Citigroup News

Published: Friday, July 10, 2009 at 9:26 p.m. Last Modified: Friday, July 10, 2009 at 9:26 p.m. Thousands of vendors who do billions of dollars of business with the state of California are scrambling as major banks say they will no longer honor the state's IOUs.

Citigroup is changing the way it reports financial data. Going forward, the troubled financial giant will report separate data for its three operating units: Citicorp, Citi Holdings, and Corporate.

Published: Friday, July 10, 2009 at 5:11 a.m. Last Modified: Friday, July 10, 2009 at 5:11 a.m. Edward J. Kelly had been diligently preparing to be the voice of Citigroup on the bank's earnings call with investors next Friday, his second in the four brief months since abruptly taking over as chief financial officer.

DISGRACED: Bernard Madoff, a former Nasdaq stock market chairman, has been sentenced to 150 years in prison for his fraudulent dealings.

American International Group Inc. , the insurer bailed out four times by the government, fell the most in nine months after Citigroup Inc.

The recipients of billions of dollars in IOUs being issued by California soon may have a regulated market where they could sell them.

Citigroup Inc. said Thursday that its former chief financial officer and current chairman of Citi Holdings, Gary Crittenden, is leaving the company as part of the bank's latest shuffling of management.

JPMorgan Chase & Co. and Bank of America Corp. are replacing fixed interest rates on some credit cards with variable rates, citing changing costs and new U.S. curbs on pricing.

After taking multibillion-dollar bailouts from the federal government, some of the nation's biggest banks are declining to lend a hand with a different financial mess: the California budget stalemate.

Bank of America Merrill Lynch, whose roster of senior bankers has shrunk during the financial crisis, is making a push to spotlight key dealmakers following a similarly themed move by rival Citigroup.

In addition, Citigroup : has agreed to provide conflict waiver letters to the law firms it works with to help encourage attorneys to participate in the Philadelphia Residential Mortgage Foreclosure Diversion Program.

As expected Lear Corp. filed for Chapter 11. The auto parts maker announced last week that it intended to file for bankruptcy protection with a prepack.

MELBOURNE: Rio Tinto Group, the world's third-largest mining company, sold part of its Alcan packaging unit to Bemis Co for US$1.2 billion to cut debt.

Citigroup Inc. said Monday it was naming two senior executives to lead its Asia Pacific operations after the previous head of the region resigned.

The U.S. Treasury signaled it intends to refrain from using stock acquired in rescued companies to influence corporate decisions, aside from approving board members and major transactions.

In this April 17, 2009 file photo, a sign at the Citigroup Center is seen in New York.

Indonesia may cut interest rates once more to stoke growth before faster inflation next year prompts policy makers to raise borrowing costs, economists said.

Although Wall Street rebounded strongly and posted a three-month rally from March to May after raching 12-year lows March 9, analysts expect the U.S. equity market to be boring in the second half of 2009.

German Chancellor Angela Merkel, French President Nicolas Sarkozy and British PM Gordon Brown meet to discuss the financial crisis on Saturday.

Two stocks in the Dow Jones Industrial Average will be replaced, Dow Jones & Company announced.