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Citigroup may have to writeoff 15 bln dlrs: report
0 Comments | AFP, November, 2007
NEW YORK (AFP) — US banking titan Citigroup may have to write off 15 billion dollars in soured investments including mortgage losses in coming months, a report by Goldman Sachs predicted Monday.
Citigroup, America's second-largest bank by market worth, is already reeling from its exposure to the US housing downturn and tighter credit markets.
The banking behemoth is searching for a new chief executive officer after former CEO Charles Prince stepped down on November 5 as Citigroup revealed it was facing likely investment writeoffs of between eight and 11 billion dollars.
Analysts at Goldman Sachs believe the company could be forced to absorb bigger writeoffs.
"We currently assume Citigroup will take an 11 billion dollar writeoff in the fourth quarter...
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