Jittery investors pushed shares of Citigroup down 23% on Wednesday, the steepest percentage drop for the financial giant. The development puts increased pressure on CEO Vikram Pandit, who is trying to boost confidence in the bank. Investors appeared nervous about Citi's announcement that it will purchase the remaining $17.4 billion in assets from its structured-investment vehicles. The company will take a write-down of $1.1 billion to reflect the deteriorating value of the assets.
Thursday, November 20, 2008
Citi's shares drop 23%, putting more pressure on CEO
Jittery investors pushed shares of Citigroup down 23% on Wednesday, the steepest percentage drop for the financial giant. The development puts increased pressure on CEO Vikram Pandit, who is trying to boost confidence in the bank. Investors appeared nervous about Citi's announcement that it will purchase the remaining $17.4 billion in assets from its structured-investment vehicles. The company will take a write-down of $1.1 billion to reflect the deteriorating value of the assets.
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