Glick Report
« Friday's Roller-Coaster Ride
$18B in Hiding »

  • July 18, 2008 08:05 AM EDT by Alexis Glick

    Today is a Good Day for Citi

    Whoa!!!!!!!!!!!! I was wrong about Citi. Not a brilliant number, but much better than expected. Yes, they took a $7.2 billion writedown and that it not good for any bank, but it was much less than Wall Street expected.

    I must admit when I saw Merrill Lynch's earnings announcement (which wasn't good), I panicked. I was sure that this morning's Citi number was going to be a disaster. I am very pleasantly surprised. Will Wall Street react as favorably as it has in pre-opening trading once the conference call begins? Time will tell. It begins at 8:30am.

    I'd also like to see the street ease off of Vikram Pandit. Vikram is the CEO of Citi. Since he arrived the Street has not been happy with his appointment. They have not thought felt that he was doing enough or was as charismatic and transparent as they liked. Yes, the stock is in bad shape, very bad shape, but he's only been in the job for just over six months. The issues with the bank are legacy issues. This morning I think he just put all of the naysayers to bed (temporarily). To be fair this is just one quarter and it could get worse but today is a good day for Citi.

    Full disclosure I did work for him at Morgan Stanley. Personally I think he is one of the brightest in the business.

RSS Subscribe to Comments

Greedom

I say let desertley Hillbilly money(ies) buy more into citi and take it over perhaps out of Dubai or Saudi Arabia. I was reading when Kuwait twice - dropped all debt by all citizens ? Someone could drop the debt on citi as in the movie election 'Just like that'. sheesh !

July 20, 2008 at 9:25 am

Greedom

Citi student loans certainly went away. Now, heh, if Citi Financial would go. I read earlier this year of citi's 2,000 ? was it ? Citi Financial unit. That's the unit that most often is found in a strip mall - at up to 40 %? sheesh I 'wager' people get trapped into these high interest loans - last I was reading the insurance is embedded in the loan itself, so it's paid for out of the loan ? not bad if so ! ouch Odd though, student loans should have a better reliability ? than ? Citi Financial unit ? and yet Citi student loans are gone. Oh well.

July 20, 2008 at 9:22 am

Greedom

Not so sure any day is a good day for citi lately

July 20, 2008 at 9:18 am

John

Does Bill Hemmer ever appear on FOXBusiness? http://www.foxnews.com/story/0,2933,167527,00.html

July 20, 2008 at 8:33 am

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

most popular posts

browse posts