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Stocks fall on subprime fallout; Citigroup falls 3.4 percent

Major stock indexes fell on Monday amid lingering worries that problems plaguing the credit markets have not been eliminated yet.

Dollar retreats as US stock market falls

The dollar eased against the yen and euro on Monday, weighed down by weakness in the U.S. stock market after comments by a top Citigroup official raised anew concerns about global credit.

Crude soars to new record over $86 a barrel

Oil jumped nearly 3 percent to a record over $86 a barrel on Monday as fresh tensions in the Middle East added to worries of a supply crunch when cold weather stokes up heating demand this winter. Oil prices have more than quadrupled since 2002 but remain below the inflation adjusted peak of around $90 a barrel struck after the Iranian revolution of 1979.

Credit concerns and Citigroup weigh on Wall Street

U.S. stocks fell on Monday, led lower by the financial services sector after Citigroup Inc offered a gloomier outlook and worries resurfaced about the stability of the buyout market.

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Citigroup shakes up management

Citigroup Inc, which last week forecast 60 percent declines in third-quarter earnings amid bad debt losses, said it was promoting Vikram Pandit to head banking, markets, and alternative investments, and that trading head Thomas Maheras was leaving.

Philips cuts stake in Korean firm in $2.2 billion deal

Philips Electronics is selling about $2.2 billion worth of shares in flat screen maker LG Philips LCD Co Ltd, reducing its stake to about 20 percent, a term sheet said on Wednesday.

Private banks lure Generation X

As the world's wealth pumps into the pockets of a new generation of heirs and entrepreneurs, private banks are looking for new ways to attract a clientele worlds away from the stuffy image of wealth management.

UK throws new lifeline in bid to steady Northern Rock

Britain threw a fresh lifeline to Northern Rock on Tuesday, offering to guarantee new retail deposits and extend funding arrangements in a bid to win the bank time to salvage something from its battered business.

Citigroup and Nikko to merge Japan securities business

Citigroup said on Tuesday it would merge its retail securities business in Japan with unit Nikko Cordial Corp, as part of the U.S. financial firm's push in the world's second-largest economy.

Big write-downs loom at JPMorgan: analysts

JPMorgan Chase & Co Chief Executive Jamie Dimon has given investors plenty to worry about throughout the year, but they have shrugged off his cautionary remarks and embraced his couched reassurances. It might be time to reconsider Dimon's cautionary side after Merrill Lynch & Co Inc unveiled a $5.5 billion credit implosion last week.

Morgan Stanley eyes India wealth

Morgan Stanley is unleashing a major drive to tap India's domestic wealth next year, hiring 100 private bankers in a bid to manage $1 billion in assets by the end of 2010.

Citigroup to help N.Rock stay independent: reports

Investment bank Citigroup is planning to help keep Northern Rock independent by arranging a consortium of bidders to bail it out, or by directly offering it a loan, according to conflicting weekend newspaper reports.

'Mega-Trends' to drive growth in global banking

Beyond the ongoing 'short-term' subprime crisis, the 'mega trends' that will shape banking and its growth in the long term will be globalization, the growth of capital markets and global asset growth and its impact on how it's managed, said Deutsche Bank's top corporate and investment banker.

Washington Mutual sees 3rd-qtr profit down 75 pct

Washington Mutual Inc, one of the largest U.S. mortgage lenders, said on Friday it expects a 75 percent drop in quarterly income on losses and write-downs on mortgage loans and securities.

Citigroup Forges First Japanese Triangular Merger

Tokyo-Citigroup Inc. announced on Tuesday that it will acquire shares of Nikko Cordial Corp. by triangular merger through Citigroup Japan subsidiary.

Deutsche Bank profit up despite subprime losses

Germany's biggest bank expects a $2 billion 3q profit despite big hits from global credit market problems

Tokyo stocks seen range-bound, eyes on Nikko Cordial

Japan's Nikkei stock average is expected to move in a narrow range on Wednesday, with profit-taking likely to prevent the index from going further beyond 17,000.

Home builder stocks rally

Home builder stocks rallied for a second consecutive day on Tuesday as investors gambled that the struggling U.S. housing market, with a chance of further interest-rate cuts, may have bottomed out and now is the time to buy, investors said.

Citigroup to buy rest of Nikko in $4.6 bln deal

Citigroup said it would buy out minority shareholders in scandal-hit Japanese brokerage Nikko Cordial Corp for $4.6 billion, as part of the financial giant's push into the world's second-largest economy.

Global markets upbeat; hope for end to subprime mess

Global stocks hit a record high on Tuesday, lifted by financial companies after subprime losses detailed by big banks, including Citigroup Inc, raised hopes that the worst of the credit squeeze may be over.

U.S. stocks jump as Dow reaches record high

Stocks surged on Monday, sending the Dow to a record close on the first trading day of the fourth quarter, as investors bet that Wall Street may have seen the worst of the credit squeeze after three global banks detailed expected losses from the crisis.

Citi CEO under fire again

Calls for Chuck Prince's resignation grew louder after the largest U.S. bank warned of a steep profit drop in the latest quarter.

Europe shares gain as UBS shrugs off losses

European shares rallied on Monday, led by UBS as its announcement of subprime-related losses ignited speculation that the worst of the damage of the credit crunch may be behind the wealth manager.

Citigroup says quarterly profit to plunge 60 pct

Citigroup, the largest U.S. bank by market value, said on Monday its third-quarter net income will drop 60 percent on losses and writedowns stemming from subprime and leveraged loan woes, fixed income trading, as well as weakness in its consumer business.

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