If you are a Texas Holdem fan, after two cards are dealt to each player at the table and bets are made, the dealer shows three cards called the flop. After the flop and bets are made, the dealer shows a fourth card referred to as the turn. After bets are made again, the dealer plays the last card called the river.
In today's announcement from Citigroup (C) it seems we may have simply seen the turn card with the river yet to be played. Following is a table from the presentation provided in the company's conference call today. How much of the $37.3 billion, if any, will need to be written off at a future date?
In today's announcement from Citigroup (C) it seems we may have simply seen the turn card with the river yet to be played. Following is a table from the presentation provided in the company's conference call today. How much of the $37.3 billion, if any, will need to be written off at a future date?
(click on chart for larger image)
In Citi's conference call, the company reported a loss of $9.83 billion or a loss of $1.99 per share. The loss includes an $18.1 billion pre tax charge for credit costs on sub prime related exposures. Additionally, the company reported it raised a total of $14.5 billion in public and private convertible preferred stock. Lastly, the company cut the quarterly dividend by nearly 41% to 32 cents per share versus 54 cents per share in the same quarter last year. The stock did not react favorably to the news as noted in the stock chart below.
(click on chart for larger image)
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