Citigroup (NYSE: C) is expected to post write-downs of as much as $12 billion in first quarter and have a loss of over $3 billion. Merrill Lunch (NYSE: MER) could show write-offs of $5 billion and a loss of $2.7 billion. According to The Times, Merrill "is expected to knock a further 20% from the value of its sub-prime holdings, in spite of the fact that it announced $18 billion of write-downs only three months ago."
The paper also reports that "Deutsche Bank is attempting to offload some of its €35 billion (£28 billion) of toxic debt to a consortium of private-equity firms."
Douglas A. McIntyre