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November 30, 2007
Abu Dhabi to invest $7.5 billion in Citigroup
Wall Street rebounded Tuesday after the Abu Dhabi Investment Authority said it will invest $7.5 billion in Citigroup Inc. -- a vote of confidence for the nation's largest bank, which has suffered severe losses amid the ongoing crisis in the mortgage market.
Major financial institutions, including Citi and its competitors, have had to book some $80 billion of writedowns on holdings -- a trend that has left the markets nervous about the full extent of the damage from soured loans. Citi's ability to secure a capital injection raised hope others might be able to do the same.
Posted by S. Germain at November 30, 2007 09:18 AM