Citigroup facing $9 billion in write-downs
The bank is planning to slash more than 30,000 workers over the next two years, according to published reports.
Citigroup’s troubles continue with $9 billion in write-downs expected in the first quarter, according to published reports.
In addition to planned write-downs, Citigroup officials are also planning to restructure the bank and slash more than 30,000 workers over the next two years according to FoxBusiness.com.
Last week the New York-based bank announced plans to dramatically scale down its mortgage business by 20% over the coming year (InvestmentNews, March 7).
Analyst forecasts have Citigroup potentially losing $1.6 billion, or 28 cents per share, in the first quarter earnings following a fourth quarter loss of $9.8 billion resulting from exposure to the U.S subprime meltdown (InvestmentNews, Feb. 25).
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