Citi regroups after record loss

Citigroup 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 t

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: