US Banking Giant Makes Huge Losses

US Banking Giant Makes Huge Losses

news.sky.com

The world's biggest bank - Citigroup - has announced a £2.5bn loss for the first quarter of the year.
A year ago the US bank made a first quarter profit of just over £2.5bn.

Citibank blames the losses, which include write-downs of £3bn, on the subprime mortgage crisis.

More follows...

(visit the link for the full news article)

I know many people on here like to keep their eye on the banks in the U.S.
So just thought I would post it for any one interested.


news.sky.com
(visit the link for the full news article)

Yes, Ctigroup and the financial world had mostly expected this news.

The upside is, that futures for trading seem to point toward a rally early on anyway.

IMO the news that Citigroup intends to sell it's North American commercial lending and leasing business, may actually be good news. They realize that they were far too hedged on it, and need to step away from it. The downside may be that if anyone get's it in their mind that this will exacerbate an already volatile situaton, it may send more investors running toward the safe haven of commodities, further diving up the price.

I think we probably won't see a bottom until the end or near the end of this year.


Just my opinion.


AB1

[edit on 18-4-2008 by alphabetaone]

[edit on 18-4-2008 by alphabetaone]