Citigroup has recently announced a substantial $18.1 billion writedown. From its inception 10 years ago, for Citigroup it was the first quarterly loss & was basically due to losses from subprime lending.
WaMu has also released bad news; it is going ahead with 2600 job cuts from their home loan section & another 550 from support & corporate positions. Company spokesman have also released information that they are expecting loan related losses to the tune of $1.8 to $2 billion in the first quarter of 2008.
Sunday, January 27, 2008
Citigroup writedowns and Washington Mutual Layoffs
