Items Tagged with 'Morgan Stanley Smith Barney'

ARTICLES

  • Citi Posts $4.3 Billion Profit after Smith Barney Sale

    On the back of the sale of Smith Barney brokerage unit, Citigroup [stock C][/stock] posted a $4.3bn Q209 profit, or $0.49 per share. Citi completed its sale of Smith Barney to Morgan Stanley [stock MS][/stock] on June 1, earlier than the original estimated close in Q309. That deal earned the bank $11.1bn pre-tax, $6.7bn after taxes. Citi's quarterly profit shows an improvement from a $2.5bn loss in Q208. The banking giant reported total revenue of $30bn in Q209, up $12.4bn from Q208, but that included the one-time sale of Smith Barney.
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  • BofA Needs $44 Billion, Citi Pushes Joint Venture

    Federal regulators found Bank of America [stock BAC][/stock], one of the major US banks faced with a government-initiated stress test, is lacking capital on the order of $33.9bn, a bank executive told the New York Times. Although executives said they consider the number larger than the bank actually needs, BofA has capital-raising alternatives to converting some of the $45bn in government capital through the Troubled Asset Relief Program (TARP) into common stock and consequentially giving the government partial ownership.
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  • For Citigroup, Investors' Actions Louder than Words

    Citigroup, Inc. [stock C][/stock] is facing a slide into oblivion, if Thursday's historic slide in stock price is any indication: shares in the once most-valuable bank by both market cap and assets slipped below the $1 mark during morning trading, and were last seen hovering at $1.03, off 8.85 percent, when this story was published.
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  • Top Citi Executives Decline Retention and Incentive Awards

    Citigroup Inc. [stock C][/stock] CEO Vikram Pandit, along with chairman Winfried Bischoff and CFO Gary Crittenden, declined retention and incentive awards, according to a recent filing through the Securities and Exchange Commission. The announcement came in concert with recent statements that Pandit and Bischoff -- along with Robert Rubin, who ended up resigning in early January, anyway -- would take no bonuses for 2008.
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  • BofA Treasury Aid Totals $25 Billion; More to Come?

    Unnamed sources out of Bank of America Corp. [stock BAC][/stock] spoke Wednesday to the Wall Street Journal regarding the banking giant's possible need of a multi-billion-dollar infusion from the government to bolster it after absorbing Merrill Lynch & Co. on Jan. 1 when the merger officially kicked off.
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  • Citigroup to Streamline Mortgage Ops; Will Consolidate Primary, Secondary Market Activities

    An internal memo leaked to various press outlets on Tuesday afternoon finds that Citigroup, battered and bruised from the mortgage mess, will consolidate its mortgage operations under one roof. The streamlining effort will bring origination, servicing and capital markets operations together within one business line. The memo, which Reuters reports was confirmed by a Citigroup spokesperson, said that Bill Beckmann, president and COO of CitiMortgage Inc., will oversee the new business.
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