Citigroup swung to a huge loss in the first quarter, hurt in part by poor performance and write-downs at its alternative investments business.
The losses at Citi Alternative Investments were a relative drop in the $5.1 billion bucket of red ink: the group recorded “negative revenue†of $358 million “on sharply lower proprietary revenues†and $212 [...]
NEW YORK (CNNMoney.com) — A week ago, Joshua Hager was despondent. Laid off by a mortgage company, he has looked for jobs ranging from bank teller to risk analyst. He was sending out as many as 10 resumes a day but was getting barely a nibble from employers or recruiters.This week, things are are looking [...]
NEW YORK (Fortune) — The campus-recruiting page on the Bear Stearns corporate Web site says, in part, If you’re really good at what you do, you probably have a lot of choices when it comes to [starting] your career.Let’s hope so.For many business school students looking forward to a career in investment banking, this will [...]
NEW YORK (AP) — Citigroup Inc. is continuing to cut investment banking and trading jobs this year as the bank tries to lower costs while recovering from colossal credit-related losses.Each year we identify the bottom 5% of performers in the Institutional Clients Group, and some number of these people leave the firm, Citigroup spokesman Dan [...]
NEW YORK (CNNMoney.com) — There’s already been a wave of layoffs on Wall Street this year, and the Bear Stearns buyout could trigger another round of pink slips.During the first two months of 2008, 18,000 jobs have already been lost in the hard-hit mortgage markets, according to research firm Challenger, Gray %26amp; Christmas, accounting for [...]
Sinking Sterling Is Catching Dollars Disease: Michael R. Sesit
Commentary by Michael R. Sesit
Jan. 18 (Bloomberg) — You wouldnt suspect it listening to
the many English accents in New Yorks Bloomingdales department
store or across the street at the Levis and Banana Republic
shops, [...]
(Fortune Magazine) — When lenders stop asking for golf dates and start throwing F-bombs, it’s usually time to find a restructuring firm. Among the small number of bankers and CPAs who specialize in this practice, New York’s Alvarez %26amp; Marsal is often the first phone call for these sweating execs - and it’s already profiting [...]
Clara Cichosz of Littleton couldn’t stop pumping coins into the slot machines.
The spinning dials, the electronic bells, and the occasional clank of a jackpot had hypnotized her. She started going to Black Hawk without her friends, so she could be alone with the machines.
“I called myself a slot slut,” she said. “I am [...]
NEW YORK (Fortune) — Ted Owen, CEO of Santa Monica-based GGL Global Gaming (GGL), has told Fortune he has signed a deal to make video gaming an official welcome event of this summer’s Beijing Olympics. A Chinese official confirms it.Chinese organizers are allowing GGL to use a logo that includes the official Olympic rings for [...]
They know that after the damage is done, the market usually rallies nicely. The gloom of awful corporate profits, layoffs and stock losses generally culminate in what Ned Davis Research called a “table-pounding buy” in the stock market.
The problem for investors is identifying where the economy happens to be in the cycle. Economic conditions only [...]
