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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Futures on benchmark equity indexes were in the red before Wall Street's opening on Wednesday, with eyes on Merrill Lynch  after media reports of bigger write-downs than the brokerage has flagged.
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How should investors read the huge losses that Merrill may be taking?
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Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion in write-downs it has already announced, a person briefed on the situation said.
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Citigroup Inc  and Merrill Lynch & Co Inc  said they raised another $20 billion of capital from investors in Asia, the Middle East, and elsewhere, as the subprime mortgage crisis forced additional massive asset write-downs and devoured more of banks' capital.
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Merrill Lynch & Co Inc's  move to accelerate vesting on previously awarded stock-based pay to employees could add to the huge fourth-quarter loss already expected by analysts.
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Citigroup Inc  is likely to  announce on Tuesday a significant dividend cut, at least $10  billion of new capital and a writedown of as much of $20  billion, the Wall Street Journal reported on Monday.
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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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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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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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NEW YORK (CBS.MW) -- Shares of Citigroup fell after a Merrill Lynch analyst downgraded the Dow Jones Industrial Average component early Monday.
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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 is likely to announce on Tuesday a significant dividend cut, at least $10 billion of new capital and a writedown of as much of $20 billion, the Wall Street Journal reported on Monday.
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Citigroup Inc  may need to slash its dividend 40 percent to preserve capital, and with Merrill Lynch & Co  and JPMorgan Chase & Co  may write off more than $33 billion of debt this quarter as the credit crunch deepens, a Goldman Sachs & Co analyst said.
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Talk of possible major changes at Citigroup and Bank of America set off heavy trading in the shares of the two banking giants.
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Citigroup Inc.  and Merrill Lynch  & Co Inc.  are in discussions to receive more capital  from investors, primarily foreign governments, The Wall Street  Journal reported on Thursday.
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Citigroup Inc.  could make as much as $24 billion in writedowns and lay off 20,000 workers as part of a plan to cut costs and boost capital, CNBC said on its Website in a report dated on Sunday.