Mortgage news

News, trends and analysis of the mortgage and credit market

Sunday, November 11, 2007

Citigroup Strong Despite Ratings Downgrades: CEO

November 11 2007
A downgrade of Citigroup's nearly pristine credit ratings will not impede its "thriving" business, new acting Chief Executive Win Bischoff wrote in an internal memo to employees sent Saturday. Moody's Investor Service and Fitch Ratings lowered Citigroup's debt ratings last Monday, after the largest U.S. bank said it would write down $8 billion to $11 billion in subprime losses. Citi also reduced its previously reported third-quarter profit because of worsening credit markets. Many U.S. banks and brokerages have announced job cuts in their mortgage-related businesses in the wake of the credit market turmoil. There have also been senior management shake-ups, including at Citigroup, where former chief executive Chuck Prince stepped down on Nov. 4.

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