Citigroup Inc. (NYSE: C), the beleaguered financial giant with a completely ineffective CEO at the helm, will report quarterly earnings (or losses) tomorrow. Most likely, we will see yet another company taking steep losses due to bets on mortgage-backed securities and other goofy investments. When Citigroup kicked former CEO Chuck Prince out the door, his replacement was even more strange. Citigroup is floundering to this day, although I have no doubt the banking and investment giant will recover.Citigroup's shares are currently at the lowest level since the company was formed a decade ago. It announced the sale of its German banking business for $7.7 billion just last week, and now analysts polled by Zacks are expecting a net loss of $0.42 per share when the finance behemoth announces quarterly results this Friday. Reuters estimates that losses could go as high as $0.60 per share. Regardless of the loss, either would be quite a drop -- over 134% to be exact -- from the company's year-ago EPS figure of $1.24.
What will Citigroup do? Well, it will continue digging itself out of the hole it's responsible for, just like every other finance company that bet the shaky farm on every Tom, Dick and Harry getting a $600,000 mortgage with a $50,000 annual income. In addition to selling off some assets in Germany, Citigroup is shedding some Japanese assets as well as saying it may be two or three years before its returns come back to favorable levels.
Do you own Citigroup shares? If so, are you holding on for the long run or have you sold them already?
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