Citigroup | featured news

With the sale of the energy-trading unit to Occidental, Citigroup could potentially avoid controversy over the compensation of Andrew J. Hall, who ran the firm.

Citigroup Inc. appears to be shifting its strategy in its U.S. retail banking business, focusing on its strongest markets rather than trying to expand across the country.

When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation's leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system. Today, the biggest of those banks are even bigger.

Citigroup Inc, one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.

Citigroup has been negotiating with the FDIC about entering into a so-called memorandum of understanding that lets the bank work out its problems without the glare of outside attention.

General Motors and Citigroup will be replaced in the Dow Jones Industrial Average by Cisco Systems and Travelers, respectively.

Citigroup filed with the SEC to register about 1.6 billion more common shares as part of its move to convert preferred stock to common shares.

Citigroup will lend up to $5 billion in TARP funds in a municipal program to help finance construction of schools, airports, hospitals and other infrastructure products.

Citigroup Inc and Bank of America Corp shares rallied in premarket trading ahead of the release of "stress test" results that will force them and other top banks to raise tens of billions of dollars in capital.

Bank of America needs $34 billion in extra cash, a source familiar with U.S. government stress tests on leading banks told Reuters, unsettling markets and stoking talk of a possible asset sale in China.