Citigroup and Merrill face bigger writeoffs: analyst

Citigroup Inc. could cut its dividend by 40 percent and write down billions of dollars more than expected in the fourth quarter, Goldman Sachs analysts said, forcing it to raise even more capital than it already has.

"Although we have seen many firms take the appropriate actions in recent weeks as they relate to write-downs and capital raises, we still believe it will be a couple of quarters before the current credit crisis is fully digested by the markets," wrote Goldman analysts William F. Tanona, Betsy Miller and Neil C. Sanyal in a note to investors late Wednesday.

The analysts said Citi could write off as much as $18.7 billion in the fourth quarter.

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- Posted: 2007-12-27 09:06:07

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