Citigroup to cut 17,000 jobs, take $1.38 billion charge

11:40 am ET Apr 11, 2007

DJIA

12,492

-81.10

S&P

1,440

-7.64

NASDAQ

2,463

-14.42

10Yr

4.71%

-0.016

Citigroup to cut 17,000 jobs, take $1.38 billion charge

NEW YORK
Citigroup Inc., which failed to fully capitalize on one of the most
prosperous eras for U.S. financial-services companies in recent years,
announced a sweeping expense-reduction plan on Wednesday that includes
17,000 job cuts and a $1.38 billion pre-tax charge.

Market Snapshot: Stocks fall ahead of Fed minutes

NEW YORK
U.S. stocks fell on Wednesday, as upbeat earnings from Alcoa Inc. and
job cuts at Citigroup failed to provide a lift, while a rise in crude
oil prices kept investors cautious ahead of a speech by Federal Reserve
Chairman Ben Bernanke and the release of the minutes of the last Fed
meeting.

Economic Report: Realtors see home prices falling in 2007

WASHINGTON
U.S. home prices will probably fall this year for the first time in at
least 38 years, the National Association of Realtors said Wednesday.

Economic Report: Mortgage applications off for fourth straight week, MBA
says

WASHINGTON
Applications for mortgages again fell last week as interest rates rose,
the Mortgage Bankers Association reported Wednesday.

After banks, noodles; consumer story driving China IPOs

HONG KONG
After banks, noodles. The rising power of the Chinese consumer is
holding sway in new stock offerings, heralding a subtle shift in the
kinds of companies now coming to market in Hong Kong and Shanghai.