Citigroup might post a larger loss

Proshare

January 09, 2008/Busrep

 

Citigroup might post a larger loss than previously estimated because the biggest US bank might have to take a $16 billion (R109.7 billion) write-down in the fourth quarter, Merrill Lynch analyst Guy Moszkowski said.

 

Citigroup might post a loss of $1.43 a share in the fourth quarter, almost twice the previous estimate of 73c, Moszkowski wrote in a note to clients yesterday.

 

Meanwhile, Citigroup asked a federal judge to turn aside claims it contributed to the fraud at Enron.

 

Enron Creditors Recovery, the entity that is wrapping up Enron\'s affairs, has settled with 10 of the 11 banks it sued starting in 2003 in the megaclaims case, seeking to hold the banks liable for the fraud that destroyed the company. It wants as much as $20 billion in damages from Citigroup.


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