Investors Urged to Sell Citigroup Shares

Investment firm Goldman Sachs Group, Inc. downgrades the investment rating of Citigroup, the biggest U.S. bank. Goldman Sachs initiated the downgrade based on its estimate that Citigroup would have to write down $15 billion over the next two quarters due to its exposure to risky debt.

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NPR Business News starts with more trouble for Citigroup.

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MONTAGNE: The biggest U.S. bank got a downgrade yesterday, when a major investment firm suggested investors should sell their Citigroup shares. It said the bank's loans and losses could total $15 billion over the next two quarters. Not surprisingly, Citigroup's share price took a tumble after that.

It doesn't help that there's no one at the helm. Earlier this month, CEO Charles Prince stepped down after the bank announced it was facing as much as $11 billion in new losses. It's proving tough to replace him, and that has investors worried.

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