Rochester, NY 7/11/2009 2:44:59 AM
End of Day Report - C - There is Still Hope in Citigroup, Despite Losses - Sourced WhisperFromWallStreet.com
Citigroup Inc.
End of Day Report - C - There is Still Hope in Citigroup, Despite Losses - Sourced WhisperFromWallStreet.com
CITIGROUP INC,C
2.58 Down 0.11 (4.09%) 3:36pm ET
Michael Corbat, the executive tasked by Citigroup Inc. (C) with disposing of its unwanted assets, insists there is still life in some of them, despite their heavy losses. How heavy those losses are became clear on Friday, as Citigroup reported historical results for the businesses it wants to retain and for the businesses it wants to sell or wind down. Corbat's job as chief executive of Citi Holdings, the receptacle for those businesses Citi considers no longer essential, is to find solutions for the division's hodgepodge of businesses, loans and securities. Those assets are tied to no less than eight different legal entities within Citigroup. The goal is to dissolve Citi Holdings without incurring self-destruction through fire sales or damaging the businesses. "You don't want to run off assets at such a pace that you destroy value in a business." Corbat said in an interview several days before the data were released. "Sure, we are working through our troubled assets, but we've also got the ability to generate new assets where it makes sense."
Last Trade: 2.56
Day's Range: 2.56 - 2.68
52wk Range: 0.97 - 23.50
Volume: 114,136,798
ABOUT
Citigroup Inc., doing business as Citi, provides a range of financial products and services to consumer and corporate customers. The company operates through four segments: Global Cards, Consumer Banking, Institutional Clients Group, and Global Wealth Management. The Global Cards segment offers MasterCard, VISA, Diners Club, private label, and American Express card products. The Consumer Banking segment involves in retail banking, consumer finance, real estate lending, and small and middle market commercial banking; and provides personal and auto loans, student loans, investment services, and Primerica financial services. As of December 31, 2008, it operated 7,730 branches. The Institutional Clients Group segment engages in various securities and banking activities comprising investment banking, debt and equity, lending, private equity, hedge funds, real estate, structured products, and managed funds.
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