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Non-Tech : C (Citigroup) -- Ignore unavailable to you. Want to Upgrade?

To: Cheryl Galt who wrote (91)	6/3/1999 9:59:00 AM
From: Cheryl Galt	Read Replies (1) \| Respond to of 259

FWIW, Citigroup is the cover story for Business Week's June 7 issue. It's their "company of the week," and the info will be online for 90 days. (A drop box lets you pick from a list of archived formerly featured companies.) Despite the cover's headline, i'd say it's a generally positive story. businessweek.com CITIGROUP: IS THIS MARRIAGE WORKING? Are two heads really better than one at Citigroup? Excerpts: "Co-CEOs are hard," says John S. Reed, who after the merger of his Citicorp with Travelers Corp. shares the top spot at the new Citigroup with former Travelers' CEO Sanford I. Weill. One year after the integration of Citicorp and Travelers began in earnest, there's evidence that the relationship is fraying... A more political analysis of the two would be that Weill and Reed could be headed for a showdown. [Dec 31 is floated as the date of the showdown. Reed proposes a public coin toss to pick a single CEO.] Scuttlebutt is that Weill is winning the battle by putting his lieutenants on the ground. They say Reed, something of a loner, has few internal allies... ----------------- Return on equity was 24% in the first quarter, well above its goal of 20%. Citi's stock also has rebounded from the lows of last fall, rising from 32 1/2 on Oct. 8, the day the deal was closed, to 64 currently.... One interesting factoid: ... the top 70 managers at Citigroup have agreed that they won't sell 75% of their Citigroup stock until they retire.

To: Cheryl Galt who wrote (91)	6/14/2001 4:24:22 PM
From: long-gone	Respond to of 259

here: Wednesday June 13, 6:15 pm Eastern Time US card loan writeoffs highest in over 4 years-S&P NEW YORK, June 13 (Reuters) - U.S. credit card issuers wrote off bad loans in April at levels not seen in more than four years, in response to a spike in bankruptcy filings and the sagging economy squeezing consumers' pockets, bond rating agency Standard & Poor's said on Wednesday. S&P's monthly credit card charge-off index rose 60 basis points to 6.7 percent in April from March's 6.1 percent, the highest loss rate since February 1997. The April charge-off figure was worse than the 6.2 percent peak reached in June 1992 during the last U.S. recession. The agency said the increase in loss rates was expected, as the slowing economy has hurt consumer confidence and spending. ``The rising unemployment rate, higher fuel prices, poor corporate earnings, and a volatile stock market continue to influence consumer behavior,'' S&P said in a statement. On a more positive note, S&P said the level of late credit card payments held steady at 5 percent for April compared with March. However, the April delinquency reading was half a percentage point higher than a year earlier. Bankruptcy Spike Pushes Writeoffs Higher The increase in bankruptcy filings has been viewed as temporary in reaction to the pending bankruptcy reform legislation, which will make it more difficult for consumers to wipe out their debt. Experts said many people are rushing to file before anticipated tougher measures can take effect. The number of bankruptcies filed in the first quarter of 2001 showed a significant rise in consumer filings, increasing by 17.5 percent above the same period a year ago. ``It is expected that the spikes in bankruptcy filings will continue to effect losses in May and June,'' S&P said. Perhaps surprisingly, the rise in bankruptcy filings resulted in higher writeoffs in April for credit card receivables generated by card holders with top credit ratings than those with blemishes in the their credit histories and pay higher interest rates than so-called prime card holders. For prime card loan portfolios tracked by S&P, about 35 percent to 50 percent of charge-offs in April were a result of bankruptcy-related losses, as the rest of the losses was due to writing off accounts that were past 180 days delinquency. For portfolios of subprime card holders, bankruptcy-related losses were lower, representing 20 percent to 30 percent of total losses, S&P said. Citibank Sees Biggest Card Losses in April The 15 largest credit card trusts tracked by S&P for its card indices reported higher losses, ranging from 10 to 140 basis points, S&P said. Citibank, Citigroup's (NYSE:C - news) U.S. commercial banking arm, posted the biggest monthly increase in loan writeoffs, up 140 basis points to 5.1 percent. According to S&P, Citibank attributed the increase to increased bankruptcy losses, a slowdown in economic activity, and the overall deterioration in credit condition. Other credit card trusts that reported writeoff increases greater than a percentage point in April included those run by Providian Financial Corp. (NYSE:PVN - news), Metris Co. Inc. (NYSE:MXT - news) and Capital One Financial Corp. (NYSE:COF - news). On the New York Stock Exchange, Citigroup stock closed down 49 cents at $49.89 a share; Providian off 57 cents at $54.29; Metris up one cent at $30.02 and Capital One up 26 cents at $37.55. biz.yahoo.com