CIBC analyst got death threats on Citigroup - report

NEW YORK Sun Nov 4, 2007 9:47pm IST

Related Topics

NEW YORK (Reuters) - The analyst whose downgrade of Citigroup Inc sparked a broad stock market sell-off on Thursday said she has received several death threats stemming from her research, the Times of London said.

Meredith Whitney of CIBC World Markets Inc late Wednesday downgraded Citigroup to "sector underperformer," saying the largest U.S. bank by assets might need to raise more than $30 billion of capital and cut its dividend.

Her downgrade triggered a 6.9 percent drop in Citigroup's shares on Thursday, leading to declines of 362 points in the Dow Jones industrial average and 2.6 percent in the Standard & Poor's 500, the biggest drop since August.

It also led to renewed calls for Citigroup Chief Executive Charles Prince to step down.

"People are scared to be negative, especially when a company has such a wide holding," Whitney told the Times of London in an article published Saturday.

"Clients are not pleased with my call and I have had several death threats," she continued. "But it was the most straightforward call I've made in my career and I am surprised my peer analysts have been resistant. It's so straightforward, it's indisputable."

Whitney did not immediately return requests for comment on Sunday. In 2005 she married John "Bradshaw" Layfield, a former World Wrestling Entertainment champion. CIBC World Markets is part of Canadian Imperial Bank of Commerce.

Prince is expected to resign later Sunday at an emergency meeting of Citigroup's board of directors, the Wall Street Journal and New York Times said.

His departure would follow significant losses at the bank from exposure to bad loans, mortgages and other debt. Citigroup's market value has fallen below that of Bank of America Corp, the second-largest U.S. bank by assets.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Press Event

Press Event

Modi takes tea, but no questions, in first press event as PM.  Full Article 

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage