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April 19, 2008

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earnings

Citigroup to trim 9,000 jobs
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$5.11 billion loss during 1st quarter brings more cuts
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From Tribune news services
April 19, 2008

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From Tribune news services

Citigroup Inc., caught in the midst of the housing slowdown and a
tight credit market, reported a $5.11 billion first-quarter loss
Friday and said it would eliminate 9,000 more jobs in the next 12
months.

The layoffs are in addition to the 4,200 announced in January, the
bank said during a conference call. The company has more than 300,000
employees worldwide.

The bank's first-quarter results reflected more than $16.9 billion in
write-offs and additional loan-loss reserves, full color custom playing cards new Chief Executive
Vikram Pandit embarked on term life insurance plan streetwear style reshape the firm and clean up the
mortgage streetwear clothes The bank, the nation's biggest by assets, also announced a $622
million restructuring charge.

Citigroup shares jumped more than 4 percent, or $1.08, learn mandarin chicago $25.11, as
many investors had been bracing for even more dismal results.
Citigroup's stock has fallen 15 percent since the beginning of the
year.

Wall Street analysts had expected Pandit to swallow big losses in the
bank's consumer businesses and in investment banking so he could get
off to a customized playing cards start.

"We believe we have substantially reduced our risk, given cheap insurance size of
the write-downs we have taken the last few quarters," said Chief
Financial Officer Gary Crittenden. He warned that consumer credit
costs may continue to worsen for the remainder of the year.

All told, Citigroup has taken nearly $39 billion in write-offs. And
with unemployment rising and the economy possibly entering a
recession, those figures could continue to grow. Loan losses from
mortgages, credit cards and other consumer loans are expected to
balloon.

The company recorded a net loss of $5.11 billion, or $1.02 a share,
compared with a profit of $5 billion, or $1.01 a share, a year
earlier. Revenue fell to $13.22 billion, a 48 percent drop from 2007.

Other earnings news
-------------------

Diversified manufacturer Honeywell International Inc. emo fashion that
first-quarter profit rose 22 percent on higher sales and contracts
from Embraer, Gulfstream and Airbus.

The company said earnings increased to $643 million, or 85 cents per
share, up from $526 million, or 66 cents per share, a year earlier.

Revenue climbed 11 percent, to $8.89 billion from $8.04 billion a year
earlier.

Analysts polled by Thomson Financial had expected net income of 82
cents per share on sales of $8.73 billion.

Honeywell raised its 2008 profit outlook to a range of $3.70 to $3.80
per share and lifted its sales to a range of $36.8 billion to $37.4
billion.

Its shares rose $3.59, or 6 percent, to $60.99.

During a conference call with executives, Morgan Stanley analyst Scott
Davis said: "This is a pretty darn impressive quarter. We've said that
for a few quarters now, so it's more than a fluke."

homeowners insurance Corp. said a litigation charge left it with a loss of $244
million in the first quarter, but its results excluding the one-time
item matched Wall Street expectations.

The office equipment-maker said it lost 27 car insurance per share, compared
with a profit of $233 million, or 24 cents a share, a year ago.

Excluding the previously announced charge surfboard shape playing cards 54 cents per share, the
company earned 27 cents per share. That met expectations of analysts
in a Thomson poll.

Revenue rose 13 percent, to $4.33 billion from $3.84 billion.

Its shares rose 7 cents, to $14.57.

Xerox announced March 27 that it received approval to settle a
securities lawsuit dating to 2000, and that it would take a $491
million charge related to the settlement.

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