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| Pandit decides to split Citi after |
| Pandit decides to split Citi after $8.29 bn loss in Q3
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| UNITED STATES OF AMERICA
, 16-January-2009
7:2:17 AM |
| Citigroup Inc unveiled a broad restructuring plan designed to shed weaker businesses and troubled assets, and also reported an $8.29 billion fourth-quarter loss, its fifth straight quarterly loss.
The company also said on Friday that it anticipated more departures from its board, which is losing Robert Rubin as a director later this year. Nevertheless, Citigroup shares rose 8.6 per cent to $4.16 in premarket trading.
Citigroup's fourth-quarter loss equaled $8.29 billion, or $1.72 per share, and compared with a year-earlier loss of $9.8 billion, or $1.99 a share.
"I think people knew it was going to be bad, but I'm surprised it's this bad," said Matt McCormick, portfolio manager at Bahl & Gaynor Investment Counsel in Cincinnati.
The bank said it was splitting into two operating units, one of which will focus on universal banking, the other on brokerage and retail asset management, local consumer finance, and a pool of assets that require special management.
Revenue fell 13 per cent to $5.6 billion, reflecting weak capital markets. The company's global credit card business saw revenue decline 27 per cent on weakness in North America.
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