Citi CFO issues new writedowns warning

Citi CFO issues new writedowns warning

Gary Crittenden reveals the US investment banking giant is battening down the hatches as more writedowns will be announced for the second quarter

The CFO of Citigroup has said that the company will suffer another round of
sub-prime writedowns.

In a conference call to investors Gary Crittenden forecasted more impairments
to the value of assets linked to subprime mortgages and loans that finance
leveraged buyouts,
Reuters
reported.

The write-downs, which totaled about $9bn (£4.6bn) in the first three months
of the year are not expected to be as large in the second quarter, Crittenden
added.

Further reading:

Citigroup
CFO awarded over £12m last year

Share

Subscribe to get your daily business insights

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

1m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

2m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

2m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article