Business news with words additional+billion+continues. 5 news.

CITIGROUP Inc, the biggest US bank, may cut its dividend by 40 percent to preserve capital and write down more fixed income securities than it has told investors to expect, according to Goldman Sachs Group Inc. The New York bank may write off US$18.7 billion in collateralized debt obligations such as subprime mortgages, up from its November 4 estimate of as much as US$11 billion, Goldman's William F. Tanona wrote in a note on Wednesday. Citigroup, which paid out 54 cents each quarter this year, will have to raise US$6.2 billion in extra capital to reach its target, they wrote. "It will be a couple of quarters before the current credit crisis is fully digested by the markets," wrote Tanona, who has a "sell" rating on the stock. "Given the magnitude of the writedowns we assume and Citi's remaining exposure, we believe the firm has a serious need to preserve or raise additional capital." Chief Executive Officer Charles O. "Chuck" Prince III

A giant Greenwich hedge fund continues to get clobbered as volatility whipsaws its computer-generated trading models. AQR Capital Management's flagship fund, the $4 billion AQR Absolute Return fund, dropped an additional 5.8 percent in November...

AQR Capital Management, a hedge fund known for its quantitative trading strategies, continues to get clobbered as volatility whipsaws its computer-generated trading models, according to The New York Post. AQR’s flagship fund, the $4 billion AQR Absolute Return fund, dropped an additional 5.8 percent in November after a 3.17 percent loss in October, The Post said. [...]

SAN FRANCISCO (MarketWatch) -- Finish Line Inc. said Wednesday it has received a request from UBS Loan Finance and UBS Securities for additional financial and other information regarding Genesco Inc. , which Finish Line has agreed to acquire. The request was forwarded to Genesco, said Finish Line. The specialty apparel retailer said that UBS, in a separate communication, stated that it "intends to defer any further work on the remaining closing documents...pending the results of its analyses of Genesco's financial condition and performance." Finish Line said while it continues to evaluate its options under terms of the deal, it plans to continue working on the closing documents. Genesco shareholders on Monday voted in favor of a $1.5 billion acquisition by Finish Line.

Battered mortgage lender Countrywide Financial Corp. said it secured $12 billion of additional debt financing yesterday as it continues to struggle funding new home loans amid the global credit crunch. News of the additional funding, which...