Citigroup (C): Another $8 Billion In Write-Offs

Banking, finance, and taxes

Published: July 6, 2008 4:23 am

Citigroup (C) may be facing another $8 billion in write-downs in the second quarter. It may also cut 18,000 people soon and have to raise more capital. According to The Times, "Although Citi has raised more than $50 billion in new capital to repair its balance sheet, analysts believe it will need even more new cash to see it through the financial crisis."

Shareholders are about to make another payment for the excesses of Sandy Weill, who put together Citi through a series of mergers.

Citi’s market cap is only $90 billion now, so raising another $10 billion could push its stock from a multi-year low below $17 down as low as $10 to $12.

Weill, however, is still one of the richest men in America.

Douglas A. McIntyre

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