Ready for another wave of writedowns? Deutsche Bank analyst Mike Mayo is. On the heels of Monday’s messy news from Merrill Lynch (MER), which sold a huge portfolio of collateralized debt obligations at a big loss and raised yet more capital to offset its latest round of mortgage-related losses, Mayo is forecasting that Citi (C) [...]
Posts Tagged as ‘Citi’
July 18, 2008
Citi and Major Banks Stabilizing
http://www.portfolio.com/news-markets/top-5/2008/07/18/Citigroup-Narrows-Loss?TID=email/news/top5
Been Down So Long It Looks Like Up to Me, is the title of the novel by Richard Fariña. It could also describe how investors are looking at America’s biggest bank.
The bank had its third consecutive quarter in the red, reporting a $2.5 billion loss. It took another $7 billion of write-downs on top of [...]
June 26, 2008
Citi Falls To New Low…Bank of America Says “What Me Worry”?
Citi (C) fell 6% to a new low Thursday after analysts at Goldman Sachs downgraded the stock, citing the prospect of $8.9 billion in additional asset writedowns. The move comes just a week after Citi financial chief Gary Crittenden said the bank would take “substantial” writedowns in its second quarter ending this month. Analysts at UBS [...]
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