CITIGROUP

American International Group Inc , the insurer rescued by a series of federal bailouts, may have zero equity value due to the risk of more credit default swap losses and the disposal of key assets at low valuations, Citigroup said.

Citigroup Inc on Thursday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.

For the first time since January, the number of Americans filing for unemployment claims fell in the past week according to reports from the Labor Department. The number of initial claims in the week ending July 4 fell 52,000 to 565,000.

Citigroup said there is a high probability that American International Group Inc's equity value is zero, given the risk of more credit default swap losses and the management's eagerness to dispose of key businesses at low valuations.

American International Group Inc has resumed talks to sell its American Life Insurance Co unit to MetLife Inc in a transaction that could help the stricken insurer raise more than $15 billion, the Financial Times said.

Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills.

Goldman Trade Codes Stolen, Judge OKs Sale to 'New GM,' Rio's Sell-off

Some of the top stories making the first half of this day.

Global miner Rio Tinto further improved its cash position on Monday by agreeing to sell its Americas food packaging business for $1.2 billion, and analysts said they expected more asset sales to follow soon.

Johnson & Johnson is take over most of Elan Corp Alzheimer's research and invest $1 billion in new Elan equity in exchange for an 18.4 percent stake in the Irish drugmaker, the companies said on Thursday.

Total U.S. new light vehicle sales in June were down 27.7 percent to 859,847, according to Autodata Corp, which compiled results released today by automakers. Ford Motor Corp fell the least with a 10.7 pct decline.

Citigroup agreed to sell its Japanese trust bank to a unit of Nomura Holdings for 19 billion yen ($196 million), as it looks to raise cash by exiting businesses in the world's second-largest economy.

Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.

Bank of America Corp's primary investment management unit is drawing lower than expected bids after its likeliest suitor, BlackRock Inc , inked a blockbuster deal to buy Barclays Global Investor , the Financial Times reported, citing people close to the matter.

U.S. securities regulators are considering changing how companies are required to disclose stock options awarded to executives, people familiar with the Securities and Exchange Commission's thinking told Reuters on Tuesday.

U.S. securities regulators are considering changing how companies are required to disclose stock options awarded to executives, people familiar with the Securities and Exchange Commission's thinking told Reuters on Tuesday.

Swiss drugmaker Novartis is in talks to buy parts of Irish peer Elan , including its flagship multiple sclerosis products and its Alzheimer's disease pipeline, the Sunday Times said.

A sweeping U.S. credit card law will mean sharply lower revenue for issuers and may force some out of business, but some of the market leaders could end up even stronger.

U.S. commercial banks reported record trading revenue in the first quarter of 2009, benefiting from wide trading margins and gains from interest rate products, the Office of the Comptroller of the Currency said on Friday.

Citigroup has been ordered by Japanese regulators to stop marketing financial products at its retail bank for a month, a slap that is unlikely to squeeze revenue but will further tarnish the U.S. bank's reputation in a key market.

Auto parts supplier Lear Corp is preparing to file for bankruptcy as soon as next week, the Wall Street Journal reported on Thursday, citing people familiar with the matter.