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...McDonald is not alone. David Hendler of CreditSights recently lowered his rating on Citi's stock to the equivalent of a "hold." Says Hendler: "Our view is that Citi is in the midst of a large scale disassembly of the global franchise, and the ultimate configuration of the company remains murky...
...Spooking analysts and investors is the fact that losses at several of Citi's businesses continue to grow. What's more, a number of executive departures are complicating the bank's turnaround efforts. Lastly, while Citi's lending losses are not growing as fast as they were, the bank's loans are still going bad at a higher rate than that of its rivals...
...Citigroup results indicate continued deterioration on the credit side," says Christopher Whalen, managing director of research firm Institutional Risk Analytics. "Citi is an outlier in terms of loss rates, above Bank of America and Wells Fargo...
...part, Citigroup says its turnaround plan - which has effectively split the company in two - is working. And while Citi Holdings, in which Citi has stuck its mortgage loans, is still in bad shape, Citi officials say Citicorp, which the bank calls its "core" investment bank and its retail bank divisions, is on the mend. Later this week, Citi plans to complete the first stage of a deal to swap a large chunk of its preferred shares for common stock, which will greatly improve the financial standing of the bank - though it will also more than quadruple the company's shares...
...Moreover, a look beneath its recent earnings report reveals that Citi is still struggling to extricate itself from the credit crisis. All of Citi's profits and then some in the second quarter were the result of a onetime gain on the sale of 50% of the company's Smith Barney brokerage division to Morgan Stanley. Take that out as well as some other onetime events, and CreditSights' Hendler says the company actually lost 70 cents a share, or about 30% more than it did in the same three-month period a year ago. (See the top 10 bankruptcies...