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Monday, January 14, 2008

Citigroup write-offs could reach $24 billion in subprime related losses

January 14 2008
Citigroup may write off up to $24 billion over subprime- and credit-related losses, putting as many as 20,000 jobs at risk, according to a published report on Monday. Citi also may cut its dividend payment without attribution, the report said. The company may raise as much as $15 billion from selling stakes to foreign and domestic investors. The report pointed to some of those shares being sold to Saudi Arabia Prince Alwaleed bin Talal, already Citi's largest shareholder. China Development Bank may invest about $2 billion. Meanwhile, the Financial Times reported that the Kuwait Investment Authority may invest as much as $3 billion in Citigroup.

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