Citigroup still in hot water, Dubai chief says
Analysts have predicted that Citigroup may lose $1.6 billion, or 28 cents per share, in the first quarter.
Additional capital may be needed to stem the tide of Citigroup’s losses, Dubai International Capital LLC’s chief said at a Middle East private equity conference, according to published reports.
Citigroup received a $7.5 billion cash infusion from Abu Dhabi in response to $8 to $11 billion in write-downs stemming from the subprime meltdown InvestmentNews, Nov. 27) and since received another $14.5 billion from the governments of Singapore and Kuwait.
“It will take a lot more than that to rescue Citi and other financial institutions,” said Sameer al-Ansari, Dubai International Capital’s chief executive officer at a private-equity conference according to published reports.
Analysts have predicted that Citigroup may lose $1.6 billion, or 28 cents per share, in the first quarter following a fourth-quarter loss of $9.8 billion resulting from the credit crunch (InvestmentNews, Feb. 25).
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