Word: bankes
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Dates: during 2000-2009
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...Spooking analysts and investors is the fact that losses at several of Citi's businesses continue to grow. What's more, a number of executive departures are complicating the bank's turnaround efforts. Lastly, while Citi's lending losses are not growing as fast as they were, the bank's loans are still going bad at a higher rate than that of its rivals...
...Citigroup results indicate continued deterioration on the credit side," says Christopher Whalen, managing director of research firm Institutional Risk Analytics. "Citi is an outlier in terms of loss rates, above Bank of America and Wells Fargo...
...part, Citigroup says its turnaround plan - which has effectively split the company in two - is working. And while Citi Holdings, in which Citi has stuck its mortgage loans, is still in bad shape, Citi officials say Citicorp, which the bank calls its "core" investment bank and its retail bank divisions, is on the mend. Later this week, Citi plans to complete the first stage of a deal to swap a large chunk of its preferred shares for common stock, which will greatly improve the financial standing of the bank - though it will also more than quadruple the company's shares...
...compared to rivals, Citi's performance looks even paler. Goldman Sachs and Wells Fargo both reported higher earnings in the second quarter than a year ago. JPMorgan's earnings were down from a year ago, but it still outperformed Citi in many parts of its business. Investment-banking revenues at Citi, for instance, fell 13% in the second quarter from a year ago; JPMorgan's investment-banking revenues rose 29% in the same time, according to Bernstein's McDonald. Then there's the issue of talent loss. As Citigroup's troubles have continued, the bank has begun to lose executives...
...most discouraging news remains Citi's loan portfolio. The bank's costs for bad loans jumped in the quarter by 81%, to $12.4 billion. The percentage of loans the company expects to go unpaid also continued to rise, though slightly less than before. Still, Citi's loans are going bad faster than those of many of its rivals. In the third quarter, the bank had a so-called net charge-off ratio, which is the percentage of loans that are likely to not be paid back compared to total loans, of 5.1%, according to CreditSights. That compares to a charge...