Citi would have to pay about $5bn in local and federal taxes on an expected $10bn-$11bn accounting gain triggered by the revaluation of its Smith Barney brokerage arm after the deal, people close to the situation said.
That would still leave Citi with a $6bn post-tax capital gain on the deal, which could be announced today or tomorrow, as well as a $2.7bn cash payment from Morgan Stanley.
Citi plans to use the gains to repair its battered balance sheet and boost results in the first quarter of this year. The group is expected to report a multi-billion dollar loss in the last three months of 2008 – its fifth consecutive quarter in the red – and its management is striving to avoid another loss at the start of 2009.
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