Hanging over the debt ceiling negotiations in Washington has been the threat of the U.S. losing its AAA credit rating, a coveted measure of the federal government’s financial strength. But in corporate America, the top rating long ago became an anachronism.
Citigroup’s revelation that hackers stole personal information from more than 200,000 credit card holders makes it one of the largest direct attacks on a major bank.
Finding the winners on Wall Street is usually as simple as looking at pay. Rarely are bankers who lose money paid as well as those who make it.
Even as financial shares led a stock market rally on Thursday, the crisis in the credit markets threatened to engulf one of the nation’s largest commercial finance companies.
Citigroup, the global banking giant, said Monday that third-quarter profit dropped 57 percent after it faced heavy blows to its fixed-income and consumer businesses.
Wall Street’s banking giants on Monday started to admit their problems, which began in the mortgage lending business and led to a summer of wild stock market swings.