Citi (C) Reports Q4 Loss of $1.99, Cuts Dividend, Raises $12.5B
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Citi (NYSE: C) reports a Q4 loss of $1.99 per share, including $18.1 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures in fixed income markets, and a $4.1 billion increase in credit costs in U.S. consumer primarily related to higher current and estimated losses on consumer loans.
Citi announces it is lowering their quarterly dividend from $0.54 to $0.32 per share.
Citi also said it is raising a total of $12.5 billion of capital through the sale of convertible preferred securities in a private offering. The private offering is complete, subject to settlement, and includes a $6.88 billion investment from the Government of Singapore Investment Corporation Pte Ltd (GIC) as well as investments from Capital Research Global Investors; Capital World Investors; the Kuwait Investment Authority; the New Jersey Division of Investment; HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud; and Sanford I. Weill and The Weill Family Foundation.
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