The U.S. Treasury Department chose Citigroup Inc. and JPMorgan Chase & Co. to manage the sale of shares in General Motors Co., as the government works to disentangle itself from the biggest U.S. automaker following the $50 billion bailout that began in 2009.
In a boon to investment banks looking for good news amid tanking markets, a score of Internet companies went public in 2011. Professional-networking site LinkedIn Corp. hit the market in May, offering shares that as of March had nearly doubled in value. Discount coupon seller Groupon Inc. followed in November, and then game developer Zynga Inc. joined the parade in December.
U.S. stock and options market operators and an industry regulator plan to ask the Securities and Exchange Commission to extend the deadline for when they must submit a plan for a comprehensive market oversight system.
Ally Financial Inc. , the auto lender that almost went bankrupt in 2008, has at least one thing in common with Facebook Inc. and Twitter Inc.: Its shares are surging in private trades ahead of a possible public offering.
Wall Street bankers may be pushed to charge the lowest fees in at least a decade to arrange the Treasury’s sale of General Motors Co. in what could be the second-largest initial public offering in U.S. history.
American International Group Inc. ’s bankers estimated its main Asia division would be worth about $32 billion to $36 billion after an initial public offering, said people with knowledge of the figures.
Carlyle Group LP, the world’s second- largest private-equity firm, failed to provide investors with the big first-day trading gain it was seeking after pricing its initial public offering at a discount to rivals.