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WORLD / America |
Citigroup could write down $24 billion - report(Agencies)
Updated: 2008-01-14 20:01 New York -- Citigroup Inc. (C.N) 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 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. |
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