C - Citigroup (Citi) (NYSE Stock)

[rtace]

Has been a fairly stable Stock over the last few years looks like its heading into some rough territory.
Time to play the game how low does this one go before a rebound

http://online.wsj.com/article/SB1194...oo_hs&ru=yahoo


BUSINESS SUMMARY
Citigroup, Inc., a multibank holding company, provides various financial services to customers in the United States and internationally. The company's Global Consumer segment offers banking, lending, insurance, and investment services. As of March 31, 2007, this segment operated through a network of 8,140 branches, approximately 19,100 automated teller machines, 708 automated lending machines, and the Internet. Its Markets and Banking segment provides various investment and commercial banking services and products, which comprise investment banking and advisory services, debt and equity trading, institutional brokerage, foreign exchange, structured products, derivatives, and lending. It also offers cash management and trade finance for corporations and financial institutions; custody and fund services to insurance companies and pension funds; clearing services to intermediaries; and depository and agency/trust services to multinational corporations and governments. The company's Global Wealth Management segment provides investment advice, financial planning, and brokerage services to affluent individuals, companies, and non-profits. This segment also offers wealth management services for high net worth clients. These services include investment management, such as investment funds management, capital markets solutions, trust, fiduciary, and custody services; investment finance that comprises credit services, such as real estate financing, commitments, and letters of credit; and banking services, which consist of deposit, checking, and savings accounts, as well as cash management and other banking services. The company's Alternative Investments segment manages products across five asset classes, such as private equity, hedge funds, real estate, structured products, and managed futures. Citigroup was founded in 1812 and is based in New York, New York.

[Grizzums]

Best news for Citigroup in quite some time imo....Bye Bye Prince.....

"Citigroup chairman retires; Rubin to step in

NEW YORK (AP) -- Citigroup Inc. said Sunday Chairman and Chief Executive Charles Prince, beset by the company's billions of dollars in losses from investing in bad debt, has retired and is being replaced as chairman by former Treasury Secretary Robert Rubin.


Citigroup Chairman and Chief Executive Charles Prince, facing billions in company losses, retired Sunday.

In an announcement following an emergency meeting of Citi's board, the nation's largest banking company also said Sir Win Bischoff, chairman of Citi Europe and a Member of the Citi management and operating committees, would serve as interim CEO.

Prince's resignation, which was secured Sunday at an emergency meeting of the Citi board, was expected after the nation's largest banking company revealed it had to write down billions of dollars in bad debt.


He joined former Merrill Lynch & Co. CEO Stan O'Neal, who resigned from the investment bank last month, as the highest-profile casualties of the debt crisis that has cost billions at other financial institutions as well.

The Journal said Citi would also be announcing that it would take an additional $8 billion to $11 billion in writedowns . It has already said it was writing down $6.5 billion in assets."


A gutsy contrarian may look this way soon....

[rtace]

Interesting Conference Call this morning
C is looking better and better as this price drops
looking at a hold period of a year or so
2nd quarter of 2008 is the target to get back to normal from what I hear in the call

[sevago00]

Originally Posted by Grizzums

Best news for Citigroup in quite some time imo....Bye Bye Prince.....

"Citigroup chairman retires; Rubin to step in


The Journal said Citi would also be announcing that it would take an additional $8 billion to $11 billion in writedowns . It has already said it was writing down $6.5 billion in assets."


A gutsy contrarian may look this way soon....

man, thats like 10% of their market cap right there.

[BadThad]

It will be a good bottom play, but I wouldn't be in a hurry to buy. Right now, it's a great short IMO. This stock is going sink faster than the titanic.

[BadThad]

Might see it sink even more tomorrow:

NEW YORK/SHANGHAI, (Reuters) - State-owned China Development Bank has decided not to buy a $2 billion stake in Citigroup Inc (nyse: C - news - people ), the largest U.S. bank, forcing it to turn elsewhere to raise capital, the Wall Street Journal reported Monday.

The report, citing people familiar with the situation, said senior Chinese government opposition surfaced over the weekend, but that the reason for the decision is unclear.

Citigroup spokesmen Richard Tesvich in Hong Kong and Michael Hanretta in New York both declined to comment. A spokesman for state-owned China Development Bank could not be reached immediately for comment.

Battered by the subprime mortgage crisis, Citigroup is expected to report a fourth-quarter loss on Tuesday, its first since Sanford "Sandy" Weill put the financial conglomerate together in 1998.

Citigroup may also announce job cuts this week as it works to reduce costs amid difficult market conditions. Media reports have put potential cuts at 17,000 to 30,000.

A source said Citigroup may also announce it has secured additional capital of between $8 billion and $14 billion from such areas as the Middle East.

Even without the China deal, Citigroup is likely to raise upward of $10 billion, the Wall Street Journal said, citing a person familiar with the situation.

Saudi Prince Alwaleed bin Talal, Citigroup's largest individual investor, is among those who will inject new cash, according to that report on Friday.

A source at China Development Bank who is familiar with the situation but not directly involved told Reuters earlier Monday that Citigroup and China Development Bank had been in talks toward a possible capital injection from the Beijing-run policy bank.

The discussed structure could have included an equity investment as well as the purchase of debt, the source told Reuters.

Cash-rich government investment vehicles from the Middle East and Asia have been taking multibillion-dollar stakes in ailing western financial firms in recent months.

In November, the Abu Dhabi Investment Authority invested $7.5 billion in Citigroup.

In December, China's new sovereign wealth fund, China Investment Corp Ltd, took a $5 billion stake in Wall Street's Morgan Stanley (nyse: MS - news - people ) (Reporting by Ritsuko Ando in New York, Tony Munroe in Hong Kong and George Chen in Shanghai; Editing by Quentin Bryar/Jeffrey Benkoe)

[BadThad]

YES! Dropping even more today. Now that CFC is cooked with the buyout, this is the main financial stock I want to buy. Should be an easy $20-30 per share profit down the road.

[Theboundbook]

Originally Posted by BadThad

YES! Dropping even more today. Now that CFC is cooked with the buyout, this is the main financial stock I want to buy. Should be an easy $20-30 per share profit down the road.

Agree! Boy are people going broke with this one! Im gonna collect with ya. Think people panic another couple weeks here with this one and with WFC. Lots more money is going to be lost before the bleeding stops.

[BadThad]

WFC has been slow to drop. From my DD, they are fairly isolated from subprime problems (like my other financial play USB). I keep on waiting for WFC to tank it just keeps hanging in there.

[MarketMoFO]

Hmmmm wonder why C has to look for money overseas? Cause no one here has any or because no one with that kind of money here is dumb enough to throw it into a financial money pit?

C is screwed but my new financial I love to hate is BAC. I don't think they fully understand what they are taking on at CFC. In fact, I think this deal may never come to fruition. Too bad I have my checking account there! Might have to move it.