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Banking and Financial News Headlines

Fed slashes rates

The U.S. Federal Reserve on Tuesday slashed a key interest rate by the biggest amount in more than 23 years in an emergency bid to head off a U.S. recession and halt a global rout in stocks.

WaMu CEO Gets 3.2 Million Stock Options for '08

Washington Mutual Inc , whose share price sank 70 percent last year as mortgage losses soared, said on Tuesday it awarded Chief Executive Kerry Killinger 3.2 million stock options for 2008.

Freddie Mac, Fannie Mae May Write Down $16 Bln -CS

The largest U.S. housing finance companies, Freddie Mac and Fannie Mae, may report $16 billion in write-downs for the fourth quarter due to the falling value of their subprime mortgage investments, according to Credit Suisse analysts.

Arbor Asks CBRE for Update Amid Loan Troubles

Arbor Realty Trust Inc , which invests in real estate securities and loans, on Tuesday asked CBRE Realty Finance to clarify its outlook on some of CBRE's investments, one of which includes loans to New York real estate mogul Harry Macklowe.

Intesa SP Mulls Fideuram Sale to Generali -Source

Italian bank Intesa Sanpaolo is considering selling its Fideuram asset management unit to insurer Generali in return for cash and control of an insurance joint venture, a source close to the situation said.

Ambac posts $3.3 billion loss, but shares surge

Ambac Financial Group Inc reported a quarterly loss of $3.3 billion on Tuesday after recording massive credit derivative write-downs, but its shares surged after the bond insurer said it hopes to find much-needed capital "reasonably soon."

Citigroup says $30 bln capital helps exceed target

Citigroup Inc , which last week posted a record $9.83 billion quarterly loss, on Tuesday said it has strengthened its balance sheet and replenished depleted capital levels by raising about $30 billion in the last two months.

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