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Citigroup to deploy $36.5 billion of capital

Citigroup said it was using $36.5 billion in taxpayer bailout money to boost lending even as growing political outcry put pressure on the bank to end a $400 million baseball stadium sponsorship deal.

A taxi passes a Citibank branch in Singapore, January 21, 2009. REUTERS/Alywin Chew.

3i chief says outlook challenging

The CEO of private equity firm 3i Group said on Friday the outlook for the economy and credit markets remains extremely challenging, and capital is king.

Wall St closes out worst year since Depression

Wall Street closed out its worst year since the Great Depression on Wednesday after an unstoppable credit crisis and a dreadful economic outlook left investors questioning their faith in stock markets.

A trader rests after trading closed on the final day of the year at the New York Stock Exchange in New York, December 31, 2008. REUTERS/Ray Stubblebine

NY financier arrested in purported $400 million scam

Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.

Study says bank capital rules should be funding-linked

The amount of capital banks are required to hold should be determined by the source of funding for their assets, not just by the probability of default by their debtors, according to a report released on Tuesday.

Stimulus bill falls short of Obama goal: CBO report

The Democratic stimulus package the U.S. Congress will weigh on Wednesday falls billions of dollars short of President Barack Obama's goal to pump most of the money into the economy quickly, a report released on Monday showed.

Bankers braced for bitter pill of regulation

DAVOS, Two years ago anyone uttering the words "state" and "regulation" in the same sentence would have been sneered at in high-powered banking circles gathered by the ski slopes of Davos.

European banks see losses, announce job cuts

Europe's crisis-hit banks unveiled further job cuts and billions of euros more in losses on Monday but shares in ING and Barclays led a share recovery on hopes they are getting to grips with the financial crisis.

U.S. bankers avoid glitz of Davos, image a concern

It used to be a prized invitation for Wall Street CEOs and top government officials. But for the U.S. banking elite, a ticket to this year's World Economic Forum in Davos risks becoming as toxic as the mess left over from the subprime mortgage crisis.

BofA played role in $4 billion Merrill bonuses: report

Bank of America played a role in Merrill Lynch's controversial decision to pay $4 billion in bonuses in December, the Financial Times reported on Sunday.

A Bank of America sign is seen in the Northern Virginia town of Leesburg, January 18, 2009. REUTERS/Larry Downing

Barclays 2008 profit to include all writedowns

Barclays is not seeking capital from private investors or the state as it remains profitable and can absorb a 2008 writedown of 8 billion pounds, the British bank said on Monday, sending its shares soaring.

A street light glows in front of the Barclays Bank offices in the Canary Wharf business district in London January 19, 2009. REUTERS/Stephen Hird

Obama aide won't rule out more money for bailouts

President Barack Obama's top economic adviser would not rule out on Sunday that more money may be needed to stabilize the U.S. financial system as a deep recession increases banks' losses.

Former U.S. Treasury Secretary Lawrence Summers (R), U.S. President-elect Barack Obama's National Economic Council Director-designate, listens to Obama as he announces the members of his economic policy team during a news conference in Chicago, November 24, 2008. REUTERS/John Gress

Freddie may draw additional $35 billion from Treasury

Freddie Mac , the second-largest provider of funding for U.S. home loans, on Friday said expected fourth-quarter losses may force it to draw up to $35 billion from the U.S. Treasury to maintain a positive net worth.

The headquarters of mortgage lender Freddie Mac is seen in Mclean, Virginia, near Washington, September 8, 2008. REUTERS/Jason Reed

Senate Finance chief unveils $275 billion tax package

U.S. congressional Republicans predicted on Friday that legislation to boost the sagging economy would pass by mid-February, but pressed President Barack Obama to support more tax cuts in the plan.

Senate Finance Committee Chairman Senator Max Baucus on Capitol Hill, November 12, 2008. REUTERS/Mitch Dumke

BofA CEO Lewis to meet Thain over future: report

John Thain, former chief executive of Merrill Lynch & Co, has been ousted from Bank of America Corp after the bank discovered surprise losses at the brokerage it bought three weeks ago.

Former Merrill Lynch CEO John Thain poses before a news conference in Mumbai in this May 7, 2008 file photo. REUTERS/Punit Paranjpe

Capital One posts fourth-quarter loss after impairment

Capital One Financial Corp , a bank and credit-card issuer, posted a fourth-quarter loss on Thursday after writing down the value of its auto finance business, and setting aside more money to cover bad loans.

The Capital One headquarters in McLean, Virginia, August 21, 2007. REUTERS/Kevin Lamarque

U.S. bank results plummet as credit problems soar

A series of large U.S. regional banks on Thursday said rising credit losses led to lower fourth-quarter earnings, illustrating the breadth and depth of the nation's credit crisis and recession.

Bank of America and JPMorgan CEOs buy shares

The chief executives of Bank of America Corp and JPMorgan Chase & Co bought some of their companies' stock in the last week, a sign of confidence as the banking sector struggles with soaring credit losses and a deep recession.

Bank of America Chairman, President & CEO Kenneth, and Jamie Dimon, Chairman and CEO of JP Morgan Chase & Co., are seen in a combination file photo. REUTERS/Shannon Stapleton (L) and Rebecca Cook

Investors sue Bank of America over Merrill merger

Investors filed a proposed class action against Bank of America Corp in New York on Wednesday, accusing the bank and its officers of failing to disclose risks in its January 1 takeover of Merrill Lynch Co.

