News for the Deaf
Things you may have missed today:
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Citigroup Reports $8.3 Billion Loss, Splits Into Two
Jan. 16 (Bloomberg) -- Citigroup Inc. posted an $8.29 billion loss, twice as much as analysts estimated, and said it will split in two under Chief Executive Officer Vikram Pandit’s plan to rebuild a capital base eroded by the credit crisis.
Citigroup rose 4 percent in New York trading after tumbling 43 percent this year through yesterday. Pandit will undo the legacy of former CEO Sanford “Sandy” Weill by creating Citicorp to house the New York-based company’s global bank, and Citi Holdings, for “non-core” assets, including those guaranteed by the U.S. government.
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Awesome.
Hey, I wonder how BoA did after buying up Merryl with the bailout mon-…
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Bank of America Posts Quarterly Loss After Bailout
Jan. 16 (Bloomberg) -- Bank of America Corp., the largest U.S. bank by assets, posted its first loss since 1991 and cut the dividend to a penny after receiving emergency government funds to support the acquisition of Merrill Lynch & Co.
The fourth-quarter loss of $1.79 billion, or 48 cents a share, compared with net income of $268 million, or 5 cents, a year earlier, the Charlotte, North Carolina-based company said in a statement today. Results exclude $15.3 billion in losses at Merrill, which was acquired earlier this month.
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oh; i see.
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U.S. Consumer Price Gains Slow to 0.1% Annual Pace
Jan. 16 (Bloomberg) -- The cost of living in the U.S. fell in December as the recession deepened, capping the smallest annual gain in a half century.
Americans paid 0.1 percent more for goods and services in 2008, the Labor Department said today in Washington. Consumer prices fell 0.7 percent in December after dropping 1.7 percent the prior month. Excluding food and energy, costs were unchanged.
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Well, at least the unemployment numbers aren’t exponentially rising by 50,000+ a wee-
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U.S. Initial Jobless Claims Rose to 524,000 Last Week
Jan. 15 (Bloomberg) -- First-time claims for U.S. unemployment benefits last week rose more than forecast, signaling companies stepped up the pace of firings at the start of the year.
Initial jobless claims jumped by 54,000 to 524,000 in the week that ended Jan. 10, from a revised 470,000 the prior week, the Labor Department said today in Washington. The total number of people collecting benefits decreased from a 26-year high.
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Close will be down after an initial gain.
Fall will begin mid-day.