Goldman Sachs analysts said that Citigroup may have to write down $8.9 billion and post a net loss in the second quarter. Goldman lowered its rating on Citi to “conviction sell,” and on U.S. brokerages as a whole to “neutral,” from “attractive.” (Bloomberg) The analysts also predicted that Merrill Lynch could write down $4.2 billion in the quarter. (Reuters)
The Bottom Line
June 26, 2008
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