Mayo Says Citi (C) Could Write-Down $10B on Deferred-Tax Assets in Q4
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Calyon's popular banking analyst, Mike Mayo, made a call on Citigroup (NYSE: C) late Friday, saying that the embattled bank could write down as much as $10 billion in deferred-tax assets next quarter.
Speaking to investors on a conference call, Mayo also noted that this level would represent almost a quarter of the $38 billion in deferred-tax assets Citi currently has on it's books.
While shares of Citi have continued trading lower throughout much of today, the stock moved sharply lower (nearly 3%) following Mayo's comments. Citi shares most recently traded at $4.11.
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