Following recent revelations of write downs in excess of £5 billion, Citigroup has been subject to more problems with the bank suffering a market value decline of around £16 billion in the past week. Furthermore, Citigroup’s third quarter profit was down by $166 million to $2.21 billion.
Share prices have also tumbled, though that is a trend shown across the banking sector last Sunday saw Citigroup’s shares at their lowest point since April 2003, standing at $35.90. Other banks have seen similar falls in share price, notably Morgan Stanley and Merrill Lynch .
There is a great deal of uncertainty surrounding the bank at present, with Sir Win Bischoff acting as interim chief executive following the resignation of Charles Prince last week. There has also been speculation that Citigroup has a £15 billion capital deficit and needs to sell assets to balance its books.
Citigroup Bank Hit New Low
Citigroup Bank Hit New Low
Tue, 01 Jan 2008
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