January 14, 2008 / 7:02 AM / 12 years ago

Citigroup could write down up to $24 billion: report

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.

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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