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Citi Shedding $400 Billion in Businesses
05/09/08 - 03:57 PM EDT
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It all comes as the bank has been one of the hardest-hit Wall Street institutions during the credit crunch that has gripped markets since last summer. Citi in April reported a $5.1 billion first-quarter loss and $12 billion in writedowns of securities tied to shaky debt. The bank also has raised more than $40 billion through sales of common and preferred stock and slashed its dividend to preserve capital. Washington MutualWM, Wachovia BankWB and National CityNCC have also raised capital after posting first-quarter losses. Rivals Wachovia, Merrill LynchMER and UBSUBS have also reported huge losses and writedowns in the quarter. Shares of Citigroup were recently trading down 2.3% $23.74.
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