NEW YORK, Nov 19: US banking titan Citigroup may have to write off $15 billion in soured investments including mortgage losses in coming months, a report by Goldman Sachs predicted on Monday.Citigroup, America’s second-largest bank by market worth, is already reeling from its exposure to the US housing downturn and tighter credit markets.
The banking behemoth is searching for a new chief executive officer after former CEO Charles Prince stepped down on November 5 as Citigroup revealed it was facing likely investment writeoffs of between eight and $11 billion.—AFP
