NEW YORK: Underwriters led by Morgan Stanley made $42.3 million in fees from the U.S. Treasury Department's sale of its remaining 2.4 billion common shares in Citigroup, a regulatory filing showed.
Morgan Stanley sold 87 percent of the shares, with Loop Capital Markets LLC handling the second-largest amount at 2.7 percent of the total. UBS AG, Wells Fargo & Co and Merrill Lynch, which is owned by Bank of America Corp, each sold 2 percent, according to the Wednesday, Dec 8 filing with the U.S. Securities and Exchange Commission.
The Treasury sold its remaining Citigroup shares at $4.35 each on Monday and booked a $12 billion gross profit for taxpayers. The Treasury invested a total of $45 billion to bail out Citigroup in 2008 and 2009 during the financial crisis.
Citigroup repaid $20 billion in preferred stock, while another $25 billion was converted to 7.7 billion common shares.
Over the past year, the Treasury pared its investment to less than 7 percent from 27 percent. - Reuters
Morgan Stanley sold 87 percent of the shares, with Loop Capital Markets LLC handling the second-largest amount at 2.7 percent of the total. UBS AG, Wells Fargo & Co and Merrill Lynch, which is owned by Bank of America Corp, each sold 2 percent, according to the Wednesday, Dec 8 filing with the U.S. Securities and Exchange Commission.
The Treasury sold its remaining Citigroup shares at $4.35 each on Monday and booked a $12 billion gross profit for taxpayers. The Treasury invested a total of $45 billion to bail out Citigroup in 2008 and 2009 during the financial crisis.
Citigroup repaid $20 billion in preferred stock, while another $25 billion was converted to 7.7 billion common shares.
Over the past year, the Treasury pared its investment to less than 7 percent from 27 percent. - Reuters
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