×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Citigroup posts $7.6 bn Q4 loss after repaying bailout

Citigroup posts $7.6 bn Q4 loss after repaying bailout
Comment E-mail Print Share
First Published: Tue, Jan 19 2010. 06 40 PM IST
Updated: Tue, Jan 19 2010. 06 40 PM IST
New York: Citigroup Inc posted a $7.6 billion fourth-quarter loss after taking charges linked to repaying government funds.
The third-largest US bank said the loss amounted to 33 cents a share, compared with a loss of $17.3 billion, or $3.40 a share, in the same quarter a year earlier.
Citigroup is the second major US bank to report fourth-quarter results. JPMorgan Chase & Co posted a quarterly profit of $3.3 billion last week, helped by rising fixed-income trading revenue, but suffered deep losses on US mortgage and credit card loans, which disappointed many investors.
Citigroup has been struggling to return to profitability in its main lending businesses after posting more than $100 billion of credit losses and writedowns. Although the bank posted a profit for 2009, $6.7 billion came from selling a controlling stake in its Smith Barney business.
Citigroup shares fell more than 50% in 2009, while the KBW Bank index, a broader measure of banks, fell 3.6%.
Comment E-mail Print Share
First Published: Tue, Jan 19 2010. 06 40 PM IST
More Topics: Company Results | Citigroup | Bank | Earnings | Revenue |