シティ身売りか

シティが身売りを含め検討とのこと。
シティグループは緊急取締役会を開き、株価急落に対応した抜本的な
リストラ策を話し合う予定で、身売りを含めた今後の経営方針も議論の対象
になるとのこと。
シティは約53000人の人員削減計画を発表したばかり。
ＪＰモルガン・チェースは投資銀行部門の約3000人を削減。
東京証券取引所などに上場する地銀87行の約9割の79行が最終損益で
減益・赤字。

米自動車製造会社への公的資金投入の審査は厳しいのに、大手銀行経営者は
高給取りなのに公的資金投入は不公平だろう。



Auto industry execs. arrive in style to appeal for bailout funds


Senator Bob Corker Opposes Proposed Bailout of U.S. Automakers


Senate Cancels Vote on Doomed Auto Bailout AssociatedPress

---米シティグループ：身売り検討　ゴールドマンなど候補に－－米メディア---
毎日新聞　2008年11月21日　東京夕刊
http://mainichi.jp/select/biz/news/20081121dde001020060000c.html

　【ワシントン斉藤信宏】経営不安で株価が急落している米金融大手シティグループは２０日、身売りや事業の一部売却を含めた生き残り策の検討に入った。複数の米メディアが同社幹部の話として報じた。合併や資本提携も模索しており、相手先としてゴールドマン・サックスやモルガン・スタンレー、ステートストリート銀行などの大手金融機関が候補に挙がっているという。
　シティは金融危機などの影響で経営不安に陥り、米政府が公的資金による資本注入を行った後も株価は下落。２０日には前日終値比２６％安の４・７１ドルで取引を終えるなど経営危機が深刻化している。
　米紙ウォールストリート・ジャーナル（電子版）によると、シティは２１日にも緊急取締役会を開き、株価急落に対応した抜本的なリストラ策を話し合う予定で、身売りを含めた今後の経営方針も議論の対象になると見られる。
　シティは１７日にも約５万３０００人の人員削減計画を発表したばかり。０８年７～９月期決算では４四半期連続の大幅赤字を計上。低所得者向け高金利住宅ローン（サブプライムローン）問題に絡む損失が６７５億ドル（約６兆３５００億円）と欧米金融機関では最大規模に膨らみ、株価は過去１年間で８４％も下落している。


---米ＪＰモルガン：投資銀部門で３０００人を削減か---
毎日新聞　2008年11月21日　18時52分
http://mainichi.jp/select/biz/news/20081122k0000m020030000c.html

　米銀大手ＪＰモルガン・チェースが投資銀行部門の約１０％に当たる約３０００人を削減する見通しとなった。２０日の米メディアが関係者の話として報じた。
　ＪＰモルガンはサブプライムローン問題が深刻化した後も、米証券大手ベア・スターンズを吸収合併するなど比較的経営が安定していたが、一段の景気悪化で事業環境が厳しくなっている。（共同）


---Citi Executives Weigh Possible Sale: Report---
Laurie Kulikowski
11/21/08 - 12:19 AM EST
Updated from Thursday, Nov. 20
http://www.thestreet.com/print/story/10449247.html

Citigroup (C Quote - Cramer on C - Stock Picks) executives began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright, the Wall Street Journal reports.

The internal discussions are at a preliminary stage and don't signal that Citigroup's board and management are backing down from their insistence that the New York company has ample capital, funding and strategic direction, the Journal reports, citing people familiar with the matter.

The stocks fell 26% Thursday, its worst one-day percentage decline ever, and Citigroup officials have decided they need to consider a range of scenarios that were unthinkable only weeks ago, the newspaper reports.

Citigroup's board is is scheduled to have a formal meeting Friday to discuss the options, the Journal reports.

The company's shares have been beaten to such a pulp lately that even a vote of confidence from its onetime savior may not be able to save the struggling banking titan.

Saudi Prince Alwaleed bin Talal bin Abdulaziz said Thursday he plans to increase his stake in Citi to 5%, and expressed support of the bank's management.

Prince Alwaleed, who currently holds less than a 4% stake, has been buying shares of Citi believing they are undervalued. The longtime Citi investor said in a press release that the New York-based bank has been taking necessary steps to improve its operations amid the ongoing credit crisis.

He is "fully confident" that Citi's universal banking model and global franchise will make it "a long term winner" in the financial services industry, the release said.

But Citi shares fell as investors disregarded Prince Alwaleed's backing of the big bank. The stock closed Thursday at $4.71.

The stock has been so battered that Citi reportedly is lobbying federal officials to reinstate the short sale ban, the Journal reported.

Tim Ghriskey, the chief investment officer of Solaris Asset Management, says the run on Citi's stock price is panic by traders and not fundamentally based.

"There are very few real buyers out in the market, or sellers really," Ghriskey says. "We're down to just day traders moving money around and shorting anything with you-name-it exposures. And Citi's one of the favorite targets, because they have exposure everywhere. It's not a fundamentally based market. It's a market gripped by panic and, at least right now, we can't find a place to hide."

Solaris does not own any shares of Citi.

Prince Alwaleed initially invested in Citi's predecessor, Citicorp, in 1991, coming to its rescue after the bank made some losing bets on U.S. real estate and Latin America. The initial investment was less than $600 million. The investment has made Prince Alwaleed billions of dollars, but the value of his holdings has fallen sharply over the past year as Citi has been hit hard by the credit crisis.

The stake owned by Prince Alwaleed declined over the past year as Citi raised more than $50 billion in private capital and received $25 billion from the U.S. government under its bank investment program. Prince Alwaleed holds the stake in Citi through his investment company Kingdom Holding Co.

