This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Updated with stock price moves, Cuomo settlement with Citigroup, SunTrust ratings change.)
NEW YORK (
Citigroup(C - Get Report) was among the winners of the financial sector Monday following a report the bank was considering a sale of its private-equity unit.
Citigroup plans to sell or split off its $10 billion Citi Private Equity unit as part of the bank's effort to reduce debt, according to a
Bloomberg report. The unit's managers have discussed buying Citi Private Equity themselves along with new partners or with other financing, the report said.
Bloomberg also reports that other money-management units marked for sale or closure include the Citi Property Investors real-estate unit, which oversees $12.5 billion, and the Hedge Fund Management Group, which allocates money to hedge funds on behalf of its own investors.
In addition, New York Attorney General Andrew Cuomo came to an agreement with Citigroup where the bank will alter its plan to charge over one million consumers nationwide with fees on what were supposed to be "free checking" accounts. Any free checking created between Jan. 1, 2009 and Nov. 5, 2009 will have their free checking extended for the remainder of 2010. All consumers who meet the original conditions they signed up for will continue to get no per-check fees until Jan. 31, 2011.
Citigroup shares were lately up 2 cents, or 0.5%, to $3.34.
JPMorgan Chase(JPM - Get Report) was on the rise despite a
Financial Times report that its proposed acquisition of
RBS Sempra's global commodities trading business has hit some snags.
JPMorgan is concerned about buying the group's American division after President Obama announced that U.S. banks might one day be banned from engaging in proprietary trading, industry insiders told the newspaper. The U.S. division of RBS Sempra's commodities operations could be put up for sale separately to avoid any possible restrictions put in place by the Obama administration,
The Financial Times added.
JPMorgan shares were lately climbing by 0.8% to $39.27.
Among other bank stocks,
Bank of America(BAC - Get Report) rose 0.7% to $15.28, and
Wells Fargo(WFC) gained 0.4% to $28.55.