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Citigroup Faces $8.9B Writeoff, Capital Need: Goldman
Forbes Markets
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6-26-2008 7:30 AM
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Forbes Markets
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/083abbe0-2c7f-4917-ac69-5f4bea446631/77CBCA88-F750-462D-AB0B-C21971CBD9D0/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.reuters.com/article/ousiv/idUSWNA730720080626" href="http://www.reuters.com/article/ousiv/idUSWNA730720080626" style="font-size: 11px;">www.reuters.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/ousiv/idUSWNA730720080626">Citigroup Inc (C.N: <A href="http://www.reuters.com/stocks/quote?symbol=C.N">Quote</A>, <A href="http://www.reuters.com/stocks/companyProfile?symbol=C.N">Profile</A>, <A href="http://www.reuters.com/stocks/researchReports?symbol=C.N">Research</A>, <A href="http://reuters.socialpicks.com/stock/r/C">Stock Buzz</A>) may suffer $8.9 billion of second-quarter write-downs, forcing it perhaps to cut its dividend again, while Merrill Lynch & Co (MER.N: <A href="http://www.reuters.com/stocks/quote?symbol=MER.N">Quote</A>, <A href="http://www.reuters.com/stocks/companyProfile?symbol=MER.N">Profile</A>, <A href="http://www.reuters.com/stocks/researchReports?symbol=MER.N">Research</A>, <A href="http://reuters.socialpicks.com/stock/r/MER">Stock Buzz</A>) may incur $4.2 billion of write-downs, Goldman Sachs & Co analyst William Tanona wrote on Thursday.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/ousiv/idUSWNA730720080626">The analyst also added Citigroup to Goldman's "Americas conviction sell" list. He said the largest U.S. bank's 32 cents-per-share quarterly dividend is "not safe," and that the bank may have to issue common stock or sell assets to raise capital because regulators may forbid it from issuing more preferred or convertible securities.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/77CBCA88-F750-462D-AB0B-C21971CBD9D0/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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