to also convert their preferred shares into common stock, the Journal reported.
In a separate report, the Financial Times said Citigroup is pressing the U.S. government to agree on a new capital injection that would increase the authorities' stake in the bank to about 40 percent, but stop short of an outright nationalization.
The FT said Citi insiders expect a decision on the company's future...
ING Group is gauging the implications of the U.S. bank rescue aid plan announced earlier this month for its activities there, the Dutch banking and insurance group's next Chief Executive said in a newspaper interview on Saturday.
If the government gives more help to Bank of America Corp and Citigroup Inc in the near term, it will likely stop short of nationalization, even if a full takeover would be best for the banking system.
is not happening in this merger.
Mattera said San Francisco-based Wells Fargo is taking other steps to retain brokers, including higher payouts through Wachovia Securities' 4front client loyalty program.
He also said Wells Fargo plans in May to change Wachovia Securities' name to Wells Fargo Advisors.
Prudential Financial Inc has a 38 percent stake in Wachovia Securities,...
Bank of America Corp shares sank below $3 and Citigroup Inc tumbled below $2 on Friday, hammered by growing fears that the U.S. government could nationalize the banks, wiping out shareholders.
Bears could have the upper hand again next week if Wall Street fails to get assurance that major banks can be rescued without being seized by the U.S. government.
Stocks tumbled on Friday, with the Dow industrials ending at a 6-1/2-year low, on fears the government may be forced to nationalize some big banks.
Uncertainty about how Washington will rescue beleaguered banks persisted even as the White House issued its most direct statement yet on banks, saying it supported a privately held banking system.
The S&P 500 had plunged close to a 12-year low be...
Stocks tumbled on Friday, with the Dow industrials closing at a 6-1/2-year low, on fears the government may be forced to nationalize some big banks even as the White House said it supports a privately held banking system.
Fears that some major banks could be taken over by the government had driven the S&P 500 close to a 12-year low before the White House issued its most direct statement yet o...
The Dow and the S&P 500 fell on Friday, pummeled by worries about the lack of details on the U.S. government's bank rescue plan, though the S&P pulled back from the brink of a 12-year low after the White House said it supported a privately held banking system.
Fears that some major banks could be nationalized had earlier driven the Dow to more than six-year lows. The White House made its...
and it's getting worse, said Nouriel Roubini, a prominent New York University economist who forecast much of the credit and housing recession.
The cost of insuring $10 million of Citigroup debt for five years rose to $475,000 annually from $405,000 on Thursday, according to data from Phoenix Partners Group.
The cost of insuring Bank of America debt rose to $275,000 a year from $245,000.
S...
The White House said on Friday it strongly believed in a privately held bank system, after rumors that the U.S. government could nationalize banks caused shares in Bank of America and Citigroup plummet.
Let me reassure as best I can on banks, White House press secretary Robert Gibbs told a briefing with reporters.
This administration continues to strongly believe that a privately held bank...
Shares in Bank of America Corp and Citigroup Inc tumbled to new multi-year lows in premarket electronic trading on Friday on what analysts and investors said was growing fears the two longtime pillars of the U.S. financial sector could soon be nationalized.
U.S. stocks extended a rout on Friday after a top U.S. senator confirmed the market's worse fears, saying it may be necessary to nationalize some banks, as the S&P 500 closed in on an almost 12-year low.
Senate Banking Committee Chairman Christopher Dodd said the nationalization of some banks could be needed at least for a short time, according to a Bloomberg report.
The S&P briefly...
U.S. Treasury debt prices gained on Friday as deepening anxiety about the fragile state of the banking system pummelled financial stocks, sending investors scrambling into comparatively safe government debt.
U.S. stocks fell on Friday, pinning the Dow to levels not seen for more than six years, as investors worried that a financial sector rescue might involve nationalization of major banks, wiping out shareholders.
The mounting fear sent investors scurrying to the relative safety of U.S. government bonds and gold, which rose briefly above $1,000 an ounce.
Shares of Bank of America fell...
U.S. stocks fell on Friday, pinning the Dow to levels not seen for more than six years, as investors worried that a financial sector rescue might involve nationalization of major banks, wiping out shareholders.
The mounting fear sent investors scurrying to the relative safety of U.S. government bonds and gold, which rose briefly above $1,000 an ounce.
Shares of Bank of America fell...
Citigroup Inc plans to sell its 17 percent stake in Brazilian credit card company Redecard, sources with direct knowledge of the plans said on Friday, potentially raising 3.05 billion reais ($1.27 billion) for the struggling U.S. banking giant.
Bank of America Corp and Citigroup Inc shares plummeted for a sixth straight day on Friday, hammered by fears that the U.S. government could nationalize the banks, wiping out shareholders.
Shares of Bank of America Corp and Citigroup Inc plummeted for the sixth straight day on Friday, hammered by increasing fears that the U.S. government could take the control of the banks, wiping out shareholders.
Bank of America shares were down 6.6 percent to $3.66 in premarket trading, their lowest level since 1984, while Citigroup fell 12.3 percent to $2.20, their lowest price since 1991. The ...
The Frankfurt-listed shares of U.S. banks Citigroup and Bank of America fell on Friday, with traders and analysts citing fears that big U.S. banks could be nationalized.
At 1130 GMT, Citigroup shares were down 6.4 percent in Frankfurt and Bank of America traded 8.0 percent lower. Spokesmen for both banks in London declined to comment.
Spokesmen for the banks in New York were unavailable for comm...
Citigroup Inc shares fell to almost 18-year lows on Thursday, with Bank of America Corp stock also plunging, amid renewed fears that growing losses could lead to government control of troubled U.S. banks, wiping out shareholders.
Citigroup Inc shares fell to 17-year lows on Thursday, with Bank of America Corp stock also plunging, amid renewed fears that growing losses could lead to government control of troubled U.S. banks, wiping out shareholders.
