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Read more with google mobile : Citigroup to split into two units after huge losses
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Citigroup to split into two units after huge losses AFP - Saturday, January 17 NEW YORK (AFP) - - Ailing US banking giant Citigroup reported Friday a larger-than-forecast 2008 fourth-quarter net loss of 8.29 billion dollars and said it was splitting into two businesses to restore profitability. The bank posted a fourth-quarter loss per share of 1.72 dollars, far worse than most analysts' predictions of a 1.19 dollar loss. It was the bank's fifth consecutive quarter in the red amid the deepening global financial crisis. Citi said that 5.6 billion dollars in revenues in the final three months were pressured by write-downs and losses, including 6.1 billion dollars in net credit losses and 6.0 billion dollars in net loan loss reserve build. For the full year 2008, Citigroup posted a net loss of 18.72 billion dollars, or 3.88 dollars per share. The embattled bank said it would split the company into two separate groups in a bid to regain profits and growth. "Today, we announced that we would separate the company, for management purposes, into two separate businesses -- Citicorp and Citi Holdings," said Vikram Pandit, Citi chief executive. "We are setting out a clear roadmap to restore profitability," he said. In a separate statement, Citigroup said Citicorp will be a global bank serving individuals and businesses in more than 100 countries. Citicorp was expected to have assets of 1.1 trillion dollars and would be 65 percent deposit-funded, the bank said. Citi Holdings will include brokerage and retail asset management, local consumer finance and a special asset pool. "Citi Holdings will be a group of non-core businesses that include attractive long-term businesses with strong market positions. However, they do not sufficiently enhance the capabilities of Citi's core business, and in many ways compete for its resources," Citigroup said. Pandit said that "given the economic and market environment," the company had decided to accelerate the restructuring to focus on its core businesses. "This will help in our ongoing efforts to reduce our balance sheet and simplify our organization, which will enable us to better serve our clients and customers in both businesses without disruption." Pandit said that by lowering risk and streamlining businesses, the company should return to being a high-return and high-growth business. "And with the new Citi Holdings, we will be able to tighten our focus on risk management and credit quality for businesses with strong market positions but that are not central to our core franchise." The major restructuring announcement came after Citigroup and Morgan Stanley said Tuesday they would merge their worldwide brokerage operations in a deal giving ailing Citi 2.7 billion dollars in much-needed upfront cash. The combined firm, to be called Morgan Stanley Smith Barney, will have 1.7 trillion dollars in client assets and some 20,000 brokers as the world's biggest retail brokerage, according to the companies. The deal was announced amid growing concerns about the fate of Citigroup, which had been the world's biggest financial company but has been hammered by heavy losses in the financial crisis and received the largest portion of a US government program to inject capital into troubled banks. Citi has received a total of 45 billion dollars in capital injections from the US Treasury to shore up its finances. Pandit pledged that the bank would speed up the use of the Treasury's rescue from its 700-billion-dollar Troubled Asset Relief Program (TARP). "We are committed to helping the financial markets recover as quickly as possible. To accelerate that recovery Citi is putting the TARP capital it has received to work to support the US economy and consumers -- expanding the flow of credit to US households and businesses responsibly and on competitive terms," he said. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Ailing US banking giant Citigroup reported a wider than expected 2008 fourth-quarter net loss of 8.29 billion dollars and said it was splitting into two businesses to restore profitability. Most Popular – Top Stories Viewed Hormone drives sexy women to infidelity, says study Michelle Obama's ball gown has fashionistas abuzz Israel hammers Gaza as Hamas offers conditional truce Microsoft considering 'significant' job cuts: WSJ JPMorgan chief says worst of the crisis still to come: FT View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Friday, 16 January 2009 - Citigroup to split into two units after huge losses