Citi regroups after record $10bn losses

Citigroup has reported a net loss for the final quarter 2007 of $9.83 billion. The bank's results include a $18.1 billion writedown on subprime-related exposures in fixed income and a $4.1 billion increase in credit costs related to consumer loans.

In the wake of the writedowns, chief executive Vikram Pandit announced the bank has begun to take action to strengthen its capital base, including new investment, a dividend cut and sales of non-core assets.

The bank is raising $12.5 billion of capital

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