Citi (C) Splits In Two (Clusterstock)
As expected, Citi has announced a reorg this morning, so pundits everywhere can write their "death of the financial supermarket" articles once again.
The company says it will be split into Citi Corp and Citi Holdings.
Citi Corp is described as:
Citicorp’s Global Institutional Bank will consist of:
- Global Transaction Services: an industry-leading business with a global network in about 140 countries.
- Corporate and Investment Bank: world-class relationship banking offering full range of advisory, underwriting, lending and market-making services; now re-focused with a lower risk profile.
- Citi Private Bank: global banking serving high-net-worth individuals, including about 30 percent of the world’s billionaires.
Citicorp’s Retail Bank will consist of:
- Branded card businesses globally.
- Regional consumer and commercial banking franchises in the U.S., Asia, Latin America, Central and Eastern Europe, and the Middle East.
We anticipate that Citicorp will have assets of approximately $1.1 trillion and will be approximately 65 percent deposit funded.
Citi Holdings:
Citi Holdings will be a group of non-core businesses that include attractive long-term businesses with strong market positions. However, they do not sufficiently enhance the capabilities of Citi’s core business, and in many ways compete for its resources.
The Citi Holdings management team will seek to maximize the value of these businesses by running them well, restructuring and managing them through this tough economic cycle, and taking advantage of value-enhancing disposition and combination opportunities as they emerge. These businesses and assets will initially include:
- Brokerage and asset management: including the 49 percent stake in Morgan Stanley Smith Barney, as well as Nikko Cordial Securities, Nikko Asset Management and Primerica Financial Services.
- Local consumer finance: including CitiFinancial and CitiMortgage in the U.S., and consumer finance operations in Western Europe, Japan, India, Mexico, Brazil, Thailand and Hong Kong.
- Special asset pool: will manage the assets covered by the loss-sharing agreement with the U.S. government parties in the ring-fenced portfolio; and other non-strategic assets.
Separately, the company has announced the details of its loss-sharing plan with the government, first established in November.
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金融超市就这样被瓦解了。不知道看到这样的情况，国内的招商和光大做何感想？作为BENCHMARK的Citi Financial Supermarket就这样以失败告终，国内的走势将怎么样呢？其他的我不敢说，我也不敢说这种趋势和发展势头会停止，但起码会减速。关注。
Citi (C) Splits In Two (Clusterstock)
The company says it will be split into Citi Corp and Citi Holdings.
Citi Corp is described as:
Citicorp’s Global Institutional Bank will consist of:
- Global Transaction Services: an industry-leading business with a global network in about 140 countries.
- Corporate and Investment Bank: world-class relationship banking offering full range of advisory, underwriting, lending and market-making services; now re-focused with a lower risk profile.
- Citi Private Bank: global banking serving high-net-worth individuals, including about 30 percent of the world’s billionaires.
Citicorp’s Retail Bank will consist of:
- Branded card businesses globally.
- Regional consumer and commercial banking franchises in the U.S., Asia, Latin America, Central and Eastern Europe, and the Middle East.
We anticipate that Citicorp will have assets of approximately $1.1 trillion and will be approximately 65 percent deposit funded.
Citi Holdings:
Citi Holdings will be a group of non-core businesses that include attractive long-term businesses with strong market positions. However, they do not sufficiently enhance the capabilities of Citi’s core business, and in many ways compete for its resources.
The Citi Holdings management team will seek to maximize the value of these businesses by running them well, restructuring and managing them through this tough economic cycle, and taking advantage of value-enhancing disposition and combination opportunities as they emerge. These businesses and assets will initially include:
- Brokerage and asset management: including the 49 percent stake in Morgan Stanley Smith Barney, as well as Nikko Cordial Securities, Nikko Asset Management and Primerica Financial Services.
- Local consumer finance: including CitiFinancial and CitiMortgage in the U.S., and consumer finance operations in Western Europe, Japan, India, Mexico, Brazil, Thailand and Hong Kong.
- Special asset pool: will manage the assets covered by the loss-sharing agreement with the U.S. government parties in the ring-fenced portfolio; and other non-strategic assets.
Separately, the company has announced the details of its loss-sharing plan with the government, first established in November.
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金融超市就这样被瓦解了。不知道看到这样的情况，国内的招商和光大做何感想？作为BENCHMARK的Citi Financial Supermarket就这样以失败告终，国内的走势将怎么样呢？其他的我不敢说，我也不敢说这种趋势和发展势头会停止，但起码会减速。关注。
BofA's Loss: $1.79 Billion(Clusterstock)
The same morning it revealed a $20 billion capital injection and a government loss backstop, Bank of America (BAC) says it lost $1.79 billion in the quarter. Until recently, some analysts had still been predicting a profit in the quarter (ha).
