Monday, January 14, 2008

Citi likely to announce dividend cut, layoffs: report (Reuters)



Men walk past a Citibank sign outside its Tokyo branch, November 5, 2007. Citigroup Inc, the largest U.S. bank, may need to write down $12 billion of debt and boost reserves for bad loans by $1 billion as the global credit crunch deepens, a Sanford C. Bernstein and Co analyst said. (Toru Hanai/Reuters)Reuters - Citigroup Inc is likely to
announce on Tuesday a significant dividend cut, at least $10
billion of new capital and a writedown of as much of $20
billion, the Wall Street Journal reported on Monday.




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