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Citigroup WTC impact
September 17, 2001: 12:06 p.m. ET

Financial conglomerate sees terrorist attack shaving 12-14 cents off 3Q EPS
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NEW YORK (CNNfn) - Citigroup Inc. said Monday it expects last week's terrorist attack on the World Trade Center to shave 12 cents to 14 cents off its third-quarter results, largely from the payout of life insurance claims and from the closing of the stock exchange and many of its branches.

For the current quarter, New York-based Citigroup said it anticipates earnings will actually exceed Wall Street's estimates of 75 cents a share before the effects of the World Trade Center attack, according to earnings tracker First Call.

However, the company expects to shave that number by 10 cents a share for the payout of about $500 million in life insurance and workers compensation claims. The closure of the stock exchange and its branches could shave an additional $100 million to $200 million off earnings, or 2 cents to 4 cents a share, the company said.

The company still has not accounted for four employees who had been visiting customers at the World Trade Center Tuesday. graphic


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