Citigroup Inc on Wednesday stood by its pledge to reward shareholders, as Wall Street sought to understand why the bank failed to win approval from regulators to increase its dividend or buy back stock.
Shares of Citigroup (NYSE: C) fell more than 4 percent Wednesday after the Federal Reserve said the No. 3 U.S. bank flunked a “stress test” of its financial viability.
Developed economies will pick up steam this year thanks to an array of ultra-loose monetary policies from major central banks and amid new signs of progress in the euro zone's debt crisis, a Reuters polls found.
The Fed chairman said smaller banks are getting stronger despite the slow U.S. recovery, and he assured community bankers that the sweeping financial regulatory overhaul of 2010 is aimed at much bigger players.
The Federal Reserve will try to make it clearer whether new banking rules apply to small lenders, Federal Reserve Chairman Ben Bernanke said in remarks on Wednesday.
The Federal Reserve will try to make it clearer whether new banking rules apply to small lenders, Federal Reserve Chairman Ben Bernanke said in remarks on Wednesday.
The Federal Reserve will try to make it clearer whether new banking rules apply to small lenders, Federal Reserve Chairman Ben Bernanke said in remarks on Wednesday.
The companies whose shares are moving in pre-market trade on Wednesday are: Francesca's Holdings Corp, Zions Bancorporation, Regions Financial Co, RADVision Ltd, Clearwire Corp, LSI Corp, SunTrust Banks, Citigroup, American Capital Mortgage Investment Corp and Fifth Third Bancorp.
Most of the largest banks passed their annual stress test, the Federal Reserve revealed in an earlier-than-expected release of the results, after JPMorgan Chase pulled the trigger on announcing its glowing marks and helped lift the stock market.
JPMorgan Chase and Co. (NYSE:JPM) announced Tuesday afternoon it would be raising the dividend payout to shareholders and engaging in a sizable stock buyback program, in a show of balance sheet strength coming just days after the bank was green-lighted through the Federal Reserve's now-yearly "stress tests." The markets rallied.
JPMorgan Chase and Co. (NYSE:JPM) announced Tuesday afternoon it would be raising the dividend payout to shareholders and engaging in a sizable stock buyback program, in a show of balance sheet strength coming just days after the bank was green-lighted through the Federal Reserve's now-yearly "stress tests." The markets rallied.
Citigroup Inc., the third-largest U.S. bank, and SunTrust Banks Inc. failed the Federal Reserve's latest stress test because they lack enough capital to endure a hypothetical shock to the U.S. economy, the central bank said Tuesday.
The majority of the largest banks will continue to have enough capital to satisfy regulators, even if they suffer a financial shock that includes unemployment hitting 13 percent and a 21 percent drop in housing prices, the Federal Reserve said on Tuesday.
JPMorgan Chase & Co became the first bank on Tuesday to say regulators have completed stress tests of its balance sheet and approved a dividend increase and stock buybacks.
U.S. stocks soared Tuesday in afternoon trading, amid strong reports of retail sales and business inventories and buoyant sentiments from the Federal Reserve.
The Federal Reserve officials decided to keep the near-term interest rates unchanged at ultra-low levels but offered few clues about plans for further easing, as highly anticipated, while the Fed noted recent strength in the labor market and that strains have eased in global financial markets.
The Federal Reserve on Tuesday provided few clues on the prospects for further monetary easing, offering just a slight upgrade to its economic outlook while restating concerns about the high level of unemployment.
The Federal Reserve on Tuesday acknowledged recent signs of strength in the economy and said recent financial market strains have eased, offering few clues on the chances for further monetary easing.
A full-text of the Federal Open Market Committee's statement from March 13 meeting.
Sales at U.S. retailers jumped in February by the most in five months, showing broad-based gains from autos to building materials, underscoring yet another hopeful sign of a strengthening economy.
Stock index futures advanced on Tuesday ahead of data that could provide clues about the intensity of consumer spending and before a monetary policy announcement from the Federal Reserve.
Stock index futures advanced on Tuesday ahead of data that could provide clues on the level of consumer spending and before a policy announcement from the Federal Reserve.