The results don't include Merrill, which lost a whopping $15 billion in the quarter.
This stat highlights how rapidly things deteriorated at the end of last year: "Nonperforming assets were $18.23 billion or 1.96 percent of total loans, leases and foreclosed properties, compared with $13.58 billion, or 1.45 percent, at September 30 and $5.95 billion, or 0.68 percent, at December 31, 2007.
------------------------------------------------------------------------------------------------------------------Will Citi (C) And Bank Of America (BAC) Be Nationalized? (Clusterstock)
All week long we've been asking why Citi and JP Morgan moved their earnings announcements up by a week. Our strong suspicion was that executives at both banks had been tipped off by government officials that some kind of new intervention into the markets was coming. But what intervention?
The hottest rumor of the day is that the government is preparing to nationalize both Citi and Bank of America. The idea is that the government could put Citi and Bank of America into a conservatorship much like it did for AIG. The idea has been floating around since at least last October but today many people think nationalization could be imminent.
Sheila Bair, who runs the FDIC and would play a key role in a government takeover, issued a kind of "non-denial" denial When asked by reporters earlier whether she anticipated nationalizing any large banks, Bair said: "I can't comment. I'd be very surprised if that happened." If there wasn't a plan in the works, would she just say that. Refusing to comment almost seems a confirmation. At least, that's how a lot of people are reading it.
If forced to give odds, we'd say that while Citi could be nationalized nothing as drastic will happen to Bank of America. It seems far more likely that Bank of America would receive something like the asset value guarantee
Citi already got from the government.
In either case, we could be headed into another bailout weekend.
土耳其央行大幅降息两个百分点
新浪财经讯 北京时间1月16日凌晨消息，在本国经济增长速度减缓至六年以来最低水平及工业产值大幅下滑的形势下，土耳其央行周四决定将基准利率下调两个百分点，希望藉此避免经济陷入衰退。
土耳其央行今天发表电子邮件声明称，该行已经将隔夜拆借利率下调了两个百分点，至13%的历史最低水平，这是该行连续第三次降息。此前调查显示，根据接受调查的20名经济学家的平均预期，该行将把这一基准利率下调75个基点。
在过去三个月时间里，土耳其央行的累计降息幅度已经达到了3.75个百分点，加入了全球各大央行纷纷降息以促进经济增长的行列。据土耳其政府公布的数据显示，去年第三季度该国的经济增长速度下滑至六年以来的最低水平，11月份工业产值的跌幅则创下了七年以来的最高水平。
摩根士丹利驻伊斯坦布尔的首席经济学家阿克索依(Tevfik Aksoy)称：“土耳其央行认为需求正大幅下降，物价压力已经完全不存在。”
据土耳其政府公布的数据显示，去年12月份土耳其通胀率下降至10.1%，是八个月以来的最低水平。土耳其央行称，全球经济危机正令该国的本土和海外需求同时下降，通胀率将因此在未来几个月中进一步下滑。
利率决定公布后，土耳其里拉兑美元汇率削减此前涨幅。截至伊斯坦布尔时间19:06为止，土耳其里拉兑美元汇率从昨天的1.6255里拉下跌至1.6223里拉。
土耳其央行将在八个工作日内公布此次政策制定会议的纪要。(唐风)
谢亚龙出任中 体公司董事长，引起中体产业的持股股民一片哗然，大家普遍对股价持悲观态度。
昨天下午，从国家体育总局干部调整会议上传出消息，前足协掌门人谢亚龙调往中体产业集团股份有限公司任董事长，接替年满60岁退休的王俊生。
谢亚龙的接任者则是前足协副主席南勇。
股民得知这个消息后，普遍对该公司股票表示担心。截至今天早上，这样的讨论帖中有八成都认为谢亚龙的调任将连累中体的股价，其余的则表示“已经无所谓了”。有的股民甚至悲观地认为，中体的股价将因此跌至2元以下。
还有股民留言把中体股票和中国足球联系在一起，“是不是想把中体搞得像国足一样臭？”“老谢来了，大家看一看中国足球，就知道中体的发展方向，撤……”
此外，还有网友留言表示，早在数月前就已预言了谢亚龙将到中体“接班”的消息。
中体股票昨日收盘价为5.52元，今日开盘价为5.44元。
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