Citigroup is at it again.The bank has posted dismal Q4 results with losses translating into 33 cents per share.The results however do not look as bad when compared with the same quarter last year.
Last year, Citigroup reported USD 17.3 billion, or USD 3.40 a share in losses for the quarter, following which Citi shares tumbled like nine pins.No wonder then, there were comparisons made between Buying a Citi Share or a McDonald’s Happy Meal Burger .
Jokes apart, Citigroup has not been able to return to its profitable ways even after TARP funds.It is having trouble managing its main Lending Business which has been a total let down with CITI posting billion dollar losses in writedowns.
However, one of its peer, JP Morgan Chase reported a quarterly profit of USD 3.3 billion week.This means that Citigroup is in heaps of trouble and with the TARP funds weighing in , Mr.Vikram Pandit(CEO) would have to expect for a miracle to see CITI returning to its profitable ways.
Even though Citigroup has reported that the Consumer loan and Credit business is beginning to look healthy, the problems for Citi are far from over.Check the Citigroup Inc. Business Background Report for an indepth product portfolio of Citigroup
Given Citi’s consistent bad performance and a little creativity, i wonder if we can coin a new punch line for Citigroup from
What are your thoughts on the future of Citigroup ? Will it be able to find a way to profitability and make the shareholder happy soon enough ?