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Citigroup could write down up to $24 billion: report

NEW YORK
Mon Jan 14, 2008 11:35am EST

NEW YORK (Reuters) - Citigroup Inc. could make as much as $24 billion in writedowns and lay off 20,000 workers as part of a plan to cut costs and boost capital, CNBC said on its Website in a report dated Sunday.

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The report said the plans will be unveiled on Tuesday, when it reports its fourth-quarter results.

Citigroup is widely expected to report a quarterly loss and announce big lay-offs as it looks to cut costs in a tough business environment.

Many analysts believe Citi will also look to suspend or cut its dividend in a bid to save $10 billion cash a year.

(Reporting by Ritsuko Ando, editing by Will Waterman)
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