Citi Citi bang bang: $18 billion charge
- Share via
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Citibank, not long ago seen as a global financial powerhouse, is looking like an old-fashioned jalopy at the moment (that’s the Chitty Chitty Bang Bang joke, a jalopy). Big job cuts, begging for foreign money, and writing off astronomical sums due to the mortgage crisis.
The New York Times: ‘Citigroup is expected to announce a series of drastic steps on Tuesday, including the elimination at least 4,000 additional jobs, a steep cut in its stock dividend and another big investment by foreign investors, in a bid to bolster its finances in the face of deepening losses ... Citigroup is likely to announce a write-down of $18 billion to $20 billion, the biggest yet by a major bank or Wall Street firm.’
Twenty billion is a lot of money -- enough to pay Angelo Mozilo’s severance package 200 times over.
Your thoughts? Comments? Email story tips to [email protected].
A note: comments will be slow to post Tuesday. Go ahead and post, they’ll see the light of day soon enough.