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Citigroup Inc., the world's biggest bank by assets, will announce earnings on Tuesday, and the news could be harsh.
CNBC said on its Web site Sunday that Citigroup could write off as much as $24 billion and lay off 20,000 workers in its drive to cut costs and boost its capital-to-assets ratio.
Meanwhile, the Financial Times reported Saturday that Citigroup was putting the final touches to its second big fundraising, seeking up to $14 billion from Chinese, Kuwaiti and other investors. However The Wall Street Journal reported that Citigroup's plan to sell a $2 billion stake to China Development Bank may be in jeopardy due to opposition from the Chinese government. Citigroup chairman and CEO Charles O. Prince left the bank last year, and the CEO post went to Vikram Pandit, who has formed a task force dedicated to easing the losses in the bank's subprime investments. In November, the bank said it might have $8 billion to $11 billion of subprime write-downs and sold a 4.9% stake to the Abu Dhabi Investment Authority for $7.5 billion. - Peter Moreira See CNBC story See Bloomberg item See recent story on Citi's changes from TheDeal.com See Dealwatch: Banks, write-downs and the CEO shuffle Categories Deal Video
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