Bank of America CEO buys 200,000 shares, stock soars

Bank of America Corp Chief Executive Kenneth Lewis spent about $1.2 million to buy 200,000 common shares on Tuesday, four days after the largest U.S. bank posted its first quarterly loss in 17 years.

Bank of America Chairman, President & CEO Kenneth Lewis speaks with the media after addressing the Detroit Economic club in Detroit November, 18, 2008. REUTERS/Rebecca Cook

Citi names Richard D. Parsons Chairman

(Reuters) - Citigroup Inc on Wednesday named Richard D. Parsons as chairman of the board of directors. Highlights:

Investors pull record $155 billion out of hedge funds

Investors pulled a record $155 billion out of hedge funds last year, punishing the once red-hot asset class for delivering its worst-ever returns, according to numbers released on Wednesday.

U.S. bank shares fall amid growing fears of losses

U.S. bank shares sank on Tuesday, with Citigroup Inc and Bank of America Corp hitting their lowest levels since the early 1990s as investors, seeing no quick end to losses from toxic assets, worried that many banks are running short of capital.

Taxis pass the Bank of America branch in New York's Times Square in a file photo. REUTERS/Shannon Stapleton

Bank of NY Mellon quarterly profit falls 88 percent

Bank of New York Mellon Corp said on Tuesday that fourth-quarter profit tumbled 88 percent, hurt by securities losses and pressure on fees as client assets declined.

U.S. asks banks for data on loans and securities buys

The Treasury Department has asked big banks receiving government bailout funds to provide more details about lending activity in a monthly report, a Treasury official said on Tuesday.

The Treasury building is seen in Washington, September 29, 2008. REUTERS/Jim Bourg

AIG's investment chief to step down: report

(Reuters) - American International Group Inc Chief Investment Officer Win Neuger will step down from his post and focus on a narrower role at the company, the Wall Street Journal said, citing people familiar with the matter.

U.S. insurer American International Group (AIG) office building is pictured in Tokyo December 24, 2008. REUTERS/Yuriko Nakao

U.S. stimulus not enough, TARP bailout misused: Soros

The stimulus plan the U.S. government is currently considering is necessary to help American citizens, but it will likely not reverse the country's economic decline, hedge fund manager and billionaire philanthropist George Soros said on Monday.

Chairman of Soros Fund Managment George Soros speaks at the Massachusetts Institute of Technology in Cambridge, Massachusetts October 28, 2008. REUTERS/Adam Hunger

Regions Financial has huge loss on $6 billion writeoff

Regions Financial Corp , a large U.S. Southeast regional bank, reported an unexpected $6 billion charge to write down parts of its banking business, resulting in a huge fourth-quarter loss.

RBS to unveil up to $37 billion of losses: report

Royal Bank of Scotland unveiled the biggest loss in British corporate history, overshadowing a second banking sector bailout and sending its shares reeling to their lowest in over a quarter of a century.

Britain to launch second bank rescue plan to boost lending

Britain will throw its banks another multi-billion pound lifeline on Monday by allowing them to insure against steep losses and guaranteeing their debt to stop the credit crunch pushing the economy into a deep slump.

British Prime Minister Gordon Brown attends an international summit in Sharm el-Sheikh January 18, 2009. REUTERS/Amr Dalsh

Citigroup splits in two, B of A gets government aid

Citigroup Inc plans to split into two units and Bank of America Corp took $20 billion in government aid after the two banks suffered huge quarterly losses from the worsening credit crisis.

A man speaks on a mobile phone outside Citibank's offices in the Canary Wharf district of London, January 16, 2009. REUTERS/Andrew Winning

Merrill Lynch to pay $475 million in Ohio settlement

Merrill Lynch & Co said it has agreed to pay $475 million in cash to settle a class action suit brought by the Ohio state teachers' retirement system.

People walk by the Merrill Lynch building in New York, September 15, 2008. REUTERS/Chip East

New York Fed selects trustees for AIG stake

The New York Federal Reserve on Friday named three trustees to oversee the U.S. government's nearly 80 percent equity stake in insurer American International Group.

Insurer American International Group (AIG) office building is pictured in Tokyo, December 24, 2008. REUTERS/Yuriko Nakao

Illinois-based National Bank fails: FDIC

Bank regulators closed Illinois-based National Bank of Commerce on Friday, the first U.S. bank to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices take their toll on financial institutions.

Paulson: TARP still needed for bank capital

Treasury Secretary Henry Paulson said on Friday that a substantial portion of the second half of the U.S. government's $700 billion financial rescue fund should be reserved for bank capital programs.

Treasury Secretary Henry Paulson gestures during a conference in Washington, January 12, 2009. REUTERS/Jonathan Ernst

Bank of America gets big government bailout

Bank of America Corp was rescued by the U.S. government on Friday through a $20 billion bailout and a guarantee for almost $100 billion of potential losses on toxic assets to cushion the blow from a deteriorating balance sheet at Merrill Lynch & Co, its recently acquired brokerage.

A taxi speeds past a Bank of America branch in New York's Times Square January 11, 2008. REUTERS/Brendan McDermid

Bank of America reports loss after government lifeline

Bank of America Corp , posted its first quarterly loss in 17 years on Friday and slashed its dividend, hours after winning a multibillion-dollar lifeline from the U.S. government to help absorb Merrill Lynch, which lost a record $15.31 billion in the quarter.