Citigroup $24 billion in writedowns

NEW YORK (Reuters) - Citigroup Inc. (C.N: Quote, Profile, Research) 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.

The report said the plans will be unveiled on Tuesday, when it reports its fourth-quarter results.

Citigroup is widely expected to report a quarterly loss and announce big lay-offs as it looks to cut costs in a tough business environment.

Many analysts believe Citi will also look to suspend or cut its dividend in a bid to save $10 billion cash a year.

(Reporting by Ritsuko Ando, editing by Will Waterman)

http://www.reuters.c...430457220080114

Edited by redfoliage2, 14 January 2008 - 03:33 AM.

well in the spirit of TA, one could argue that this is why the market has been going down sell on the rumour buy on the fact

Nasty News.

Looks like some of those prime mortgages in Greenwich and Darien Ct will go into the tank. Mary Anne