Mortgage news

News, trends and analysis of the mortgage and credit market

Friday, November 2, 2007

Banks and brokers slump, led by Citigroup

November 01 2007
Financials stocks traded sharply lower Thursday as credit fears continued to haunt Wall Street and investors reacted to news that Citigroup Inc. may be forced to cut its dividend or sell assets in order to raise capital. Citigroup may, in the near term, have to raise more than $30 billion, either by resorting to selling off assets, slashing its dividend, raising capital or a combination of these measures, analysts at CIBC World Markets said. Citigroup's shares, part of the Dow Jones Industrial Average lost 6.9% to reach a multiyear low.

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