Released on: July 21, 2008, 3:44 am

Press Release Author: Richard Drake

Industry: Financial

Press Release Summary: Cornerstone Worldwide reports that the current financial
turmoil is far from over

Press Release Body: No sooner had the Federal Reserve's aimless statement been
digested, sources at Cornerstone Worldwide are thought to have reissued their "short
the banks" advice to their private client roster. As if in agreement, Goldman Sachs
today cut both Citibank and Merrill Lynch 2nd quarter estimates on expectations of
further writedowns.

While some have suggested that Citibank, Merrill and other similarly beleaguered US
and European banks had already plumbed the depths with their share price, sources
close to Cornerstone Worldwide have theorised that the private client asset
management firm sees significantly more downside potential in the coming weeks and
months.

Citigroup, America's largest bank, may reduce the value of its assets by $8.9
billion, causing a third straight loss for the New York-based company which has
written down a staggering $44 billion of its assets.

Sources close to Cornerstone Worldwide apparently pointed to a recent announcement
of 13,000 job cuts at Citi this year, and the bank's forecast this month of
``substantial\'\' additional writedowns and more losses on consumer loans as more
evidence of additional downside risks.


Web Site: http://

Contact Details: 25 Canada Square, Canary Wharf
London
England
E145LB
+44 (0) 207 038 8043