Board-Ansicht
Mix-Ansicht- Wochenend-Notdienst angesagt für die Citi-Boys - Jermak Timofejewitsch, 02.11.2007, 21:40
Wochenend-Notdienst angesagt für die Citi-Boys
-->DJ reports C board members are expected to gather for an emergency meeting this weekend, two people familiar with the matter said. It wasn't immediately clear what the meeting would address, but the subject of further writedowns could come up. C has lost nearly a qtr of its market value since Oct. 12, the Friday before it reported its third qtr earnings had slumped 57%, depressed by mortgage defaults and this summer's credit scare. The bank's shares were down 1.4% Friday at $37.99. In reporting its third-qtr earnings, C warned that it endured a surge in late payments on consumer mortgages in September, costing the bank $3 bln in higher losses and reserves against future bad loans and hurting the value of loans C hopes to sell to investors. Chief Financial Officer Gary Crittenden said the trend is likely to continue. C also booked $1.56 bln in pretax losses tied to loans and subprime mortgages that were to be repackaged and sold to investors. The results turned the screw on C Chief Executive Charles Prince, who was already facing pressure from investors to get revenue up, cut costs and demonstrate that C's financial supermarket model pays off.
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