Focus
U.S. banks
Citigroup Lays Off 11,000
Citigroup announces laying off 11,000 staff by the middle of January 2013. The bank expects to save $1.1 billion per year from 2014 by reducing headcount in most of its business units, closing 44 branches in the United States.
Housing Market Still Troubled
The housing market, home prices, and foreclosures are not much better than they were in 2008, according to an Oct. 22 report from RealtyTrac.
Citigroup to Pay $590 Million to Settle Subprime Allegations
Citigroup Inc. this week has agreed to pay $590 million to settle a class-action shareholder lawsuit claiming that the New York-based bank failed to disclose exposure to risky assets.
Financial Services: Six More US Banks Fail
Last Friday federal regulators shut down six more banks in the United States, bringing the total number of bank failures this year to a staggering 125.
Colonial Bank—Largest Bank Failure of 2009
Its assets were taken over by regulators and subsequently sold to BB&T Corp.
