Chillin' out till it needs to be funded
Citi’s 1.5 bn shares fetched US govt $6.2 bn and the average rate of $4.13, was 30c over Thursday’s closing. With another 6bn Citi shares under its belt, the rest of 10 will also be a busy calendar..
Citi otherwise continued to underscore bad form with reports of GS like marketing tics in selling $205bn bonds withMorgan Stanley selecting/shorting them..also Citi starred with HSBC and BAC in keeping repo 105 like accounting tricks in thecovers for managing quarterly reporting. Qatar ia already making a bid to invest in the financially able Citi though. Team churn at MS is also good news for Goldman Sachs as they get ready to ‘reinvent’ the franchise inAsia, where Citi has a pretty bad retail portfolio and next to none corporate investment banking business despite a much greater brand competing with the colas and the shoes.