Citibank plans to write off $8 to $11 billion in additional losses
For those who thinks that mortgage mess is getting closer to the finish, Citibank just announced that it is planning to claim another $8 billion to $11 billion in additional losses. Citibank follows Merrill Lynch which last month said it would write off $8.4 billion in losses. Charles Prince, Citi chairman and chief executive resigned as the company's chairman and chief executive at an emergency meeting of its board Sunday. Last week, Stan O'Neal stepped down as CEO at Merrill Lynch & Co. These two huge financial institutions illustrate only a portion, albeit a large one of the financial industry trouble. Worse yet to come. I think that Wells Fargo, Washington Mutual and Countrywide are very vulnerable as well.
Mon Nov 5, 2007 03:11PM | Copyright: www.bad-credit-advisor.com | More in Economy | Comments (0)
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