Business ForumCitigroup operating profit rises 3 percent at News Forum - Reuters - Citigroup Inc. posted a 3 percent rise in fourth-quarter operating profit Friday, helped by revenue growth in several ...
Reuters - Citigroup Inc. posted a 3 percent rise in fourth-quarter operating profit Friday, helped by revenue growth in several business lines, though net income fell from a year earlier.
Citigroup draggin' ever'body down... Stocks stumble on Citigroup woes November 5 2007: Warning that banking giant could take up to $11 billion more in mortgage writedowns leaves investors nervous about broader financial sector.
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Stocks fell sharply at the start of Monday's session as Citigroup's warning that it could suffer billions more in subprime mortgage-related losses worried investors about the health of the broader financial sector. The Dow Jones industrial index lost nearly 0.6 percent in the opening minutes of trade. The broader S&P 500 index slid 0.7 percent, while the tech-fueled Nasdaq fell 0.9 percent.
Weighing on stocks was Citigroup's Sunday announcement that CEO and Chairman Charles Prince would step down in the wake the company's mortgage-security losses. The news provided little comfort to Wall Street, however, as Citi added a warning that it could take writedowns totaling as much as $11 billion in the fourth quarter because of bad mortgage bets.
The news sent Citigroup shares 4.5 percent lower in morning trade, but also weighed on the broader financial sector as Wall Street worried that other banks and brokerages might follow with similar losses. Shares of investment banks Goldman Sachs and Morgan Stanley, as well as retail-focused banks like Bank of America, were sharply lower in morning trade.
Citigroup operating profit rises 3 percent
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