According to analysts, Citigroup Inc. (NYSE: C,TYO: 8710) will have to cut or eliminate its current dividend and raise additional capital. Unless it’ll have enough earnings power.
The evidence of possible bank’s loss in 2008 lies in its first quarter financial report. It announced a $5.11 billion quarterly loss on Friday and said it will cut another 9,000 jobs.
In comparison with the loss, bank’s profit swooped down 45 percent to $1.43 billion in consumer banking.
Analysts predict that the major American financial services company will go on losing money for the next three quarters of 2008. It may lead to sales of non-core assets of the company. The loan loss provision will be at the same level for at least another four quarters.
Citigroup’s stock dropped more than 3 percent to $24.26 in morning trade on the New York Stock Exchange.
Putin's official spokesman Dmitry Peskov commented on remarks in the US media about failures in launching nuclear-capable missiles in Russia
The Buk system that shot down MH17 belonged to the 53rd SAM missile brigade of the Russian Ministry of Defense, investigators say after looking at a few pictures on the net
It has long been understood that the West has been trying to subject Russian borders to total control. We have not seen such activity even during the Cold War