Banking, finance, and taxes
Citigroup (C) Q4 Write-Down Could Be $12 Billion
Published:
Shares in Citigroup (C) are off by over 1% today despite a positive report from research firm Punk, Ziegel.
The reason the big bank is trading near its 52-week low may be that Sanford C. Bernstein has forecast the Citi may have to take another $12 billion in write-downs.
Reuters quotes the Bernstein report as saying "We are trimming our estimates for the fourth quarter of 2007 and 2008 to account for capital markets write-downs, loan loss reserve building, slower net interest margin re-normalization in 2008 and reduced buyback activity." If so, Citi could drop through its low and in the direction of $25.
Douglas A. McIntyre
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