Results tagged “US government”

Citigroup is to split into two units as it bids to bounce back from fourth quarter losses of $8.29billion.

The results are the US bank's worst since the credit crunch began, and were revealed as the US Senate voted to release the remaining $350billion of the country's bail-out fund.

Bank of America has been bailed out once again by the US government as it struggles with the losses it inherited from recent acquisition Merrill Lynch.

The treasury confirmed it will guarantee $118billion (£80.8billion) in loans and inject $20billion (£13.3billion) into the company.

The US treasury has agreed the biggest banking bail-out so far in a bid to rescue Citigroup.

The government will guarantee up to $306billion (£205bn) of losses and inject $20billion (£13.3bn) in capital to help stabilise the bank, which saw its shares plummet by around 60 per cent last week.