Main Street continues to suffer without help, while Wall Street continues to get billions of dollars of money thrown at it. Citigroup is the latest corporation in line for a bailout.

The shares of Citigroup dropped after the stock market opening this morning and the stock (C) lost $9bn on Wall Street plunge.

A very disturbing unemployment news is coming from the 4th largest U.S. Bank as Citigroup announces massive layoffs. The news is that Citigroup will have to carry 50,000 job cuts. This is another sign that perhaps we are still at a considerable distance from the economic and financial recovery.

Merrill Lynch & Co and Citigroup have issued statements saying that they are taking serious steps towards reaching an agreement with US regulators.

Analyst William Tanona of Goldman Sachs issued a few downgrades this morning that sent financials into yet another tailspin. In particular, Mr. Tanona added Citigroup to its "Americas conviction sell" list, Goldman's version of the America's Cup of short-selling targets.

Investors in AIG are having a crummy day thanks to a research report released by a Citigroup analyst who claimed that the insurer would need to raise more cash above and beyond the $20.3 billion already collected.

Citigroup's Vikram Pandit announced today that the bank would be selling $400 billion of assets it identified as "not central" to its mission, including $170 billion worth of marked-to-market assets in its investment banking division.

Citi released some guideline changes in the wholesale changes that can be described easily as the first big step towards killing stated income loans.

In what is perhaps the most curious headline in the financial news today, Citigroup is asking HP for advice on reviving its fortunes. Apparently, Citigroup sees similarities between its current situation and HP's back in 2005 when Carly Fiorina, the former CEO was forced out and replaced by Mark Hurd.

Citigroup, which posted another whopping $12 billion in mortgage-related write downs, still has exposure to $60 billion in subprime-related loan bets and will likely need to raise additional capital.

Citigroup Inc. (NYSE: C,TYO: 8710), a major American financial services company, is still to face charges of aided and abetted larceny at a trial on May 5.

Citigroup Inc. will pay $1.66 billion and give up an estimated $4.25 billion in claims to settle a lawsuit by Enron Corp. creditors over the former energy trader's bankruptcy case.