One of Wall Street's most influential analysts has predicted a further $11 billion (£5.6 billion) of writedowns at Citigroup when the banking giant reports its first-quarter figures on Friday.
Meredith Whitney, the first analyst to forecast correctly that Citigroup would need to cut its dividend to prop up its finances, said that she expected a writedown, which would be on top of $18 billion of writedowns in the third and fourth quarters. It would mean that Citigroup would record an overall group loss of nearly $7 billion in the first quarter.
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