Top Leaderboard, Site wide
August 27, 2014
Truthdig: Drilling Beneath the Headlines
Help us grow by sharing
and liking Truthdig:
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Newsletter

sign up to get updates








Truthdig Bazaar
Hugo!

Hugo!

By Bart Jones
$19.80

more items

 
Ear to the Ground

Citigroup Does the Splits

Email this item Email    Print this item Print    Share this item... Share

Posted on Jan 16, 2009
Citibank
pattisonsign.com

Citigroup reported an $8.29 billion loss in the fourth quarter and is bracing for another dismal year.

After receiving $45 billion from U.S. taxpayers just two months ago, Citibank’s much-maligned parent Citigroup will be no longer, as the financial giant announced in Solomon-style manner Friday that it will split itself into two, dividing the company’s traditional banking business— becoming Citicorp—and its riskier investment department—Citi Holdings.

The BBC:

Struggling US banking giant Citigroup has announced plans to split the firm in two, as it reported a quarterly loss of $8.29bn (£5.6bn).

It said it would realign into two new firms, Citicorp and Citi Holdings.

Citicorp will handle the company’s traditional banking work, while Citi Holdings will take on the firm’s riskiest investment assets.

Last autumn, Citigroup had to be rescued by the US government in a bail-out deal totalling $45bn.

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

By 1twenty1, January 17, 2009 at 7:31 pm Link to this comment
(Unregistered commenter)

Sure give ‘em all the money they want at 29.9% APR, $3,500,000 late payment fee and harassing phone calls from unintelligible collection personnel.

Report this

By spk, January 16, 2009 at 9:57 pm Link to this comment
(Unregistered commenter)

Wow. I sure am glad they decided to spend all that ad money during the Golden Globes. Every other spot was Citi. Disgusting.

Report this
 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.