Free Republic

The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days. "Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change," Citigroup said on statements received by...

BY MATTHEW SALTMARSH AND ERIC DASH Citigroup capped a devastating 2008 by announcing Friday that it would split into two entities and that it had posted an $8.29 billion loss for the fourth quarter. Citigroup confirmed that it would divide, for management purposes, into two separate businesses — Citicorp and Citi Holdings. “We are setting out a clear road map to restore profitability and enable us to focus on maximizing the value of Citi,” it said in a statement with the earnings. Citigroup also issued a statement from its lead director, Richard D. Parsons, signaling that changes in its board...

NEW YORK – Customers of New York City-based Citibank have lost access to much of their account information because of a computer outage. Many of the troubled bank's clients haven't been able to retrieve account details online or by telephone since Tuesday afternoon. Others can access only parts of their account profiles. Citibank telephone representatives say they don't know what caused the outage but technicians are working to fix it. They've been telling customers to call back after Wednesday morning.