Monday, January 14, 2008

WHEEEEEEEEEEEEEEE

Fun at Citi.

Citigroup could write down as much as $24 billion due to subprime and credit-related losses, CNBC has learned. In addition, an estimated 20 thousand layoffs will be part of a comprehensive plan to slash costs and raise capital.

The plans will be unveiled Tuesday, when it reports fourth-quarter earnings. At the same time, Citigroup could also announce that it is cutting its dividend payment.