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Citigroup loses $10B in final quarter of 2007

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GMAT Club Legend
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Joined: 03 Jun 2007
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Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 09:27
Yikes!!!

http://news.yahoo.com/s/ap/20080115/ap_ ... tigroup_35
Quote:
Citigroup Inc. lost almost $10 billion in last year's final three months, the largest quarterly deficit in its 196-year history, and slashed its dividend and 4,200 jobs as it recorded a mammoth write-down for bad bets on the mortgage industry.

The nation's largest bank wrote down the value of its portfolio by $18.1 billion and said it was setting aside $4 billion to cover U.S. consumer credit defaults. It signaled further problems in its consumer businesses as deflated home prices, high energy and food costs, and rising unemployment weigh on people's ability to keep up with their payments.


I expect to see LOTS of bankers in B-school in the next 2 years.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 09:29
Goldman Sachs is doing the best of all the financials right now.

You can add Merrill Lynch to the list.

(registration required)
http://online.wsj.com/article/SB120037913124290951.html?

Quote:
Merrill Gets $6.6 Billion Infusion

Merrill Lynch & Co. will issue $6.6 billion in preferred stock to a group that includes three longtime investors as the company seeks to firm up its capital standing in the wake of massive mortgage-related write-downs.

New York-based Merrill will sell preferred stock primarily to Korean Investment Corp., Kuwait Investment Authority -- both sovereign wealth funds -- and Japanese bank Mizuho Financial Group Inc. for $52.40 a share, equal to the three-day average closing price Friday. The stock will pay a 9% dividend.


Quote:
The Merrill investments come as the company has suffered dearly amid the credit crunch. It had mortgage-related write-downs of $8.4 billion in the third quarter, and a similar-sized write-down is projected for the fourth quarter. That period's results will be released Thursday.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 09:30
As tough as its been this year, I will probably be glad that I am not applying next year.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 09:43
I asked my MIT interviewer how was internships and placement in financial industry going, and she said: "off course it's been affected, internship not as much as job offers, but you shouldn't be too worried about that, when you graduate you will get the recovery, but we've seen at Sloan a shift to consulting..."

It's going to be hard for those graduating next year.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 09:57
And my bonus probably went down the...
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 10:08
same here...not likely to get some $'s. Having said that, I work in one of the few groups that actually made some money
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 10:15
Hah nervous, you seem to have made ur decision to attend kellogg.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 10:44
Dosa and Nervous best of luck with all this, hopefully you not only keep your jobs but get some nice bonuses.

Nervous nice avatar...continuing the trend of creativity. I think its easier to remember avatars like NC's mug and Helg's football fans, than when they arent just a schools logo. Though Kwam's logo one is rather cool.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 10:47
dosa_don wrote:
same here...not likely to get some $'s. Having said that, I work in one of the few groups that actually made some money


same here... but i think the overall dismal situation is going to affect everyone.
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 10:48
toDoorNot wrote:
Hah nervous, you seem to have made ur decision to attend kellogg.

Not yet... just wanted to switch my avatar up. who knows? maybe tomorrow I'll find some cool Michigan avatar ;)
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 12:21
what, you don't like my Anderson courtyard avatar, river? :wink:
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 12:25
kry, unless someone has been to anderson or looked at relevant photos before, they wont be able to guess what B-school is in your avatar. Use the Haas one. It fits you better :-D

kryzak wrote:
what, you don't like my Anderson courtyard avatar, river? :wink:
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 12:32
haha, the Haas one hopefully will come in exactly 2 weeks. :)

I like more "scenic" pictures than logos or things with words on it, but that's just me :P
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 13:00
Ya Kry, I figured it was the UCLA building but you cant be sure unless you have seen it a few times. Its not like there is a sign on it or something. I am a fan of the random picture that shows the school. Like my F/V Northwester or Nervous’ street sign, since these are easily identifiable and chances are no two people will have the same one. I mean if every GSB admit had avatars similar to Rhymes it would get confusing quickly.


I dont even want to look at my investments today, I just saw on the news that the market is getting hammered.
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Kellogg Class of 2010...still active and willing to help. However, I do not do profile reviews, don't offer predictions on chances and am far to busy to review essays, so save the energy of writing me a PM seeking help for these. If I don't respond to a PM that is not one of the previously mentioned trash can destined messages, please don't take it personally I get so many messages I have a hard to responding to most. The more interesting, compelling, or humorous you message the more likely I am to respond.
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GMAT Club Legend
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 13:14
haha, yeah, I guess I kinda like the "abstract" a little more. Don't worry, I'll make sure "Haas" shows up in the picture if I get in. :P
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 16:08
We do hear of more applications in case the economy nose dives, but would the competition not be more difficult more so to Bankers, and less from other streams ( For Indian, IT no matter what the economic condition is, it will be challenging)
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 16:16
I'm guessing probably more competition from the banking industry, since most top schools try to build a pretty diverse class (from different industries).
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Re: Citigroup loses $10B in final quarter of 2007 [#permalink] New post 15 Jan 2008, 16:35
I am not so sure that you will see a surge in applications from bankers. Agreed the financial sector looks weak but I would think most people would have an MBA already in this sector. So sort of makes it irrelevant. Contrast this with the increase in apps back in 2001-02 that was driven by a surge in applications from engineers who lost their jobs.

So- I am not so sure that finance will see more of an increase than the other areas this year.
Re: Citigroup loses $10B in final quarter of 2007   [#permalink] 15 Jan 2008, 16:35
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