Citigroup, Inc. (C)’s real revenues in the report:
By Daniel at 17 July, 2009, 9:26 am
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Citi’s revenue continues to fall.
Down 11%.
Institutional Clients revenue fell 5%.
Consumer Banking revenue fell 19%, wow.
Looks like they also have a huge loss after taking out assets sale.
Let’s see:
“Results include an $11.1 billion pre-tax ($6.7 billion after-tax) gain associated with SmithBarney.”
So they lost about $2.3 billion from operation.
Citi is sort of like AIG, they need to sell assets quickly while there might still be market.
The public is in deep on this one much like AIG.
Half the preferred shares have been converted to common.
Judging from declining revenue, the brand is busted, clients are leaving.
Citi is sitting on massive losses without marking to market.
They need to sell assets quickly and return money to the taxpayers.
Gasparino reported last night that Pandit, like Ken Lewis, is given a quarter to appreciably dismantle Citi.
Alas, I suspect that in the end C will eventually be nationalized.
In the mean time they must not reverse split the stock.
This thing will be shorted down mercilessly if they do.
That will totally defeat the massive stock increase to shore up common equity if the price collapses.
tarn
Has anyone noticed that, in the absence of the Smith Barney gain, Citigroup’s loss from continuing operations is a whopping $6.7 billion. And, that causes the stock and the stock market to rise? Talk about manipulated markets.
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