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Citigroup Q4 write-down at $18.1 bn
Citigroup has posted its first quarterly loss since its creation in 1998, reports CNBC-TV18. Hurt by USD 18.1 billion of write-downs, due to exposure to subprime mortgages and other risky debt, it has posted a net loss of USD 9.83 billion.
It has reduced its quarterly dividend to 32 cents per share from 54 cents and is raising USD 14.5 billion through convertible preferred securities.
The bank plans to axe 4,200 employees as part of the clean-up act by the new boss Vikram Pandit. Post Q1 writedowns, Citigroup CEO, Vikram Pandit said that balance sheet, risk management and expenses need immediate attention. He added that they are enhancing risk culture and involving fresh talent and will continue to divest non-core assets. The environment continues to be uncertain, he stated.
Citigroup’s Q4 write-down is at USD 18.1 billion. It has cut its quarterly dividend to USD 0.32 from USD 0.54. It sees a headcount reduction of 4,200.
Citigroup’s Q4 EPS is of -$1.99 versus an estimate of -$1.03. Citigroup’s CEO Vikram Pandit said that Q4 results are 'totally unacceptable'.
Citigroup has reported Q4 net loss of USD 9.83 billion versus net income of USD 5.13 billion a year ago. Its Q4 revenue has fallen 70% to USD 7.22 billion from USD 23.83 billion.
Citigroup has posted its first quarterly loss since its creation in 1998, reports CNBC-TV18. Hurt by USD 18.1 billion of write-downs, due to exposure to subprime mortgages and other risky debt, it has posted a net loss of USD 9.83 billion.
It has reduced its quarterly dividend to 32 cents per share from 54 cents and is raising USD 14.5 billion through convertible preferred securities.
The bank plans to axe 4,200 employees as part of the clean-up act by the new boss Vikram Pandit. Post Q1 writedowns, Citigroup CEO, Vikram Pandit said that balance sheet, risk management and expenses need immediate attention. He added that they are enhancing risk culture and involving fresh talent and will continue to divest non-core assets. The environment continues to be uncertain, he stated.
Citigroup’s Q4 write-down is at USD 18.1 billion. It has cut its quarterly dividend to USD 0.32 from USD 0.54. It sees a headcount reduction of 4,200.
Citigroup’s Q4 EPS is of -$1.99 versus an estimate of -$1.03. Citigroup’s CEO Vikram Pandit said that Q4 results are 'totally unacceptable'.
Citigroup has reported Q4 net loss of USD 9.83 billion versus net income of USD 5.13 billion a year ago. Its Q4 revenue has fallen 70% to USD 7.22 billion from USD 23.83 billion.