world leaders to assess the economic crisis, Margaret Warner reports from London on how the financial turmoil has impacted Great Britain -- where the upheaval has hit especially hard.

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Citigroup to Cut Jobs, Sell Assets in Financial Crunch

Citigroup announced plans Monday to cut 53,000 jobs worldwide as a result of the worsening global fiscal crisis and large company losses. Roben Farzad of Business Week assesses the financial institution's troubles and how other banks are faring.

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Citigroup Plans to Slash Another 50,000 Jobs

By PBS News Hour

Banking giant Citigroup Inc. announced Monday that it plans to trim approximately 50,000 more jobs as it struggles to steady itself after suffering massive losses from deteriorating debt.

In Latest Shake-Up, Citigroup to Acquire Wachovia

By Admin, PBS News Hour

In the latest shake-up of the widening global financial crisis, Citigroup will acquire the banking operations of Wachovia Corp.

Citigroup Reports $5.1B Loss, Cuts 9,000 Jobs

By Admin, PBS News Hour

Citigroup Inc. lost $5.1 billion during the first quarter and will eliminate about 9,000 more jobs, as it suffered the impacts of poor bets on mortgages and shaky credit markets.

Citigroup Faces Fallout from Subprime Market

Citigroup, the nation's largest bank, faces both a downgraded credit rating and the resignation of CEO Charles Prince. A business journalist describes the company's struggles.

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Wal-Mart to Offer New Debit Card, More MoneyCenters

Retail giant Wal-Mart announced plans to offer its own Visa debit card and open 1,000 more MoneyCenters for check cashing, money orders and other financial services, much to the dismay of the banking industry. A business reporter examines the move.

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Citigroup Settles Enron Lawsuit for $2 Billion

By PBS News Hour

Citigroup Inc., the nation's biggest financial institution, has agreed to pay $2 billion to investors in a class-action lawsuit accusing the company of helping energy giant Enron doctor its financial statements and create off-the-books partnerships.

Citigroup to Pay $2.65 Billion to Settle Worldcom Suits

By PBS News Hour

Financial services giant Citigroup Inc. agreed to pay $2.65 billion Monday to settle class-action lawsuits brought by investors who bought WorldCom Inc. securities before the telecommunications firm filed for bankruptcy.

Wall St. Firms to Pay $1.4 Billion in Settlement With Regulators

Ten of Wall Street's largest firms on Friday agreed to pay $1.4 billion to settle allegations by state and federal regulators that they provided misleading stock advice to investors for the benefit of corporate investment banking clients.