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Joplin, one year after
May 22 marks the one year anniversary of a deadly tornado that ripped through Joplin, Missouri, killing 161 people. Slideshow
Citigroup sees hitting Tier-1 capital target by Q2
NEW YORK |
NEW YORK (Reuters) - Citigroup Inc Chief Financial Officer Gary Crittenden on Tuesday said the largest U.S. bank expects to return to its targeted 7.5 percent Tier-1 capital ratio by the second quarter of 2008.
Earlier Tuesday, Citigroup said its Tier-1 ratio, which gauges its ability to cover losses, fell to 7.1 percent in the fourth quarter. It also announced a 41 percent dividend cut and plans to raise $14.5 billion in new capital, to shore up capital.
Crittenden spoke on a conference call. Earlier Tuesday, Citigroup posted a $9.83 billion fourth-quarter loss.
(Reporting by Jonathan Stempel; Editing by John Wallace)
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