Jewishupdates's Blog

January 19, 2010

Citigroup Suffers $7.6 Billion Loss

Filed under: Uncategorized — jewishupdates @ 2:12 pm

Citigroup Suffers $7.6 Billion Loss

Citigroup reported a loss of $7.6 billion for the fourth quarter Tuesday, although most of the loss was tied to last month’s move by the bank to return $20 billion in outstanding bailout funds owed to the government.

On a per share basis, the New York City-based firm said it lost 33 cents a share, which was in line with Wall Street expectations. Still, the bank said it would have reported a loss of $1.4 billion even after excluding an after-tax charge of $6.2 billion related to paying back the government.

But Citigroup CEO Vikram Pandit said he was encouraged by the progress the company had made over the last year, including the progress of the firm’s massive restructuring program.

(Source: CNN Money)


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