Citigroup and Merrill face bigger writeoffs: analyst
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Citigroup Inc , Merrill Lynch & Co  and JPMorgan Chase & Co  may face larger fourth-quarter write-offs of fixed-income securities than previously expected, and Citigroup may have to slash its dividend 40 percent to preserve capital, according to a Goldman Sachs & Co analyst.
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Citigroup wrote off a colossal $18.1 billion on Tuesday and secured new capital as Merrill Lynch, also seen heading for big losses due to the U.S. subprime mortgage meltdown, announced a $6.6 billion shot in the arm.
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U.S. and European banks including Citigroup Inc  and HSBC Holdings PLC  are mulling sales of parts of their businesses from branches to entire units in a nod to crunch times ahead, the Wall Street Journal reported on its Web site on Thursday.
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Citigroup Inc. (CN: Quote, Profile, Research) shares fell in pre-market trading on Monday after Merrill Lynch &amp; Co. analyst Guy Moszkowski cut his rating for the company to &quot;neutral&quot; from &quot;buy,&quot; citing recent ethics problems.
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The $200 billion Kuwait Investment  Authority had no immediate comment on Monday on a report it may  buy into Merrill Lynch & Co Inc  and Citigroup Inc  , two U.S. banks hit by credit market losses.
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Citigroup Inc. , the largest U.S. bank, plans to list on the Tokyo Stock Exchange later this year, a move that could make it easier to buy Japanese firms through stock swaps, the Nihon Keizai (Nikkei) business daily reported on Sunday.
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Merrill Lynch & Co. on Wednesday took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised the specter of more trouble ahead from risky home loans.
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Merrill Lynch & Co Inc  on Thursday said it took a $14.1 billion writedown and adjustments in the fourth quarter as bad subprime mortgage bets forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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Citigroup announced another big investment by foreign investors after taking a $18.1 billion write-down and a $9.83 billion fourth-quarter loss, while its C.E.O. said it would cut 4,200 jobs.
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The $200 billion Kuwait Investment Authority had no immediate comment on Monday on a report it may buy into Merrill Lynch & Co Inc  and Citigroup Inc , two U.S. banks hit by credit market losses.
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Merrill Lynch & Co Inc  reported about $16 billion in mortgage-related write-downs and adjustments on Thursday in the worst quarter of the company's history.
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Merrill Lynch & Co Inc  on  Thursday said it took a $14.1 billion writedown and adjustments  in the fourth quarter as bad subprime mortgage bets forced the  brokerage to sell pieces of the company to foreign investors to  raise capital.
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Citigroup strategists argue bond yields have a long way to rise before they threaten equities.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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Citigroup and Merrill Lynch announced a collective $19.1 billion worth of new investments, with a significant chunk of this money coming from sovereign wealth funds.
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Citigroup wrote off a colossal $18.1  billion on Tuesday and secured new capital as Merrill Lynch,  also seen heading for big losses due to the U.S. subprime  mortgage meltdown, announced a $6.6 billion shot in the arm.
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Citigroup  and Goldman Sachs  are the most exposed to further writedowns from leveraged loans in the first quarter, as the value of loans and bonds created to finance leveraged buyouts plunges, Bank of America said.