Citigroup's net fell by 53% in 4th quarter

Article Abstract:

Citigroup Inc. posted a 53% drop in its net profit for the fourth-quarter of 1998. The decline mainly resulted from charges for restructuring. However, the company did post higher-than-expected figures due to the strong growth in its consumer business. Citigroup's corporate and investment bank performed poorly again in the quarter. The company's quarterly net income fell from $1.44 billion in 1997 to $677 million in 1998.

Comment:

Posts a 53% drop in its net profit for the fourth-quarter of 1998

Abstract, Citigroup Inc.

American Express surprises investors with writedown

Article Abstract:

American Express Co. said it would have a $826 million (961 million euros) writedown that will negatively impact profits in the 2001 second-quarter. The company is also planning layoffs of 5,000 workers.

Labor force information, Planning, American Express Co., AXP, Layoffs

Citigroup admits to lapses in monitoring Russian funds

Article Abstract:

Citigroup Inc. recognizes its mishandling of 750 million dollars in suspicious Russian funds activity since 1991 and has since tightened its monitoring systems.

Financial management, Management, Citigroup Inc. (New York, New York)