A Goldman Sachs analyst estimates that Citigroup will face an $8.9 billion write-down in its second quarter earnings.

Analyst William Tanona believes the write downs would include $7.1 billion related to CDOs and hedges associated to monoline insurers, $600 million for structured note liabilities and another $1.2 billion in other asset classes.

Tanona's report, dated June 26, mirrors the findings of analyst Guy Moszkowski, Merrill Lynch, which predicted an $8 billion write-down for Citi in his June 24 report.

The analyst report wasn't exactly startling, as Citi CFO Gary Crittenden stated on June 1 that investors should expect "substantial" write downs, in a conference call hosted by Deutsche Bank.

Tanona, who downgraded the U.S. brokerage sector in his report to "neutral" from "attractive" also predicted a $4.2 billion second quarter write-down for Merrill Lynch.

Citi is slated to release its second quarter earnings on July 18, with Merrill Lynch also expected to report its second quarter earnings sometime in July.

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