- Gerücht: Citibank Abschreibungsbedarf.. 30 Milliarden $ (o.Text) - LOMITAS, 01.11.2007, 14:15
- Re: Gerücht: Citibank Abschreibungsbedarf.. 30 Milliarden $ (o.Text) - certina, 01.11.2007, 14:19
- Hier Auszüge aus dem NYT Artikel über C und noch mehr (mT) - DT, 01.11.2007, 14:31
- Auf deutsch bei WiWo (o.Text) - chiron, 01.11.2007, 16:20
- Erinnerungen an 89? Soll der Kurs da wieder hin? (o.Text) - TESLA, 01.11.2007, 21:32
- 1989-92 war die Citibank in einer schweren Krise und übernahmereif (mT) - DT, 01.11.2007, 22:00
- Hier Auszüge aus dem NYT Artikel über C und noch mehr (mT) - DT, 01.11.2007, 14:31
- Re:entspricht ungefähr dem Jahresgehalt vom Vorstand, oder!? - Jermak Timofejewitsch, 01.11.2007, 17:17
- Re:Hi Jermak, ich schulde dir noch eine Antwort - Mephistopheles, 01.11.2007, 18:50
- Re: Gerücht: Citibank Abschreibungsbedarf.. 30 Milliarden $ (o.Text) - certina, 01.11.2007, 14:19
Hier Auszüge aus dem NYT Artikel über C und noch mehr (mT)
-->A longtime banking analyst said late last night that Citigroup may be forced to cut its dividend or sell assets to stave off what she said was a $30 billion capital shortfall, moves that could pull down its shareholder returns for several years.
The analyst, Meredith A. Whitney of CIBC World Markets, downgraded Citigroup’s stock to sector underperform, from sector perform, and called for the bank to bring precariously low capital levels more in line with its peers.
“We believe the stock will be under significant pressure and could trade in the low $30s,” she wrote. That would be as much as a 28 percent decline from yesterday’s $41.90 closing price for Citigroup shares.
If correct, the findings could be yet another blow to Citigroup’s chairman and chief executive, Charles O. Prince III, who has endured a barrage of criticism in the last few years for his failure to control costs and improve results. A 57 percent earnings drop in the third quarter, when both its big investment banking and consumer operations suffered heavy losses, raised doubts about his attention to risk management and his ability to lead the company.
Now, the pressure is intensifying yet again. In the wake of E. Stanley O’Neal’s abrupt departure from Merrill Lynch on Tuesday, there has been another round of calls for the ouster of Mr. Prince and James E. Cayne of Bear Stearns, whose companies also took big earnings hits.
A Citigroup spokeswoman said that the company does not comment on research reports. But in recent weeks, several of Citigroup’s directors have outspokenly supported Mr. Prince.
Mr. Prince has tried to shore up his power base, even if it is eroding several management layers beneath him. Earlier this month, he announced a major reorganization of the investment bank, installing Vikram S. Pandit as the head of investment banking and removing two other senior fixed-income executives.
That shake-up continued yesterday, when Michael Raynes, head of structured credit, and Nestor Dominguez, the co-head of collateralized debt obligations, departed, the company confirmed.
In the third quarter, Citigroup said it lost $1.3 billion from mortgage-related securities amid the credit market downturn. Executives conceded they did not pay enough attention to credit risk or adequately hedge their positions.
But Ms. Whitney’s report turned the spotlight on other potential miscues, including Mr. Prince’s growth strategy. The report points out that Citigroup’s capital levels have declined to their lowest levels in decades after a recent spate of acquisitions. Citigroup’s tangible capital ratio stands at 2.8 percent, nearly half of the level of its peers.
While Mr. Prince has long promoted internal and international growth, Ms. Whitney’s report points out that Citigroup has spent more than $26 billion on acquisitions since spring 2006. That, on top of the $5.9 billion in losses and a 10 percent dividend increase in January, has strained its capital position.
Citigroup’s management has said that it expects capital to return to its target levels in early 2008. It plans to use stock in its Nikko Cordial purchase, improving its balance sheet management, and not repurchasing stock until it bolsters its capital cushion.
Other banking and risk experts agree with Ms. Whitney’s analysis, however, and some suggest that it may even be conservative. Citigroup’s capital position “is too low based on the risks on the trading side but the kicker is that Citigroup is going to have a lot more losses” on the consumer side, said Christopher Whalen, the managing director of Institutional Risk Analytics. “It is going to be a one-two punch.”
Außerdem haben zwei Senior Debt Traders gestern C verlassen:
Senior Citigroup debt traders depart - WSJ
Thu Nov 1, 2007 2:15am EDT
NEW YORK, Nov 1 (Reuters) - Two senior traders left Citigroup Inc (C.N: Quote, Profile, Research) as part of the fallout from the company's abysmal third-quarter results, the Wall Street Journal said in its online edition on Thursday.
Michael Raynes, the company's head of structured credit, and Nestor Dominguez, co-head of its collateralised debt obligations segment, left the largest U.S. bank after the company posted its largest profit decline in three years, the Wall Street Journal said.
Representatives from Citigroup were not immediately available for comment.
Earlier this month Citigroup said its third-quarter profit fell 57 percent as losses mounted from subprime and leveraged loans, fixed-income trading and its U.S. consumer business.
A handful of executives have left Citigroup this month, including capital markets chief Thomas Maheras and co-head of fixed income Randy Barker.
A spokesman from Citigroup said earlier this month that Chief Executive Charles Prince would not resign.
The newspaper said Raynes and Dominguez couldn't be reached for comment. (Reporting by Justin Grant, editing by Greg Mahlich;)
Jetzt werden sie sturmreif geschossen. Vorbörslich schon -6%. Die guten alten Tage von 89 mögen wiederkommen. Aber der dumpfe Ackermann hat dieselben Fehler gemacht wie C, anders als weiland Herrhausen, der ready stand, C zu übernehmen, als sie über die Klippe hingen.
Diesmal wird wohl Goldman Sachs der weiße Ritter sein müssen. Die scheinen diesmal die Herrhausen-Strategie gefahren zu haben und haben ihre Bücher in Ordnung. Wahrscheinlich hat Paulson die housing bubble blogs gelesen oder das Elliott-Wave Forum.
Gruß DT
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