Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 2, 2008 7:02:22 AM CST

Learn about Newser Points »

« Back to the grid | Next story »

Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

Posted Apr 18, 08 7:56 AM CDT in Business 

(Newser) – Citigroup reported a first-quarter loss of $5.1 billion today, posting another $14 billion in writedowns as a result of the credit crunch and loan defaults, the Wall Street Journal reports. The loss of $1.02 a share exceeded analysts' estimates and marks the second straight quarterly loss for the nation's biggest bank. It plans 9,000 layoffs next quarter.

Source Wall Street Journal

1 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Just Like Mattress-Stuffers, Banks Hoard Bailout Cash

    Oct 21, 08 10:00 AM CDT
    Just Like Mattress-Stuffers, Banks Hoard Bailout Cash Wall Street may be cheering for the bailout, but Andrew Ross Sorkin knows what the banks are really doing with our $250 billion: “They have stuffed it under their mattresses like the rest of us,” he writes in the New York Times. Consumers will find it almost as hard to get a loan this week as last, and that won’t change until the economy actually recovers. More »

  • Citigroup to Bail Out Struggling $49B SIVs

    Dec 14, 07 7:20 AM CST
    Citigroup to Bail Out Struggling $49B SIVs Citigroup will take over seven subprime-plagued investment funds, with $49 billion in assets, and provide emergency support if necessary, to keep them solvent, the Wall Street Journal reports. The decision yesterday to bail out its affiliated SIVs—structured-investment vehicles—is a reversal of Citi's earlier decision to keep them off its balance sheet, and it led Moody’s to downgrade Citi’s credit rating. More »

  • Subprime Waves Ripple Across Europe

    Nov 29, 07 1:59 PM CST
    Subprime Waves Ripple Across Europe The ripples from the US subprime collapse continue to rock Europe as a group of German banks agreed to bail out troubled IKB Deutsche Industriebank, reeling from additional risk from US bond investments. Meanwhile, four Norwegian municipalities scrambled to recover after they they invested $156 million in now fading US municipal bonds, the Wall Street Journal reports. More »

  • Same Missteps Felled 2 Wall Street Stars

    Nov 5, 07 12:20 PM CST
    Same Missteps Felled 2 Wall Street Stars With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested heavily in mortgage-related securities. Their key mistake, adds the the New York Times, was siting on them even as they tanked. More »

  • Citigroup Earnings Plunge 60% on Subprime Woes

    Oct 1, 07 10:53 AM CDT
    Citigroup Earnings Plunge 60% on Subprime Woes Citigroup is the latest big-name victim of the subprime crash, the company announced today, warning of a 60% third-quarter earnings drop. Full earnings will be out Oct. 15, but it appears net income will drop to $2.2 billion from the $5.51 billion reported last year. “Our expected third-quarter results are a clear disappointment,” said CEO Charles Prince. More »

The Citigroup Center is photographed in this Jan. 15, 2008 file photo in New York.   (AP Photo/Mary Altaffer, file)
Douglas Peterson, director and chief executive officer of Citigroup Japan Holdings, hold a press conference in Tokyo Tuesday, March 11, 2008.   (AP Photo/Koji Sasahara)
The Citigroup Center is photographed Tuesday, Jan. 15, 2008 in New York. Citigroup Inc. lost $5 billion in the first quarter.   (AP Photo/Mary Altaffer)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

Citigroup • credit market • banking • quarterly reports


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »