just a few weeks ago CITI was out saying their dividencd was safe and today they not only cut it but they slash it by 40% ! i think CITI has a whole host of problems which not only include poor mortgage investments but i believe the next shoe to fall is their credit card division which has alot of sub prime credir card holders. watch,that will be next and CITI is going into the teens.
Yeah, Bloomberg just had a great interview with a female financial analyst from Oppenheimer who, in December, stated that Citi was going to have to cut dividends. There is definitely more downside for Shittigroup. What happens when consumers default on their cc's that they used to pay their mortgage that they are upside down on? I know I wouldn't want to look at that balance sheet.
The only time i saw citi confirm the dividend was safe was when Rubin did the conference call the day after prince left. That was early November. They are under a new CEO now so he needs to address the situation that has changed since then
It's been all over the Street that the dividend would be cut. In fact, the guess was 50%, not 40%. So actually, it was better than expected. Where you been? OldTrader