More Capital Needed to Rescue Citigroup
March 5th, 2008Via: Telegraph:
Citigroup shares fell to their lowest level in almost a decade after the head of Gulf investment agency, Dubai International Capital, said the largest US bank would need to raise “a lot more money” from outside investors.
Shares of Citigroup slumped almost 5pc to $22.05 yesterday on top of falls of more than 50pc in the past 12 months. They are now at their lowest level since November 1998.
Citigroup has been forced to write off billions of dollars of debts tied to sub-prime mortgages – a move which has prompted drastic efforts to rebuild its balance sheet.
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