SNL Financial reported that Citigroup had said in a Dec. 9 filing with the U.S. Labor Department that it would lay off 413 New York City employees, mainly in the company's Global Markets division.
The broad U.S. stock indexes declined, with European events continuing to drive the action. The euro fell below $1.2965, an 11-month low, amid fears of imminent ratings downgrades for several European countries. The dollar index, which measures the dollar against six currencies, was up earlier, to 0.27%.
It was another expensive day for the Italian government, which auctioned five-year paper at an average yield of 6.47%, while Italy's 10-year bonds were trading at yields of above 7%.The Dow Jones Industrial Average was down 132points. The KBW Bank Index (I:BKX) was down 0.5% to close at 37.39, with 16 out of 24 index components down for the day. Large U.S. banks seeing 2% declines on Wednesday included Bank of America (BAC), which closed at $5.23; First Niagara Financial Group (FNFG), at $8.51; and Goldman Sachs (GS), closing at $93.25. Wednesday's winner among large U.S. financials was JPMorgan Chase (JPM), with shares rising 1% to close at $31.51. Reuters reported that a bankruptcy judge had allowed MF Global (MF) to use $21 million in cash that had been pledged to JPMorgan, to finance MF Global's bankruptcy proceedings. Late on Tuesday, during testimony in front of the Senate Agricultural Committee, CME Group (CME) Executive Chairman Terrence Duffy said that former MF Global CEO and former New Jersey Senator and Governor Jon Corzine knew that segregated customer funds had been transferred "to the firm's broker-dealer accounts," before Oct. 31, apparently contradicting Corzine's earlier tesimony. Shares of Wells Fargo (WFC) were up 7% to close at $25.86, after JPMorgan Securities analyst Vivek Juneja reiterated his "Overweight" rating on the shares, with an aggressive $41 price target. Interested in more on Wells Fargo? See TheStreet Ratings' report card for this stock.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV