A Second Round of Massive Losses Reported at Citigroup
Citigroup has reported a loss of $5.11B in the first quarter, its second massive loss as the credit crisis continues to take its toll on the biggest US bank. This loss, however, was smaller than the $9.8B loss reported in the final three months of 2007.
The results included about $12B of write-downs for sub-prime mortgages and other risky assets. Lenders worldwide have written off more than $200B tied to investments hit by the credit crisis.
"Our financial results reflect the continuation of the unprecedented market and credit environment," said Citigroup chief executive Vikram Pandit.
Only Switzerland's UBS has reported bigger write-downs and credit losses than Citigroup from the collapse of the sub-prime mortgage market.
Published on April 18, 2008
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