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Monday May 10, 10:18
Citigroup slumps on news of $5 bln litigation charge

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Citigroup shares slumped in early trade after the company said it will take a $4.95 billion after-tax charge to cover a settlement of litigation tied to WorldCom and to increase its legal reserves. The bank said it now has a better understanding of its remaining exposure for Enron and other outstanding litigation related to 2003 regulatory settlements. The company also believes its reserves are adequate to cover all remaining exposure for these matters. In a note entitled "Clearing the decks?", analyst Jason goldberg at Lehman Brothers said he is forecasting 2004 earnings of $3.95 excluding the reserve hike. "Our price target, which is based on various valuation metrics including our DCF (discounted cash flow) and ROIC (return on invested capital) models, is $60," he said. Citigroup shares were last trading down $1.26 at $45.46.

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