Market Updates: Citigroup Inc (NYSE:C), Sony Corporation (NYSE:SNE), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC)

Citigroup Inc (NYSE:C) is in talks to sell their Hedge Fund group to New York based SkyBridge Capital.  Talks to purchase the $4 billion dollar hedge fund business are reportedly in advanced stages, according to sources close to the proceedings.  This sale would break down to include approximately $1 billion in hedge fund investments, $500 million in investments in smaller hedge funds, and roughly $2.5 billion in directly controlled hedge fund assets. –Wall St. Journal

The real estate market is looking bad for banks heavily invested in it, such as Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC).  Recently released data shows that mortgage default rates are increasing for not only residential, but for commercial properties as well.  This increase in foreclosures may reflect the reality of the real estate market without the current government tax credit incentive.  –American Banking News

Sony Corporation (NYSE:SNE) recently announced that it was restructuring its business management strategy.  It is being reported that Sony plans to redistribute all development, manufacturing, sales, and planning its current subsidiary, Sony Computer Entertainment Inc., to an entirely new subsidiary. Sony Computer Entertain will be dissolved shortly thereafter. – Reuters.com

The Fed’s chairmen, Ben Bernake, told the US Congress today that record low interest rates were still needed.  Bernake said that these low interest rates have helped accelerate the markets recovery, and are needed for the foreseeable future “as the expansion matures”.  The Fed’s target range has remained between 0.00% and 0.25% since the winter of 2008. - Associated Press

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