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Tag Archives: Citigroup

BofA, Citigroup Reveal Troubles in Q4 Earnings

Bank of America and Citigroup both released their fourth-quarter earnings Thursday, revealing the scars their legacy mortgage issues have left. BofA reported net income of $732 million, a significant decline from $2 billion in Q4 2011. The bank did better on a year-long scale, coming in at $4.2 billion (well above its $1.4 billion income in 2011). Legal expenses also weighed down profits at Citigroup, though the company did manage to come out ahead on a yearly basis with a $1.2 billion profit in Q4.

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Citigroup Announces Departure of Two Executives

One day after posting better-than-expected├â┬ó├óÔÇÜ┬¼├óÔé¼┬Øalbeit reduced├â┬ó├óÔÇÜ┬¼├óÔé¼┬ØQ3 quarterly earnings, Citigroup announced the resignations of CEO Vikram Pandit and president and COO John P. Havens. Pandit's sudden and unexpected announcement has some analysts and investors baffled. Michael Jones, chairman and chief investment officer of Riverfront Investment Group, LLC, told Reuters he thinks the move raises "red flags everywhere."

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Markets, Commentators React to Unemployment Drop

Experts across the country wasted no time in responding to Friday's unemployment report, and the responses ranged from celebration to healthy skepticism. As pundits waged a war over the significance of the report, Capital Economics focused its view less on politics and more on its own breakdown of the data, noting that while the growth was modest, the overall report was encouraging. Wall Street also reacted, with banks and construction firms seeing stock upticks.

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Deadline Arrives to Adopt National Settlement’s Servicing Standards

The settlement struck between the nation's five largest mortgage servicers and the U.S. Department of Justice and 49 state attorneys general calls for reforming mortgage servicing practices with the implementation of more than 300 standards. As described by the attorneys general's own negotiating committee, the banks must "accomplish a massive undertaking" to put all the servicing standards into practice as ordered under the agreement. They were given 180 days.

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Servicers Work Toward Fulfilling National Settlement Terms

Five months after the nation's top five servicers settled with the states attorneys general and several federal agencies to address iniquities in foreclosure processes, Joseph A. Smith, Jr., the settlement monitor, released a preliminary report to inform the public of the servicers' progress so far. Thus far, the five servicers ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô offered $10.56 billion in relief to borrowers and have implemented between 35 and 72 percent of the 304 servicing standards detailed in the national settlement.

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