Posts Tagged ‘Citigroup’
Posted by Jeflin on November 16, 2008
The tangible effects of recession has hit home. According to the Wall Street Journal, Citigroup will begin distributing 10,000 pink slips to its employees (not only in the United States, but worldwide). The large scale Citigroup layoffs underscore that it is not just Americans who are suffering from large scale job losses.
I am not surprised with these layoffs as troubles rocking the financial sector have not ended yet. After the mortgage mess, financial institutions still need to purge their credit card and auto loans as part of the deleveraging process and it will be a while before we see healthy balance sheets.
The economy is also in a recession with lower consumption and production, so banks can expect lower interest earnings.
For those who are not employees of Citigroup, you may be less perturbed by the retrenchments. However, if you are a Citigroup credit card holder, you have to beware that your credit card interest rate may take a hike.
Up to 20% of Citigroup customers could face a rate hike of up to 3 percentage points. I think it is really poor timing for retailers as these people may just need to use credit cards for gift buying during the upcoming holiday season. Now they could change their mind with the rate hike.
Posted in Banking, Business, Stocks | Tagged: auto loans, banks, Citigroup, credit card debts, credit cards, financial institution, rate hike | 1 Comment »
Posted by Jeflin on July 18, 2008
How long has it been since Wall Street posted consecutive gains? For nearly two weeks, we have seen a rebound only to be followed by more losses the following day.
Well, Wall Street broke out of their trance (posting more than 200 points gains in two sessions) but regional stock markets were still mixed in reaction.
Read the full article at http://jeflin.net
Posted in Banking, Currency, Economy, Oil, Stock Indices, Stocks | Tagged: AMD, Citigroup, Dollar, Dow Jones, Fannie Mae, Freddie Mac, Google, JP Morgan, Merrill Lynch, Microsoft, naked shorts, Oil, stock market, Stocks, Straits Times Index, Wall Street | 1 Comment »
Posted by Jeflin on July 12, 2008
It was a punitive end to a roller-coaster week. Dow Jones breached 11000 (a first time low in nearly two years) but pulled back to end at 11,100.54, losing 128 points. Standard & Poor’s 500 index lost 1.1% while Nasdaq composite shed 0.8% to remain above March lows.
Read the full article at http://jeflin.net
Posted in Banking, Stock Indices, Stocks | Tagged: Citigroup, Dow Jones, Fannie Mae, Federal Reserve, Freddie Mac, General Electric, insolvency, Lehman Brothers, Nasdaq, Standard & Poor | 1 Comment »
Posted by Jeflin on June 30, 2008
I expected bearish sentiments in the stock market for this week because there is simply no good news on the horizon to spark a revival.
When I say revival, I mean sustained gains in grounds of over 100 points, not 20-30 points as this usually implies a zigzag pattern for further slides.
Read the full article here.
Posted in Banking, Economy, Inflation, Oil, Stocks | Tagged: Chicago PMI, Citigroup, Dow Jones, JP Morgan, Lehman Brothers, Oil, oil speculators, S&P 500, stock market, Stocks | 4 Comments »
Posted by Jeflin on June 27, 2008
The ST Index closed today at 2955.91, down by 25.04 points. Gainers/losers stand at 173/409 while 1.077 billion shares were traded.
No surprise for the red ink given that Dow Jones tumbled 358 points to close at 11,453.42 (its lowest finish since Sept. 11, 2006) due to record high oil prices and fresh troubles brewing in the financial, high-tech and automotive industries. S&P 500 slided 38.82 (about 3%) to 1,283.15 and Nasdaq composite fell 3.3% to 2,321.37.
Read the full article here.
Posted in Banking, Currency, Economy, Inflation, Oil, Stock Indices, Stocks | Tagged: Banking, Citigroup, Currency, Dollar, Dow Jones, Economy, Goldman Sachs, Oil, ST Index, stock market, Stocks | 1 Comment »
