Skip navigation


Current DateTime: 08:31:27 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 08:31:27 25 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 08:31:27 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Citigroup CFO Warns of Big Potential Writedowns
By: CNBC.com | 19 Jun 2008 | 12:54 PM ET
Text Size

Citigroup could take substantial write-downs for subprime mortgages, leveraged buyout loans and other assets in the second quarter, the company's chief financial officer said on a call with investors on Thursday.

Citigroup
Mark Lennihan / AP

In at least some of these areas, the write-downs are on track to be smaller than the first quarter, but could still be substantial, CFO Gary Crittenden said.

Crittenden's disclosure, in a conference call sponsored by Deutsche Bank, sent Citi shares [C  Loading...      ()   ] 4 percent lower, while rival banks Bank of America [BAC  Loading...      ()   ] and JPMorgan Chase [JPM  Loading...      ()   ] were down 4.4 percent and 3.3 percent, respectively.

Also in reaction to Crittenden's comments, Citi's debt protection costs rose.

Crittenden also said the bank could face another credit value adjustment similar to the last quarter from exposure to bond insurers.

In the first quarter, in which Citi posted a $5 billion loss, the bank took a $1.5 billion write-down for exposure to bond insurers.

Costs linked to worsening consumer credit quality could have a meaningful impact on Citi's results for the rest of the year, Crittenden said.

The company is always willing to look at acquisitions, and will make them where it makes sense, but is focusing more on improving its performance, he said.

Recently appointed Chief Executive Vikram Pandit has been trying to spearhead a revival at the bank, which has long underperformed its main rivals.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Here's how key provisions of the health care reform bill would impact your insurance and how you'll pay for it.
  • Playboy Logo
  • Playboy will outsource its publishing operations in a bid to become profitable again.
  • Remember when auto shows were major events where new models could generate buzz?
  • After nine years the NBA’s minor league equivalent is finally coming into its own.
  • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
  • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
ADD COMMENTS
Remaining characters


Current DateTime: 05:21:40 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:03:47 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 02:05:46 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:02:04 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters