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Follow on Google News | Cornerstone Worldwide: Shorting Citibank, Merrill LynchCornerstone Worldwide reports that the current financial turmoil is far from over
By: Richard Drake While some have suggested that Citibank, Merrill and other similarly beleaguered US and European banks had already plumbed the depths with their share price, sources close to Cornerstone Worldwide have theorised that the private client asset management firm sees significantly more downside potential in the coming weeks and months. Citigroup, America’s largest bank, may reduce the value of its assets by $8.9 billion, causing a third straight loss for the New York-based company which has written down a staggering $44 billion of its assets. Sources close to Cornerstone Worldwide apparently pointed to a recent announcement of 13,000 job cuts at Citi this year, and the bank’s forecast this month of ``substantial'' additional writedowns and more losses on consumer loans as more evidence of additional downside risks. End
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