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Deutsche Bank Cuts Estimates On Citigroup (C) On Loan Losses
Published:
Deutsche Bank said the biggest issue U.S. banks will face in 2009 is loan losses. The firm expects commercial bank loan losses for the industry to increase from 1.5% (3Q08) to 3% by the end of 2010. They said Citigroup (NYSE: C) could be one of the worst hit and lowered estimates on the stock today to reflect this view.
The firm lowered 2009 estimates on Citi by 30 cents to a loss of $1.00 and 2010 estimates by 40 cents to EPS of $0.75, which mostly reflect higher loss rates and lower revenues than previously modeled.
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