A Citi spokeswoman declined to comment regarding the Prince Alwaleed announcement. Ghriskey says with the markets acting as they are, even a splitting of Citi, something long fought for by several shareholders, may not really serve any beneficial purpose.

"[W]e've only begun to see some signs of economic weakness and there is certainly more to come," he says. "The problem is nobody knows how much. If there is a deep and dark recession, a lot of the bets are off on a lot of these financials. One would think Citi would be a survivor in all that, but who knows."

After failing to complete a deal to purchase Wachovia (WB Quote - Cramer on WB - Stock Picks) last month, the bank is setting its sights on smaller acquisitions and has had acquisition talks with Bethesda, Md.-based Chevy Chase Bank and Valley National Bank (VLY Quote - Cramer on VLY - Stock Picks). On Thursday Reuters reported that Citi is now one of several bidders for Chevy Chase Bank, along with JPMorgan Chase (JPM Quote - Cramer on JPM - Stock Picks) and Capital One (COF Quote - Cramer on COF - Stock Picks).

"Given the support from the various federal programs, we don't think Citigroup is on the verge of a Lehman-like implosion," writes Kathleen Shanley, a fixed income analyst at Gimme Credit. "But our optimism that the bank was poised to re-establish its credibility as a leading U.S. financial institution with the Wachovia deal was, alas, premature. We no longer see a near-term potential for Citigroup to outperform other major banks."

Shanley lowered her rating on the firm to underperform from a buy rating.

Citi has been battered over the past year and a half, having posted four consecutive quarterly losses. Citi lost $2.8 billion during the third quarter. Analysts widely expect it to post a fifth consecutive loss as well.

Deutsche Bank analyst Mike Mayo wrote in a note on Tuesday that he now expects the firm to post a loss for 2009.

"Citi is taking aggressive action out of necessity and still has to resolve many issues that have been around for a while," Mayo writes in a note.

Earlier this week, Citi said it plans to cut an additional 53,000 jobs on top of 22,000 cuts previously announced. The job cuts are part of a broader plan to reduce expenses in 2009.

Despite Citi's efforts to turn the company around, the vague details surrounding those initiatives may not be enough, some say.

In addition, rumblings have increased that a shake-up at the very top tier is necessary. Last week reports surfaced that board members were increasingly dissatisfied with the company's performance and considering whether to replace Chairman Sir Win Bischoff. Citi denied the speculation.

Frank Barkocy, the director of research at Mendon Capital Advisors, the fund manager to Burnham Financial Services Fund, says Pandit's unwillingness to offer a "definitive game plan" explaining the layoffs and acquisition efforts has hurt the company, already reeling from the pounding the financial sector is taking.

"Give us a sense of what are you looking for and how will this proposed acquisition fit in with game plans going forward," he says.


---ＪＰモルガン、３千人削減　金融危機で投資銀行部門---
2008年11月21日 08時56分
http://www.tokyo-np.co.jp/s/article/2008112101000134.html

　【ニューヨーク２０日共同】米銀大手ＪＰモルガン・チェースが投資銀行部門の約１０％に当たる約３０００人を削減する見通しとなった。２０日の米メディアが関係者の話として報じた。
　金融危機を背景に、米銀大手シティグループが５万人の追加削減策を打ち出すなど金融機関のリストラが加速している。
　ＪＰモルガンはサブプライム住宅ローン問題が深刻化した後も、米証券大手ベアー・スターンズを吸収合併するなど比較的経営が安定していた。だがその後、一段の景気悪化で事業環境が厳しくなっている。
　今回の削減は、ほとんどを年内に実施するという。


---地銀：３割が最終赤字　利益総額、前年比７割減－－８７行中間決算---
毎日新聞　2008年11月21日　東京朝刊
http://mainichi.jp/select/biz/news/20081121ddm008020006000c.html

　全国の上場地方銀行８７行の０８年９月中間連結決算で、約３割の２７行が当期（最終）損益が赤字となり、前年同期の３行を大幅に上回った。景気悪化に伴い建設・不動産業を中心とした地方企業の倒産が相次ぎ、不良債権処理費用が急増したほか、金融危機で保有する株式や債券の損失も拡大、業績を圧迫した。【大場伸也】
　今中間決算は大手銀行６グループも最終利益の総額が前年同期比５８％減と低迷したが、地銀はさらに厳しくなった。地方は体力の弱い中小企業が多く、景気後退の影響がより深刻なことが浮き彫りとなった。地銀の経営悪化は融資削減を通じて地方経済をさらに疲弊させる恐れがある。
　東京証券取引所などに上場する地銀８７行の約９割の７９行が最終損益で減益・赤字となった。最終損益を合算した利益の総額は前年同期比７割減の約１２００億円に急減した。不良債権処理額は同３割増の約４７００億円。
　赤字額が最も多い宮崎銀は、取引先で宮崎県の建設業最大手、志多組が８月に経営破綻（はたん）したことが響いた。北国銀も、取引先で北陸地方有数の建設会社、真柄建設が７月に破綻したことなどで赤字に転落した。
　また、９月に破綻した米証券大手、リーマン・ブラザーズの社債を保有していた地銀も多く、焦げ付きが相次いだ。札幌北洋ホールディングス（ＨＤ）はリーマンの社債で３５億円の損失を計上、最終赤字の要因となった。紀陽ホールディングスも６０億円の損失を計上した。
　０９年３月期決算でも全体の２割にあたる１７行が最終赤字を見込む。全国地方銀行協会の小川是会長（横浜銀行頭取）は２０日の会見で「不良債権処理費用の拡大などはしばらく続き、０８年度下期も厳しい経営を強いられる」との認識を示した。