- $18 billion write-down
- $12.5 billion cash infusion from outside investors, including Government of Singapore Investment Corp, Saudi Prince Alwaleed bin Talal and former Citi CEO Sandy Weill
- 41% dividend cut
- 70% decline in year-over-year revenue
- a 4,200 job cut -- at minimum
- $9.8 billion net loss -- the biggest quarterly loss in the bank’s 196-year history.
This is important because it's followed by Angora's most interesting quote of the day ...
Merrill Lynch, Wells Fargo, JP Morgan and Washington Mutual all report earnings this week. While Citi is expected to be the worst of the bunch, similar write-downs and losses are practically guaranteed ... When the dust settles, this might be the worst quarter for financials since the Great Depression.
With falling housing prices, record bankruptcies, record debt levels, a confused Fed, a weak dollar, etc. I'm not sure this is the type of commentary the Bush administration - or us - want to hear.