Subscribe

When Losing $10 Billion Is a Relief

You know the economy is in trouble when investors and analysts are relieved that Citigroup lost only $9.83 billion in the last quarter of 2007. The banking giant managed to squeeze a few billion out of Abu Dhabi and Singapore, and will still pay a dividend on its stock, so for now the mood is upbeat.


BBC:

Analysts generally welcomed the results, as the $18.1bn bad debt write down was less than market expectations of $20bn.

They also welcomed the fact Citigroup announced it would still be paying a dividend, although this was reduced to 32 cents per share from 54 cents.

“If you maintain dividend and reinforce your capital base, and you take a write-down that is slightly less than expected, all in all, it’s decent,” said Edmund Shing, strategist at BNP Paribas.

Read more

Advertisement

Now you can personalize your Truthdig experience. To bookmark your favorite articles, please create a user profile.

Personalize your Truthdig experience. Choose authors to follow, bookmark your favorite articles and more.
Your Truthdig, your way. Access your favorite authors, articles and more.
or
or

A password will be e-mailed to you.

Statements and opinions expressed in articles and comments are those of the authors, not Truthdig. Truthdig takes no responsibility for such statements or opinions.