Goldman Sachs
Citigroup could write off as much as $18.7 billion in the fourth quarter, wrote Goldman Sachs analysts William Tanona, Betsy Miller and Neil Sanyal in a note to investors late Wednesday. If it does, they say, the bank may be forced to lower its dividend by 40%. Citi has about $55 billion in exposure to subprime mortgages.
Wall Street Journal
Citigroup is considering sales, the WSJ reported today, citing analysts and unnamed executives. Citi could sell 80%-held Student Loan Corp, its North American auto-lending unit, its 24% stake in Brazil credit card operation Redecard, and its Japanese consumer finance business. New Citigroup CEO Vikram Pandit is also considering laying off as many as 20,000 employees and shedding business lines.
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